XML 52 R36.htm IDEA: XBRL DOCUMENT v3.22.0.1
Financing: (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Short-term Debt
We had the following Notes payable outstanding at the Consolidated Balance Sheets date (in thousands):
December 31, 2021December 31, 2020
Balance Outstanding
Letters of Credit (a)
Balance Outstanding
Letters of Credit (a)
Revolving Credit Facility$— $27,209 $— $24,730 
CP Program420,180 — 234,040 — 
Total$420,180 $27,209 $234,040 $24,730 
____________________
(a)    Letters of credit are off-balance sheet commitments that reduce the borrowing capacity available on our corporate Revolving Credit Facility.
Schedule of Long-term Debt Instruments
Long-term debt outstanding was as follows (dollars in thousands):
Interest Rate atBalance Outstanding
Due DateDecember 31, 2021December 31, 2021December 31, 2020
Corporate
Senior unsecured notes due 2023November 30, 20234.25%$525,000 $525,000 
Senior unsecured notes due 2024August 23, 20241.04%600,000 — 
Senior unsecured notes due 2026January 15, 20263.95%300,000 300,000 
Senior unsecured notes due 2027January 15, 20273.15%400,000 400,000 
Senior unsecured notes, due 2029October 15, 20293.05%400,000 400,000 
Senior unsecured notes, due 2030June 15, 20302.50%400,000 400,000 
Senior unsecured notes due 2033May 1, 20334.35%400,000 400,000 
Senior unsecured notes, due 2046September 15, 20464.20%300,000 300,000 
Senior unsecured notes, due 2049October 15, 20493.88%300,000 300,000 
Corporate term loan due 2021June 7, 2021N/A— 1,436 
Total Corporate debt3,625,000 3,026,436 
Less unamortized debt discount(6,125)(7,013)
Total Corporate debt, net3,618,875 3,019,423 
South Dakota Electric
First Mortgage Bonds due 2032August 15, 20327.23%75,000 75,000 
First Mortgage Bonds due 2039November 1, 20396.13%180,000 180,000 
First Mortgage Bonds due 2044October 20, 20444.43%85,000 85,000 
Total South Dakota Electric debt340,000 340,000 
Less unamortized debt discount(74)(78)
Total South Dakota Electric debt, net339,926 339,922 
Wyoming Electric
Industrial development revenue bonds due 2021(a)
September 1, 2021N/A— 7,000 
Industrial development revenue bonds due 2027(a) (b)
March 1, 20270.15%10,000 10,000 
First Mortgage Bonds due 2037November 20, 20376.67%110,000 110,000 
First Mortgage Bonds due 2044October 20, 20444.53%75,000 75,000 
Total Wyoming Electric debt195,000 202,000 
Less unamortized debt discount— — 
Total Wyoming Electric debt, net195,000 202,000 
Total long-term debt4,153,801 3,561,345 
Less current maturities— 8,436 
Less unamortized deferred financing costs (c)
26,878 24,809 
Long-term debt, net of current maturities and deferred financing costs$4,126,923 $3,528,100 
____________________
(a)    Variable interest rate.
(b)    A reimbursement agreement is in place with Wells Fargo on behalf of Wyoming Electric for the 2009A bonds of $10 million due March 1, 2027. In the case of default, we hold the assumption of liability for drawings on Wyoming Electric’s Letter of Credit attached to these bonds.
(c)    Includes deferred financing costs associated with our Revolving Credit Facility of $2.5 million and $1.0 million as of December 31, 2021 and December 31, 2020, respectively.
Schedule of Maturities of Long-term Debt
Scheduled maturities of long-term debt, excluding amortization of premiums or discounts, for future years are (in thousands):
2022$— 
2023$525,000 
2024$600,000 
2025$— 
2026$300,000 
Thereafter$2,735,000 
Deferred Financing Costs
Our deferred financing costs and associated amortization expense included in Interest expense on the accompanying Consolidated Statements of Income were as follows (in thousands):
Deferred Financing Costs Remaining atAmortization Expense for the years ended December 31,
December 31, 2021202120202019
$26,878 $3,769 $3,272 $3,242 
Credit Facility and Short Term Debt Covenants
We were in compliance with our covenants at December 31, 2021 as shown below:

As of December 31, 2021Covenant Requirement
Consolidated Indebtedness to Capitalization Ratio62.1%Less than65%