Spin-off - Knife River Corp

Form Type: 11-K

Filing Date: 2025-06-12

Corporate Action: Spin-off

Type: New

Accession Number: 000195552025000048

Filing Summary: Knife River Corporation filed this annual report on Form 11-K for its 401(k) Retirement Plan for the fiscal year ended December 31, 2024. The document details the financial statements, including the statements of net assets available for benefits, which includes total assets of approximately $856.6 million as of December 31, 2024. The financial statements reflect a significant net increase in assets of approximately $115.3 million during the fiscal year. The report includes an audit opinion from Grant Thornton LLP, confirming that the financial statements present fairly, in all material respects, the net assets available for benefits in conformity with accounting principles generally accepted in the United States. The document highlights the spin-off of Knife River from its former parent company, MDU Resources Group, which took place on June 1, 2023. This separation involved the distribution of approximately 90% of Knife River's common stock to MDU shareholders in a tax-free transaction and the establishment of the Plan with assets transferred from MDU Resources Group's 401(k) plan. The document contains detailed financial statements, notes regarding the plan's provisions, and information about contributions and distributions.