Wdesk | Document
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2018
OR
o 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
 
41-0423660
(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)

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 ý No o.
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ý No o.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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 (Check one):
Large accelerated filer ý
Accelerated filer o
Non-accelerated filer o (Do not check if a smaller reporting company)
Smaller reporting company o
 
Emerging growth company o
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. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No ý.
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of July 27, 2018: 196,018,324 shares.





Index
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2
 
 
 
Item 3
 
 
 
Item 4
 
 
 
 
 
 
 
Item 1
 
 
 
Item 1A
 
 
 
Item 2
 
 
 
Item 4
 
 
 
Item 5
 
 
 
Item 6
 
 
 
 
 
 

2



Definitions
The following abbreviations and acronyms used in this Form 10-Q are defined below:
Abbreviation or Acronym
 
2017 Annual Report
Company's Annual Report on Form 10-K for the year ended December 31, 2017
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
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.
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
IBEW
International Brotherhood of Electrical Workers
ICWU
International Chemical Workers Union
Intermountain
Intermountain Gas Company, an indirect wholly owned subsidiary of MDU Energy Capital
IPUC
Idaho Public Utilities Commission
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
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
MDU Energy Capital
MDU Energy Capital, LLC, a direct wholly owned subsidiary of the Company
MISO
Midcontinent Independent System Operator, Inc.
MMcf
Million cubic feet
MMdk
Million dk
MNPUC
Minnesota Public Utilities Commission
Montana-Dakota
Montana-Dakota Utilities Co., a public utility division of the Company
MTPSC
Montana Public Service Commission
MW
Megawatt

3



NDPSC
North Dakota Public Service Commission
OPUC
Oregon Public Utility Commission
Oregon DEQ
Oregon State Department of Environmental Quality
Pronghorn
Natural gas processing plant located near Belfield, North Dakota (WBI Energy Midstream's 50 percent ownership interests were sold effective January 1, 2017)
PRP
Potentially Responsible Party
ROD
Record of Decision
SDPUC
South Dakota Public Utilities Commission
SEC
United States Securities and Exchange Commission
SSIP
System Safety and Integrity Program
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 Midstream
WBI Energy Midstream, LLC, an indirect 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



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 of 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 II, Item 1A - Risk Factors in this Form 10-Q, Part I, Item 1A - Risk Factors in the 2017 Annual Report and subsequent filings with the SEC.
Introduction
The Company is a regulated energy delivery and construction materials and services business, which was incorporated under the laws of the state of Delaware in 1924. Its principal executive offices are at 1200 West Century Avenue, P.O. Box 5650, Bismarck, North Dakota 58506-5650, telephone (701) 530-1000.
Montana-Dakota, Great Plains, Cascade and Intermountain comprise 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 14.

5



Part I -- Financial Information
Item 1. Financial Statements
MDU Resources Group, Inc.
Consolidated Statements of Income
(Unaudited)
 
 
Three Months Ended
Six Months Ended
 
 
June 30,
June 30,
 
 
2018

2017

2018

2017

 
 
(In thousands, except per share amounts)
Operating revenues:
 
 
 
 
 
Electric, natural gas distribution and regulated pipeline and midstream
 
$
226,684

$
225,485

$
651,143

$
659,100

Nonregulated pipeline and midstream, construction materials and contracting, construction services and other
 
837,913

842,154

1,389,747

1,346,465

Total operating revenues 
 
1,064,597

1,067,639

2,040,890

2,005,565

Operating expenses:
 
 

 

 

 

Operation and maintenance:
 
 

 

 

 

Electric, natural gas distribution and regulated pipeline and midstream
 
83,928

78,125

170,042

157,677

Nonregulated pipeline and midstream, construction materials and contracting, construction services and other
 
738,156

743,823

1,252,898

1,222,814

Total operation and maintenance
 
822,084

821,948

1,422,940

1,380,491

Purchased natural gas sold
 
56,228

57,668

238,196

250,617

Depreciation, depletion and amortization
 
53,553

51,658

106,282

102,983

Taxes, other than income
 
40,757

40,953

89,610

88,391

Electric fuel and purchased power
 
17,983

16,752

40,494

38,638

Total operating expenses
 
990,605

988,979

1,897,522

1,861,120

Operating income
 
73,992

78,660

143,368

144,445

Other income
 
1,599

1,801

2,181

4,144

Interest expense
 
20,800

20,766

41,246

41,068

Income before income taxes
 
54,791

59,695

104,303

107,521

Income taxes
 
10,716

15,290

18,267

27,478

Income from continuing operations
 
44,075

44,405

86,036

80,043

Income (loss) from discontinued operations, net of tax (Note 10)
 
(273
)
(3,190
)
203

(1,504
)
Net income
 
43,802

41,215

86,239

78,539

Loss on redemption of preferred stocks
 

600


600

Dividends declared on preferred stocks
 



171

Earnings on common stock
 
$
43,802

$
40,615

$
86,239

$
77,768

Earnings per common share - basic:
 
 

 

 

 

Earnings before discontinued operations
 
$
.22

$
.22

$
.44

$
.41

Discontinued operations, net of tax
 

(.01
)

(.01
)
Earnings per common share - basic
 
$
.22

$
.21

$
.44

$
.40

Earnings per common share - diluted:
 
 

 

 

 

Earnings before discontinued operations
 
$
.22

$
.22

$
.44

$
.40

Discontinued operations, net of tax
 

(.01
)


Earnings per common share - diluted
 
$
.22

$
.21

$
.44

$
.40

Dividends declared per common share
 
$
.1975

$
.1925

$
.3950

$
.3850

Weighted average common shares outstanding - basic
 
195,524

195,304

195,415

195,304

Weighted average common shares outstanding - diluted
 
196,169

195,973

196,077

195,993

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

6



MDU Resources Group, Inc.
Consolidated Statements of Comprehensive Income
(Unaudited)
 
 
Three Months Ended
Six Months Ended
 
 
June 30,
June 30,
 
 
2018

2017

2018
2017
 
 
(In thousands)
Net income
 
$
43,802

$
41,215

$
86,239

$
78,539

Other comprehensive income (loss):
 
 
 
 
 
Reclassification adjustment for loss on derivative instruments included in net income, net of tax of $53 and $56 for the three months ended and $109 and $112 for the six months ended in 2018 and 2017, respectively
 
95

92

187

183

Postretirement liability adjustment:
 
 
 
 
 
Amortization of postretirement liability losses included in net periodic benefit cost (credit), net of tax of $145 and $190 for the three months ended and $300 and $406 for the six months ended in 2018 and 2017, respectively
 
449

312

867

669

Reclassification of postretirement liability adjustment from regulatory asset, net of tax of $0 and $0 for the three months ended and $0 and $(725) for the six months ended in 2018 and 2017, respectively
 



(917
)
Postretirement liability adjustment
 
449

312

867

(248
)
Foreign currency translation adjustment:
 
 
 
 
 
Foreign currency translation adjustment recognized during the period, net of tax of $(13) and $(9) for the three months ended and $(14) and $(3) for the six months ended in 2018 and 2017, respectively
 
(59
)
(15
)
(61
)
(6
)
Reclassification adjustment for foreign currency translation adjustment included in net income, net of tax of $75 and $0 for the three months ended and $75 and $0 for the six months ended in 2018 and 2017, respectively
 
249


249


Foreign currency translation adjustment
 
190

(15
)
188

(6
)
Net unrealized gain (loss) on available-for-sale investments:
 
 
 
 
 
Net unrealized loss on available-for-sale investments arising during the period, net of tax of $(12) and $(13) for the three months ended and $(39) and $(28) for the six months ended in 2018 and 2017, respectively
 
(43
)
(24
)
(148
)
(51
)
Reclassification adjustment for loss on available-for-sale investments included in net income, net of tax of $10 and $17 for the three months ended and $17 and $36 for the six months ended in 2018 and 2017, respectively
 
34

31

64

66

Net unrealized gain (loss) on available-for-sale investments
 
(9
)
7

(84
)
15

Other comprehensive income (loss)
 
725

396

1,158

(56
)
Comprehensive income attributable to common stockholders
 
$
44,527

$
41,611

$
87,397

$
78,483

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



7



MDU Resources Group, Inc.
Consolidated Balance Sheets
(Unaudited)
 
June 30, 2018

June 30, 2017

December 31, 2017

(In thousands, except shares and per share amounts)
 
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
41,659

$
40,048

$
34,599

Receivables, net
743,687

661,771

727,030

Inventories
278,239

249,870

226,583

Prepayments and other current assets
52,035

63,953

81,304

Current assets held for sale
572

328

479

Total current assets
1,116,192

1,015,970

1,069,995

Investments
140,053

131,726

137,613

Property, plant and equipment
6,975,919

6,591,382

6,770,829

Less accumulated depreciation, depletion and amortization
2,758,163

2,638,098

2,691,641

Net property, plant and equipment
4,217,756

3,953,284

4,079,188

Deferred charges and other assets:
 

 

 

Goodwill
642,374

631,791

631,791

Other intangible assets, net
4,190

4,785

3,837

Other
409,407

416,759

407,850

Noncurrent assets held for sale
3,998

76,183

4,392

Total deferred charges and other assets 
1,059,969

1,129,518

1,047,870

Total assets
$
6,533,970

$
6,230,498

$
6,334,666

Liabilities and Stockholders' Equity
 

 

 

Current liabilities:
 

 

 

Long-term debt due within one year
$
109,199

$
83,499

$
148,499

Accounts payable
330,926

279,211

312,327

Taxes payable
47,803

55,037

42,537

Dividends payable
38,714

37,596

38,573

Accrued compensation
53,933

52,951

72,919

Other accrued liabilities
208,696

181,030

186,010

Current liabilities held for sale
11,713

4,481

11,993

Total current liabilities 
800,984

693,805

812,858

Long-term debt
1,743,711

1,677,977

1,566,354

Deferred credits and other liabilities:
 

 

 

Deferred income taxes
362,896

668,239

347,271

Other
1,175,301

887,525

1,179,140

Total deferred credits and other liabilities 
1,538,197

1,555,764

1,526,411

Commitments and contingencies






Stockholders' equity:
 

 

 

Common stock
 

 

 

Authorized - 500,000,000 shares, $1.00 par value
Shares issued - 196,557,245 at June 30, 2018 and 195,843,297 at June 30, 2017 and
December 31, 2017
196,557

195,843

195,843

Other paid-in capital
1,245,858

1,231,892

1,233,412

Retained earnings
1,056,424

914,632

1,040,748

Accumulated other comprehensive loss
(44,135
)
(35,789
)
(37,334
)
Treasury stock at cost - 538,921 shares
(3,626
)
(3,626
)
(3,626
)
Total stockholders' equity
2,451,078

2,302,952

2,429,043

Total liabilities and stockholders' equity 
$
6,533,970

$
6,230,498

$
6,334,666

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

8



MDU Resources Group, Inc.
Consolidated Statements of Equity
(Unaudited)
Six Months Ended June 30, 2018
 
 
 
 
 
 
 
 
 
Other
Paid-in Capital

Retained Earnings

Accumu-lated
Other Compre-hensive Loss

 
 
 
 
Common Stock
Treasury Stock
 
 
Shares

Amount

Shares

Amount

Total

 
 
Balance 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



86,239




86,239

Other comprehensive income




1,158



1,158

Reclassification of certain prior period tax effects from accumulated other comprehensive loss



7,959

(7,959
)



Dividends declared on common stock



(77,286
)



(77,286
)
Stock-based compensation


2,517

(266
)



2,251

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
)
Issuance of common stock
713,948

714

17,279





17,993

Balance at June 30, 2018
196,557,245

$
196,557

$
1,245,858

$
1,056,424

$
(44,135
)
(538,921
)
$
(3,626
)
$
2,451,078


Six Months Ended June 30, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
Other
Paid-in Capital

Retained Earnings

Accumu-lated
Other Compre-hensive Loss

 
 
 
 
Preferred Stock
Common Stock
Treasury Stock
 
 
Shares

Amount

Shares

Amount

Shares

Amount

Total

 
 
 
 
Balance at December 31, 2016
150,000

$
15,000

195,843,297

$
195,843

$
1,232,478

$
912,282

$
(35,733
)
(538,921
)
$
(3,626
)
$
2,316,244

Net income





78,539




78,539

Other comprehensive loss






(56
)


(56
)
Dividends declared on preferred stocks





(171
)



(171
)
Dividends declared on common stock





(75,192
)



(75,192
)
Stock-based compensation




1,855

(226
)



1,629

Repurchase of common stock







(64,384
)
(1,684
)
(1,684
)
Issuance of common stock upon vesting of stock-based compensation, net of shares used
for tax withholdings




(2,441
)


64,384

1,684

(757
)
Redemption of preferred stock
(150,000
)
(15,000
)



(600
)



(15,600
)
Balance at June 30, 2017

$

195,843,297

$
195,843

$
1,231,892

$
914,632

$
(35,789
)
(538,921
)
$
(3,626
)
$
2,302,952



9



MDU Resources Group, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
 
 
Six Months Ended
 
 
June 30,
 
 
2018

2017

 
 
(In thousands)
Operating activities:
 
 
 
Net income
 
$
86,239

$
78,539

Income (loss) from discontinued operations, net of tax
 
203

(1,504
)
Income from continuing operations
 
86,036

80,043

Adjustments to reconcile net income to net cash provided by operating activities:
 
 

 

Depreciation, depletion and amortization
 
106,282

102,983

Deferred income taxes
 
4,186

(5,293
)
Changes in current assets and liabilities, net of acquisitions:
 
 

 
Receivables
 
(13,853
)
(43,478
)
Inventories
 
(47,396
)
(13,573
)
Other current assets
 
29,072

(15,799
)
Accounts payable
 
15,748

11,611

Other current liabilities
 
7,849

(6,387
)
Other noncurrent changes
 
(11,566
)
(4,460
)
Net cash provided by continuing operations
 
176,358

105,647

Net cash provided by discontinued operations
 
224

33,846

Net cash provided by operating activities
 
176,582

139,493

Investing activities:
 
 

 

Capital expenditures
 
(210,612
)
(143,764
)
Acquisitions, net of cash acquired
 
(20,009
)

Net proceeds from sale or disposition of property and other
 
9,286

119,361

Investments
 
(916
)
(358
)
Net cash used in continuing operations
 
(222,251
)
(24,761
)
Net cash provided by discontinued operations
 

2,234

Net cash used in investing activities
 
(222,251
)
(22,527
)
Financing activities:
 
 

 

Issuance of long-term debt
 
240,746

63,827

Repayment of long-term debt
 
(103,521
)
(93,275
)
Dividends paid
 
(77,145
)
(75,535
)
Redemption of preferred stock
 

(15,600
)
Repurchase of common stock
 
(5,020
)
(1,684
)
Tax withholding on stock-based compensation
 
(2,330
)
(757
)
Net cash provided by (used in) continuing operations
 
52,730

(123,024
)
Net cash provided by discontinued operations
 


Net cash provided by (used in) financing activities