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<TYPE>10-Q
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<FILING-DATE>20191101
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<CONFORMED-NAME>MDU RESOURCES GROUP INC
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<FORMER-CONFORMED-NAME>MONTANA DAKOTA UTILITIES CO
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Section 1: 10-Q (MDU RESOURCES FORM 10-Q 9-30-2019)

Wdesk | Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q



☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019



☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________ to ______________

Commission file number 1-03480

MDU RESOURCES GROUP INC

(Exact name of registrant as specified in its charter)



Delaware		30-1133956
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

1200 West Century Avenue

P.O. Box 5650

Bismarck, North Dakota 58506-5650

(Address of principal executive offices)

(Zip Code)

(701) 530-1000

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:



Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, par value $1.00 per share	MDU	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.



Large Accelerated Filer	☒	Accelerated Filer	☐
Non-Accelerated Filer	☐	Smaller Reporting Company	☐
		Emerging Growth Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒.

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of October 25, 2019: 200,383,869 shares.



Index
	Page
Definitions	3
Forward-Looking Statements	5
Introduction	5
Part I -- Financial Information
Item 1. Financial Statements	6
Consolidated Statements of Income -- Three and Nine Months Ended September 30, 2019 and 2018	6
Consolidated Statements of Comprehensive Income -- Three and Nine Months Ended September 30, 2019 and 2018	7
Consolidated Balance Sheets -- September 30, 2019 and 2018, and December 31, 2018	8
Consolidated Statements of Equity -- Nine Months Ended September 30, 2019 and 2018	9
Consolidated Statements of Cash Flows -- Nine Months Ended September 30, 2019 and 2018	11
Notes to Consolidated Financial Statements	12
1. Basis of presentation	12
2. Seasonality of operations	12
3. Accounts receivable and allowance for doubtful accounts	12
4. Inventories and natural gas in storage	13
5. Earnings per share	13
6. New accounting standards	13
7. Accumulated other comprehensive income (loss)	15
8. Revenue from contracts with customers	17
9. Business combinations	20
10. Discontinued operations	21
11. Leases	22
12. Goodwill and other intangible assets	24
13. Regulatory assets and liabilities	26
14. Fair value measurements	27
15. Debt	29
16. Cash flow information	30
17. Business segment data	30
18. Employee benefit plans	33
19. Regulatory matters	33
20. Contingencies	35
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	37
Item 3. Quantitative and Qualitative Disclosures About Market Risk	55
Item 4. Controls and Procedures	55
Part II -- Other Information
Item 1. Legal Proceedings	56
Item 1A. Risk Factors	56
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	56
Item 4. Mine Safety Disclosures	56
Item 5. Other Information	56
Item 6. Exhibits	56
Exhibits Index	57
Signatures	58

Index

Definitions

The following abbreviations and acronyms used in this Form 10-Q are defined below:



Abbreviation or Acronym
2018 Annual Report	Company's Annual Report on Form 10-K for the year ended December 31, 2018
AFUDC	Allowance for funds used during construction
ASC	FASB Accounting Standards Codification
ASU	FASB Accounting Standards Update
Brazilian Transmission Lines	Company's former investment in companies owning three electric transmission lines in Brazil
BSSE	345-kilovolt transmission line from Ellendale, North Dakota, to Big Stone City, South Dakota
Calumet	Calumet Specialty Products Partners, L.P.
Cascade	Cascade Natural Gas Corporation, an indirect wholly owned subsidiary of MDU Energy Capital
Centennial	Centennial Energy Holdings, Inc., a direct wholly owned subsidiary of the Company
Centennial Capital	Centennial Holdings Capital LLC, a direct wholly owned subsidiary of Centennial
Centennial Resources	Centennial Energy Resources LLC, a direct wholly owned subsidiary of Centennial
Company	MDU Resources Group, Inc. (formerly known as MDUR Newco), which, as the context requires, refers to the previous MDU Resources Group, Inc. prior to January 1, 2019, and the new holding company of the same name after January 1, 2019
Coyote Creek	Coyote Creek Mining Company, LLC, a subsidiary of The North American Coal Corporation
Coyote Station	427-MW coal-fired electric generating facility near Beulah, North Dakota (25 percent ownership)
Dakota Prairie Refinery	20,000-barrel-per-day diesel topping plant built by Dakota Prairie Refining in southwestern North Dakota
Dakota Prairie Refining	Dakota Prairie Refining, LLC, a limited liability company previously owned by WBI Energy and Calumet (previously included in the Company's refining segment)
dk	Decatherm
Dodd-Frank Act	Dodd-Frank Wall Street Reform and Consumer Protection Act
EPA	United States Environmental Protection Agency
Exchange Act	Securities Exchange Act of 1934, as amended
FASB	Financial Accounting Standards Board
FERC	Federal Energy Regulatory Commission
Fidelity	Fidelity Exploration & Production Company, a direct wholly owned subsidiary of WBI Holdings (previously referred to as the Company's exploration and production segment)
GAAP	Accounting principles generally accepted in the United States of America
GHG	Greenhouse gas
Great Plains	Great Plains Natural Gas Co., a public utility division of the Company prior to the closing of the Holding Company Reorganization and a public utility division of Montana-Dakota as of January 1, 2019
Holding Company Reorganization	The internal holding company reorganization completed on January 1, 2019, pursuant to the agreement and plan of merger, dated as of December 31, 2018, by and among Montana-Dakota, the Company and MDUR Newco Sub, which resulted in the Company becoming a holding company and owning all of the outstanding capital stock of Montana-Dakota
Intermountain	Intermountain Gas Company, an indirect wholly owned subsidiary of MDU Energy Capital
Knife River	Knife River Corporation, a direct wholly owned subsidiary of Centennial
Knife River - Northwest	Knife River Corporation - Northwest, an indirect wholly owned subsidiary of Knife River
kWh	Kilowatt-hour
LIBOR	London Inter-bank Offered Rate
LWG	Lower Willamette Group
MD&A	Management's Discussion and Analysis of Financial Condition and Results of Operations
MDU Construction Services	MDU Construction Services Group, Inc., a direct wholly owned subsidiary of Centennial

Index



MDU Energy Capital	MDU Energy Capital, LLC, a direct wholly owned subsidiary of the Company
MDUR Newco	MDUR Newco, Inc., a public holding company created by implementing the Holding Company Reorganization, now known as the Company
MDUR Newco Sub	MDUR Newco Sub, Inc., a direct, wholly owned subsidiary of MDUR Newco, which was merged with and into Montana-Dakota in the Holding Company Reorganization
MISO	Midcontinent Independent System Operator, Inc.
MMcf	Million cubic feet
MMdk	Million dk
MNPUC	Minnesota Public Utilities Commission
Montana-Dakota	Montana-Dakota Utilities Co., (formerly known as MDU Resources Group, Inc.), a public utility division of the Company prior to the closing of the Holding Company Reorganization and a direct wholly owned subsidiary of MDU Energy Capital as of January 1, 2019
MTPSC	Montana Public Service Commission
MW	Megawatt
NDPSC	North Dakota Public Service Commission
Non-GAAP	Not in accordance with GAAP
OPUC	Oregon Public Utility Commission
PRP	Potentially Responsible Party
SEC	United States Securities and Exchange Commission
Securities Act	Securities Act of 1933, as amended
TCJA	Tax Cuts and Jobs Act
Tesoro	Tesoro Refining & Marketing Company LLC
VIE	Variable interest entity
Washington DOE	Washington State Department of Ecology
WBI Energy	WBI Energy, Inc., a direct wholly owned subsidiary of WBI Holdings
WBI Energy Transmission	WBI Energy Transmission, Inc., an indirect wholly owned subsidiary of WBI Holdings
WBI Holdings	WBI Holdings, Inc., a direct wholly owned subsidiary of Centennial
WUTC	Washington Utilities and Transportation Commission
WYPSC	Wyoming Public Service Commission

Index

Forward-Looking Statements

This Form 10-Q contains forward-looking statements within the meaning of Section 21E of the Exchange Act. Forward-looking statements are all statements other than statements of historical fact, including without limitation those statements that are identified by the words "anticipates," "estimates," "expects," "intends," "plans," "predicts" and similar expressions, and include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions (many of which are based, in turn, upon further assumptions) and other statements that are not statements of historical facts. From time to time, the Company may publish or otherwise make available forward-looking statements of this nature, including statements contained within Part I, Item 2 - MD&A - Business Segment Financial and Operating Data.

Forward-looking statements involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed. The Company's expectations, beliefs and projections are expressed in good faith and are believed by the Company to have a reasonable basis, including without limitation, management's examination of historical operating trends, data contained in the Company's records and other data available from third parties. Nonetheless, the Company's expectations, beliefs or projections may not be achieved or accomplished.

Any forward-looking statement contained in this document speaks only as of the date on which the statement is made, and the Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances that occur after the date on which the statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for management to predict all the factors, nor can it assess the effect of each factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement. All forward-looking statements, whether written or oral and whether made by or on behalf of the Company, are expressly qualified by the risk factors and cautionary statements reported in Part I, Item 1A - Risk Factors in the 2018 Annual Report and subsequent filings with the SEC.

Introduction

The Company is a regulated energy delivery and construction materials and services business. Montana-Dakota was incorporated under the laws of the state of Delaware in 1924. The Company was incorporated under the laws of the state of Delaware in 2018. Its principal executive offices are at 1200 West Century Avenue, P.O. Box 5650, Bismarck, North Dakota 58506-5650, telephone (701) 530-1000.

On January 2, 2019, the Company announced the completion of the Holding Company Reorganization, which resulted in Montana-Dakota becoming a subsidiary of the Company. The merger was conducted pursuant to Section 251(g) of the General Corporation Law of the State of Delaware, which provides for the formation of a holding company without a vote of the stockholders of the constituent corporation. Immediately after consummation of the Holding Company Reorganization, the Company had, on a consolidated basis, the same assets, businesses and operations as Montana-Dakota had immediately prior to the consummation of the Holding Company Reorganization. As a result of the Holding Company Reorganization, the Company became the successor issuer to Montana-Dakota pursuant to Rule 12g-3(a) of the Exchange Act, and as a result, the Company's common stock was deemed registered under Section 12(b) of the Exchange Act.

The Company, through its wholly owned subsidiary, MDU Energy Capital, owns Montana-Dakota, Cascade and Intermountain. Montana-Dakota, Cascade and Intermountain are the natural gas distribution segment. Montana-Dakota also comprises the electric segment.

The Company, through its wholly owned subsidiary, Centennial, owns WBI Holdings, Knife River, MDU Construction Services, Centennial Resources and Centennial Capital. WBI Holdings is the pipeline and midstream segment, Knife River is the construction materials and contracting segment, MDU Construction Services is the construction services segment, and Centennial Resources and Centennial Capital are both reflected in the Other category.

For more information on the Company's business segments, see Note 17 of the Notes to Consolidated Financial Statements.

Index

Part I -- Financial Information

Item 1. Financial Statements



MDU Resources Group, Inc.
Consolidated Statements of Income
(Unaudited)
	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2019		2018			2019		2018
	(In thousands, except per share amounts)
Operating revenues:
Electric, natural gas distribution and regulated pipeline and midstream	$	209,444	$	200,617		$	885,309	$	851,761
Nonregulated pipeline and midstream, construction materials and contracting, construction services and other	1,354,355		1,080,170			3,073,254		2,469,917
Total operating revenues	1,563,799		1,280,787			3,958,563		3,321,678
Operating expenses:
Operation and maintenance:
Electric, natural gas distribution and regulated pipeline and midstream	86,249		82,920			262,434		252,961
Nonregulated pipeline and midstream, construction materials and contracting, construction services and other	1,126,371		913,671			2,674,130		2,166,570
Total operation and maintenance	1,212,620		996,591			2,936,564		2,419,531
Purchased natural gas sold	31,843		32,123			270,539		270,319
Depreciation, depletion and amortization	65,021		55,016			187,937		161,298
Taxes, other than income	46,128		38,647			148,110		128,257
Electric fuel and purchased power	18,717		18,406			64,413		58,901
Total operating expenses	1,374,329		1,140,783			3,607,563		3,038,306
Operating income	189,470		140,004			351,000		283,372
Other income	3,014		2,683			12,222		4,864
Interest expense	25,258		20,955			74,094		62,202
Income before income taxes	167,226		121,732			289,128		226,034
Income taxes	31,098		14,363			48,766		32,629
Income from continuing operations	136,128		107,369			240,362		193,405
Income (loss) from discontinued operations, net of tax (Note 10)	1,509		(118		)	26		85
Net income	$	137,637	$	107,251		$	240,388	$	193,490
Earnings per share - basic:
Income from continuing operations	$	.68	$	.55		$	1.21	$	.99
Discontinued operations, net of tax	.01		—			—		—
Earnings per share - basic	$	.69	$	.55		$	1.21	$	.99
Earnings per share - diluted:
Income from continuing operations	$	.68	$	.55		$	1.21	$	.99
Discontinued operations, net of tax	.01		—			—		—
Earnings per share - diluted	$	.69	$	.55		$	1.21	$	.99
Weighted average common shares outstanding - basic	199,343		196,018			198,016		195,618
Weighted average common shares outstanding - diluted	199,383		196,265			198,033		196,104

The accompanying notes are an integral part of these consolidated financial statements.

Index



MDU Resources Group, Inc.
Consolidated Statements of Comprehensive Income
(Unaudited)
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019		2018
	(In thousands)
Net income	$	137,637		$	107,251		$	240,388	$	193,490
Other comprehensive income:
Reclassification adjustment for loss on derivative instruments included in net income, net of tax of $36 and $55 for the three months ended and $(177) and $164 for the nine months ended in 2019 and 2018, respectively	112			92			620		279
Amortization of postretirement liability losses included in net periodic benefit cost, net of tax of $95 and $142 for the three months ended and $284 and $442 for the nine months ended in 2019 and 2018, respectively	292			442			878		1,309
Foreign currency translation adjustment:
Foreign currency translation adjustment recognized during the period, net of tax of $0 and $0 for the three months ended and $0 and $(14) for the nine months ended in 2019 and 2018, respectively	—			—			—		(61		)
Reclassification adjustment for foreign currency translation adjustment included in net income, net of tax of $0 and $0 for the three months ended and $0 and $75 for the nine months ended in 2019 and 2018, respectively	—			—			—		249
Foreign currency translation adjustment	—			—			—		188
Net unrealized gain (loss) on available-for-sale investments:
Net unrealized gain (loss) on available-for-sale investments arising during the period, net of tax of $3 and $(13) for the three months ended and $35 and $(52) for the nine months ended in 2019 and 2018, respectively	12			(51		)	130		(199		)
Reclassification adjustment for (gain) loss on available-for-sale investments included in net income, net of tax of $(1) and $9 for the three months ended and $10 and $26 for the nine months ended in 2019 and 2018, respectively	(4		)	33			36		97
Net unrealized gain (loss) on available-for-sale investments	8			(18		)	166		(102		)
Other comprehensive income	412			516			1,664		1,674
Comprehensive income attributable to common stockholders	$	138,049		$	107,767		$	242,052	$	195,164

The accompanying notes are an integral part of these consolidated financial statements.

Index



MDU Resources Group, Inc.
Consolidated Balance Sheets
(Unaudited)
	September 30, 2019			September 30, 2018			December 31, 2018
	(In thousands, except shares and per share amounts)
Assets
Current assets:
Cash and cash equivalents	$	67,000		$	67,077		$	53,948
Receivables, net	968,279			787,344			722,945
Inventories	286,057			270,293			287,309
Prepayments and other current assets	140,053			88,760			119,500
Current assets held for sale	426			571			430
Total current assets	1,461,815			1,214,045			1,184,132
Investments	144,417			143,303			138,620
Property, plant and equipment	7,746,754			7,102,960			7,397,321
Less accumulated depreciation, depletion and amortization	2,944,928			2,796,649			2,818,644
Net property, plant and equipment	4,801,826			4,306,311			4,578,677
Deferred charges and other assets:
Goodwill	681,349			640,203			664,922
Other intangible assets, net	15,511			4,318			10,815
Operating lease right-of-use assets (Note 11)	118,764			—			—
Other	504,842			408,178			408,857
Noncurrent assets held for sale	2,087			1,835			2,087
Total deferred charges and other assets	1,322,553			1,054,534			1,086,681
Total assets	$	7,730,611		$	6,718,193		$	6,988,110
Liabilities and Stockholders' Equity
Current liabilities:
Short-term borrowings	$	139,988		$	—		$	—
Long-term debt due within one year	65,810			3,915			251,854
Accounts payable	378,370			339,713			358,505
Taxes payable	53,505			50,461			41,929
Dividends payable	40,460			38,714			39,695
Accrued compensation	93,642			62,836			69,007
Current operating lease liabilities (Note 11)	32,584			—			—
Other accrued liabilities	225,925			221,620			221,059
Current liabilities held for sale	3,393			7,959			4,001
Total current liabilities	1,033,677			725,218			986,050
Long-term debt	2,180,946			1,911,555			1,856,841
Deferred credits and other liabilities:
Deferred income taxes	487,194			405,761			430,085
Noncurrent operating lease liabilities (Note 11)	86,166			—			—
Other	1,147,022			1,154,366			1,148,359
Total deferred credits and other liabilities	1,720,382			1,560,127			1,578,444
Commitments and contingencies
Stockholders' equity:
Common stock
Authorized - 500,000,000 shares, $1.00 par value Shares issued - 200,876,334 at September 30, 2019, 196,557,245 at September 30, 2018 and 196,564,907 at December 31, 2018	200,876			196,557			196,565
Other paid-in capital	1,351,990			1,247,151			1,248,576
Retained earnings	1,283,044			1,124,830			1,163,602
Accumulated other comprehensive loss	(36,678		)	(43,619		)	(38,342		)
Treasury stock at cost - 538,921 shares	(3,626		)	(3,626		)	(3,626		)
Total stockholders' equity	2,795,606			2,521,293			2,566,775
Total liabilities and stockholders' equity	$	7,730,611		$	6,718,193		$	6,988,110

The accompanying notes are an integral part of these consolidated financial statements.

Index



MDU Resources Group, Inc.
Consolidated Statements of Equity
(Unaudited)
Nine Months Ended September 30, 2019
				Other Paid-in Capital			Retained Earnings			Accumu-lated Other Compre-hensive Loss
	Common Stock												Treasury Stock
	Shares	Amount											Shares		Amount			Total
	(In thousands, except shares)
At December 31, 2018	196,564,907	$	196,565	$	1,248,576		$	1,163,602		$	(38,342	)	(538,921	)	$	(3,626	)	$	2,566,775
Net income	—	—		—			40,926			—			—		—			40,926
Other comprehensive income	—	—		—			—			774			—		—			774
Dividends declared on common stock	—	—		—			(40,019		)	—			—		—			(40,019		)
Stock-based compensation	—	—		1,617			—			—			—		—			1,617
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings	246,214	246		(3,261		)	—			—			—		—			(3,015		)
Issuance of common stock	1,505,687	1,506		37,128			—			—			—		—			38,634
At March 31, 2019	198,316,808	$	198,317	$	1,284,060		$	1,164,509		$	(37,568	)	(538,921	)	$	(3,626	)	$	2,605,692
Net income	—	—		—			61,825			—			—		—			61,825
Other comprehensive income	—	—		—			—			478			—		—			478
Dividends declared on common stock	—	—		—			(40,367		)	—			—		—			(40,367		)
Stock-based compensation	—	—		1,742			—			—			—		—			1,742
Issuance of common stock	1,222,302	1,222		29,709			—			—			—		—			30,931
At June 30, 2019	199,539,110	$	199,539	$	1,315,511		$	1,185,967		$	(37,090	)	(538,921	)	$	(3,626	)	$	2,660,301
Net income	—	—		—			137,637			—			—		—			137,637
Other comprehensive income	—	—		—			—			412			—		—			412
Dividends declared on common stock	—	—		—			(40,560		)	—			—		—			(40,560		)
Stock-based compensation	—	—		1,742			—			—			—		—			1,742
Issuance of common stock	1,337,224	1,337		34,737			—			—			—		—			36,074
At September 30, 2019	200,876,334	$	200,876	$	1,351,990		$	1,283,044		$	(36,678	)	(538,921	)	$	(3,626	)	$	2,795,606

Index



MDU Resources Group, Inc.
Consolidated Statements of Equity
(Unaudited)
Nine Months Ended September 30, 2018
				Other Paid-in Capital			Retained Earnings			Accumu-lated Other Compre-hensive Loss
	Common Stock												Treasury Stock
	Shares	Amount											Shares		Amount			Total
	(In thousands, except shares)
At December 31, 2017	195,843,297	$	195,843	$	1,233,412		$	1,040,748		$	(37,334	)	(538,921	)	$	(3,626	)	$	2,429,043
Cumulative effect of adoption of ASU 2014-09	—	—		—			(970		)	—			—		—			(970		)
Adjusted balance at January 1, 2018	195,843,297	195,843		1,233,412			1,039,778			(37,334		)	(538,921	)	(3,626		)	2,428,073
Net income	—	—		—			42,437			—			—		—			42,437
Other comprehensive income	—	—		—			—			433			—		—			433
Reclassification of certain prior period tax effects from accumulated other comprehensive loss	—	—		—			7,959			(7,959		)	—		—			—
Dividends declared on common stock	—	—		—			(38,705		)	—			—		—			(38,705		)
Stock-based compensation	—	—		1,223			—			—			—		—			1,223
Repurchase of common stock	—	—		—			—			—			(182,424	)	(5,020		)	(5,020		)
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings	—	—		(7,350		)	—			—			182,424		5,020			(2,330		)
At March 31, 2018	195,843,297	$	195,843	$	1,227,285		$	1,051,469		$	(44,860	)	(538,921	)	$	(3,626	)	$	2,426,111
Net income	—	—		—			43,802			—			—		—			43,802
Other comprehensive income	—	—		—			—			725			—		—			725
Dividends declared on common stock	—	—		—			(38,847		)	—			—		—			(38,847		)
Stock-based compensation	—	—		1,294			—			—			—		—			1,294
Issuance of common stock	713,948	714		17,279			—			—			—		—			17,993
At June 30, 2018	196,557,245	$	196,557	$	1,245,858		$	1,056,424		$	(44,135	)	(538,921	)	$	(3,626	)