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Section 1: 10-Q (MDU RESOURCES FORM 10-Q 9-30-2019)

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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
OR
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.

1


Index
 
Page
 
 

2

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

3

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

4

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.

5

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.

6

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.



7

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.

8

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


9

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
)