Short-term Borrowings

3 Months Ended

Mar. 31, 2021

Short-term Debt [Abstract]

Short-term Borrowings

Note 6 – Short-term Borrowings

The Company maintains lines of credit aggregating $110.0 million.

	(Millions)
	As of March 31, 2020
	Outstanding		Available		Maximum		Credit Type	Renewal Date
Bank of America	$	-	$	30.0	$	30.0	Uncommitted	January 27, 2022
PNC Bank		10.0		58.0		68.0	Committed	January 31, 2023
CoBank		3.0		9.0		12.0	Committed	November 30, 2023
	$	13.0	$	97.0	$	110.0

The interest rate for borrowings under the lines of credit is set using the London InterBank Offered Rate (LIBOR) and adding a credit spread, which varies by financial institution. There is no requirement for a compensating balance under any of the established lines of credit. Each of the lines of credit includes a provision for a replacement benchmark for when LIBOR is fully phased-out and no longer available to set the interest rate on borrowings under these lines of credit.

The weighted average interest rate on the outstanding borrowings at March 31, 2021 under these credit lines is 1.09%.

The weighted average daily amounts of outstanding borrowings under the Company’s credit lines and the weighted average interest rates on those amounts were $8.0 million and $21.4 million at 1.12% and 2.58% for the three months ended March 31, 2021 and 2020, respectively.

The maturity dates for the $13.0 million outstanding as of March 31, 2021 were in April 2021 and were extended at the discretion of the Company.