Financing (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Short-term Debt

Our Revolving Credit Facility and CP Program, which are classified as Notes payable on the Consolidated Balance Sheets, had the following borrowings, outstanding letters of credit, and available capacity (dollars in thousands):

	March 31, 2023		December 31, 2022
Amount outstanding	$	—	$	535,600
Letters of credit (a)	$	2,401	$	24,626
Available capacity	$	747,599	$	189,774
Weighted average interest rates	N/A			4.88	%

(a)Letters of credit are off-balance sheet commitments that reduce the borrowing capacity available on our corporate Revolving Credit Facility.

Revolving Credit Facility and CP Program borrowing activity was as follows (dollars in thousands):

	Three Months Ended March 31,
	2023			2022
Maximum amount outstanding (based on daily outstanding balances)	$	548,700		$	429,000
Average amount outstanding (based on daily outstanding balances)	$	331,268		$	360,823
Weighted average interest rates		4.91	%		0.44	%

Credit Facility and Short Term Debt Covenants

We were in compliance with our covenants at March 31, 2023, as shown below:

	As of March 31, 2023	Covenant Requirement
Consolidated Indebtedness to Capitalization Ratio	59.1%	Less than 65%

Summary of ATM Activity

ATM activity was as follows (net proceeds and issuance costs in millions):

	Three Months Ended March 31,
	2023		2022
Proceeds, (net of issuance costs of $(0.3), $(0.0) respectively)	$	27.4	$	3.8
Average price per share	$	62.21	$	68.79
Number of shares issued		445,578		55,707