MDU RESOURCES GROUP INC
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
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15. Accumulated Other Comprehensive Loss
Index
Note 15 -Accumulated Other Comprehensive Loss
The Company's accumulated other comprehensive loss is comprised of losses on derivative instruments qualifying as hedges, postretirement liability adjustments and gain (loss) on available-for-sale investments.
The after-tax changes in the components of accumulated other comprehensive loss were as follows:
| NetUnrealizedLoss onDerivative Instruments Qualifyingas Hedges | Post-retirement LiabilityAdjustment | NetUnrealizedGain (Loss) onAvailable-for-saleInvestments | TotalAccumulated OtherComprehensive Loss | |
|---|---|---|---|---|
| (In thousands) | ||||
| At December 31, 2021 | $(538) | $(40,461) | $(5) | $(41,004) |
| Other comprehensive income (loss) before reclassifications | — | 12,007 | (667) | 11,340 |
| Amounts reclassified to accumulated other comprehensive loss from a regulatory asset | — | (3,265) | — | (3,265) |
| Amounts reclassified from accumulated other comprehensive loss | 413 | 1,819 | 114 | 2,346 |
| Net current-period other comprehensive income (loss) | 413 | 10,561 | (553) | 10,421 |
| At December 31, 2022 | (125) | (29,900) | (558) | (30,583) |
| Other comprehensive income (loss) before reclassifications | — | (646) | 173 | (473) |
| Amounts reclassified from accumulated other comprehensive loss | 81 | 242 | 43 | 366 |
| Net current-period other comprehensive income (loss) | 81 | (404) | 216 | (107) |
| Amounts reclassified related to the separation of Knife River | 44 | 12,262 | — | 12,306 |
| At December 31, 2023 | $— | $(18,042) | $(342) | $(18,384) |
The following amounts were reclassified out of accumulated other comprehensive loss into net income. The amounts presented in parentheses indicate a decrease to net income on the Consolidated Statements of Income. The reclassifications for the years ended December 31 were as follows:
| 2023 | 2022 | Location on ConsolidatedStatements of Income | |
|---|---|---|---|
| (In thousands) | |||
| Reclassification adjustment for loss on derivative instruments included in net income | $(96) | $(590) | Interest expense |
| 15 | 177 | Income taxes | |
| (81) | (413) | ||
| Amortization of postretirement liability losses included in net periodic benefit credit | (320) | (2,416) | Other income |
| 78 | 597 | Income taxes | |
| (242) | (1,819) | ||
| Reclassification adjustment on available-for-sale investments included in net income | (54) | (145) | Other income |
| 11 | 31 | Income taxes | |
| (43) | (114) | ||
| Total reclassifications | $(366) | $(2,346) | |
MDU Resources Group, Inc. Form 10-K 99
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