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Short-Term Debt
0203 - Disclosure - Short-Term Debt
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 3 - us-gaap:ShortTermDebtTextBlock-->
<div style="margin-left: 0%">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 13pt; font-family: Arial, Helvetica; color: #000000; background: transparent; text-align: left">
<tr>
<td width="10%"></td>
<td width="90%"></td>
</tr>
<tr valign="top">
<td>
<b><font style="font-family: Arial, Helvetica">NOTE 3. </font></b>
</td>
<td>
<b><font style="font-family: Arial, Helvetica">SHORT-TERM
DEBT</font></b>
</td>
</tr>
</table>
<div style="font-size: 3pt; margin-left: 0%; width: 99%; align: left; border-bottom: 1pt solid #000000">
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
WGL Holdings and Washington Gas satisfy their short-term
financing requirements through the sale of commercial paper or
through bank borrowings. Due to the seasonal nature of the
regulated utility and retail energy-marketing segments,
short-term financing requirements can vary significantly during
the year. We maintain revolving credit agreements to support our
outstanding commercial paper and to permit short-term borrowing
flexibility. Our policy is to maintain bank credit facilities in
an amount equal to or greater than our expected maximum
commercial paper position. The following is a summary of our
committed credit available at September 30, 2010.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left">
<!-- Table Width Row BEGIN -->
<tr style="font-size: 1pt" valign="bottom">
<td width="38%"> </td><!-- colindex=01 type=maindata -->
<td width="3%"> </td><!-- colindex=02 type=gutter -->
<td width="1%" align="right"> </td><!-- colindex=02 type=lead -->
<td width="14%" align="right"> </td><!-- colindex=02 type=body -->
<td width="1%" align="left"> </td><!-- colindex=02 type=hang1 -->
<td width="3%"> </td><!-- colindex=03 type=gutter -->
<td width="1%" align="right"> </td><!-- colindex=03 type=lead -->
<td width="15%" align="right"> </td><!-- colindex=03 type=body -->
<td width="1%" align="left"> </td><!-- colindex=03 type=hang1 -->
<td width="3%"> </td><!-- colindex=04 type=gutter -->
<td width="1%" align="right"> </td><!-- colindex=04 type=lead -->
<td width="18%" align="right"> </td><!-- colindex=04 type=body -->
<td width="1%" align="left"> </td><!-- colindex=04 type=hang1 -->
</tr>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<tr style="font-size: 10pt" valign="bottom" align="center">
<td colspan="12" align="center" valign="bottom">
<b>Committed Credit Available</b> (<i>In millions)</i>
</td>
<td>
 
</td>
</tr>
<tr style="font-size: 1pt" valign="bottom" align="center">
<td colspan="12" align="center" valign="bottom" style="font-size: 1pt; border-bottom: 1px solid #000000">
 
</td>
<td>
 
</td>
</tr>
<tr style="font-size: 8pt" valign="bottom" align="center">
<td nowrap="nowrap" align="left" valign="bottom">
<b><font style="font-size: 10pt">As of September 30, 2010
</font></b>
</td>
<td>
 
</td>
<td colspan="2" nowrap="nowrap" align="center" valign="bottom">
<b><font style="font-size: 10pt">WGL Holdings</font></b>
</td>
<td>
 
</td>
<td>
 
</td>
<td colspan="2" nowrap="nowrap" align="center" valign="bottom">
<b><font style="font-size: 10pt">Washington Gas</font></b>
</td>
<td>
 
</td>
<td>
 
</td>
<td colspan="2" nowrap="nowrap" align="center" valign="bottom">
<b><font style="font-size: 10pt">Total Consolidated</font></b>
</td>
<td>
 
</td>
</tr>
<tr style="font-size: 1pt" valign="bottom" align="center">
<td colspan="12" align="center" valign="bottom" style="font-size: 1pt; border-bottom: 1px solid #000000">
 
</td>
<td>
 
</td>
</tr>
<!-- TableOutputBody -->
<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="top">
<div style="text-indent: -10pt; margin-left: 10pt">
<b>Committed credit agreements</b>
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="font-size: 2pt">
<td colspan="13" valign="top">
<div style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000">
</div>
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="top">
<div style="text-indent: -10pt; margin-left: 10pt">
<b>Unsecured revolving credit facility, expires August 3,
2012</b><i><sup style="font-size: 85%; vertical-align: top">(a)</sup></i>
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
<b>$</b>
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>400.0</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
<b>$</b>
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>300.0</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
<b>$</b>
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>700.0</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="top">
<div style="text-indent: -10pt; margin-left: 10pt">
<b>Less: Commercial Paper</b>
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>(57.0</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
<b>)</b>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>(43.4</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
<b>)</b>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>(100.4</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
<b>)</b>
</td>
</tr>
<tr valign="bottom" style="font-size: 2pt">
<td colspan="13" valign="top">
<div style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000">
</div>
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="top">
<div style="text-indent: -10pt; margin-left: 10pt">
<b>Net committed credit available</b>
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
<b>$</b>
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>343.0</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
<b>$</b>
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>256.6</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
<b>$</b>
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>599.6</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="font-size: 2pt">
<td colspan="13" valign="top">
<div style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000">
</div>
<div style="font-size: 1pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000">
</div>
</td>
</tr>
</table>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left">
<!-- Table Width Row BEGIN -->
<tr style="font-size: 1pt" valign="bottom">
<td width="41%"> </td><!-- colindex=01 type=maindata -->
<td width="3%"> </td><!-- colindex=02 type=gutter -->
<td width="1%" align="right"> </td><!-- colindex=02 type=lead -->
<td width="13%" align="right"> </td><!-- colindex=02 type=body -->
<td width="1%" align="left"> </td><!-- colindex=02 type=hang1 -->
<td width="3%"> </td><!-- colindex=03 type=gutter -->
<td width="1%" align="right"> </td><!-- colindex=03 type=lead -->
<td width="14%" align="right"> </td><!-- colindex=03 type=body -->
<td width="1%" align="left"> </td><!-- colindex=03 type=hang1 -->
<td width="3%"> </td><!-- colindex=04 type=gutter -->
<td width="1%" align="right"> </td><!-- colindex=04 type=lead -->
<td width="17%" align="right"> </td><!-- colindex=04 type=body -->
<td width="1%" align="left"> </td><!-- colindex=04 type=hang1 -->
</tr>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<tr style="font-size: 1pt" valign="bottom" align="center">
<td colspan="12" align="center" valign="bottom" style="font-size: 1pt; border-bottom: 1px solid #000000">
 
</td>
<td>
 
</td>
</tr>
<tr style="font-size: 8pt" valign="bottom" align="center">
<td nowrap="nowrap" align="left" valign="bottom">
<font style="font-size: 10pt">As of September 30, 2009
</font>
</td>
<td>
 
</td>
<td colspan="2" nowrap="nowrap" align="center" valign="bottom">
<font style="font-size: 10pt">WGL Holdings
</font>
</td>
<td>
 
</td>
<td>
 
</td>
<td colspan="2" nowrap="nowrap" align="center" valign="bottom">
<font style="font-size: 10pt">Washington Gas
</font>
</td>
<td>
 
</td>
<td>
 
</td>
<td colspan="2" nowrap="nowrap" align="center" valign="bottom">
<font style="font-size: 10pt">Total Consolidated
</font>
</td>
<td>
 
</td>
</tr>
<tr style="font-size: 1pt" valign="bottom" align="center">
<td colspan="12" align="center" valign="bottom" style="font-size: 1pt; border-bottom: 1px solid #000000">
 
</td>
<td>
 
</td>
</tr>
<!-- TableOutputBody -->
<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="top">
<div style="text-indent: -10pt; margin-left: 10pt">
Committed credit agreements
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="font-size: 2pt">
<td colspan="13" valign="top">
<div style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000">
</div>
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="top">
<div style="text-indent: -10pt; margin-left: 10pt">
Unsecured revolving credit facility, expires August 3,
2012<i><sup style="font-size: 85%; vertical-align: top">(a)</sup></i>
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
400.0
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
300.0
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
700.0
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="top">
<div style="text-indent: -10pt; margin-left: 10pt">
Less: Commercial Paper
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(59.0
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(124.8
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(183.8
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
</tr>
<tr valign="bottom" style="font-size: 2pt">
<td colspan="13" valign="top">
<div style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000">
</div>
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="top">
<div style="text-indent: -10pt; margin-left: 10pt">
Net committed credit available
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
341.0
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
175.2
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
516.2
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="font-size: 2pt">
<td colspan="13" valign="top">
<div style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000">
</div>
<div style="font-size: 1pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000">
</div>
</td>
</tr>
</table>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="text-align: left">
<tr>
<td width="2%"></td>
<td width="98%"></td>
</tr>
<tr valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<td> <i><font style="font-size: 8pt"><sup style="font-size: 85%; vertical-align: top">(a)</sup></font></i><font style="font-size: 8pt"> 
</font></td>
<td align="left">
<font style="font-size: 8pt">Both WGL Holdings and Washington
Gas have the right to request extensions with the banks’
approval. WGL Holdings’ revolving credit facility permits
it to borrow an additional $50 million, with the
banks’ approval, for a total of $450 million.
Washington Gas’s revolving credit facility permits it to
borrow an additional $100 million, with the banks’
approval, for a total of $400 million.
</font>
</td>
</tr>
</table>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
At September 30, 2010 and September 30, 2009, WGL
Holdings and its subsidiaries had outstanding notes payable in
the form of commercial paper supported by revolving credit
facilities of $100.4 million and $183.8 million,
respectively, at a weighted average interest rate of 0.31% and
0.27%, respectively. At September 30, 2010 and
September 30, 2009, there were no outstanding bank loans
from WGL Holdings’ or Washington Gas’s revolving
credit facilities.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Depending on the type of borrowing option chosen under our
revolving credit facilities, loans may bear interest at variable
rates based on the Eurodollar rate, the higher of the prime
lending rate or the Fed Funds effective rate, or at a
competitive rate determined through auction. WGL Holdings and
Washington Gas may elect to have the principal balance of the
loans outstanding at maturity continue as non-revolving term
loans for a period of one year from the maturity date. An
additional 0.25% premium would be applied to the pricing of the
non-revolving term loans. Facility fees related to these
revolving credit facilities for both companies are based on the
long-term debt ratings of Washington Gas. In the event the
long-term debt of Washington Gas is downgraded below certain
levels, WGL Holdings and Washington Gas would be required to pay
higher facility fees.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Under the terms of our credit agreements, the ratio of
consolidated financial indebtedness to consolidated total
capitalization may not exceed 0.65 to 1.0 (65.0%). In addition,
WGL Holdings and Washington Gas are required to inform lenders
of changes in corporate existence, financial conditions,
litigation and environmental warranties that might have a
material adverse effect. Failure to inform the lenders’
agent of changes in these areas deemed material in nature might
constitute default under the agreements. Additionally, WGL
Holdings’ or Washington Gas’s failure to pay principal
or interest when due on any of its other indebtedness may be
deemed to be a default under our credit agreements. A default,
if not remedied, may lead to a suspension of further loans
<font style="white-space: nowrap">and/or</font>
acceleration in which obligations become immediately due and
payable. At September 30, 2010, we were in compliance with
all of the covenants under our revolving credit facilities.
</div>
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<b>
<font style="font-family: 'Times New Roman', Times">
</font>
</b>
<font style="font-family: 'Times New Roman', Times">
<i>
</i>
</font>
</div>
<div style="margin-top: 0pt; font-size: 1pt">
</div>
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This element may be used as a single block of text to encapsulate the entire disclosure for short-term borrowings including data and tables.
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 16
-Article 7
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 19
-Article 5
Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 13
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