MDU RESOURCES GROUP INC
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
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FY2025 · Filed Feb 20, 2026
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14. Business Segment Data
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Part II
Note 14 -Business Segment Data
The Company'sreportable segments are those that are based on the Company's method of internal reporting, which generally segregates the strategic business activities due to differences in products, services and regulation. The internal reporting of these operating segments is defined based on the reporting and review process used by the Company's CODM, the chief executive officer. The Company's operations are located within the United States.
The Company’s CODM regularly reviews discrete financial information of each reportable segment and uses net income to assess performance of each reportable segment. The CODM uses this information to assess performance and make decisions about resources to be allocated to each reportable segment, including capital and personnel. The information provided to the CODM is prepared at the reportable segment level in quarterly financial packages and on a more summarized basis monthly. Budget and forecast information is also provided to the CODM at the reportable segment level.
The electric segment generates, transmits and distributes electricity in Montana, North Dakota, South Dakota and Wyoming. The natural gas distribution segment distributes natural gas in those states, as well as in Idaho, Minnesota, Oregon and Washington. These operations also supply related value-added services.
The pipeline segment provides natural gas transportation and underground storage services through a FERC regulated pipeline system primarily in the Rocky Mountain and northern Great Plains regions of the United States. This segment also provides non-regulated energy-related services, including cathodic protection.
The Other category includes the activities of Centennial Capital, which, through its subsidiary InterSource Insurance Company, insures various types of risks as a captive insurer for certain of the Company's subsidiaries. The function of the captive insurer is to fund the self-insured layers of the insured Company's general liability, automobile liability, pollution liability and other coverages. Centennial Capital also owns certain personal property. In addition, the Other category includes certain assets, liabilities and tax adjustments of the holding company primarily associated with corporate functions, as well as the gain on the tax-free exchange of the retained shares in Knife River and costs associated with certain strategic initiatives. Also included are certain general and administrative costs (reflected in operation and maintenance expense) and interest expense, which were previously allocated to Knife River, Everus, Fidelity and the refining business and did not meet the criteria for discontinued operations.
Discontinued operations includes the results of operations for Knife River and Everus and certain associated separation costs, including interest on certain debt facilities repaid in connection with the separations. For the comparative periods below, Everus' operations are only reflected through October 2024 compared to the full year in 2023 and Knife River's operations are only reflected through May 2023. Discontinued operations also includes the supporting activities of Fidelity other than certain general and administrative costs and interest expense as described above.
98 MDU Resources Group, Inc. Form 10-K
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The information below follows the same accounting policies as described in Note 2. Information on the Company's segments as of December 31 and for the years then ended was as follows:
| Year ended December 31, 2025 | Electric | Natural gas distribution | Pipeline | Other | Consolidated |
|---|---|---|---|---|---|
| (In thousands) | |||||
| Operating revenues: | |||||
| External operating revenues | $437,777 | $1,283,130 | $154,159 | $— | $1,875,066 |
| Intersegment operating revenues | 553 | 345 | 74,992 | 722 | 76,612 |
| Operation and maintenance: | |||||
| External operation and maintenance | 110,731 | 240,911 | 81,619 | (238) | 433,023 |
| Intersegment operation and maintenance | 553 | 345 | 133 | 722 | 1,753 |
| Purchased natural gas sold: | |||||
| External purchased natural gas sold | — | 671,466 | — | — | 671,466 |
| Intersegment purchased natural gas sold | — | 74,859 | — | — | 74,859 |
| Electric fuel and purchased power | 158,995 | — | — | — | 158,995 |
| Depreciation and amortization | 69,608 | 104,976 | 32,124 | — | 206,708 |
| Taxes, other than income | 18,805 | 81,467 | 14,225 | — | 114,497 |
| Other income: | |||||
| External other income | 7,470 | 15,792 | 3,488 | 1,599 | 28,349 |
| Intersegment other income | — | — | 243 | 4,992 | 5,235 |
| Interest expense: | |||||
| External interest expense | 31,790 | 59,587 | 11,679 | 4,693 | 107,749 |
| Intersegment interest expense | — | — | 4,992 | 243 | 5,235 |
| Income tax expense (benefit) | (9,578) | 9,604 | 19,932 | (388) | 19,570 |
| Income (loss) from continuing operations | 64,896 | 56,052 | 68,178 | 2,281 | 191,407 |
| Discontinued operations, net of tax | — | — | — | (1,012) | (1,012) |
| Net income | $64,896 | $56,052 | $68,178 | $1,269 | $190,395 |
| Capital expenditures (a) | $422,929 | $298,553 | $59,348 | $— | $780,830 |
| Assets | $2,367,067(b) | $3,909,046(b) | $1,196,959 | $149,134(c) | $7,622,206 |
| Property, plant and equipment | $2,868,379(b) | $4,003,754(b) | $1,388,691 | $4,148 | $8,264,972 |
| Accumulated depreciation and amortization | $734,674(b) | $1,194,279(b) | $373,020 | $2,814 | $2,304,787 |
(a)Capital expenditures include noncash transactions such as capital expenditure-related accounts payable and AFUDC totaling $(10.8) million.(b)Includes allocations of common utility property for the Electric and Natural gas distribution segments.(c)Other includes assets not directly assignable to a business (i.e. cash, cash equivalents and restricted cash, certain accounts receivable, certain investments and other miscellaneous current and deferred assets).
MDU Resources Group, Inc. Form 10-K 99
Index
Part II
| Year ended December 31, 2024 | Electric | Natural gas distribution | Pipeline | Other | Consolidated |
|---|---|---|---|---|---|
| (In thousands) | |||||
| Operating revenues: | |||||
| External operating revenues | $414,406 | $1,200,975 | $142,597 | $— | $1,757,978 |
| Intersegment operating revenues | 72 | 130 | 69,222 | 195 | 69,619 |
| Operation and maintenance: | |||||
| External operation and maintenance | 94,897 | 231,087 | 75,456 | 13,051 | 414,491 |
| Intersegment operation and maintenance | 72 | 130 | 324 | 195 | 721 |
| Purchased natural gas sold: | |||||
| External purchased natural gas sold | — | 630,403 | — | — | 630,403 |
| Intersegment purchased natural gas sold | — | 68,898 | — | — | 68,898 |
| Electric fuel and purchased power | 141,148 | — | — | — | 141,148 |
| Depreciation and amortization | 66,524 | 101,958 | 29,362 | 2,234 | 200,078 |
| Taxes, other than income | 17,605 | 76,042 | 12,175 | 394 | 106,216 |
| Other income: | |||||
| External other income | 8,205 | 25,509 | 5,850 | 1,803 | 41,367 |
| Intersegment other income | — | — | 655 | 14,798 | 15,453 |
| Interest expense: | |||||
| External interest expense | 30,058 | 63,185 | 10,862 | 4,242 | 108,347 |
| Intersegment interest expense | — | — | 4,633 | 10,820 | 15,453 |
| Income tax expense (benefit) | (2,414) | 7,974 | 17,470 | (5,441) | 17,589 |
| Income from continuing operations | 74,793 | 46,937 | 68,042 | (8,699) | 181,073 |
| Discontinued operations, net of tax | — | — | — | 100,035 | 100,035 |
| Net income | $74,793 | $46,937 | $68,042 | $91,336 | $281,108 |
| Capital expenditures (a) | $110,812 | $286,152 | $126,806 | $1,728 | $525,498 |
| Assets | $1,976,912(b) | $3,730,532(b) | $1,151,317 | $180,057(c) | $7,038,818 |
| Property, plant and equipment | $2,480,816(b) | $3,731,093(b) | $1,338,006 | $4,148 | $7,554,063 |
| Accumulated depreciation and amortization | $716,736(b) | $1,139,223(b) | $351,045 | $2,767 | $2,209,771 |
(a)Capital expenditures include noncash transactions such as capital expenditure-related accounts payable and AFUDC totaling $7.1 million.(b)Includes allocations of common utility property for the Electric and Natural gas distribution segments.(c)Other includes assets of discontinued operations and assets not directly assignable to a business (i.e. cash, cash equivalents and restricted cash, certain accounts receivable, certain investments and other miscellaneous current and deferred assets).
100 MDU Resources Group, Inc. Form 10-K
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Part II
| Year ended December 31, 2023 | Electric | Natural gas distribution | Pipeline | Other | Consolidated |
|---|---|---|---|---|---|
| (In thousands) | |||||
| Operating revenues: | |||||
| External operating revenues | $401,037 | $1,287,236 | $115,079 | $— | $1,803,352 |
| Intersegment operating revenues | 138 | 301 | 62,533 | 119 | 63,091 |
| Operation and maintenance: | |||||
| External operation and maintenance | 92,521 | 219,481 | 70,386 | 24,693 | 407,081 |
| Intersegment operation and maintenance | 138 | 301 | 431 | 119 | 989 |
| Purchased natural gas sold: | |||||
| External purchased natural gas sold | — | 742,965 | — | — | 742,965 |
| Intersegment purchased natural gas sold | — | 62,102 | — | — | 62,102 |
| Electric fuel and purchased power | 134,779 | — | — | — | 134,779 |
| Depreciation and amortization | 64,253 | 95,300 | 26,811 | 4,086 | 190,450 |
| Taxes, other than income | 16,695 | 75,207 | 10,822 | 409 | 103,133 |
| Realized gain on tax-free exchange of the retained shares in Knife River | — | — | — | 186,556 | 186,556 |
| Other income: | |||||
| External other income | 5,815 | 20,867 | 3,675 | 3,097 | 33,454 |
| Intersegment other income | — | — | 217 | 13,431 | 13,648 |
| Interest expense: | |||||
| External interest expense | 28,064 | 57,601 | 9,428 | 9,531 | 104,624 |
| Intersegment interest expense | — | — | 3,842 | 9,806 | 13,648 |
| Income tax expense (benefit) | (1,019) | 6,927 | 12,409 | (8,104) | 10,213 |
| Income (loss) from continuing operations | 71,559 | 48,520 | 47,375 | 162,663 | 330,117 |
| Discontinued operations, net of tax | — | — | (457) | 85,047 | 84,590 |
| Net income | $71,559 | $48,520 | $46,918 | $247,710 | $414,707 |
| Capital expenditures (a) | $109,805 | $274,836 | $115,903 | $(2,825) | $497,719 |
| Assets | $1,955,644(b) | $3,532,142(b) | $1,045,704 | $1,299,669(c) | $7,833,159 |
| Property, plant and equipment | $2,369,039(b) | $3,462,187(b) | $1,218,387 | $31,654 | $7,081,267 |
| Accumulated depreciation and amortization | $660,438(b) | $1,068,037(b) | $328,010 | $19,890 | $2,076,375 |
(a)Capital expenditures include noncash transactions such as capital expenditure-related accounts payable and AFUDC totaling $(13.6) million.(b)Includes allocations of common utility property for the Electric and Natural gas distribution segments.(c)Other includes assets of discontinued operations and assets not directly assignable to a business (i.e. cash, cash equivalents and restricted cash, certain accounts receivable, certain investments and other miscellaneous current and deferred assets).
A reconciliation of reportable segment operating revenues and assets to consolidated operating revenues and assets is as follows:
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| (In thousands) | |||
| Operating revenues reconciliation: | |||
| Total reportable segment operating revenues | $1,950,956 | $1,827,402 | $1,866,324 |
| Other revenue | 722 | 195 | 119 |
| Elimination of intersegment operating revenues | (76,612) | (69,619) | (63,091) |
| Total consolidated operating revenues | $1,875,066 | $1,757,978 | $1,803,352 |
| Asset reconciliation: | |||
| Total reportable segment assets | $7,507,105 | $6,892,959 | $6,564,962 |
| Other assets | 310,165 | 525,258 | 1,847,432 |
| Elimination of intersegment receivables | (195,064) | (379,399) | (579,235) |
| Total consolidated assets | $7,622,206 | $7,038,818 | $7,833,159 |
MDU Resources Group, Inc. Form 10-K 101
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