UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ý ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2019
OR
o TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______________ to ________________
Commission file number 1-03480
MDU RESOURCES GROUP, INC.
401(k) RETIREMENT PLAN
(Full title of the plan)
MDU RESOURCES GROUP INC
(Name of issuer of securities held pursuant to the plan)
MDU RESOURCES GROUP, INC.
1200 WEST CENTURY AVENUE
P.O. BOX 5650
BISMARCK, NORTH DAKOTA 58506-5650
(Address of the plan and address of the issuer's principal executive offices)
CONTENTS
Required Information | Page |
Report of Independent Registered Public Accounting Firm | 1 |
Financial Statements: | |
Statements of Net Assets Available for Benefits - December 31, 2019 and 2018 | 2 |
Statement of Changes in Net Assets Available for Benefits - Year Ended December 31, 2019 | 3 |
Notes to Financial Statements | 4 |
Supplemental Schedules: | |
Schedule H, Line 4a - Schedule of Delinquent Participant Contributions - Year Ended December 31, | |
2019 | 12 |
Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2019 | 13 |
Exhibit Index | 14 |
Signature | 15 |
Exhibit: | |
Consent of Independent Registered Public Accounting Firm | |
Note: All other schedules required by Section 2520.103-10 of the Department of Labor's Rules and | |
Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, | |
as amended, have been omitted because they are not applicable. |
Report of Independent Registered Public Accounting Firm
To the Employee Benefits Committee and Plan Participants of MDU Resources Group, Inc. 401(k) Retirement Plan:
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of the MDU Resources Group, Inc. 401(k) Retirement Plan (the "Plan") as of December 31, 2019 and 2018, and the related statement of changes in net assets available for benefits for the year ended December 31, 2019, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2019 and 2018, and the changes in net assets available for benefits for the year ended December 31, 2019, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Supplemental Information
The supplemental information in the accompanying schedules of (1) Schedule H, Line 4a - Schedule of Delinquent Participant Contributions for the year ended December 31, 2019, and (2) Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2019 has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its forms and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ Baker Tilly Virchow Krause, LLP
We have served as the Plan's auditor since 2007.
Minneapolis, Minnesota
June 12, 2020
1
MDU Resources Group, Inc.
401(k) Retirement Plan
Statements of Net Assets Available for Benefits
December 31, | 2019 | 2018 | |
Assets: | |||
Investments: | |||
Investments at fair value (Note 5) | $ | 1,035,171,096 $ | 828,484,925 |
Fully benefit-responsive investment contract at contract value (Note 4) | 92,508,328 | 90,717,946 | |
Cash equivalents (Note 3) | 2,432,596 | 2,725,232 | |
Total investments | 1,130,112,020 | 921,928,103 | |
Receivables: | |||
Employer contributions | 27,154,256 | 20,398,866 | |
Participant contributions | 435,894 | 412,895 | |
Notes receivable from participants | 26,397,205 | 26,320,950 | |
Dividends | 1,402,117 | 1,455,080 | |
Other receivables | 66,731 | 48,816 | |
Total receivables | 55,456,203 | 48,636,607 | |
Total assets | 1,185,568,223 | 970,564,710 | |
Liabilities: | |||
Accrued expenses | 61,794 | 75,261 | |
Excess contributions payable | 2,111 | 4,806 | |
Total liabilities | 63,905 | 80,067 | |
Net assets available for benefits | $ | 1,185,504,318 $ | 970,484,643 |
The accompanying notes are an integral part of these financial statements.
-2-
MDU Resources Group, Inc.
401(k) Retirement Plan
Statement of Changes in Net Assets Available for Benefits
Year ended December 31, 2019
Additions to Net Assets Attributed to:
Investment income:
Dividends from Company stock | $ | 5,758,627 |
Interest and dividends | 14,442,473 | |
Net realized/unrealized appreciation in fair value of investments | 194,110,880 | |
Total investment income | 214,311,980 | |
Interest income on notes receivable from participants | 1,374,076 | |
Contributions: | ||
Employers | 50,949,549 | |
Participants | 49,702,165 | |
Participant rollovers | 8,996,896 | |
Total contributions | 109,648,610 | |
Total additions | 325,334,666 | |
Deductions from Net Assets Attributed to: | ||
Distributions to participants | 109,975,566 | |
Administrative expenses | 339,425 | |
Total deductions | 110,314,991 | |
Net increase in net assets available for benefits | 215,019,675 | |
Net assets available for benefits at beginning of year | 970,484,643 | |
Net assets available for benefits at end of year | $ | 1,185,504,318 |
The accompanying notes are an integral part of these financial statements.
-3-
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MDU Resources Group Inc. published this content on 12 June 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 June 2020 10:56:04 UTC