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KNF Knife River Corporation

Quarterly report

Knife River Corporation
Consolidated Statements of Equity
(Unaudited)
Common Stock			Other Paid-in Capital			Retained Earnings			MDU Resources' Stock Held by Subsidiary						Treasury Stock						Accumula-ted Other Comprehen-sive Loss			Shares			Amount			Shares			Amount			Shares			Amount			Total
			Other Paid-in Capital			Retained Earnings			(In thousands, except shares)
At December 31, 2022			80,000		$	800	$	549,106	$	494,661	(538,921)	$	(3,626)	—	$	—	$	(12,352)	$	1,028,589	Accumula-ted Other Comprehen-sive Loss			Net loss	—		—	—	(41,320)	—	—	—	—	—	(41,320)	Other comprehensive income	—		—	—	—	—	—	—	—	93	93	Stock-based compensation expense	—		—	453	(39)	—	—	—	—	—	414	Net transfers to Centennial	—		—	(1,385)	(11,622)	—	—	—	—	—	(13,007)	At March 31, 2023	80,000		$	800	$	548,174	$	441,680	(538,921)	$	(3,626)	—	$	—	$	(12,259)	$	974,769	Net income	—		—	—	56,836	—	—	—	—	—	56,836	Other comprehensive Income	—		—	—	—	—	—	—	—	75	75	Stock-based compensation expense	—		—	212	14	—	—	—	—	—	226	Transfer of MDU Resources' stock held by subsidiary	—		—	—	—	538,921	3,626	—	—	—	3,626	Receipt of treasury stock at cost	—		—	—	—	—	—	(431,136)	(3,626)	—	(3,626)	Retirement of historical common stock in connection with the Separation	(80,000)		(800)	800	—	—	—	—	—	—	—	Issuance of common stock in connection with the Separation	56,997,350		570	(596)	—	—	—	—	—	—	(26)	Net transfers from Centennial and MDU Resources including Separation adjustments	—		—	62,972	—	—	—	—	—	—	62,972	At June 30, 2023	56,997,350		$	570	$	611,562	$	498,530	—	$	—	(431,136)	$	(3,626)	$	(12,184)	$	1,094,852	Net income	—		—	—	146,655	—	—	—	—	—	146,655	Other comprehensive income	—		—	—	—	—	—	—	—	49	49	Stock-based compensation expense	—		—	1,462	—	—	—	—	—	—	1,462	At September 30, 2023	56,997,350		$	570	$	613,024	$	645,185	—	$	—	(431,136)	$	(3,626)	$	(12,135)	$	1,243,018

4 Nov 24

4:45pm

KNF Knife River Corporation

Quarterly report

Knife River Corporation
Consolidated Statements of Equity
(Unaudited)
Common Stock			Other Paid-in Capital			Retained Earnings			MDU Resources' Stock Held by Subsidiary						Treasury Stock						Accumula-ted Other Comprehe-nsive Loss			Shares			Amount			Shares			Amount			Shares			Amount			Total
									(In thousands, except shares)
At December 31, 2022			80,000		$	800	$	549,106	$	494,661	(538,921)	$	(3,626)	—	$	—	$	(12,352)	$	1,028,589				Net loss	—		—	—	(41,320)	—	—	—	—	—	(41,320)	Other comprehensive income	—		—	—	—	—	—	—	—	93	93	Stock-based compensation expense	—		—	453	(39)	—	—	—	—	—	414	Net transfers to Centennial	—		—	(1,385)	(11,622)	—	—	—	—	—	(13,007)	At March 31, 2023	80,000		$	800	$	548,174	$	441,680	(538,921)	$	(3,626)	—	$	—	$	(12,259)	$	974,769	Net income	—		—	—	56,836	—	—	—	—	—	56,836	Other comprehensive Income	—		—	—	—	—	—	—	—	75	75	Stock-based compensation expense	—		—	212	14	—	—	—	—	—	226	Transfer of MDU Resources' stock held by subsidiary	—		—	—	—	538,921	3,626	—	—	—	3,626	Receipt of treasury stock at cost	—		—	—	—	—	—	(431,136)	(3,626)	—	(3,626)	Retirement of historical common stock in connection with the Separation	(80,000)		(800)	800	—	—	—	—	—	—	—	Issuance of common stock in connection with the Separation	56,997,350		570	(596)	—	—	—	—	—	—	(26)	Net transfers from Centennial and MDU Resources including Separation adjustments	—		—	62,972	—	—	—	—	—	—	62,972	At June 30, 2023	56,997,350		$	570	$	611,562	$	498,530	—	$	—	(431,136)	$	(3,626)	$	(12,184)	$	1,094,852

6 Aug 24

4:46pm

KNF Knife River Corporation

Definitive proxy

In computing the number of shares of common stock beneficially owned by a person and the percentage ownership of that person, we deemed outstanding shares of common stock issuable upon the vesting and settlement of outstanding awards, if any, held by that person within 60 days of February 29, 2024. We did not deem these shares outstanding, however, for the purpose of computing the percentage ownership of any other person.

Name	Shares of Common Stock Beneficially Owned (#)						Percent of Class (%)			German Carmona Alvarez			2,809			*			Nancy K. Christenson			34,053			(1)			*			Thomas Everist			169,391			*			Karen B. Fagg			26,064			*			Brian R. Gray			8,312			(1)			*			Trevor J. Hastings			16,727			(1)			*			Thomas W. Hill			22,914			(2)			*			Karl A. Liepitz			10,332			(1)			*			Patricia L. Moss			25,658			*			Nathan W. Ring			7,749			(1)			*			William J. Sandbrook			1,519			*			All directors, director nominees, and executive officers as a group (13 in number)			337,519			(1)			0.6			* Less than one percent of the class. Percent of class is calculated based on 56,609,704 outstanding shares as of February 29, 2024.
(1)							Includes full shares allocated to the officer’s account in our 401(k) retirement plan.
(2)							Shares represent ownership in a third-party investment fund that is invested in company stock.

KNF Knife River Corporation

The Company has asset retirement obligations, which are liabilities associated with its legally required obligations to reclaim owned and leased aggregate properties, asphalt plant sites, ready-mix plant sites and other properties. For the years ended December 31, 2023 and 2022, the current portion of the Company’s liability, which is included in other accrued liabilities, was $6.9 million and $4.4 million, respectively, and the noncurrent amount, which is included in other liabilities, was $34.9 million and $33.0 million, respectively. Total accretion and depreciation expenses for the years ended December 31, 2023, 2022 and 2021, were $2.6 million, $2.1 million and $2.1 million, respectively, and are included in cost of revenue on the Consolidated Statements of Operations. A reconciliation of the Company’s liability for the years ended December 31 was as follows:

2023	2022
(In thousands)
Balance at beginning of year			$	37,361	$	33,406	Liabilities incurred	5,190		4,657	Liabilities settled	(2,726)		(2,117)	Accretion expense	1,957		1,415	Balance at end of year	$	41,782	$	37,361

KNF Knife River Corporation

Years ended December 31, 2023, 2022 and 2021	Common Stock			Other Paid-In Capital			Retained Earnings			MDU Resources’ Stock Held by Subsidiary			Treasury Stock			Accumulated Other Comprehensive Loss			Total
Shares			Amount			Shares			Amount			Shares			Amount			(In thousands, except shares)
Balance at December 31, 2020			80,000			$	800	$	550,262	$	359,761	(538,921)	$	(3,626)	—	$	—	$	(28,953)	$	878,244	Net income	—			—	—	129,755	—	—	—	—	—	129,755	Other comprehensive income	—			—	—	—	—	—	—	—	4,463	4,463	Net transfers to Centennial	—			—	(548)	(59,070)	—	—	—	—	—	(59,618)	Balance at December 31, 2021	80,000			$	800	$	549,714	$	430,446	(538,921)	$	(3,626)	—	$	—	$	(24,490)	$	952,844	Net income	—			—	—	116,220	—	—	—	—	—	116,220	Other comprehensive income	—			—	—	—	—	—	—	—	12,138	12,138	Net transfers to Centennial	—			—	(608)	(52,005)	—	—	—	—	—	(52,613)	Balance at December 31, 2022	80,000			$	800	$	549,106	$	494,661	(538,921)	$	(3,626)	—	$	—	$	(12,352)	$	1,028,589	Net income	—			—	—	182,872	—	—	—	—	—	182,872	Other comprehensive income	—			—	—	—	—	—	—	—	1,033	1,033	Stock-based compensation	—			—	2,888	(37)	—	—	—	—	—	2,851	Issuance of common stock to directors for services	12,192			—	702	—	—	—	—	—	—	702	Retirement of historical common stock in connection with the Separation	(80,000)			(800)	800	—	—	—	—	—	—	—	Issuance of common stock in connection with the Separation	56,997,350			570	(570)	—	—	—	—	—	—	—	Transfer of MDU Resources stock held by subsidiary	—			—	—	—	538,921	3,626	—	—	—	3,626	Receipt of treasury stock at historical cost	—			—	—	—	—	—	(431,136)	(3,626)	—	(3,626)	Net transfers from Centennial and MDU Resources including Separation adjustments	—			—	62,972	—	—	—	—	—	—	62,972	Net transfers to Centennial pre-Separation	—			—	(1,385)	(11,622)	—	—	—	—	—	(13,007)	Balance at December 31, 2023	57,009,542			$	570	$	614,513	$	665,874	—	$	—	(431,136)	$	(3,626)	$	(11,319)	$	1,266,012

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