Short-term Borrowings

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Short-term Borrowings

Note 5 – Short-term Borrowings

Information regarding the Company’s short-term borrowings for the years ended December 31, 2022 and 2021 is summarized below:

	(Millions of Dollars)
	2022			2021
Average Amount Outstanding	$	28.9		$	23.7
Weighted Average Interest Rate		3.34	%		1.12	%
Notes Payable at Year-End	$	55.5		$	13.0
Weighted Average Interest Rate at Year-End		5.17	%		1.04	%

The Company maintains bank lines of credit aggregating $140.0 million.

	(Millions)
	As of December 31, 2022							Line of Credit
	Outstanding		Available		Maximum		Credit Type	Renewal Date
Bank of America	$	15.0	$	45.0	$	60.0	Uncommitted	January 25, 2024
PNC Bank		39.5		28.5		68.0	Committed	January 31, 2024
CoBank, ACB (CoBank)		1.0		11.0		12.0	Committed	November 30, 2023
	$	55.5	$	84.5	$	140.0

The Bank of America line of credit is renewed on an annual basis and was increased from $30 million to $60 million in January 2022.

The maturity dates for the Notes Payable as of December 31, 2022 are in January 2023 through March 2023 and are extendable at the discretion of the Company.

The interest rates for borrowings under the Bank of America and PNC Bank lines of credit are 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.