Short-term Borrowings

3 Months Ended

Mar. 31, 2022

Short-Term Debt [Abstract]

Short-term Borrowings

Note 6 – Short-term Borrowings

The Company maintains lines of credit aggregating $140.0 million.

	(Millions)
	As of March 31, 2022
	Outstanding		Available		Maximum		Credit Type	Renewal Date
Bank of America	$	-	$	60.0	$	60.0	Uncommitted	January 26, 2023
PNC Bank		15.0		53.0		68.0	Committed	January 31, 2024
CoBank		-		12.0		12.0	Committed	November 30, 2023
	$	15.0	$	125.0	$	140.0

The interest rate for borrowings under the Bank of America and PNC Bank lines of credit is set using the Bloomberg Short-Term Bank Yield Index and adding a credit spread, which varies by financial institution. The interest rate for borrowings under the CoBank line of credit are set weekly using CoBank’s internal cost of funds index that is similar to the Standard Overnight Financing Rate and adding a credit spread. There is no requirement for a compensating balance under any of the established lines of credit.

The weighted average interest rate on the outstanding borrowings at March 31, 2022 under these credit lines is 1.20%.

The weighted average daily amounts of outstanding borrowings under the Company’s credit lines and the weighted average interest rates on those amounts were $13.4 million and $8.0 million at 1.12% and 1.12% for the three months ended March 31, 2022 and 2021, respectively.

The maturity dates for the $15.0 million outstanding as of March 31, 2022 are in April 2022 and May 2022 and were or are expected to be extended at the discretion of the Company.