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Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
Certain debt instruments of ours contain restrictive and financial covenants and cross-default provisions. In order to borrow under the debt instruments, we must be in compliance with the applicable covenants and certain other conditions, all of which management believes we, as applicable, were in compliance with at December 31, 2025. In the event we do not comply with the applicable covenants and other conditions, alternative sources of funding may need to be pursued.
Long-term Debt Outstanding Long-term debt outstanding was as follows:
Weighted Average Interest Rate at December 31, 2025December 31, 2025December 31, 2024
(In thousands)
Term loan A agreement due on March 7, 2030
5.42 %$259,725 $264,688 
Term loan B agreement due on March 8, 2032
5.74 %496,250 — 
Senior notes due on May 1, 2031
7.75 %425,000 425,000 
Other notes due on January 1, 2061
— %167262
Less unamortized debt issuance costs
15,604 12,564 
Total long-term debt
1,165,538 677,386 
Less current maturities
11,708 10,475 
Net long-term debt
$1,153,830 $666,911 
Term Loan and Revolving Credit Facility
On March 7, 2025, we entered into an amendment to the senior secured credit agreement to, among other things, increase our revolving credit facility from $350.0 million to $500.0 million and extend the maturity to March 7, 2030, refinance the existing $275.0 million Term Loan A to extend the maturity to March 7, 2030, and provide for a new Term Loan B in an aggregate principal amount of $500.0 million with a maturity of March 8, 2032. The Term Loan B was funded on March 7, 2025. Each facility has a SOFR-based interest rate. The Term Loan A has a mandatory annual amortization of 2.50 percent for years one and two, 5.00 percent for years three and four, and 7.50 percent in the fifth year. The Term Loan B has a mandatory annual amortization of $5.0 million. The agreement contains customary covenants and provisions, including a covenant of Knife River not to permit, at any time, the ratio of total debt to trailing-twelve-month EBITDA to be greater than 4.75 to 1.00. The covenants also include restrictions on the sale of certain assets, loans and investments.
Schedule of Debt Maturities Long-term debt maturities, which excludes unamortized debt issuance costs, at December 31, 2025, were as follows:
20262027202820292030Thereafter
(In thousands)
Long-term debt maturities$11,708 $16,657 $18,234 $23,197 $215,096 $896,250