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Financing (Tables)

12 Months Ended

Dec. 31, 2023

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 millions):

	2023			2022
Amount outstanding	$	—		$	535.6
Letters of credit (a)		3.7			24.6
Available capacity		746.3			189.8
Weighted average interest rates	N/A				4.88	%

(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 millions):

	2023			2022
Maximum amount outstanding (based on daily outstanding balances)	$	548.7		$	572.3
Average amount outstanding (based on daily outstanding balances)		81.7			390.7
Weighted average interest rates		4.91	%		2.11	%

Schedule of Long-term Debt Instruments

Long-term debt outstanding was as follows (dollars in millions):

		Interest Rate at	Balance Outstanding
	Due Date	December 31, 2023	December 31, 2023			December 31, 2022
Corporate
Senior unsecured notes due 2023	November 30, 2023	N/A	$	—		$	525.0
Senior unsecured notes due 2024	August 23, 2024	1.04%		600.0			600.0
Senior unsecured notes due 2026	January 15, 2026	3.95%		300.0			300.0
Senior unsecured notes due 2027	January 15, 2027	3.15%		400.0			400.0
Senior unsecured notes due 2028	March 15, 2028	5.95%		350.0			—
Senior unsecured notes, due 2029	October 15, 2029	3.05%		400.0			400.0
Senior unsecured notes, due 2030	June 15, 2030	2.50%		400.0			400.0
Senior unsecured notes due 2033	May 1, 2033	4.35%		400.0			400.0
Senior unsecured notes due 2034	May 15, 2034	6.15%		450.0			—
Senior unsecured notes, due 2046	September 15, 2046	4.20%		300.0			300.0
Senior unsecured notes, due 2049	October 15, 2049	3.88%		300.0			300.0
Total Corporate debt				3,900.0			3,625.0
Less unamortized debt discount				(8.9	)		(5.3	)
Total Corporate debt, net				3,891.1			3,619.7
South Dakota Electric
First Mortgage Bonds due 2032	August 15, 2032	7.23%		75.0			75.0
First Mortgage Bonds due 2039	November 1, 2039	6.13%		180.0			180.0
First Mortgage Bonds due 2044	October 20, 2044	4.43%		85.0			85.0
Total South Dakota Electric debt				340.0			340.0
Less unamortized debt discount				(0.1	)		(0.1	)
Total South Dakota Electric debt, net				339.9			339.9
Wyoming Electric
Industrial development revenue bonds due 2027(a) (b)	March 1, 2027	3.93%		10.0			10.0
First Mortgage Bonds due 2037	November 20, 2037	6.67%		110.0			110.0
First Mortgage Bonds due 2044	October 20, 2044	4.53%		75.0			75.0
Total Wyoming Electric debt				195.0			195.0
Less unamortized debt discount				—			—
Total Wyoming Electric debt, net				195.0			195.0
Total long-term debt				4,426.0			4,154.6
Less current maturities				(600.0	)		(525.0	)
Less unamortized deferred financing costs (c)				(24.8	)		(22.3	)
Long-term debt, net of current maturities and deferred financing costs			$	3,801.2		$	3,607.3

(a)Variable interest rate.

(b)A reimbursement agreement is in place with Wells Fargo on behalf of Wyoming Electric for the $10 million bonds 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 $1.1 million and $1.8 million as of December 31, 2023 and December 31, 2022, respectively.

Schedule of Maturities of Long-term Debt

Scheduled maturities of long-term debt and associated interest payments by year are shown below (in millions):

	Payments Due by Period
	2024			2025			2026			2027			2028			Thereafter			Total
Principal payments on Long-term debt including current maturities (a)	$	600.0		$	—		$	300.0		$	410.0		$	350.0		$	2,775.0		$	4,435.0
Interest payments on Long-term debt (a)		179.0			168.1			162.2			149.6			132.9			1,052.2			1,844.0

(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, 2023.

Summary of ATM Activity

ATM activity for the years ended December 31 was as follows (in millions, except Average price per share amounts):

	December 31, 2023			December 31, 2022			December 31, 2021
August 4, 2020 ATM Program
Proceeds, (net of issuance costs of $(0.5), $(0.9) and $(1.1), respectively)	$	48.5		$	90.3		$	118.8
Number of shares issued		0.8			1.3			1.8
June 16, 2023 ATM Program
Proceeds, (net of issuance costs of $(0.7), $0, $0, respectively	$	70.2		$	—		$	—
Number of shares issued		1.2			—			—
Total activity under both ATM Programs
Proceeds, (net of issuance costs of $(1.2), $(0.9) and $(1.1), respectively)	$	118.7		$	90.3		$	118.8
Number of shares issued		2.0			1.3			1.8
Average price per share	$	59.04		$	69.74		$	66.18

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