Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt

Debt

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 September 30, 2022. In the event the 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 the 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.

Short-term debt

Centennial On March 18, 2022, Centennial entered into a $100.0 million term loan agreement with a SOFR-based variable interest rate and a maturity date of March 17, 2023. The agreement contains customary covenants and provisions, including a covenant of Centennial not to permit, at any time, the ratio of total debt to total capitalization to be greater than 65 percent. The covenants also include certain restrictions on the sale of certain assets, loans and investments.

Long-term debt

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

	Weighted Average Interest Rate at September 30, 2022		September 30, 2022		September 30, 2021		December 31, 2021
			(In thousands)
Senior Notes due on dates ranging from October 22, 2022 to June 15, 2062	4.29	%	$	2,365,000	$	2,025,000	$	2,125,000
Commercial paper supported by revolving credit agreements	3.66	%	460,600		168,800		450,300
Credit agreements due on June 7, 2024	4.55	%	125,580		94,300		127,500
Medium-Term Notes due on dates ranging from September 15, 2027 to March 16, 2029	7.32	%	35,000		35,000		35,000
Term Loan Agreement due on September 3, 2032	3.64	%	7,000		7,700		7,700
Other notes due on dates ranging from January 1, 2024 to January 1, 2061	.97	%	2,349		3,198		2,564
Less unamortized debt issuance costs			6,633		5,709		6,090
Less discount			444		23		74
Total long-term debt			2,988,452		2,328,266		2,741,900
Less current maturities			214,453		1,548		148,053
Net long-term debt			$	2,773,999	$	2,326,718	$	2,593,847

Schedule of Debt Maturities Long-term debt maturities, which excludes unamortized debt issuance costs and discount, at September 30, 2022, were as follows:

	Remainder of 2022		2023		2024		2025		2026		Thereafter
	(In thousands)
Long-term debt maturities	$	147,253	$	77,923	$	646,983	$	177,802	$	140,802	$	1,804,766