FORM 10-K
28
MDU RESOURCES G ROUP, INC.
CONTENTS
Part I
Forward-Looking Statements ...................................................................................................
31
Items 1 and 2 Business and Properties
General..........................................................................................................................
31
Electric ..........................................................................................................................
32
Natural Gas Distribution .................................................................................................
35
Construction Services....................................................................................................
36
Pipeline and Energy Services .........................................................................................
37
Natural Gas and Oil Production ......................................................................................
38
Construction Materials and Contracting .........................................................................
40
Item 1A Risk Factors...................................................................................................................
43
Item 1B Unresolved Comments...................................................................................................
46
Item 3
Legal Proceedings..........................................................................................................
46
Item 4
Submission of Matters to a Vote of Security Holders ......................................................
46
Part II
Item 5
Market for the Registrant's Common Equity,
Related Stockholder Matters and Issuer Purchases of Equity Securities ..........................
47
Item 6
Selected Financial Data .................................................................................................
48
Item 7
Management's Discussion and Analysis of
Financial Condition and Results of Operations................................................................
50
Item 7A Quantitative and Qualitative Disclosures About Market Risk ...........................................
67
Item 8
Financial Statements and Supplementary Data ..............................................................
69
Item 9
Changes in and Disagreements with Accountants
on Accounting and Financial Disclosure ......................................................................... 112
Item 9A Controls and Procedures................................................................................................ 112
Item 9B Other Information .......................................................................................................... 112
Part III
Item 10 Directors, Executive Officers and Corporate Governance................................................ 113
Item 11 Executive Compensation ................................................................................................ 113
Item 12 Security Ownership of Certain Beneficial Owners
and Management and Related Stockholder Matters........................................................ 113
Item 13 Certain Relationships and Related Transactions,
and Director Independence............................................................................................ 114
Item 14 Principal Accountant Fees and Services ......................................................................... 114
Part IV
Item 15 Exhibits and Financial Statement Schedules .................................................................. 115
Signatures ................................................................................................................................... 118
Exhibits
