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Financing (Tables)

12 Months Ended

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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