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Financing (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Schedule of Short-term Debt | Our Revolving Credit Facility and CP Program, which are classified as Notes payable on the Consolidated Balance Sheets, had the following borrowings, outstanding letters of credit, and available capacity at December 31 (dollars in thousands):
|  | 2022 |  |  | 2021 |
Amount outstanding |  | $ | 535,600 |  |  | $ | 420,180 |
Letters of credit (a) |  |  | 24,626 |  |  |  | 27,209 |
Available capacity |  |  | 189,774 |  |  |  | 302,611 |
Weighted average interest rates |  |  | 4.88 | % |  |  | 0.30 | %
(a) Letters of credit are off-balance sheet commitments that reduce the borrowing capacity available on our corporate Revolving Credit Facility. Revolving Credit Facility and CP Program borrowing activity for the years ended December 31 was as follows (in thousands):
|  | 2022 |  |  | 2021 |
Maximum amount outstanding (based on daily outstanding balances) |  | $ | 572,300 |  |  | $ | 440,000 |
Average amount outstanding (based on daily outstanding balances) |  |  | 390,653 |  |  |  | 258,392 |
Weighted average interest rates |  |  | 2.11 | % |  |  | 0.22 | %
Schedule of Long-term Debt Instruments | Long-term debt outstanding was as follows (dollars in thousands):
|  |  |  | Interest Rate at |  | Balance Outstanding |
|  | Due Date |  | December 31, 2022 |  | December 31, 2022 |  |  | December 31, 2021 |
Corporate |  |  |  |  |  |  |  |  |  |
Senior unsecured notes due 2023 |  | November 30, 2023 |  | 4.25% |  | $ | 525,000 |  |  | $ | 525,000 |
Senior unsecured notes due 2024 |  | August 23, 2024 |  | 1.04% |  |  | 600,000 |  |  |  | 600,000 |
Senior unsecured notes due 2026 |  | January 15, 2026 |  | 3.95% |  |  | 300,000 |  |  |  | 300,000 |
Senior unsecured notes due 2027 |  | January 15, 2027 |  | 3.15% |  |  | 400,000 |  |  |  | 400,000 |
Senior unsecured notes, due 2029 |  | October 15, 2029 |  | 3.05% |  |  | 400,000 |  |  |  | 400,000 |
Senior unsecured notes, due 2030 |  | June 15, 2030 |  | 2.50% |  |  | 400,000 |  |  |  | 400,000 |
Senior unsecured notes due 2033 |  | May 1, 2033 |  | 4.35% |  |  | 400,000 |  |  |  | 400,000 |
Senior unsecured notes, due 2046 |  | September 15, 2046 |  | 4.20% |  |  | 300,000 |  |  |  | 300,000 |
Senior unsecured notes, due 2049 |  | October 15, 2049 |  | 3.88% |  |  | 300,000 |  |  |  | 300,000 |
Total Corporate debt |  |  |  |  |  |  | 3,625,000 |  |  |  | 3,625,000 |
Less unamortized debt discount |  |  |  |  |  |  | (5,259 | ) |  |  | (6,125 | )
Total Corporate debt, net |  |  |  |  |  |  | 3,619,741 |  |  |  | 3,618,875 |
South Dakota Electric |  |  |  |  |  |  |  |  |  |
First Mortgage Bonds due 2032 |  | August 15, 2032 |  | 7.23% |  |  | 75,000 |  |  |  | 75,000 |
First Mortgage Bonds due 2039 |  | November 1, 2039 |  | 6.13% |  |  | 180,000 |  |  |  | 180,000 |
First Mortgage Bonds due 2044 |  | October 20, 2044 |  | 4.43% |  |  | 85,000 |  |  |  | 85,000 |
Total South Dakota Electric debt |  |  |  |  |  |  | 340,000 |  |  |  | 340,000 |
Less unamortized debt discount |  |  |  |  |  |  | (69 | ) |  |  | (74 | )
Total South Dakota Electric debt, net |  |  |  |  |  |  | 339,931 |  |  |  | 339,926 |
Wyoming Electric |  |  |  |  |  |  |  |  |  |
Industrial development revenue bonds due 2027(a) (b) |  | March 1, 2027 |  | 3.68% |  |  | 10,000 |  |  |  | 10,000 |
First Mortgage Bonds due 2037 |  | November 20, 2037 |  | 6.67% |  |  | 110,000 |  |  |  | 110,000 |
First Mortgage Bonds due 2044 |  | October 20, 2044 |  | 4.53% |  |  | 75,000 |  |  |  | 75,000 |
Total Wyoming Electric debt |  |  |  |  |  |  | 195,000 |  |  |  | 195,000 |
Less unamortized debt discount |  |  |  |  |  |  | — |  |  |  | — |
Total Wyoming Electric debt, net |  |  |  |  |  |  | 195,000 |  |  |  | 195,000 |
Total long-term debt |  |  |  |  |  |  | 4,154,672 |  |  |  | 4,153,801 |
Less current maturities |  |  |  |  |  |  | (525,000 | ) |  |  | — |
Less unamortized deferred financing costs (c) |  |  |  |  |  |  | (22,332 | ) |  |  | (26,878 | )
Long-term debt, net of current maturities and deferred financing costs |  |  |  |  |  | $ | 3,607,340 |  |  | $ | 4,126,923 |
(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 $1.8 million and $2.5 million as of December 31, 2022 and December 31, 2021, respectively.
Schedule of Maturities of Long-term Debt | Scheduled maturities of long-term debt and associated interest payments by year are shown below (in thousands):
|  | Payments Due by Period |
|  | 2023 |  |  | 2024 |  |  | 2025 |  |  | 2026 |  |  | 2027 |  |  | Thereafter |  |  | Total |
Principal payments on Long-term debt including current maturities (a) |  | $ | 525,000 |  |  | $ | 600,000 |  |  | $ | — |  |  | $ | 300,000 |  |  | $ | 410,000 |  |  | $ | 2,325,000 |  |  | $ | 4,160,000 |
Interest payments on Long-term debt (a) |  |  | 148,125 |  |  |  | 125,813 |  |  |  | 119,591 |  |  |  | 113,666 |  |  |  | 101,134 |  |  |  | 994,804 |  |  |  | 1,603,133 |
(a) Long-term debt amounts do not include deferred financing costs or discounts or premiums on debt. Estimated interest payments on variable rate debt are calculated by utilizing the applicable rates as of December 31, 2022.
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 at |  |  | Amortization Expense for the years ended December 31, |
December 31, 2022 |  |  | 2022 |  |  | 2021 |  |  | 2020 |
$ | 22,332 |  |  | $ | 4,549 |  |  | $ | 3,769 |  |  | $ | 3,272 |
Credit Facility and Short Term Debt Covenants | We were in compliance with our covenants at December 31, 2022 as shown below:
|  | As of December 31, 2022 |  |  | Covenant Requirement |
Consolidated Indebtedness to Capitalization Ratio |  |  | 60.9 | % |  | Less than |  |  | 65 | %
Summary of ATM Activity | ATM activity for the years ended December 31 was as follows (net proceeds and issuance costs in millions):
|  | December 31, 2022 |  |  | December 31, 2021 |  |  | December 31, 2020 |
Number of shares issued |  |  | 1,307,755 |  |  |  | 1,812,197 |  |  |  | - |
Average price per share |  | $ | 69.74 |  |  | $ | 66.18 |  |  | $ | - |
Proceeds, (net of issuance costs of $(0.9), $(1.1) and $0 respectively) |  | $ | 90.3 |  |  | $ | 118.8 |  |  | $ | - |

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