Committed Lines of Credit (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of Balances Outstanding and Interest Rates of Borrowings (Excluding Letters of Credit)

Balances outstanding and interest rates of borrowings (excluding letters of credit) under the Company’s revolving committed line of credit were as follows as of September 30, 2021 and December 31, 2020 (dollars in thousands):


	September 30,			December 31,
	2021			2020
Balance outstanding at end of period (1)	$	269,000		$	102,000
Letters of credit outstanding at end of period	$	25,618		$	27,618
Average interest rate at end of period		1.09	%		1.22	%

(1)

As of September 30, 2021 there was $269.0 million outstanding under the committed line of credit; however, $199.1 million was classified as short-term borrowings and the remaining $69.9 million was classified as long-term debt on the

Condensed Consolidated Balance Sheet due to the Company's intention to refinance such amount on a long-term basis. The amount classified as long-term debt will be refinanced through the issuance and sale of first mortgage bonds in December 2021 pursuant to a bond purchase agreement entered into in September 2021. See Note 10 for further discussion of the bond purchase agreement and the refinancing of short-term debt on a long-term basis. The entire outstanding amount of the committed line of credit as of December 31, 2020 was classified as short-term borrowings.