MDU RESOURCES GROUP INC
For the period ended Mar 31, 2024. Filed May 2, 2024.
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Mar 31, 2024 · Filed May 2, 2024
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. Inventories and natural gas in storage
Index
Note 6 -Inventories and natural gas in storage
Natural gas in storage for the Company's regulated operations is generally valued at lower of cost or market using the last-in, first-out method or lower of cost or net realizable value using the average cost or first-in, first-out method. The majority of all other inventories are valued at the lower of cost or net realizable value using the average cost method. The portion of the cost of natural gas in storage expected to be used within 12 months was included in inventories. Inventories on the Consolidated Balance Sheets were as follows:
| March 31, 2024 | March 31, 2023 | December 31, 2023 | |
|---|---|---|---|
| (In thousands) | |||
| Merchandise for resale | 38,280 | 29,934 | 34,955 |
| Natural gas in storage (current) | 9,309 | 8,662 | 39,377 |
| Materials and supplies | $3,636 | $7,064 | $5,460 |
| Other | 6,204 | 6,959 | 7,600 |
| Total | $57,429 | $52,619 | $87,392 |
The remainder of natural gas in storage, which largely represents the cost of gas required to maintain pressure levels for normal operating purposes, was included in noncurrent assets - other and was $50.1 million, $47.4 million and $48.5 million at March 31, 2024 and 2023 and December 31, 2023, respectively.
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