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Debt | 6 Months Ended
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Jun. 30, 2019
Debt Disclosure [Abstract] |
Debt | Debt Certain debt instruments of the Company's subsidiaries contain restrictive covenants and cross-default provisions. In order to borrow under the respective debt instruments, the subsidiary companies must be in compliance with the applicable covenants and certain other conditions all of which the subsidiaries, as applicable, were in compliance with at June 30, 2019. In the event the Company's subsidiaries do not comply with the applicable covenants and other conditions, alternative sources of funding may need to be pursued. Montana-Dakota's and Centennial's respective commercial paper programs are supported by revolving credit agreements. While the amount of commercial paper outstanding does not reduce available capacity under the respective revolving credit agreements, Montana-Dakota and Centennial do not issue commercial paper in an aggregate amount exceeding the available capacity under their respective credit agreements. The commercial paper borrowings may vary during the period, largely the result of fluctuations in working capital requirements due to the seasonality of the construction businesses. Short-term debt The following describes certain transactions during the three and six months ended June 30, 2019, included in outstanding short-term debt:
• | On March 22, 2019, Cascade entered into a $40.0 million term loan agreement with a variable interest rate and a maturity date of December 31, 2019.
• | On April 12, 2019, Centennial entered into a $50.0 million term loan agreement with a variable interest rate and a maturity date of April 11, 2020.
Long-term debt The following describes certain transactions during the three and six months ended June 30, 2019, included in outstanding long-term debt:
• | On April 4, 2019, Centennial issued $150.0 million of senior notes with maturity dates ranging from April 4, 2029 to April 4, 2034, at a weighted average interest rate of 4.60 percent.
• | On June 7, 2019, Cascade amended its revolving credit agreement to increase the borrowing limit from $75.0 million to $100.0 million and extend the termination date from April 24, 2020 to June 7, 2024.
• | On June 7, 2019, Intermountain amended its revolving credit agreement to extend the termination date from April 24, 2020 to June 7, 2024.
• | On June 13, 2019, Cascade issued $75.0 million of senior notes with maturity dates ranging from June 13, 2029 to June 13, 2049, at a weighted average interest rate of 3.93 percent.
• | On June 13, 2019, Intermountain issued $50.0 million of senior notes with maturity dates ranging from June 13, 2029 to June 13, 2049, at a weighted average interest rate of 3.92 percent.
Long-term Debt Outstanding Long-term debt outstanding was as follows:
| Weighted Average Interest Rate at June 30, 2019 |  | June 30, 2019 |  | December 31, 2018 |
|  | (In thousands)
Senior notes due on dates ranging from July 1, 2019 to January 15, 2055 | 4.52 | % | $ | 1,656,000 |  | $ | 1,381,000 |
Commercial paper supported by revolving credit agreements | 2.77 | % | 433,350 |  | 338,100 |
Term loan agreements due on dates ranging from October 17, 2019 to September 3, 2032 | 2.75 | % | 209,800 |  | 209,800 |
Credit agreements due on June 7, 2024 | 5.50 | % | 11,075 |  | 110,100 |
Medium-term notes due on dates ranging from September 1, 2020 to March 16, 2029 | 6.68 | % | 50,000 |  | 50,000 |
Other notes due on dates ranging from January 2, 2022 to November 30, 2038 | 5.01 | % | 26,105 |  | 25,229 |
Less unamortized debt issuance costs |  | 6,164 |  | 5,207 |
Less discount |  | 360 |  | 327 |
Total long-term debt |  | 2,379,806 |  | 2,108,695 |
Less current maturities |  | 51,822 |  | 251,854 |
Net long-term debt |  | $ | 2,327,984 |  | $ | 1,856,841 |
Schedule of Debt Maturities Long-term debt maturities, which excludes unamortized debt issuance costs and discount, as of June 30, 2019, were as follows:
| Remainder of 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | Thereafter |
| (In thousands)
Long-term debt maturities | $ | 51,761 |  | $ | 15,926 |  | $ | 386,430 |  | $ | 147,434 |  | $ | 125,188 |  | $ | 1,659,591 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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