SHORT-TERM BORROWINGS

At December 31, 2017 and 2016, we had $251.0 million and $209.9 million, respectively, of short-term borrowings outstanding at the weighted average interest rates of 2.42 percent and 1.43 percent, respectively. In October 2015, we entered into a Credit Agreement with the Lenders for a $150.0 million Revolver through October 2020 subject to the terms and conditions as specified. In November 2017, we entered into a new $40.0 million short-term credit facility with a new lender. As a result, we now have an aggregate of $370.0 million in credit lines comprised of five unsecured bank credit facilities with four financial institutions, with $220.0 million in total available credit, and a Revolver with five participating Lenders totaling $150.0 million. We incurred commitment fees of $131,000, $145,000 and $106,000 in 2017, 2016 and 2015, respectively. The following table summarizes our short-term borrowing facilities information at December 31, 2017 and 2016.



					Outstanding borrowings at
(in thousands)	Total Facility		Interest Rate	Expiration Date	December 31, 2017		December 31, 2016		Available at December 31, 2017
Bank Credit Facility
Committed revolving credit facility A	$	55,000	LIBOR plus 1.00 percent ⁽¹⁾	October 28, 2018	$	55,000	$	45,000	$	—
Committed revolving credit facility B	30,000		LIBOR plus 1.00 percent ⁽¹⁾	October 31, 2018	20,500		21,311		9,500
Short-term revolving credit note C	50,000		LIBOR plus 0.80 percent ⁽²⁾	October 31, 2018	50,000		50,000		—
Committed revolving credit facility D	45,000		LIBOR plus 0.85 percent ⁽³⁾	October 31, 2018	40,171		35,000		4,829
Committed revolving credit facility E	40,000		LIBOR plus 0.85 percent ⁽³⁾	October 31, 2018	—		—		40,000
Committed revolving credit facility F⁽⁵⁾	150,000		LIBOR plus 1.00 percent ⁽¹⁾	October 08, 2020	75,000		50,000		75,000
Total short term credit facilities	$	370,000			$	240,671	$	201,311	$	129,329
Book overdrafts⁽⁴⁾					10,298		8,560
Total short-term borrowing					$	250,969	$	209,871

⁽¹⁾ This facility bears interest at LIBOR for the applicable period plus up to 1.00 percent, based on Total Indebtedness as a percentage of Total Capitalization.

⁽²⁾ At our discretion, the borrowings under this facility can bear interest at the lender's base rate plus 0.80 percent.

⁽³⁾At our discretion, the borrowing under this facility can bear interest at the lender's base rate plus 0.85 percent.

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

⁽⁵⁾This committed revolving credit facility includes a restriction that our short-term borrowings, excluding any borrowings under the committed revolving

credit facility, shall not exceed $200.0 million.

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 are authorized by our Board of Directors to borrow up to $275.0 million of short-term debt, as required, from these short-term lines of credit. As of February 27, 2018 the Board increased this limit from $275.0 million to $350.0 million.

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. We are in compliance with all of our debt covenants.