SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1993
MDU RESOURCES GROUP, INC.
TAX DEFERRED COMPENSATION SAVINGS PLAN FOR
COLLECTIVE BARGAINING UNIT EMPLOYEES
MDU RESOURCES GROUP, INC.
400 NORTH FOURTH STREET
BISMARCK, NORTH DAKOTA 58501
<PAGE>
CONTENTS
Required Information
Financial Statements:
Statements of Financial Condition -- December 31,
1993 and 1992
Statements of Income and Changes in Participants'
Equity -- Years ended December 31, 1993, 1992
and 1991
Notes to Financial Statements
Schedules -- Schedule I has been omitted because
the required information is shown in such
financial statements or the notes or supplemental
schedules thereto.
Schedule II -- Allocation of Plan Assets and
Liabilities to Investment Programs
Schedule III -- Allocation of Plan Income and
Changes in Plan Equity to Investment Programs
Report of Independent Public Accountants
Signature page
Exhibit:
Consent of Independent Public Accountants<PAGE>
MDU RESOURCES GROUP, INC.
TAX DEFERRED COMPENSATION SAVINGS PLAN FOR COLLECTIVE
BARGAINING UNIT EMPLOYEES
STATEMENTS OF FINANCIAL CONDITION
December 31,
1993 1992
Assets:
Investments -- (Schedule II)
MDU Resources Group, Inc. common
stock
(1993 -- 973,396 shares,
cost $18,904,839;
1992 -- 898,184 shares,
cost $16,190,803). . . . . . . . $30,661,971 $23,689,619
Other . . . . . . . . . . . . . . . . 1,355,135 817,106
Cash. . . . . . . . . . . . . . . . . . 97 104
Contributions receivable --
Employers . . . . . . . . . . . . . . 60,436 54,295
Employees . . . . . . . . . . . . . . 152,017 133,549
Dividends and interest receivable . . . 380,725 333,349
$32,610,381 $25,028,022
Participants' equity:
Distributions due terminated
participants. . . . . . . . . . . . . $ 693,147 $ 316,423
Active participants' equity . . . . . . 31,917,234 24,711,599
$32,610,381 $25,028,022
The accompanying notes are an integral part
of these statements.<PAGE>
MDU RESOURCES GROUP, INC.
TAX DEFERRED COMPENSATION SAVINGS PLAN FOR COLLECTIVE
BARGAINING UNIT EMPLOYEES
STATEMENTS OF INCOME AND CHANGES IN PARTICIPANTS' EQUITY
Years ended December 31,
1993 1992 1991
Investment income:
(Schedule III)
Dividends. . . . . . . . . . .$ 1,458,467 $ 1,266,617 $ 1,067,923
Interest . . . . . . . . . . . 15,036 8,958 3,895
Capital gains. . . . . . . . . 541 1,582 627
Other. . . . . . . . . . . . . (211) (112) (47)
Realized gain on
distributions . . . . . . . 293,180 84,156 72,800
Unrealized appreciation
on investments . . . . . . . 4,320,499 1,452,394 3,337,069
6,087,512 2,813,595 4,482,267
Contributions: (Schedule III)
Employers. . . . . . . . . . . 737,021 582,693 505,635
Employees. . . . . . . . . . . 1,837,671 1,437,232 1,229,100
Total contributions. . . . . 2,574,692 2,019,925 1,734,735
Distributions to terminated
participants . . . . . . . . . (840,916) (284,299) (442,214)
Net transfers from (to) Tax
Deferred Compensation
Savings Plan . . . . . . . . . (238,929) (86,115) 829,299
Increase in participants'
equity . . . . . . . . . . . . 7,582,359 4,463,106 6,604,087
Participants' equity at
beginning of year. . . . . . . 25,028,022 20,564,916 13,960,829
Participants' equity at
end of year. . . . . . . . . .$32,610,381 $25,028,022 $20,564,916
The accompanying notes are an integral part
of these statements.<PAGE>
MDU RESOURCES GROUP, INC.
TAX DEFERRED COMPENSATION SAVINGS PLAN FOR COLLECTIVE
BARGAINING UNIT EMPLOYEES
NOTES TO FINANCIAL STATEMENTS
1. Description of the Plan
The MDU Resources Group, Inc. Tax Deferred Compensation Savings
Plan For Collective Bargaining Unit Employees (the Plan) was
adopted on November 6, 1986, by the Board of Directors of MDU
Resources Group, Inc. (the Company) to provide a means for
deferred savings and investment by eligible employees and to
afford additional security for their retirement. It is a defined
contribution plan established effective January 1, 1987, by the
Company and Williston Basin Interstate Pipeline Company (Williston
Basin), an indirectly, wholly-owned subsidiary of the Company.
Effective October 1, 1992, Knife River Coal Mining Company (Knife
River), another indirectly, wholly-owned subsidiary of the
Company, also began to participate in the Plan. The Company,
Knife River and Williston Basin are the Employers. Effective
January 1, 1988 (Effective Date), the Plan was amended and
restated to reflect the merger and transfer of eligible employees'
accounts of the MDU Resources Group, Inc. Employee Stock Ownership
Plan (ESOP) into the Plan. The fiscal year of the Plan (Plan Year)
is the calendar year.
The Board of Directors of the Company may amend or modify the
Plan, and the Board of Directors of the Company, Knife River or
Williston Basin may, at any time, terminate the Plan with respect
to the respective Employer.
The Plan is administered for the Company by a six-member
committee (the Committee) appointed by, and serving at the
pleasure of, the Chief Executive Officer of the Company.
Administrative expenses of the Plan are paid by the Employers,
however, fees or commissions associated with each of the
investment options are paid primarily by participants as a
deduction from the amount invested or by an offset to investment
earnings.
The Plan contains two parts: 1) The Deferred Savings feature
which is the part of the Plan related to an eligible employee's
ability to defer a portion of the employee's current compensation
into a tax-free trust and 2) The ESOP feature which is the part of
the Plan related to participation in the ESOP, as merged into the
Plan as of the Effective Date.
Deferred Savings
Any employee who is at least 18 years of age, who has completed
at least one year of service with a minimum of 1,000 hours worked
and who is a collective bargaining unit employee of an employer
whose collective bargaining unit has been offered the Plan and
accepted it is eligible to participate in the Plan. An eligible
employee may elect to participate in the Plan on April 1 or
October 1 following completion of one year of service and by
filing a written election with the Committee to have savings
contributions made on the employee's behalf. A former participant
or eligible employee who is reemployed shall again become a
participant or eligible to become a participant on the first day
of the month following the employee's return to employment as an
eligible employee.
Upon becoming a participant, and in April and October of each
subsequent year, each participant may, by filing a written
election with the Committee, authorize the participant's Employer
to contribute to the Plan on such participant's behalf by payroll
reduction. The Plan allows contributions by participants varying
from one percent (1%) through ten percent (10%), in one percent
increments, of eligible compensation for each pay period. Such
savings contributions on behalf of a participant are credited to
the participant's Savings Contribution Account. An election is
made by each participant which allocates contributions to any or
all of three available investment options. The investment
election made must be designated in ten percent (10%) increments
of the total amount contributed by the participant to be invested
in common stock of the Company, an equity indexed mutual fund
and/or a bond indexed mutual fund. Such savings contributions
reduce, on a dollar-for-dollar basis, the participant's taxable
earnings in the year in which the savings contributions are
withheld. Eligible compensation is the employee's total
compensation from the Employer, unreduced by any savings
contributions of the eligible employee to the Plan, and any amount
contributed by the Employer pursuant to a salary reduction
agreement and which is not includible in the gross income of an
employee, excluding other contributions to the Plan, contributions
to other employee benefit plans and certain additional items of
compensation which do not constitute direct earnings.
A participant may authorize suspension of such participant's
savings contributions to the Plan for a minimum period of three
(3) months by filing a written election with the Committee. Such
suspension of savings contributions is effective no later than the
first pay period beginning 30 days or less after the date the
written election is received by the Committee. Suspended savings
contributions may not be made up by savings contributions at a
later time.
Each participant's Employer makes a monthly contribution, equal
to fifty percent (50%) of such participant's monthly savings
contributions up to six percent (6%) of eligible compensation,
which is credited to such participant's Matching Contribution
Account. All matching contributions are invested in common stock
of the Company.
A participant's interest in a Savings Contribution Account or a
Matching Contribution Account is at all times fully vested and
nonforfeitable.
The Plan limits the elective deferral contribution for each
participant to the annual dollar limit as designated in Section
402(g) of the Internal Revenue Code (the Code) for the calendar
year. For each participant, contributions credited to an account
in any plan year, when aggregated with contributions under all
other qualified plans maintained by the Employers, cannot be
greater than the maximum contribution permitted by Section 415 of
the Code. The deduction for contributions to the Plan, when taken
together with all other contributions made by the Employer to
other qualified retirement plans, cannot exceed the maximum amount
deductible under Section 404 of the Code. The Plan also limits
the aggregate savings contributions which may be made on behalf of
highly compensated employees.
Once each month, the Employers pay all authorized contributions
withheld from the participants to the trustee to be held in trust
and invested for the respective accounts of the participants,
pursuant to the terms of the Trust Agreement. Contributions for
common stock, including the Employers' matching contribution, are
used by the trustee to purchase shares of MDU Resources Group,
Inc. common stock (MDU stock) directly in the open market. All
such market purchases may be made at such prices as the trustee
may determine in its sole and absolute discretion. Under the
terms of the Trust Agreement, the trustee may also purchase shares
of authorized but unissued common stock directly from the Company.
The funds contributed to the equity indexed mutual fund are
invested in the Vanguard Index-500 Portfolio (Vanguard), which
trades in the 500 common stocks listed on the Standard & Poor's
500 Composite Stock Price Index. The funds contributed to the bond
indexed mutual fund are invested in the Mellon Composite Bond
Index Fund (Mellon), which invests in corporate bonds which
attempt to match the Lehman Brothers Government/Corporate Bond
Index.
Any dividends, interest, gains, losses or other distributions
on the above mentioned investments and short-term investment
income allocated to a participant's accounts are reinvested in the
appropriate investment medium, which is credited to the
participant's accounts. As amounts are allocated to each
participant's accounts, they become fully vested.
The amount credited to a participant's Savings Contribution
Account and Matching Contribution Account shall become payable to
the participant or the participant's beneficiary/beneficiaries, as
applicable (see tax rules related to rollover options), upon
death, retirement, disability, or other termination of employment
with the Employers. The distribution of such shares will be
either as a single sum or in annual installments over a period not
to exceed ten (10) years, as determined by the Committee based on
the needs and preference expressed by the participant or
designated beneficiary. Amounts credited to such accounts will be
paid as soon as practicable after such amounts are ascertained;
provided that such payment shall not be made prior to the
participant's attainment of age 65 without the written consent of
the participant if the value of such accounts exceeds $3,500.
Upon written application to the Committee, a participant may
make withdrawals from such participant's Savings Contribution
Account or Matching Contribution Account under certain conditions.
ESOP
Participation in the ESOP feature of the Plan is limited to
participants in the ESOP as of the Effective Date or the date as
of which an ESOP account is established under the Plan, whichever
is later.
As of the Effective Date, ESOP Accounts have been suspended and
no additional contributions shall be made by the Company to such
accounts, other than to reflect dividends or other earnings,
unless and to the extent the Company in its sole discretion shall
make additional contributions.
A participant's interest in an ESOP Account is at all times
fully vested and nonforfeitable.
The amount credited to a participant's ESOP Account shall
become payable to the participant or the beneficiary/beneficiaries,
as applicable (see tax rules related to rollover options), upon
death, retirement, disability, or other termination of employment
with the Employers. The distribution of such shares will be
either as a single sum or in annual installments over a period
not to exceed ten (10) years, as determined by the Committee based
on the needs and preference expressed by the participant or
designated beneficiary. The amount credited to such account will
be paid as soon as practicable after such amount is ascertained;
provided that such payment shall not be made prior to the
participant's attainment of age 65 without the written consent of
the participant if the value of such account exceeds $3,500.
Each participant who has attained age 55 and who has completed
at least 10 years of participation under the ESOP or ESOP feature
of the Plan is entitled to elect the distribution of a percentage
of the value of the participant's ESOP Account attributable to
common stock acquired under the ESOP or ESOP feature after
December 31, 1986.
2. Summary of significant accounting policies
Investment valuation --
Investments held by the Plan are carried at market value.
Market value of MDU stock and Vanguard investments is the closing
price on the New York Stock Exchange Composite Tape as reported in
the Wall Street Journal. Market value for the Mellon investment
is determined from several independent pricing sources.
Contributions --
Employer and employee contributions are recorded by the Plan
when received or determined to be receivable. Employee
contributions are accumulated by the Employers through payroll
reductions.
Other --
Securities transactions are recorded on a trade date basis.
Dividend income is recorded on the ex-dividend date. Interest
income is recorded as earned.
3. Investments
Plan investments are held by and transactions therein executed
by First Trust Company of North Dakota as trustee of the Plan
under a Trust Agreement effective October 1, 1990. Effective
January 1, 1994, plan investments will be transferred to Norwest
Bank Minneapolis, NA. Norwest will hold plan investments and
execute transactions as trustee of the Plan under a Trust
Agreement.
The cost basis for distributions from the Plan is calculated
using the average cost per participant. Information concerning
distributions to terminated participants and other participants
meeting certain conditions of the Plan during 1993, 1992 and 1991
was as follows:
<TABLE>
<CAPTION>
Deferred Savings ESOP
1993 1992 1991 1993 1992 1991
<S> <C> <C> <C> <C> <C> <C>
MDU Stock:
Number of
shares 11,855 4,610 9,765 13,987 6,566 10,250
Market value $337,935 $111,818 $201,314 $396,361 $160,552 $210,886
Average cost $254,926 $94,440 $196,103 $211,834 $97,895 $144,208
Cash $101,155 $9,260 $25,687 $5,465 $2,669 $4,327
</TABLE>
The net changes in unrealized appreciation of Plan investments
during 1993, 1992 and 1991 were as follows:
<TABLE>
<CAPTION>
Deferred Savings ESOP
1993 1992 1991 1993 1992 1991
<S> <C> <C> <C> <C> <C> <C>
Unrealized
appreciation
at January 1 $2,223,410 $1,500,741 $ 95,071 $5,344,190 $4,614,465 $2,683,066
Change during
the year 2,170,638 722,669 1,405,670 2,149,861 729,725 1,931,399
Unrealized
appreciation
at
December 31 $4,394,048 $2,223,410 $1,500,741 $7,494,051 $5,344,190 $4,614,465
</TABLE>
4. Federal income taxes
The Internal Revenue Service has issued a letter of
determination that the Plan meets the requirements of Sections
401(a) and 401(k) of the Code and that the related trust is exempt
from federal income taxes under Section 501(a) of the Code.
Contributions under the Plan and earnings of the trust will not be
taxable to the participants until distributed. Except as stated
below, any distribution made to a participant is taxable as
ordinary income in the year of distribution.
Under current law, the amount taxable as ordinary income may be
eligible for either a special five-year or ten-year averaging
method of taxation if the participant has participated in the Plan
for five years prior to the year in which the distribution is
received. Any net unrealized appreciation at the time of
distribution will be treated as long-term capital gain upon the
subsequent sale of the common stock (unless the participant has
previously elected to include this amount as income in the year of
distribution) and any further appreciation subsequent to the date
of distribution will be treated as long-term or short-term capital
gain depending on the participant's holding period.
Distributions from the Plan may qualify under the Code as
"eligible rollover distributions." An eligible rollover
distribution is a distribution paid directly from the Plan to an
Individual Retirement Account (IRA) or another employer plan that
accepts rollovers. If a participant chooses this option, such
participant is not taxed until the participant later receives a
distribution from the IRA or the employer plan.
The foregoing covers only the general federal income tax aspects
of Plan participation and distributions.
Based upon the provisions of the Tax Reform Act of 1986, certain
Plan amendments have been approved by the Board of Directors of the
Company so as to maintain the Plan as a qualified plan under the
Code. The Company will be filing the plan amendments with the
Internal Revenue Service in 1994 to receive final determination.
The Company believes the Plan as amended will remain exempt from
federal income tax.<PAGE>
SUPPLEMENTAL
SCHEDULES<PAGE>
<TABLE> Schedule II
ALLOCATION OF PLAN ASSETS AND
LIABILITIES TO INVESTMENT PROGRAMS
December 31, 1993
<CAPTION>
Total
ESOP Deferred Savings Deferred
MDU Stock MDU Stock Vanguard Mellon Savings Total
<S> <C> <C> <C> <C> <C> <C>
Assets:
Investments --
Participants 679 775 361 171
Number of shares/
units 478,143 495,253 25,379 758 521,390 999,533
Cost $ 7,567,443 $11,337,396 $ 991,415 $232,753 $12,561,564 $20,129,007
Market value $15,061,494 $15,600,477 $1,112,380 $242,755 $16,955,612 $32,017,106
Cash 16 81 --- --- 81 97
Contributions
receivable --
Employers --- 60,436 --- --- 60,436 60,436
Employees --- 110,491 33,596 7,930 152,017 152,017
Dividends and
interest receivable 186,475 193,149 --- 1,101 194,250 380,725
$15,247,985 $15,964,634 $1,145,976 $251,786 $17,362,396 $32,610,381
Participants' equity:
Distributions due
terminated
participants $ 312,395 $ 365,823 $ 10,453 $ 4,476 $ 380,752 $ 693,147
Active participants'
equity 14,935,590 15,598,811 1,135,523 247,310 16,981,644 31,917,234
$15,247,985 $15,964,634 $1,145,976 $251,786 $17,362,396 $32,610,381
The accompanying notes are an integral part
of this schedule.
/TABLE
<PAGE>
<TABLE>
ALLOCATION OF PLAN ASSETS AND Schedule II
LIABILITIES TO INVESTMENT PROGRAMS
December 31, 1992
<CAPTION>
Total
ESOP Deferred Savings Deferred
MDU Stock MDU Stock Vanguard Mellon Savings Total
<S> <C> <C> <C> <C> <C> <C>
Assets:
Investments --
Participants 697 760 348 171
Number of shares/
units 474,021 424,163 16,043 554 440,760 914,781
Cost $ 7,158,118 $ 9,032,685 $593,663 $154,659 $ 9,781,007 $16,939,125
Market value $12,502,308 $11,187,311 $657,280 $159,826 $12,004,417 $24,506,725
Cash 38 66 --- --- 66 104
Contributions
receivable --
Employers --- 54,295 --- --- 54,295 54,295
Employees --- 95,960 29,838 7,751 133,549 133,549
Dividends and interest
receivable 175,388 156,940 --- 1,021 157,961 333,349
$12,677,734 $11,494,572 $687,118 $168,598 $12,350,288 $25,028,022
Participants' equity:
Distributions due
terminated
participants $ 161,699 $ 146,766 $ 7,246 $ 712 $ 154,724 $ 316,423
Active participants'
equity 12,516,035 11,347,806 679,872 167,886 12,195,564 24,711,599
$12,677,734 $11,494,572 $687,118 $168,598 $12,350,288 $25,028,022
The accompanying notes are an integral part
of this schedule.
</TABLE>
<PAGE>
<TABLE>
ALLOCATION OF PLAN INCOME AND CHANGES Schedule III
IN PLAN EQUITY TO INVESTMENT PROGRAMS
Year ended December 31, 1993
<CAPTION>
Total
ESOP Deferred Savings Deferred
MDU Stock MDU Stock Vanguard Mellon Savings Total
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Dividends $ 722,312 $ 710,721 $ 25,434 $ --- $ 736,155 $ 1,458,467
Interest --- --- --- 15,036 15,036 15,036
Capital gains --- --- 541 --- 541 541
Other --- --- (10) (201) (211) (211)
Realized gain
on
distributions 187,296 104,876 --- 1,008 105,884 293,180
Unrealized
appreciation
on
investments 2,149,861 2,108,455 57,348 4,835 2,170,638 4,320,499
3,059,469 2,924,052 83,313 20,678 3,028,043 6,087,512
Contributions:
Employers --
MDU --- 525,561 --- --- 525,561 525,561
Williston
Basin --- 82,504 --- --- 82,504 82,504
Knife River --- 128,956 --- --- 128,956 128,956
--- 737,021 --- --- 737,021 737,021
Employees --
MDU --- 952,217 311,905 66,972 1,331,094 1,331,094
Williston
Basin --- 130,199 60,447 13,718 204,364 204,364
Knife River --- 219,709 62,292 20,212 302,213 302,213
--- 1,302,125 434,644 100,902 1,837,671 1,837,671
Total
contri-
butions --- 2,039,146 434,644 100,902 2,574,692 2,574,692
Distributions to
terminated
participants (401,826) (425,565) (10,630) (2,895) (439,090) (840,916)
Transfers of
participants'
equity:
Fund to fund --- 58,362 (26,455) (31,907) --- ---
Plan to Plan (87,392) (125,933) (22,014) (3,590) (151,537) (238,929)
Increase in
participants'
equity 2,570,251 4,470,062 458,858 83,188 5,012,108 7,582,359
Participants'
equity at
beginning
of year 12,677,734 11,494,572 687,118 168,598 12,350,288 25,028,022
Participants'
equity at
end of year $15,247,985 $15,964,634 $1,145,976 $251,786 $17,362,396 $32,610,381
The accompanying notes are an integral part
of this schedule.
/TABLE
<PAGE>
<TABLE>
ALLOCATION OF PLAN INCOME AND CHANGES Schedule III
IN PLAN EQUITY TO INVESTMENT PROGRAMS
Year ended December 31, 1992
<CAPTION>
Total
ESOP Deferred Savings Deferred
MDU Stock MDU Stock Vanguard Mellon Savings Total
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Dividends $ 679,849 $ 571,758 $ 15,010 $ --- $ 586,768 $ 1,266,617
Interest --- --- --- 8,958 8,958 8,958
Capital gains --- --- 1,582 --- 1,582 1,582
Other --- --- (10) (102) (112) (112)
Realized gain
(loss) on
distributions 64,967 19,213 (23) (1) 19,189 84,156
Unrealized
appreciation
on
investments 729,725 696,643 25,300 726 722,669 1,452,394
1,474,541 1,287,614 41,859 9,581 1,339,054 2,813,595
Contributions:
Employers --
MDU --- 474,583 --- --- 474,583 474,583
Williston --- 75,123 --- --- 75,123 75,123
Basin
Knife River --- 32,987 --- --- 32,987 32,987
--- 582,693 --- --- 582,693 582,693
Employees --
MDU --- 887,038 241,646 51,947 1,180,631 1,180,631
Williston --- 113,997 53,950 13,541 181,488 181,488
Basin
Knife River --- 53,343 15,530 6,240 75,113 75,113
--- 1,054,378 311,126 71,728 1,437,232 1,437,232
Total
contri-
butions --- 1,637,071 311,126 71,728 2,019,925 2,019,925
Distributions to
terminated
participants (163,221) (120,418) (660) --- (121,078) (284,299)
Transfers of
participants'
equity:
Fund to fund --- 3,975 (10,640) 6,665 --- ---
Plan to Plan (43,549) (40,510) (2,026) (30) (42,566) (86,115)
Increase in
participants'
equity 1,267,771 2,767,732 339,659 87,944 3,195,335 4,463,106
Participants'
equity at
beginning
of year 11,409,963 8,726,840 347,459 80,654 9,154,953 20,564,916
Participants'
equity at
end of year $12,677,734 $11,494,572 $687,118 $168,598 $12,350,288 $25,028,022
The accompanying notes are an integral part
of this schedule.
/TABLE
<PAGE>
<TABLE>
ALLOCATION OF PLAN INCOME AND CHANGES Schedule III
IN PLAN EQUITY TO INVESTMENT PROGRAMS
Year ended December 31, 1991
<CAPTION>
Total
ESOP Deferred Savings Deferred
MDU Stock MDU Stock Vanguard Mellon Savings Total
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Dividends $ 626,942 $ 433,380 $ 7,601 $ --- $ 440,981 $ 1,067,923
Interest --- --- --- 3,895 3,895 3,895
Capital gains --- --- 627 --- 627 627
Other --- --- (10) (37) (47) (47)
Realized gain
on
distributions 67,035 5,741 23 1 5,765 72,800
Unrealized
appreciation
on
investments 1,931,399 1,364,876 36,513 4,281 1,405,670 3,337,069
2,625,376 1,803,997 44,754 8,140 1,856,891 4,482,267
Contributions:
Employers --
MDU --- 440,792 --- --- 440,792 440,792
Williston
Basin --- 64,843 --- --- 64,843 64,843
--- 505,635 --- --- 505,635 505,635
Employees --
MDU --- 827,524 202,094 47,586 1,077,204 1,077,204
Williston
Basin --- 97,490 42,730 11,676 151,896 151,896
--- 925,014 244,824 59,262 1,229,100 1,229,100
Total
contri-
butions --- 1,430,649 244,824 59,262 1,734,735 1,734,735
Distributions to
terminated
participants (215,213) (226,420) (524) (57) (227,001) (442,214)
Transfers of
participants'
equity:
Fund to fund --- 10,853 (6,568) (4,285) --- ---
Plan to Plan 322,935 506,769 (203) (202) 506,364 829,299
Increase in
participants'
equity 2,733,098 3,525,848 282,283 62,858 3,870,989 6,604,087
Participants'
equity at
beginning
of year 8,676,865 5,200,992 65,176 17,796 5,283,964 13,960,829
Participants'
equity at
end of year $11,409,963 $ 8,726,840 $347,459 $80,654 $9,154,953 $20,564,916
The accompanying notes are an integral part
of this schedule.
/TABLE
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To MDU Resources Group, Inc.:
We have audited the accompanying statements of financial condition
of MDU RESOURCES GROUP, INC. TAX DEFERRED COMPENSATION SAVINGS
PLAN FOR COLLECTIVE BARGAINING UNIT EMPLOYEES as of December 31,
1993 and 1992, and the related statements of income and changes in
participants' equity for each of the three years in the period
ended December 31, 1993. These financial statements are the
responsibility of the Plan Administrator. Our responsibility is
to express an opinion on these financial statements based on our
audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of MDU
Resources Group, Inc. Tax Deferred Compensation Savings Plan For
Collective Bargaining Unit Employees as of December 31, 1993 and
1992, and the results of its operations and the changes in its
participants' equity for each of the three years in the period
ended December 31, 1993 in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
schedules are presented for purposes of additional analysis and
are not a required part of the basic financial statements. This
information has been subjected to the auditing procedures applied
in our audit of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
/s/ ARTHUR ANDERSEN & CO.
ARTHUR ANDERSEN & CO.
Minneapolis, Minnesota
March 18, 1994<PAGE>
Pursuant to the requirements of the Securities Exchange Act of
1934, the Tax Deferred Compensation Savings Plan For Collective
Bargaining Unit Employees committee has duly caused this annual
report to be signed on its behalf by the undersigned hereunto
duly authorized.
MDU RESOURCES GROUP, INC.
TAX DEFERRED COMPENSATION
SAVINGS PLAN FOR COLLECTIVE
BARGAINING UNIT EMPLOYEES
Date: April 12, 1994 By /s/ John A. Schuchart
John A. Schuchart (Chairman)
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the
incorporation of our report included in this Form 11-K, into the
Company's previously filed Registration Statement (Form S-8
No. 33-53898).
/s/ ARTHUR ANDERSEN & CO.
ARTHUR ANDERSEN & CO.
April 12, 1994
Minneapolis, Minnesota,
