Short-term Borrowings

9 Months Ended

Sep. 30, 2021

Short-term Debt [Abstract]

Short-term Borrowings

Note 6 – Short-term Borrowings

The Company maintains lines of credit aggregating $110.0 million.

	(Millions)
	As of September 30, 2021							Renewal Date
	Outstanding		Available		Maximum		Credit Type
Bank of America	$	3.0	$	27.0	$	30.0	Uncommitted	January 27, 2022
PNC Bank		47.0		21.0		68.0	Committed	January 31, 2023
CoBank		-		12.0		12.0	Committed	November 30, 2023
	$	50.0	$	60.0	$	110.0

11

The interest rate for borrowings under the lines of credit is 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. Each of the lines of credit includes a provision for a replacement benchmark for when LIBOR is fully phased-out and no longer available to set the interest rate on borrowings under these lines of credit.

The weighted average interest rate on the outstanding borrowings at September 30, 2021 under these credit lines is 1.01%.

The weighted average daily amounts of borrowings outstanding under the Company’s lines of credit and the weighted average interest rates on those amounts were as follows:

		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2021			2020			2021			2020
Average Daily Amounts Outstanding	$	40,543		$	35,576		$	22,841		$	31,372
Weighted Average Interest Rates		1.13	%		1.24	%		1.14	%		1.63	%

The $50.0 million of loans under the lines of credit outstanding as of September 30, 2021 mature in October 2021 and November 2021, and, if needed, were or will be renewed and rolled over by the Company.