MDU RESOURCES GROUP INC

For the period ended Dec 31, 2024. Filed Feb 20, 2025.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 20, 2025

MDU$19.28+0.2%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

Index

Years ended December 31,	2024	2023	2022
(In thousands)
Operating activities:
Net income	$281,108	$414,707	$367,489
Income from discontinued operations, net of tax	100,035	84,590	250,237
Income from continuing operations	181,073	330,117	117,252
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	200,078	190,450	188,560
Deferred income taxes	(16,078)	(1,309)	20,187
Provision for credit losses	6,558	7,422	5,409
Amortization of debt issuance costs	1,828	1,013	885
Employee stock-based compensation costs	8,423	5,505	7,913
Pension and postretirement benefit plan net periodic benefit credit	(3,837)	(5,380)	(7,323)
Unrealized (gains) losses on investments	(5,942)	(7,431)	10,119
(Gains) losses on sales of assets	(857)	(347)	15
Gain on tax-free exchange of the retained shares in Knife River	—	(186,556)	—
Changes in current assets and liabilities, net of acquisitions:
Receivables	(30,310)	79,111	(91,193)
Inventories	246	(21,729)	243
Other current assets	80,977	(48,492)	14,522
Accounts payable	(443)	(87,209)	84,547
Other current liabilities	(5,252)	73,365	(26,873)
Pension and postretirement benefit plan contributions	(3,000)	(7,643)	(81)
Other noncurrent changes	(1,651)	(15,554)	(2,567)
Net cash provided by continuing operations	411,813	305,333	321,615
Net cash provided by discontinued operations	90,505	27,294	188,449
Net cash provided by operating activities	502,318	332,627	510,064
Investing activities:
Capital expenditures	(522,824)	(484,136)	(442,582)
Net proceeds from sale or disposition of property	691	260	3
Cost of removal, net of salvage value	(5,539)	1,170	(11,779)
Investments	(5,155)	(2,423)	(2,571)
Proceeds from investment cost basis withdrawal	9,000	20,000	—
Net cash used in continuing operations	(523,827)	(465,129)	(456,929)
Net cash used in discontinued operations	(28,858)	(75,662)	(181,952)
Net cash used in investing activities	(552,685)	(540,791)	(638,881)
Financing activities:
Issuance of short-term borrowings	—	810,000	11,500
Repayment of short-term borrowings	(95,000)	(433,901)	—
Issuance of long-term debt	308,600	594,700	214,969
Repayment of long-term debt	(182,135)	(568,883)	(38,764)
Debt issuance costs	(2,456)	(2,521)	(1,129)
Costs of issuance of common stock	(50)	—	(150)
Dividends paid	(102,939)	(161,316)	(176,915)
Repurchase of common stock	—	(4,811)	(7,399)
Tax withholding on stock-based compensation	(2,623)	(3,040)	(4,904)
Net cash (used in) provided by continuing operations	(76,603)	230,228	(2,792)
Net cash provided by (used in) discontinued operations	116,899	(25,606)	157,965
Net cash provided by financing activities	40,296	204,622	155,173
(Decrease) increase in cash, cash equivalents and restricted cash	(10,071)	(3,542)	26,356
Cash, cash equivalents and restricted cash - beginning of year	76,975	80,517	54,161
Cash, cash equivalents and restricted cash - end of year *	$66,904	$76,975	$80,517
*Includes cash of discontinued operations of $16.5 million and $9.7 million for the years ended December 31, 2023 and 2022, respectively.

66 MDU Resources Group, Inc. Form 10-K

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.