v3.26.1
Debt (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Short-Term Debt
NW Holdings' short-term debt consisted of the following:

June 30, 2026June 30, 2025December 31, 2025
In millionsBalance Outstanding
Weighted Average Interest Rate(1)
Balance Outstanding
Weighted Average Interest Rate(1)
Balance Outstanding
Weighted Average Interest Rate(1)
Commercial Paper Borrowings - NW Holdings$105.3 4.1 %$157.4 4.8 %$162.0 4.1 %
Commercial Paper Borrowings - NW Natural— — %— — %10.0 4.0 %
SiEnergy Credit Agreement Loans16.0 4.7 %— — %— — %
Total short-term debt$121.3 $157.4 $172.0 
(1) Weighted average interest rate on outstanding short-term debt
Schedule of Long-Term Debt Instruments
NW Holdings' long-term debt consisted of the following:

June 30, 2026June 30, 2025December 31, 2025
In millionsBalance Outstanding
Weighted Average Interest Rate(1)
Balance Outstanding
Weighted Average Interest Rate(1)
Balance Outstanding
Weighted Average Interest Rate(2)
NW Natural first mortgage bonds$1,544.7 4.7 %$1,374.7 4.6 %$1,544.7 4.7 %
SiEnergy term loan(3)
— — %148.1 6.1 %— — %
SiEnergy secured senior notes185.0 5.6 %— — %185.0 5.6 %
NWN Water unsecured senior notes75.0 5.4 %— — %— — %
NWN Water term loan— — %55.0 4.7 %55.0 4.7 %
Other water debt3.8 4.5 4.0 
NW Holdings unsecured senior bonds335.0 5.7 %285.0 5.7 %285.0 5.7 %
NW Holdings term loan50.0 4.7 %50.0 5.3 %50.0 5.2 %
NW Holdings junior subordinated debentures325.0 7.0 %325.0 7.0 %325.0 7.0 %
Long-term debt, gross2,518.5 2,242.3 2,448.7 
Less: unamortized debt issuance costs16.1 14.1 15.9 
Less: current maturities125.7 141.5 160.6 
Total long-term debt$2,376.7 $2,086.7 $2,272.2 

(1)    Weighted average interest rate for the six months ended June 30, 2026 and June 30, 2025
(2)    Weighted average interest rate for the year ended December 31, 2025
(3)    On January 7, 2025, NW Holdings acquired SiEnergy. SiEnergy's subsidiary, Si Investment Co., had this existing term loan outstanding at the date of acquisition. In August 2025, the associated facilities were terminated and are no longer available for financing.
Schedule of Debt
In millionsSix months ended June 30, 2026
NW HoldingsIssuance DateMaturity DateInterest RateAmount
Series E Senior Notes (a)
June 2026June 20315.35 %$50.0 
NWN Water
Series A Senior Notes (b)
June 2026June 20315.15 %33.0 
Series B Senior Notes (b)
June 2026June 20365.58 %42.0 
Total long-term debt issuance$125.0 
(a) Proceeds were used to support working capital needs and for general corporate purposes including repayment of debt.
(b) Proceeds were used to repay the existing indebtedness under the Credit Agreement; any remaining proceeds were used for working capital needs and for general corporate purposes.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The following table provides an estimate of the fair value of long-term debt, including current maturities of long-term debt, using market prices in effect on the valuation date:
June 30,December 31,
In millions202620252025
NW Holdings:
Gross long-term debt$2,518.5 $2,242.3 $2,448.7 
Unamortized debt issuance costs(16.1)(14.1)(15.9)
Carrying amount$2,502.4 $2,228.2 $2,432.8 
Estimated fair value(1)
$2,343.1 $2,076.4 $2,317.1 
NW Natural:
Gross long-term debt$1,544.7 $1,374.7 $1,544.7 
Unamortized debt issuance costs(9.4)(9.0)(9.8)
Carrying amount$1,535.3 $1,365.7 $1,534.9 
Estimated fair value(1)
$1,346.7 $1,193.2 $1,383.1 
(1) Estimated fair value does not include unamortized debt issuance costs.