Debt

3 Months Ended

Mar. 31, 2019

Certain debt instruments of the Company's subsidiaries contain restrictive covenants and cross-default provisions. In order to borrow under the respective credit 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, 2019. 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 the construction businesses.

Short-term debt

Cascade On January 18, 2019, Cascade entered into a $30.0 million term loan agreement with a variable interest rate and a due date of June 28, 2019; this agreement has been classified as short-term debt. On March 22, 2019, Cascade entered into a $40.0 million term loan agreement with a variable interest rate and a due date of December 31, 2019; this agreement has been classified as short-term debt.

Long-term debt

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



	Weighted Average Interest Rate at March 31, 2019		March 31, 2019		December 31, 2018
			(In thousands)
Senior Notes due on dates ranging from July 1, 2019 to January 15, 2055	4.57	%	$	1,381,000	$	1,381,000
Commercial paper supported by revolving credit agreements	2.97	%	473,900		338,100
Term Loan Agreements due on dates ranging from October 17, 2019 to September 3, 2032	2.75	%	209,800		209,800
Credit agreements due on April 24, 2020	4.42	%	62,875		110,100
Medium-Term Notes due on dates ranging from September 1, 2020 to March 16, 2029	6.68	%	50,000		50,000
Other notes due on dates ranging from July 1, 2019 to November 30, 2038	5.00	%	26,251		25,229
Less unamortized debt issuance costs			5,410		5,207
Less discount			389		327
Total long-term debt			2,198,027		2,108,695
Less current maturities			251,846		251,854
Net long-term debt			$	1,946,181	$	1,856,841

Schedule of Debt Maturities Long-term debt maturities, which excludes unamortized debt issuance costs and discount, as of March 31, 2019, were as follows:



	Remainder of 2019		2020		2021		2022		2023		Thereafter
	(In thousands)
Long-term debt maturities	$	251,846	$	78,801	$	431,930	$	147,434	$	120,239	$	1,173,576