XML 25 R14.htm IDEA: XBRL DOCUMENT v3.22.2
Financing:
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Financing Financing
Short-term Debt

We had the following Notes payable outstanding in the accompanying Condensed Consolidated Balance Sheets (in thousands) as of:

June 30, 2022December 31, 2021
Balance Outstanding
Letters of Credit (a)
Balance Outstanding
Letters of Credit (a)
Revolving Credit Facility— 14,239 — 27,209 
CP Program335,050 — 420,180 — 
Total Notes payable$335,050 $14,239 $420,180 $27,209 
__________
(a) Letters of credit are off-balance sheet commitments that reduce the borrowing capacity available on our corporate Revolving Credit Facility.

Revolving Credit Facility and CP Program

Our net short-term repayments related to our Revolving Credit Facility and CP Program during the six months ended June 30, 2022 were $85 million. The weighted average interest rate on short-term borrowings related to our Revolving Credit Facility and CP Program at June 30, 2022 was 1.74%.

Debt Covenants

Revolving Credit Facility

Under our Revolving Credit Facility, we are required to maintain a Consolidated Indebtedness to Capitalization Ratio not to exceed 0.65 to 1.00. 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.

We were in compliance with our covenants at June 30, 2022 as shown below:

As of June 30, 2022Covenant Requirement
Consolidated Indebtedness to Capitalization Ratio60.8%Less than65%

Wyoming Electric

Covenants within Wyoming Electric's financing agreements require Wyoming Electric to maintain a debt to capitalization ratio of no more than 0.60 to 1.00. As of June 30, 2022, Wyoming Electric’s debt to capitalization ratio was 50%, which was in compliance with these financial covenants.

Equity

At-the-Market Equity Offering Program

During the three months ended June 30, 2022, we issued a total of 0.2 million shares of common stock under the ATM for proceeds of $16 million, net of $0.2 million in issuance costs. During the six months ended June 30, 2022, we issued a total of 0.3 million shares of common stock under the ATM for proceeds of $20 million, net of $0.2 million in issuance costs. During the three and six months ended June 30, 2021, we issued a total of 0.6 million shares of common stock under the ATM for proceeds of $40 million, net of $0.4 million in issuance costs.