Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2020

Our outstanding long-term debt is shown below:


	As of December 31,
(in thousands)	2020		2019
FPU secured first mortgage bonds:
9.08% bond, due June 1, 2022	$	—	$	7,990
Uncollateralized Senior Notes:
5.50% note, due October 12, 2020	—		2,000
5.93% note, due October 31, 2023	9,000		12,000
5.68% note, due June 30, 2026	17,400		20,300
6.43% note, due May 2, 2028	5,600		6,300
3.73% note, due December 16, 2028	16,000		18,000
3.88% note, due May 15, 2029	45,000		50,000
3.25% note, due April 30, 2032	70,000		70,000
3.48% note, due May 31, 2038	50,000		50,000
3.58% note, due November 30, 2038	50,000		50,000
3.98% note, due August 20, 2039	100,000		100,000
2.98% note, due December 20, 2034	70,000		70,000
3.00% note, due July 15, 2035	50,000		—
2.96% note, due August 15, 2035	40,000		—
Term Note due February 28, 2020	—		30,000
Less: debt issuance costs	(901)		(822)
Total long-term debt	522,099		485,768
Less: current maturities	(13,600)		(45,600)
Total long-term debt, net of current maturities	$	508,499	$	440,168

Schedule of Maturities of Long-term Debt [Table Text Block]

Annual maturities and principal repayments of long-term debt are as follows:


Year	2021		2022		2023		2024		2025		Thereafter		Total
(in thousands)
Payments	$	13,600	$	17,100	$	20,600	$	17,600	$	24,600	$	429,500	$	523,000

Line of Credit Facility [Line Items]

Schedule of Line of Credit Facilities [Table Text Block]

The following table summarizes our shelf agreements at December 31, 2020:


(in thousands)	Total Borrowing Capacity		Less Amount of Debt Issued		Less Unfunded Commitments		Remaining Borrowing Capacity
Shelf Agreement
Prudential Shelf Agreement (1)	$	370,000	$	(220,000)	$	—	$	150,000
MetLife Shelf Agreement (2)	150,000		—		—		150,000
NYL Shelf Agreement (3)	150,000		(140,000)		—		10,000
Total	$	670,000	$	(360,000)	$	—	$	310,000

(1) In April 2020, we amended the Prudential Shelf Agreement to increase the available borrowing capacity by $150.0 million. The Shelf Agreement expires in April 2023. In July 2020, we issued $50 million of Prudential Shelf Notes at the rate of 3.00 percent per annum.

(2) In May 2020, we amended an agreement with MetLife to provide a new $150 million MetLife Shelf Agreement for a three-year term ending May 2023.

(3) In August 2020 we issued $40 million of NYL Shelf Notes at the rate of 2.96 percent per annum. The NYL Shelf Agreement expires in November 2021.