Debt

3 Months Ended

Mar. 31, 2020

Certain debt instruments of the Company's subsidiaries contain restrictive and financial covenants and cross-default provisions. In order to borrow under the debt agreements, the subsidiary companies must be in compliance with the applicable covenants and certain other conditions, all of which the subsidiaries, as applicable, were in compliance with at March 31, 2020. In the event the Company's subsidiaries do not comply with the applicable covenants and other conditions, alternative sources of funding may need to be pursued.

Montana-Dakota's and Centennial's respective commercial paper programs are supported by revolving credit agreements. While the amount of commercial paper outstanding does not reduce available capacity under the respective revolving credit agreements, Montana-Dakota and Centennial do not issue commercial paper in an aggregate amount exceeding the available capacity under their credit agreements. The commercial paper borrowings may vary during the period, largely the result of fluctuations in working capital requirements due to the seasonality of certain operations of the Company's subsidiaries. Due to the impacts of the COVID-19 pandemic on the short-term capital markets, the Company borrowed under its revolving credit agreements in addition to accessing the commercial paper markets.

Long-term debt

Long-term Debt Outstanding Long-term debt outstanding was as follows:



	Weighted Average Interest Rate at March 31, 2020		March 31, 2020		March 31, 2019		December 31, 2019
			(In thousands)
Senior Notes due on dates ranging from October 22, 2022 to November 18, 2059	4.45	%	$	1,850,000	$	1,381,000	$	1,850,000
Commercial paper supported by revolving credit agreements	1.88	%	265,000		473,900		222,900
Term Loan Agreement due on September 3, 2032	2.00	%	9,100		209,800		9,100
Credit agreements due on June 7, 2024 and December 19, 2024	3.00	%	259,550		62,875		89,050
Medium-Term Notes due on dates ranging from September 1, 2020 to March 16, 2029	6.68	%	50,000		50,000		50,000
Other notes due on dates ranging from July 15, 2021 to November 30, 2038	4.59	%	28,374		26,251		29,117
Less unamortized debt issuance costs			6,640		5,410		7,010
Less discount			149		389		50
Total long-term debt			2,455,235		2,198,027		2,243,107
Less current maturities			16,560		251,846		16,540
Net long-term debt			$	2,438,675	$	1,946,181	$	2,226,567

Schedule of Debt Maturities Long-term debt maturities, which excludes unamortized debt issuance costs and discount, as of March 31, 2020, were as follows:



	Remainder of 2020		2021		2022		2023		2024		Thereafter
	(In thousands)
Long-term debt maturities	$	15,788	$	1,525	$	148,021	$	77,921	$	585,971	$	1,632,798