Short-term Borrowings

12 Months Ended

Dec. 31, 2020

Short-term Debt [Abstract]

Short-term Borrowings

Note 5 - Short-term Borrowings

Information regarding the Company’s short-term borrowings for the years ended December 31, 2020 and 2019 is summarized below:

	(Millions of Dollars)
	2020			2019
Average Amount Outstanding	$	28.3		$	52.4
Weighted Average Interest Rate		1.55	%		3.33	%
Notes Payable at Year-End	$	2.0		$	20.0
Weighted Average Interest Rate at Year-End		1.04	%		2.86	%

55

The Company maintained lines of credit aggregating $140.0 million at December 31, 2020 and 2019.

		(Millions)
		As of December 31, 2020						Line of Credit
		Outstanding		Available		Maximum	Credit Type	Renewal Date
Bank of America	$	-	$	60.0	$	60.0	Uncommitted	January 28, 2021
PNC Bank		2.0		66.0		68.0	Committed	January 31, 2022
CoBank		-		12.0		12.0	Committed	November 30, 2023
	$	2.0	$	138.0	$	140.0

The Company's Bank of America line of credit was renewed on January 28, 2021 and reduced to $30.0 million, reducing the Company's total available lines of credit to $110.0 million. The Bank of America line of credit is renewed on an annual basis.

The maturity dates for the Notes Payable as of December 31, 2020 are in January 2021 and are extendable at the discretion of the Company.

The interest rates for borrowings under the lines of credit are set using the London InterBank Offered Rate (LIBOR) and adding a credit spread, which varies by financial institution. There is no requirement for a compensating balance under any of the established lines of credit.