Debt

9 Months Ended

Sep. 30, 2019

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

The following describes certain transactions during the three and nine months ended September 30, 2019, included in outstanding short-term debt:


•	On March 22, 2019, Cascade entered into a $40.0 million term loan agreement with a variable interest rate and a maturity date of December 31, 2019.


•	On April 12, 2019, Centennial entered into a $50.0 million term loan agreement with a variable interest rate and a maturity date of April 11, 2020.


•	On August 7, 2019, Centennial entered into a $50.0 million term loan agreement with a variable interest rate and a maturity date of January 31, 2020.

Long-term debt

The following describes certain transactions during the three and nine months ended September 30, 2019, included in outstanding long-term debt:


•	On April 4, 2019, Centennial issued $150.0 million of senior notes with maturity dates ranging from April 4, 2029 to April 4, 2034, at a weighted average interest rate of 4.60 percent.


•	On June 7, 2019, Cascade amended its revolving credit agreement to increase the borrowing limit from $75.0 million to $100.0 million and extend the termination date from April 24, 2020 to June 7, 2024.


•	On June 7, 2019, Intermountain amended its revolving credit agreement to extend the termination date from April 24, 2020 to June 7, 2024.


•	On June 13, 2019, Cascade issued $75.0 million of senior notes with maturity dates ranging from June 13, 2029 to June 13, 2049, at a weighted average interest rate of 3.93 percent.


•	On June 13, 2019, Intermountain issued $50.0 million of senior notes with maturity dates ranging from June 13, 2029 to June 13, 2049, at a weighted average interest rate of 3.92 percent.

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



	Weighted Average Interest Rate at September 30, 2019		September 30, 2019		December 31, 2018
			(In thousands)
Senior notes due on dates ranging from December 15, 2019 to January 15, 2055	4.52	%	$	1,655,000	$	1,381,000
Commercial paper supported by revolving credit agreements	2.46	%	281,800		338,100
Term loan agreements due on dates ranging from September 3, 2032 to November 18, 2059	2.75	%	209,100		209,800
Credit agreements due on June 7, 2024	4.66	%	31,000		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 15, 2021 to November 30, 2038	5.01	%	26,083		25,229
Less unamortized debt issuance costs			6,074		5,207
Less discount			153		327
Total long-term debt			2,246,756		2,108,695
Less current maturities			65,810		251,854
Net long-term debt			$	2,180,946	$	1,856,841

Schedule of Debt Maturities Long-term debt maturities, which excludes unamortized debt issuance costs and discount, as of September 30, 2019, were as follows:



	Remainder of 2019		2020		2021		2022		2023		Thereafter
	(In thousands)
Long-term debt maturities	$	50,110	$	15,902	$	204,522	$	147,402	$	155,502	$	1,679,545