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Financing (Tables) | 3 Months Ended
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Mar. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Short-term Debt | Our Revolving Credit Facility and CP Program, which are classified as Notes payable on the Consolidated Balance Sheets, had the following borrowings, outstanding letters of credit, and available capacity (dollars in thousands):
| March 31, 2023 |  | December 31, 2022 |
Amount outstanding | $ | — |  | $ | 535,600 |
Letters of credit (a) | $ | 2,401 |  | $ | 24,626 |
Available capacity | $ | 747,599 |  | $ | 189,774 |
Weighted average interest rates | N/A |  |  | 4.88 | %
(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 borrowing activity was as follows (dollars in thousands):
| Three Months Ended March 31, |
| 2023 |  | 2022 |
Maximum amount outstanding (based on daily outstanding balances) | $ | 548,700 |  | $ | 429,000 |
Average amount outstanding (based on daily outstanding balances) | $ | 331,268 |  | $ | 360,823 |
Weighted average interest rates |  | 4.91 | % |  | 0.44 | %
Credit Facility and Short Term Debt Covenants | We were in compliance with our covenants at March 31, 2023, as shown below:
| As of March 31, 2023 | Covenant Requirement
Consolidated Indebtedness to Capitalization Ratio | 59.1% | Less than 65%
Summary of ATM Activity | ATM activity was as follows (net proceeds and issuance costs in millions):
| Three Months Ended March 31, |
| 2023 |  | 2022 |
Proceeds, (net of issuance costs of $(0.3), $(0.0) respectively) | $ | 27.4 |  | $ | 3.8 |
Average price per share | $ | 62.21 |  | $ | 68.79 |
Number of shares issued |  | 445,578 |  |  | 55,707 |

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- Definition Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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