SHORT-TERM BORROWINGS

At December 31, 2016 and 2015, we had $209.9 million and $173.4 million, respectively, of short-term borrowings outstanding. In October 2015, we entered into a Credit Agreement with the Lenders for a $150.0 million Revolver for a term of five years subject to the terms and conditions as specified. We now have an aggregate of $320.0 million in available credit lines: four unsecured bank credit facilities with three financial institutions with $170.0 million in total available credit and a Revolver with five participating Lenders totaling $150.0 million. The annual weighted average interest rates on our short-term borrowings were 1.43 percent and 1.30 percent for 2016 and 2015, respectively. We incurred commitment fees of $145,000 and $106,000 in 2016 and 2015, respectively.



					Outstanding borrowings at
(in thousands)	Total Facility		Interest Rate	Expiration Date	December 31, 2016		December 31, 2015		Available at December 31, 2016
Bank Credit Facility
Committed revolving credit facility A	$	55,000	LIBOR plus 1.00 percent ⁽¹⁾	October 29, 2017	$	45,000	$	30,000	$	10,000
Committed revolving credit facility B	30,000		LIBOR plus 1.00 percent ⁽¹⁾	October 31, 2017	21,311		23,757		8,689
Short-term revolving credit Note C	50,000		LIBOR plus 0.80 percent ⁽²⁾	October 31, 2017	50,000		50,000		—
Committed revolving credit facility D	35,000		LIBOR plus 0.85 percent ⁽³⁾	December 19, 2017	35,000		30,000		—
Committed revolving credit facility E	150,000		LIBOR plus 1.00 percent ⁽¹⁾	October 8, 2020	50,000		35,000		100,000
Total short term credit facilities	$	320,000			$	201,311	$	168,757	$	118,689
Book overdrafts⁽⁴⁾					8,560		4,640
Total short-term borrowing					$	209,871	$	173,397

⁽¹⁾ This facility bears interest at LIBOR for the applicable period plus up to 1.00 percent, based on Total Indebtedness as a percentage of Total Capitalization.

⁽²⁾ At our discretion, the borrowings under this facility can bear interest at the lender's base rate plus 0.80 percent.

⁽³⁾At our discretion, the borrowing under this facility can bear interest at the lender's base rate plus 0.85 percent.

⁽⁴⁾ If presented, these book overdrafts would be funded through the bank revolving credit facilities.

These bank credit facilities are available to provide funds for our short-term cash needs to meet seasonal working capital requirements and to temporarily fund portions of our capital expenditures. We are authorized by our Board of Directors to borrow up to $275.0 million of short-term debt, as required, from these short-term lines of credit.

The availability of funds under our credit facilities is subject to conditions specified in the respective credit agreements, all of which we currently satisfy. These conditions include our compliance with financial covenants and the continued accuracy of representations and warranties contained in these agreements. We are required by the financial covenants in our revolving credit facilities to maintain, at the end of each fiscal year, a funded indebtedness ratio of no greater than 65 percent. We are in compliance with all of our debt covenants.