Short-Term Borrowing

12 Months Ended

Dec. 31, 2019

SHORT-TERM BORROWINGS

At December 31, 2019 and 2018, we had $247.4 million and $294.5 million, respectively, of short-term borrowings outstanding at the weighted average interest rates of 2.62 percent and 3.44 percent, respectively. We have an aggregate of $370.0 million in credit lines comprised of four 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. All of these facilities expire in October 2020. We incurred commitment fees of $0.1 million in 2019, 2018 and 2017. The following table summarizes our short-term borrowing facilities information at December 31, 2019 and 2018.



				Outstanding borrowings at
(in thousands)	Total Facility		LIBOR Based Interest Rate	December 31, 2019		December 31, 2018		Available at December 31, 2019
Bank Credit Facility
Committed revolving credit facility A	$	55,000	plus 0.75 percent	$	55,000	$	25,000	$	—
Committed revolving credit facility B	80,000		plus 0.75 percent	57,150		65,431		22,850
Committed revolving credit facility C	45,000		plus 0.75 percent	42,040		34,672		2,960
Committed revolving credit facility D	40,000		plus 0.85 percent	40,000		40,000		—
Committed revolving credit facility E⁽²⁾	150,000		plus 1.125 percent	50,000		125,000		100,000
Total short term credit facilities	$	370,000		$	244,190	$	290,103	$	125,810
Book overdrafts⁽¹⁾				3,181		4,355
Total short-term borrowing				$	247,371	$	294,458

⁽¹⁾ If presented, these book overdrafts would be funded through the bank revolving credit facilities.

⁽²⁾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 $250.0 million.

We are authorized by our Board of Directors to borrow up to $370.0 million of short-term debt, as required, from these short-term lines of credit. 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.

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. As of December 31, 2019, we are in compliance with all of our debt covenants.