SHORT-TERM BORROWINGS

At December 31, 2015 and 2014, we had $173.4 million and $88.2 million, respectively, of short-term borrowings outstanding. On October 8, 2015, we entered into a Credit Agreement with the Lenders for a $150.0 million Revolver for a term of five years subject to the terms and conditions as specified. On October 31, 2015, two credit facilities available under uncommitted lines of credit, totaling $40.0 million expired and were not renewed. As a result, we now have four unsecured bank credit facilities with three financial institutions with $170.0 million in total available credit and a Revolver with five participating Lenders totaling $150.0 million. The annual weighted average interest rates on our short-term borrowings were 1.30 percent and 1.15 percent for 2015 and 2014, respectively. We incurred commitment fees of $106,000 and $87,000 in 2015 and 2014, respectively.



					Outstanding borrowings at
(in thousands)	Total Facility		Interest Rate	Expiration Date	December 31, 2015		December 31, 2014		Available at December 31, 2015
Bank Credit Facility
Committed revolving credit facility A	$	55,000	LIBOR plus 1.25 percent	October 31, 2016	$	30,000	$	20,000	$	25,000
Committed revolving credit facility B	30,000		LIBOR plus 1.25 percent ⁽¹⁾	October 31, 2016	23,757		16,040		6,243
Committed revolving credit facility C	35,000		LIBOR plus 0.85 percent	December 20, 2016	30,000		—		5,000
Committed revolving credit facility D	150,000		LIBOR plus 1.25 percent ⁽²⁾	October 8, 2020	35,000		—		115,000
Short-term revolving credit Note E	50,000		LIBOR plus 0.80 percent ⁽³⁾	October 31, 2016	50,000		50,000		—
Total short term credit facilities	$	320,000			$	168,757	$	86,040	$	151,243
Book overdrafts⁽⁴⁾					4,640		2,191
Total short-term borrowing					$	173,397	$	88,231

⁽¹⁾ This facility bears interest at LIBOR for the applicable period plus up to 1.25 percent, if requested three days prior to the advance date. If requested and

advanced on the same day, this facility bears interest at a base rate plus up to 1.25 percent.

⁽²⁾This facility bears interest at LIBOR for the applicable period plus 1.25 percent or less, based on Total Indebtedness as a percentage of Total Capitalization.

⁽³⁾ At our discretion, the borrowings under this facility can bear interest at the lender's base rate plus 0.80 percent.

⁽⁴⁾ If presented, these book overdrafts would be funded through the bank revolving credit facilities.

These bank credit facilities are available to provide funds for our short-term cash needs to meet seasonal working capital requirements and to temporarily fund portions of our capital expenditures. We were previously authorized by our Board of Directors to borrow up to $200.0 million of short-term debt, as required, from these short-term lines of credit. In February 2016, the Board of Directors, authorized an increase which allows us to borrow up to $275.0 million of short-term debt.

The availability of funds under our credit facilities is subject to conditions specified in the respective credit agreements, all of which we currently satisfy. These conditions include our compliance with financial covenants and the continued accuracy of representations and warranties contained in these agreements. We are required by the financial covenants in our revolving credit facilities to maintain, at the end of each fiscal year:


•	a funded indebtedness ratio of no greater than 65 percent; and


•	a fixed charge coverage ratio of at least 1.20 to 1.0.

We are in compliance with all of our debt covenants.