Notes Payable, Current Maturities and Debt:

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Notes Payable, Current Maturities and Debt

NOTES PAYABLE, CURRENT MATURITIES AND DEBT

We had the following notes payable outstanding in the accompanying Condensed Consolidated Balance Sheets (in thousands) as of:

	March 31, 2019				December 31, 2018				March 31, 2018
	Balance Outstanding		Letters of Credit		Balance Outstanding		Letters of Credit		Balance Outstanding		Letters of Credit
Revolving Credit Facility	$	—	$	14,006	$	—	$	22,310	$	—	$	15,830
CP Program	164,650		—		185,620		—		164,200		—
Total	$	164,650	$	14,006	$	185,620	$	22,310	$	164,200	$	15,830

Revolving Credit Facility and CP Program

On July 30, 2018, we amended and restated our corporate Revolving Credit Facility, maintaining total commitments of $750 million and extending the term through July 30, 2023 with two one year extension options (subject to consent from lenders). This facility is similar to the former revolving credit facility, which includes an accordion feature that allows us, with the consent of the administrative agent, the issuing agents and each bank increasing or providing a new commitment, to increase total commitments up to $1.0 billion. Borrowings continue to be available under a base rate or various Eurodollar rate options. The interest costs associated with the letters of credit or borrowings and the commitment fee under the Revolving Credit Facility are determined based upon our Corporate credit rating from S&P, Fitch, and Moody's for our senior unsecured long-term debt. Based on our credit ratings, the margins for base rate borrowings, Eurodollar borrowings, and letters of credit were 0.125%, 1.125%, and 1.125%, respectively, at March 31, 2019. Based on our credit ratings, a 0.175% commitment fee was charged on the unused amount at March 31, 2019.

We have a $750 million, unsecured CP Program that is backstopped by the Revolving Credit Facility. Amounts outstanding under the Revolving Credit Facility and the CP Program, either individually or in the aggregate, cannot exceed $750 million. The notes issued under the CP Program may have maturities not to exceed 397 days from the date of issuance and bear interest (or are sold at par less a discount representing an interest factor) based on, among other things, the size and maturity date of the note, the frequency of the issuance and our credit ratings. Under the CP Program, any borrowings rank equally with our unsecured debt. Notes under the CP Program are not registered and are offered and issued pursuant to a registration exemption. Our net payments under the CP Program during the three months ended March 31, 2019 were $21 million and our notes outstanding as of March 31, 2019 were $165 million. As of March 31, 2019, the weighted average interest rate on CP Program borrowings was 2.70%. As of March 31, 2019, we had outstanding letters of credit of totaling approximately $14 million.

Debt Covenants

Under our Revolving Credit Facility and term loan agreements, we are required to maintain a Consolidated Indebtedness to Capitalization Ratio not to exceed 0.65 to 1.00. Our Consolidated Indebtedness to Capitalization Ratio was calculated by dividing (i) Consolidated Indebtedness, which includes letters of credit and certain guarantees issued, by (ii) Capital, which includes Consolidated Indebtedness plus Net Worth, which excludes noncontrolling interest in subsidiaries.

Our Revolving Credit Facility and term loans require compliance with the following financial covenant at the end of each quarter:

	As of March 31, 2019	Covenant Requirement
Consolidated Indebtedness to Capitalization Ratio	58.1%	Less than	65%

As of March 31, 2019, we were in compliance with this covenant.