XML 26 R14.htm IDEA: XBRL DOCUMENT
v3.21.1

Financing: | 3 Months Ended
--- | ---
Mar. 31, 2021
Debt Disclosure [Abstract] |
Debt Disclosure [Text Block] | Financing Short-term debt We had the following Notes payable outstanding in the accompanying Condensed Consolidated Balance Sheets (in thousands) as of:
| March 31, 2021 | December 31, 2020
| Balance Outstanding | Letters of Credit (a) | Balance Outstanding | Letters of Credit (a)
Term Loan | $ | 600,000 |  | $ | — |  | $ | — |  | $ | — |
Revolving Credit Facility | — |  | 16,629 |  | — |  | 24,730 |
CP Program | 215,870 |  | — |  | 234,040 |  | — |
Total Notes payable | $ | 815,870 |  | $ | 16,629 |  | $ | 234,040 |  | $ | 24,730 |
_______________ (a) Letters of credit are off-balance sheet commitments that reduce the borrowing capacity available on our corporate Revolving Credit Facility. Term Loan On February 24, 2021, we entered into a nine-month, $800 million unsecured term loan to provide additional liquidity and meet our cash needs related to the incremental fuel, purchased power and natural gas costs from Winter Storm Uri. The term loan, which matures on November 24, 2021, has an interest rate based on LIBOR plus 75 basis points, carries no prepayment penalty and is subject to the same covenant requirements as our Revolving Credit Facility. We repaid $200 million of this term loan in the first quarter of 2021. The interest rate on term loan borrowings on March 31, 2021 was 0.86%. We expect to refinance a portion of the term loan with longer-term debt prior to maturity. In the event we are unable to refinance the remaining obligation, we believe it is probable that our current plans to manage liquidity would be sufficient to meet our obligations. Revolving Credit Facility and CP Program Our net short-term borrowings related to our Revolving Credit Facility and CP Program during the three months ended March 31, 2021 decreased by $18 million. The weighted average interest rate on short-term borrowings related to our Revolving Credit Facility and CP Program at March 31, 2021 was 0.23%. Debt Covenants Under our Revolving Credit Facility and term loan agreements, 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 March 31, 2021:
| As of March 31, 2021 |  | Covenant Requirement
Consolidated Indebtedness to Capitalization Ratio | 62.6% |  | Less than | 65%

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration