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Notes Payable, Current Maturities and Debt: | 9 Months Ended
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Sep. 30, 2020
Debt Disclosure [Abstract] |
Notes Payable, Current Maturities and Debt | Notes Payable, Current Maturities and Debt We had the following short-term debt outstanding in the accompanying Condensed Consolidated Balance Sheets (in thousands) as of:
| September 30, 2020 | December 31, 2019
| Balance Outstanding | Letters of Credit (a) | Balance Outstanding | Letters of Credit (a)
Revolving Credit Facility | $ | — |  | $ | 24,588 |  | $ | — |  | $ | 30,274 |
CP Program | 84,320 |  | — |  | 349,500 |  | — |
Total | $ | 84,320 |  | $ | 24,588 |  | $ | 349,500 |  | $ | 30,274 |
_______________ (a) Letters of credit are off-balance sheet commitments that reduce the borrowing capacity available on our corporate Revolving Credit Facility. For the nine months ended September 30, 2020, we utilized a combination of our $750 million Revolving Credit Facility and CP Program to meet our business needs and support our capital investment plan. Our net short-term borrowings (payments) during the nine months ended September 30, 2020 were $(265) million. Debt Covenants Under our Revolving Credit Facility and term loan agreement, we are required to maintain a Consolidated Indebtedness to Capitalization Ratio not to exceed 0.65 to 1.00. Our Consolidated Indebtedness to Capitalization Ratio was calculated by dividing (i) consolidated indebtedness, which includes letters of credit and certain guarantees issued, by (ii) capital, which includes consolidated indebtedness plus consolidated net worth, which excludes noncontrolling interest in subsidiaries. Subject to applicable cure periods, a violation of any of these covenants would constitute an event of default that entitles the lenders to terminate their remaining commitments and accelerate all principal and interest outstanding. Our Revolving Credit Facility and term loans require compliance with the following financial covenant, which we were in compliance with at September 30, 2020:
| As of September 30, 2020 |  | Covenant Requirement
Consolidated Indebtedness to Capitalization Ratio | 59.3% |  | Less than | 65%
Debt Offering On June 17, 2020, we completed a public debt offering which consisted of $400 million of 2.50% 10-year senior unsecured notes due June 15, 2030. The proceeds were used to repay short-term debt and for working capital and general corporate purposes. South Dakota Electric Series 94A Debt On March 24, 2020, South Dakota Electric paid off its $2.9 million, Series 94A variable rate notes due June 1, 2024. These notes were tendered by the sole investor on March 17, 2020.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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