MDU RESOURCES GROUP INC
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 6, 2026
MDU$18.63+0.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0000067716-26-000072
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0000067716-26-000086
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 257 previous paragraphs and 258 current paragraphs.
105 unchanged; 98 reworded; 51 added; 46 removed; 8 previous and 4 current paragraphs rearranged.
Tables are not compared: 13 previous and 13 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (51)
Current report
•The earnings decrease at the pipeline business was driven by higher operation and maintenance expense primarily attributable to higher payroll-related and material costs as well as consulting costs associated with its recently filed rate case. Lower storage injections, advisory costs associated with Bakken East, and lower returns on the Company's nonqualified benefit plans further drove the decrease. The decrease was partially offset by short-term natural gas transportation contracts, as well as contributions from previously constructed growth projects, including a contracted volume increase.
Current report
•Other experienced an increase in net loss primarily due to higher claims experience at the captive insurer and higher income tax expense due to income tax adjustments related to the company's annualized estimated tax rate.
Current report
•Revenue increased $24.5 million.
Current report
▪New rates approved in regulatory proceedings of $7.1 million in North Dakota, Montana and Wyoming.
Current report
▪Higher retail sales volumes of $2.2 million across all customer classes due to warmer weather.
Current report
•Operation and maintenance increased $3.9 million.
Current report
▪Higher contract services of $2.1 million, partially related to Badger Wind Farm.
Current report
▪Timing of software expenses.
Current report
•Other income decreased $1.8 million, largely the result of lower returns on the Company's nonqualified benefit plan investments and absence of TSA income associated with services provided to Everus.
Current report
•Interest expense increased $3.7 million, primarily due to higher long-term debt balances.
Current report
•Revenue increased $51.3 million.
Current report
▪New rates approved in regulatory proceedings of $10.7 million in Montana, Wyoming and North Dakota.
Current report
•Operation and maintenance increased $5.5 million.
Current report
▪Higher payroll-related costs of $2.3 million.
Current report
•Interest expense increased $11.3 million, primarily due to higher long-term debt balances.
Current report
•Revenue increased $8.7 million.
Current report
▪New rates approved in regulatory proceedings of $6.5 million, primarily in Idaho and Washington.
Current report
▪Higher basic service charges of $600,000 due to customer growth.
Current report
•Operation and maintenance increased $6.9 million.
Current report
▪Higher payroll-related costs of $2.8 million.
Current report
▪Loss of $2.7 million for costs related to the Company's decision to discontinue development of the Knott Landfill RNG project.
Current report
▪Timing of software expenses.
Current report
•Other income decreased $2.1 million, largely the result of lower returns of $1.3 million on the Company's nonqualified benefit plan investments and the absence of TSA income of $800,000 associated with services provided to Everus.
Current report
•Interest expense increased $2.0 million, primarily due to higher long-term debt balances.
Current report
•Revenue decreased $62.4 million.
Current report
▪Higher basic service charges of $2.2 million due to customer growth.
Current report
•Operation and maintenance increased $8.8 million.
Current report
▪Higher payroll-related costs of $6.2 million.
Current report
▪Loss of $2.7 million for costs related to the Company's decision to discontinue development of the Knott Landfill RNG project.
Current report
•Other income decreased $4.4 million.
Current report
▪Lower TSA income of $3.2 million, as described above.
Current report
•Interest expense increased $5.6 million, primarily due to higher long-term debt balances.
Current report
•Income tax expense increased $1.3 million, primarily the result of changes in permanent tax adjustments and higher income before income taxes.
Current report
Growing demand from large-load customers, including data centers, continues to provide opportunities for increased electric sales. The Company's approach to serving large-load customers is grounded in protecting existing customers and ensuring that growth creates value for the electric system and the communities the Company serves. The Company follows the principle of cost causation, meaning the customer that creates a cost should pay that cost. Infrastructure and service costs that are specifically needed to serve a large-load customer are assigned appropriately through contracts, tariffs and regulatory approvals. Benefits associated with these agreements may also flow back to existing customers through approved regulatory mechanisms.
Current report
The Company has been selected for or awarded smart grid grant funding under the GRIP program administered through the Bipartisan Infrastructure Law and other programs for the following projects, including a transmission line rebuild between Hettinger and Elgin, North Dakota, incorporating carbon fiber-core conductors and a dynamic line rating system, expected in service mid-2029; replacement of approximately eight miles of aging transmission line near Poplar, Montana to increase capacity and reduce wildfire risk, expected in service November 2029; and sub-transmission upgrades in the Merricourt, North Dakota area to increase load-serving capability and improve reliability, with scheduled in-service dates of October 2028.
Current report
•Revenues decreased $600,000 as a result of:
Current report
•Other income decreased $1.8 million.
Current report
▪Lower TSA income of $300,000 associated with services provided to Everus.
Current report
▪Interest expense was comparable to the same period in the prior year.
Current report
•Revenues increased $200,000 as a result of:
Showing the first 40 of 51 passages. Open the source sections for the rest.
Removed paragraphs (46)
Previous report
•The earnings decrease at the pipeline business was driven by lower other income and higher depreciation and amortization expense from a growth project placed in service. These impacts were partially offset by continued customer demand for short-term natural gas transportation contracts and interruptible storage services, as well as contributions from previously constructed growth projects, including a contracted volume increase.
Previous report
•Other experienced an increase in net income primarily due to income from discontinued operations associated with a $1.5 million tax benefit related to an election to change the tax method for certain strategic initiative costs. Other also reflects income tax adjustments related to the Company's annualized estimated tax rate.
Previous report
•Revenue increased $18.0 million.
Previous report
▪New rates approved in regulatory proceedings of $3.4 million in Montana and Wyoming.
Previous report
◦Partially offset by absence of prior year costs associated with services provided to Everus as part of the TSA, offset in other income as described below, and timing of software expenses.
Previous report
•Other income decreased $800,000, largely the result of lower TSA income, as described above, partially offset by higher returns on the Company's nonqualified benefit plan investments.
Previous report
•Interest expense increased $3.6 million, primarily due to higher long-term debt balances.
Previous report
•Revenue increased $26.8 million.
Previous report
▪New rates approved in regulatory proceedings of $3.6 million in Montana and Wyoming.
Previous report
◦Partially offset by lower retail sales volumes of $800,000, driven primarily by lower residential and commercial volumes, largely due to warmer weather in the first quarter of the year. There was an increase in commercial volumes from data centers as further discussed in the Outlook section.
Previous report
•Operation and maintenance increased $1.6 million.
Previous report
•Interest expense increased $7.6 million, primarily due to higher long-term debt balances.
Previous report
•Revenue increased $5.7 million.
Previous report
▪Higher Montana property tax tracker of $700,000 that was offset in expense, as described below.
Previous report
•Operation and maintenance increased $300,000.
Previous report
◦Largely the result of higher payroll-related costs of $2.2 million.
Previous report
◦Partially offset by absence of prior year costs associated with services provided to Everus as part of the TSA, offset in other income, as described below, and timing of software expenses.
Previous report
•Other income decreased $1.3 million, largely the result of lower TSA income as described above, partially offset by higher returns on the Company's nonqualified benefit plan investments.
Previous report
•Interest expense increased $2.1 million, primarily due to higher long-term debt balances.
Previous report
•Revenue decreased $71.1 million.
Previous report
▪New rates approved in regulatory proceedings of $17.1 million, primarily in Washington, Idaho, Montana and Wyoming.
Previous report
•Operation and maintenance increased $1.9 million.
Previous report
•Other income decreased $2.3 million.
Previous report
▪Lower TSA revenue of $2.5 million, as described above.
Previous report
▪Higher returns on the Company's nonqualified benefit plans of $800,000.
Previous report
•Interest expense increased $3.6 million, primarily due to higher long-term debt balances.
Previous report
•Income tax expense increased $1.1 million, primarily the result of higher income before income taxes.
Previous report
The Company's approach to serving data center customers, is grounded in protecting existing customers and ensuring that growth creates values for the communities the Company serves. Data center customers are responsible for paying the costs associated with connecting to and being served by the electric system, including infrastructure and energy-related expenses. Through careful planning, regulatory oversight and cost-allocation mechanisms, the Company works to ensure that existing customers are not subsidizing the costs of serving these new customers. At the same time, the additional revenue generated from serving data center customers can help support the electric system and contribute to reducing certain fixed costs by allocating them across a broader customer base. The Company believes this current approach creates benefits for all customers.
Previous report
•Revenues increased $400,000 as a result of:
Previous report
▪Lower non-regulated project revenue of $600,000, partially offset in operation and maintenance expense, as described below.
Previous report
•Operation and maintenance was comparable to the same period last year.
Previous report
▪Partially offset by lower non-regulated project costs of $600,000, associated with decreased non-regulated project revenue, as previously discussed.
Previous report
•Other income decreased $1.4 million.
Previous report
▪Lower TSA income of $800,000, as described above.
Previous report
•Interest expense decreased $100,000, primarily from lower debt fees and higher AFUDC, largely offset by higher debt balances.
Previous report
•Revenues increased $800,000 as a result of:
Previous report
◦Higher non-regulated project revenue of $700,000, partially offset in operation and maintenance expense, as described below.
Previous report
▪Higher materials costs of $800,000.
Previous report
▪Higher non-regulated project costs of $400,000, associated with increased non-regulated project revenue, as previously discussed.
Previous report
•Other income decreased $2.1 million:
Showing the first 40 of 46 passages. Open the source sections for the rest.
Reworded paragraphs (98)
Previous wording
Dividends The Company's board of directors established a long-term dividend payout ratio target of 60 percent to 70 percent of regulated energy delivery earnings. The Company has an 88-year history of uninterrupted dividend payments to stockholders and remains committed to paying a competitive dividend.
Current wording
Dividends In August 2026, the Company's board of directors revised the Company's long term dividend payout ratio target to 55 percent to 65 percent of earnings compared to the previous target of 60 percent to 70 percent of regulated energy delivery earnings. The revised range is intended to provide the Company with greater flexibility to fund its capital investment program, reduce future equity needs and support the Company's long-term growth. The Company has an 88-year history of uninterrupted dividend payments to stockholders and remains committed to paying a competitive dividend.
Previous wording
Market Trends The Company continues to manage the inflationary pressures experienced throughout the United States, including the impact that inflation, higher interest rates, changes in tariffs, commodity price volatility and supply chain disruptions may have on its business and customers and proactively looks for ways to lessen the impact to its business. For more information specific to each of the Company's businesses, see the following discussion in each business segment's Outlook section. For more information on the possible impacts, see Part I, Item 1A. Risk Factors in the 2025 Annual Report.
Current wording
Market Trends The Company continues to manage the inflationary pressures experienced throughout the United States, including the impact that inflation, higher interest rates, changes in tariffs, commodity price volatility and supply chain disruptions may have on its business and customers and proactively looks for ways to lessen the impact to its business. For more information specific to each of the Company's businesses, see the following discussion in each business segment's Outlook section. For more information on the possible impacts, see Item 1A. Risk Factors in this quarterly report and Part I, Item 1A. Risk Factors in the 2025 Annual Report.
Previous wording
While made in good faith, these forward-looking statements are based largely on the Company's expectations and judgments and are subject to a number of risks and uncertainties, many of which are unforeseeable and beyond the Company's control. For additional discussion regarding risks and uncertainties that may affect forward-looking statements, see Part I, Item 1A. Risk Factors in the 2025 Annual Report and subsequent filings with the SEC. Any changes in such assumptions or factors could produce significantly different results. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. Except as required by applicable law, the Company undertakes no obligation to update the forward-looking statements, whether as a result of new information, future events, or otherwise.
Current wording
While made in good faith, these forward-looking statements are based largely on the Company's expectations and judgments and are subject to a number of risks and uncertainties, many of which are unforeseeable and beyond the Company's control. For additional discussion regarding risks and uncertainties that may affect forward-looking statements, see Item 1A. Risk Factors in this quarterly report and Part I, Item 1A. Risk Factors in the 2025 Annual Report and subsequent filings with the SEC. Any changes in such assumptions or factors could produce significantly different results. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. Except as required by applicable law, the Company undertakes no obligation to update the forward-looking statements, whether as a result of new information, future events, or otherwise.
Previous wording
Three Months Ended June 30, 2026, Compared to Three Months Ended June 30, 2025 The Company's consolidated earnings increased $7.6 million. Drivers of the earnings increase include:
Current wording
Three Months Ended September 30, 2026, Compared to Three Months Ended September 30, 2025 The Company's consolidated earnings decreased $4.4 million. Drivers of the earnings decrease include:
Previous wording
•The electric business earnings increase was largely the result of higher retail sales revenue, primarily from recovery mechanisms associated with renewable investments including Badger Wind Farm. Interim rates in Montana and new rates in Wyoming, along with higher retail sales volumes across all major customer classes, further drove the increase. The increase was partially offset by higher interest expense associated with debt issuances for recent capital investments, including Badger Wind Farm, as well as higher depreciation expense and operation and maintenance expense, primarily related to Badger Wind Farm.
Current wording
•The electric business earnings increase was largely driven by higher retail sales revenue from new rates approved in regulatory proceedings in North Dakota, Montana and Wyoming and from recovery mechanisms associated with renewable investments, including Badger Wind Farm. Higher retail sales volumes across all customer classes, largely due to warmer weather, further drove the increase. Higher costs associated with Badger Wind Farm, including operation and maintenance, interest and depreciation expense, partially offset the increase. Lower returns on nonqualified benefit plan investments also impacted results.
Previous wording
•The natural gas distribution business reported a decreased seasonal loss, primarily driven by new rates in Idaho, Washington, Montana and Wyoming, as well as higher retail sales volumes across all customer classes. These impacts were partially offset by higher interest expense resulting from higher long-term debt balances.
Current wording
•The natural gas distribution business reported an increased seasonal loss, primarily driven by higher operation and maintenance expense, including higher payroll-related costs and a $2.1 million loss, net of tax, on the Company's decision to discontinue development of the Knott Landfill RNG project. Higher interest expense resulting from higher long-term debt balances and lower returns on nonqualified benefit plan investments also contributed to the loss. These impacts were partially offset by new rates approved in regulatory proceedings primarily in Idaho and Washington, as well as higher retail sales volumes across all customer classes.
Previous wording
Six Months Ended June 30, 2026, Compared to Six Months Ended June 30, 2025 The Company's consolidated earnings increased $6.4 million. Drivers of the earnings increase include:
Current wording
Nine Months Ended September 30, 2026, Compared to Nine Months Ended September 30, 2025 The Company's consolidated earnings increased $2.0 million. Drivers of the earnings increase include:
Previous wording
•The electric business earnings increase was largely the result of higher retail sales revenue, primarily from recovery mechanisms associated with renewable investments including Badger Wind Farm. Interim rates in Montana and new rates in Wyoming further drove the increase. The increase was partially offset by higher interest expense associated with debt issuances for recent capital investments, including Badger Wind Farm, as well as higher depreciation expense and operation and maintenance expense, primarily related to Badger Wind Farm.
Current wording
•The electric business earnings increase was largely the result of higher retail sales revenue, primarily from recovery mechanisms associated with renewable investments including Badger Wind Farm. New rates approved in regulatory proceedings in Montana, Wyoming and North Dakota further drove the increase. Higher costs associated with Badger Wind Farm, including operation and maintenance, interest and depreciation expense partially offset the increase.
Previous wording
•The natural gas distribution business reported an increase in earnings, primarily driven by new rates in Washington, Idaho, Montana and Wyoming. The increase was partially offset by lower retail sales and electric generation transportation volumes due to warmer first quarter weather. Higher interest expense resulting from higher debt balances, lower other income, and higher operation and maintenance expense, primarily attributable to increased payroll-related costs, further offset the increase.
Current wording
•The natural gas distribution business reported an increase in earnings, primarily driven by new rates in Idaho, Washington, Wyoming and Montana. The increase was partially offset by higher operation and maintenance expense, primarily increased payroll-related costs as well as a $2.1 million, net of tax, loss on the Company's decision to discontinue development of the Knott Landfill RNG project. Higher interest expense resulting from higher debt balances, lower retail sales and electric generation transportation volumes due to warmer first quarter weather, and lower other income further offset the increase.
Previous wording
•The decrease in earnings at the pipeline business was driven by lower other income. The business also incurred higher operation and maintenance expense, primarily attributable to higher payroll-related costs, materials, and consulting and legal costs associated with the business's recently filed rate case. Lower interruptible natural gas storage withdrawals and higher Montana property tax accruals also contributed to the decrease. These impacts were partially offset by continued customer demand for short-term natural gas transportation contracts, as well as contributions from previously constructed growth projects, including a contracted volume increase.
Current wording
•The decrease in earnings at the pipeline business was driven by higher operation and maintenance expense primarily attributable to higher payroll-related and materials costs as well as consulting costs associated with its recently filed rate case. The business also incurred advisory costs associated with Bakken East. Lower interruptible natural gas storage withdrawals and higher depreciation on projects placed in service further drove the decrease. The decrease was partially offset by short-term natural gas transportation contracts, as well as contributions from previously constructed growth projects, including a contracted volume increase.
Previous wording
•Other experienced an increase in net income primarily due to income from discontinued operations associated with a $1.5 million tax benefit related to an election to change the tax method for certain strategic initiative costs. Other also reflects income tax adjustments related to the Company's annualized estimated tax rate.
Current wording
•Other experienced an increase in net loss primarily due to higher claims experience at the captive insurer. Other also reflects income tax adjustments related to the Company’s annualized estimated tax rate. The decrease was partially offset by income from discontinued operations associated with a $1.5 million tax benefit related to an election to change the tax method for certain strategic initiative costs.
Previous wording
The Company continues to proactively monitor and work with its manufacturers to reduce the effects of increased pricing and lead times on delivery of certain raw materials and equipment used in electric generation, transmission and distribution system and natural gas pipeline projects. Long lead times are attributable to increased demand for steel products from pipeline companies as they continue pipeline system safety and integrity replacement projects driven by PHMSA regulations, as well as delays in the manufacturing and shipping of electrical equipment and increased demand for electrical equipment due to regulatory activity and grid expansion. The Company has been able to minimize the effects by working closely with suppliers or obtaining additional suppliers, as well as modifying project plans to accommodate extended lead times and increased costs. The Company expects these delays to continue. Inflationary pressures remain volatile and costs for goods and services also remain high. The Company also continues to monitor the impact tariffs will have on its costs. Tariff increases on raw materials could negatively affect the Company's construction projects and maintenance work. For additional discussion regarding risks and uncertainties, see Part I, Item 1A. Risk Factors in the 2025 Annual Report.
Current wording
The Company continues to proactively monitor and work with its manufacturers to reduce the effects of increased pricing and lead times on delivery of certain raw materials and equipment used in electric generation, transmission and distribution system and natural gas pipeline projects. Long lead times are attributable to increased demand for steel products from pipeline companies as they continue pipeline system safety and integrity replacement projects driven by PHMSA regulations, as well as delays in the manufacturing and shipping of electrical equipment and increased demand for electrical equipment due to regulatory activity and grid expansion. The Company has been able to minimize the effects by working closely with suppliers or obtaining additional suppliers, as well as modifying project plans to accommodate extended lead times and increased costs. The Company expects these delays to continue. Inflationary pressures remain volatile and costs for goods and services also remain high. The Company also continues to monitor the impact tariffs will have on its costs. Tariff increases on raw materials could negatively affect the Company's construction projects and maintenance work. For additional discussion regarding risks and uncertainties, see Item 1A. Risk Factors in this quarterly report and Part I, Item 1A. Risk Factors in the 2025 Annual Report.
Previous wording
Three Months Ended June 30, 2026, Compared to Three Months Ended June 30, 2025 Electric earnings increased $4.3 million as a result of:
Current wording
Three Months Ended September 30, 2026, Compared to Three Months Ended September 30, 2025 Electric earnings increased $5.0 million as a result of:
Previous wording
▪Higher fuel and purchased power costs of $3.7 million recovered in customer rates and offset in expense, as described below.
Current wording
▪Higher fuel and purchased power costs of $7.4 million recovered in customer rates and offset in expense, as described below.
Previous wording
▪Higher renewable tracker revenues of $14.4 million, largely due to Badger Wind Farm, which was placed in service in December 2025, partially offset by higher production tax credits offset in income tax benefit, as described below.
Current wording
▪Higher renewable tracker revenues of $6.2 million, largely due to Badger Wind Farm, which was placed in service in December 2025, partially offset by higher production tax credits offset in income tax expense, as described below.
Previous wording
•Electric fuel and purchased power increased $3.7 million, largely the result of higher demand costs and higher volumes.
Current wording
•Electric fuel and purchased power increased $7.4 million, largely the result of higher demand costs and higher volumes.
Previous wording
•Depreciation and amortization increased $2.9 million, largely due to increased property, plant and equipment balances, primarily related to Badger Wind Farm.
Current wording
•Depreciation and amortization increased $2.8 million, largely due to increased property, plant and equipment balances, primarily related to Badger Wind Farm.
Previous wording
•Income tax benefit decreased $700,000, largely due to higher income before income taxes, partially offset by higher production tax credits of $500,000 driven by Badger Wind Farm as discussed above.
Current wording
•Income tax expense decreased $200,000, largely due to higher production tax credits of $1.9 million driven by Badger Wind Farm as discussed above, partially offset by higher income before income taxes.
Previous wording
Six Months Ended June 30, 2026, Compared to Six Months Ended June 30, 2025 Electric earnings increased $3.8 million as a result of:
Current wording
Nine Months Ended September 30, 2026, Compared to Nine Months Ended September 30, 2025 Electric earnings increased $8.8 million as a result of:
Previous wording
▪Higher renewable tracker revenues of $7.7 million, largely due to Badger Wind Farm, which was placed in service in December 2025, partially offset by higher production tax credits offset in income tax benefit, as described below.
Current wording
▪Higher renewable tracker revenues of $20.5 million, largely due to Badger Wind Farm, which was placed in service in December 2025, partially offset by higher production tax credits offset in income tax benefit, as described below.
Previous wording
▪Higher fuel and purchased power costs of $6.1 million recovered in customer rates and offset in expense, as described below.
Current wording
▪Higher fuel and purchased power costs of $13.5 million recovered in customer rates and offset in expense, as described below.
Previous wording
▪Higher retail sales volumes of $1.8 million across all major customer classes.
Current wording
▪Higher retail sales volumes of $1.4 million across all major customer classes.
Previous wording
•Electric fuel and purchased power increased $6.1 million, largely the result of higher demand costs and higher volumes.
Current wording
•Electric fuel and purchased power increased $13.5 million, largely the result of higher demand costs and higher volumes.
Previous wording
▪ Higher contract services related to Badger Wind Farm of $2.0 million. Big Stone Station planned outage-related costs were more than offset by absence of prior year Coyote Station and Wygen III generating station outage-related costs.
Current wording
▪Higher contract services of $5.5 million, partially related to Badger Wind Farm. Big Stone Station planned outage-related costs were more than offset by absence of prior year Coyote Station and Wygen III generating station outage-related costs.
Previous wording
•Depreciation and amortization increased $5.3 million, largely due to increased property, plant and equipment balances, primarily related to Badger Wind Farm.
Current wording
•Depreciation and amortization increased $8.1 million, largely due to increased property, plant and equipment balances, primarily related to Badger Wind Farm.
Previous wording
•Taxes, other than income increased $1.4 million, largely as a result of higher property tax, primarily in North Dakota and Montana.
Current wording
•Taxes, other than income increased $1.5 million, largely as a result of higher property tax, primarily in Montana and North Dakota.
Previous wording
•Other income decreased $1.4 million, largely the result of lower TSA income, as described above, and lower AFUDC due to lower average CWIP balances, partially offset by higher returns on the Company's nonqualified benefit plan investments.
Current wording
•Other income decreased $3.2 million, largely the result of lower TSA income, as described above, and lower AFUDC due to lower average CWIP balances.
Previous wording
•Income tax benefit increased $400,000, largely due to higher production tax credits of $1.5 million driven by Badger Wind Farm as discussed above, partially offset by higher income before income taxes.
Current wording
•Income tax benefit increased $600,000, largely due to higher production tax credits of $3.4 million driven by Badger Wind Farm as discussed above, partially offset by higher income before income taxes.
Previous wording
Three Months Ended June 30, 2026, Compared to Three Months Ended June 30, 2025 Natural gas distribution reported a decreased seasonal loss of $3.5 million as a result of:
Current wording
Three Months Ended September 30, 2026, Compared to Three Months Ended September 30, 2025 Natural gas distribution reported an increased seasonal loss of $2.5 million as a result of:
Previous wording
▪A 6.7 percent or $500,000 increase in retail sales volumes to all customer classes, offset in part by weather normalization and decoupling mechanisms in certain jurisdictions.
Current wording
▪A 7.1 percent or $1.2 million increase in retail sales volumes to all customer classes.
Previous wording
▪Lower revenue-based taxes of $400,000, recovered in rates and offset in expense, as described below.
Current wording
▪Higher revenue-based taxes of $200,000, recovered in rates and offset in expense, as described below.
Previous wording
•Purchased natural gas sold decreased $2.4 million, largely due to lower commodity costs of $9.6 million, partially offset by higher volumes of natural gas purchased of $7.0 million, and net environmental compliance costs of $200,000.
Current wording
•Purchased natural gas sold decreased $100,000, largely due to lower commodity costs of $8.1 million, partially offset by higher volumes of natural gas purchased of $4.4 million, and net environmental compliance costs of $3.5 million.
Previous wording
•Depreciation and amortization increased $400,000, of which $2.5 million resulted from increased property, plant and equipment balances related to growth and replacement projects placed in service, partially offset by lower depreciation rates implemented in Washington, Oregon, Montana and Wyoming of $2.1 million.
Current wording
•Depreciation and amortization increased $400,000, of which $1.4 million resulted from increased property, plant and equipment balances related to growth and replacement projects placed in service, partially offset by lower depreciation rates implemented in Washington, Oregon, Wyoming and Montana of $900,000.
Previous wording
•Taxes, other than income decreased $4.3 million, due to lower revenue-based taxes, as described above, partially offset by higher property taxes, largely in Montana and Washington.
Current wording
•Taxes, other than income decreased $300,000, due to timing of property taxes in Idaho, partially offset by higher revenue-based taxes, as described above.
Previous wording
•Income tax benefit decreased $1.0 million, primarily the result of lower seasonal loss before income taxes.
Current wording
•Income tax benefit decreased $200,000, primarily the result of changes in permanent tax adjustments, partially offset by higher seasonal loss before income taxes.
Previous wording
Six Months Ended June 30, 2026, Compared to Six Months Ended June 30, 2025 Natural gas distribution earnings increased $3.0 million as a result of:
Current wording
Nine Months Ended September 30, 2026, Compared to Nine Months Ended September 30, 2025 Natural gas distribution earnings increased $500,000 as a result of:
Previous wording
▪Lower purchased natural gas sold of $2.4 million, including net environmental compliance costs, recovered in customer rates and offset in expense, as described below.
Current wording
▪Lower purchased natural gas sold of $79.2 million, including net environmental compliance costs, recovered in customer rates and offset in expense, as described below.
Previous wording
▪Lower revenue-based taxes of $4.9 million, recovered in rates and offset in expense, as described below.
Current wording
▪Lower revenue-based taxes of $4.7 million, recovered in rates and offset in expense, as described below.
Previous wording
▪A 10.7 percent or $3.8 million decrease in retail sales volumes to all customer classes due to warmer weather during the first quarter, offset in part by weather normalization and decoupling mechanisms in certain jurisdictions.
Current wording
▪An 8.6 percent or $2.5 million decrease in retail sales volumes to all customer classes due to warmer weather during the first quarter, offset in part by weather normalization and decoupling mechanisms in certain jurisdictions.
Previous wording
▪Transportation volumes decreased 17.6 percent or $2.2 million primarily the result of lower electric generation volumes largely due to warmer weather during the first quarter.
Current wording
▪Transportation volumes decreased 13.6 percent or $2.2 million primarily the result of lower electric generation volumes largely due to warmer weather during the first quarter.
Showing the first 40 of 98 pairs. Open the source sections for the rest.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
•Taxes, other than income was comparable to the same period in the prior year.
Current report — wording carried from elsewhere
▪Growth projects placed in service of $1.2 million.
Current report — wording carried from elsewhere
▪Lower investment returns on the Company's non-qualified benefit plans of $500,000.
Current report — wording carried from elsewhere
Three Months Ended September 30, 2026, Compared to Three Months Ended September 30, 2025
Rearranged previous paragraphs (8)
Previous report — wording carried elsewhere
▪Higher contract services related to Badger Wind Farm of $1.0 million. Big Stone Station planned outage-related costs were more than offset by absence of prior year Coyote Station planned outage-related costs.
Previous report — wording carried elsewhere
•Taxes, other than income increased $700,000, largely as a result of higher property tax, primarily in North Dakota and Montana.
Previous report — wording carried elsewhere
▪Transportation volumes decreased 14.8 percent or $500,000 primarily the result of lower electric generation volumes.
Previous report — wording carried elsewhere
▪Lower purchased natural gas sold of $79.1 million, including net environmental compliance costs, recovered in customer rates and offset in expense, as described below.
Previous report — wording carried elsewhere
▪Higher payroll-related costs of $3.4 million.
Previous report — wording carried elsewhere
▪Growth projects placed in service of $800,000.
Previous report — wording carried elsewhere
•Operation and maintenance increased $1.5 million.
Previous report — wording carried elsewhere
◦Also reflected is lower costs associated with services provided to Everus as part of the TSA, offset in other income, as described below.