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Subsequent Events | 3 Months Ended
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Mar. 31, 2023
Subsequent Events [Abstract] |
Subsequent Events | Subsequent event On April 21, 2023, Intermountain repaid an additional $30.0 million of the $125.0 million term loan agreement issued on January 20, 2023. For more information on this debt agreement, see Note 15. On April 25, 2023, Knife River Holding Company issued $425.0 million of 7.75 percent senior notes due May 1, 2031, pursuant to an indenture agreement. The proceeds from the issuance of these notes will be held in escrow until the effective date of the Knife River separation or, if the separation does not occur within the time frame specified, released back to the lenders, along with accrued interest. On May 1, 2023, the Company entered into a $75.0 million term loan agreement with a SOFR-based interest rate and a maturity date of November 1, 2023. The agreement contains customary covenants and provisions, including a covenant of the Company not to permit, at any time, the ratio of total debt to total capitalization to be greater than 65 percent. The covenants also include certain restrictions on the sale of certain assets, loans and investments. On May 3, 2023, the Company's board of directors approved the separation and the distribution of approximately 90 percent of the issued and outstanding shares of Knife River Holding Company to the Company's stockholders. Stockholders of the Company will receive one share of Knife River Holding Company common stock for every four shares of the Company's common stock held on May 22, 2023, the record date for the distribution. The Company will retain approximately 10 percent of Knife River Holding Company's common stock immediately following the separation with the intent to dispose of such shares within twelve months after the separation. Prior to completing the separation, the Company may adjust the percentage of Knife River Holding Company common stock to be distributed to the Company's stockholders and retained by the Company in response to market and other factors. The separation is expected to be complete May 31, 2023, subject to certain conditions, including the SEC declaring the registration statement on Form 10 for Knife River Holding Company to be effective.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2 + Details
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