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Financing (Tables)

9 Months Ended

Sep. 30, 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) as of:

	September 30, 2023			December 31, 2022
Amount outstanding	$	—		$	535,600
Letters of credit (a)	$	3,707		$	24,626
Available capacity	$	746,293		$	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):

	Nine Months Ended September 30,
	2023			2022
Maximum amount outstanding (based on daily outstanding balances)	$	548,700		$	508,200
Average amount outstanding (based on daily outstanding balances)	$	109,209		$	347,121
Weighted average interest rates		4.91	%		1.41	%

Summary of ATM Activity

ATM activity was as follows (net proceeds and issuance costs in millions):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
August 4, 2020 ATM Program
Proceeds, (net of issuance costs of $0, $0, $(0.5) and $(0.2), respectively)	$	-		$	-		$	48.5		$	20.2
Number of shares issued		-			-			775,225			272,592
June 16, 2023 ATM Program
Proceeds, (net of issuance costs of $(0.5), $0, $(0.6) and $0, respectively)	$	52.8		$	-		$	59.2		$	-
Number of shares issued		930,844			-			1,037,399			-
Total activity under both ATM Programs
Proceeds, (net of issuance costs of $(0.5), $0, $(1.1) and $(0.2), respectively)	$	52.8		$	-		$	107.7		$	20.2
Number of shares issued		930,844			-			1,812,624			272,592
Average price per share	$	57.33		$	-		$	60.02		$	74.84

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Summary of at-the-marke activity.

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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
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

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