Debt

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Debt

Debt

Certain debt instruments of the Company and its subsidiaries contain restrictive and financial covenants and cross-default provisions. In order to borrow under the respective debt agreements, the Company and its subsidiaries must be in compliance with the applicable covenants and certain other conditions, all of which the Company and its subsidiaries, as applicable, were in compliance with at June 30, 2025. In the event the Company or its subsidiaries do not comply with the applicable covenants and other conditions, alternative sources of funding may need to be pursued.

Montana-Dakota's commercial paper program is supported by a revolving credit agreement. While the amount of commercial paper outstanding does not reduce available capacity under the revolving credit agreement, Montana-Dakota does not issue commercial paper in an aggregate amount exceeding the available capacity under the credit agreement. The commercial paper and revolving credit agreement borrowings may vary during the period, largely the result of fluctuations in working capital requirements due to the seasonality of certain operations of Montana-Dakota.

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

	Weighted Average Interest Rate at June 30, 2025		June 30, 2025		June 30, 2024		December 31, 2024
			(In thousands)
Senior Notes due on dates ranging from August 23, 2025 to June 15, 2062	4.57	%	$	1,947,000	$	1,882,000	$	1,947,000
Credit agreements due on June 20, 2029	6.62	%	100,800		99,800		169,700
Term Loan Agreements due on dates ranging from September 3, 2032 to April 1, 2039	4.43	%	61,600		124,300		65,600
Commercial paper supported by revolving credit agreement	4.65	%	43,300		133,700		81,400
Medium-Term Notes due on dates ranging from September 15, 2027 to March 16, 2029	7.32	%	35,000		35,000		35,000
Other notes due on dates ranging from May 31, 2028 to November 30, 2038	6.00	%	338		354		346
Less unamortized debt issuance costs			6,103		6,537		6,436
Total long-term debt			2,181,935		2,268,617		2,292,610
Less current maturities			136,700		61,608		161,700
Net long-term debt			$	2,045,235	$	2,207,009	$	2,130,910