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Short-Term and Long-Term Borrowings | 3 Months Ended
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Mar. 31, 2021
Debt Disclosure [Abstract] |
Short-Term and Long-Term Borrowings | Short-Term and Long-Term Borrowings The following is a summary of our outstanding short and long-term borrowings by borrower, Otter Tail Corporation (OTC) or Otter Tail Power Company (OTP), as of March 31, 2021 and December 31, 2020: Short-Term Debt The following is a summary of our lines of credit as of March 31, 2021 and December 31, 2020:
|  |  | March 31, 2021 |  | December 31, 2020
(in thousands) | Line Limit |  | Amount Outstanding |  | Letters of Credit |  | Amount Available |  | Amount Available
OTC Credit Agreement | $ | 170,000 |  |  | $ | 78,206 |  |  | $ | — |  |  | $ | 91,794 |  |  | $ | 104,834 |
OTP Credit Agreement | 170,000 |  |  | 56,645 |  |  | 12,671 |  |  | 100,684 |  |  | 140,068 |
Total | $ | 340,000 |  |  | $ | 134,851 |  |  | $ | 12,671 |  |  | $ | 192,478 |  |  | $ | 244,902 |
Long-Term Debt The following is a summary of outstanding long-term debt by borrower as of March 31, 2021 and December 31, 2020:
|  |  |  |  |  |  |  | (in thousands)
Entity |  | Debt Instrument |  | Rate |  | Maturity |  | March 31, 2021 |  | December 31, 2020
OTC |  | Guaranteed Senior Notes |  | 3.55% |  | 12/15/26 |  | $ | 80,000 |  |  | $ | 80,000 |
OTP |  | Series 2011A Senior Unsecured Notes |  | 4.63% |  | 12/01/21 |  | 140,000 |  |  | 140,000 |
OTP |  | Series 2007B Senior Unsecured Notes |  | 6.15% |  | 08/20/22 |  | 30,000 |  |  | 30,000 |
OTP |  | Series 2007C Senior Unsecured Notes |  | 6.37% |  | 08/02/27 |  | 42,000 |  |  | 42,000 |
OTP |  | Series 2013A Senior Unsecured Notes |  | 4.68% |  | 02/27/29 |  | 60,000 |  |  | 60,000 |
OTP |  | Series 2019A Senior Unsecured Notes |  | 3.07% |  | 10/10/29 |  | 10,000 |  |  | 10,000 |
OTP |  | Series 2020A Senior Unsecured Notes |  | 3.22% |  | 02/25/30 |  | 10,000 |  |  | 10,000 |
OTP |  | Series 2020B Senior Unsecured Notes |  | 3.22% |  | 08/20/30 |  | 40,000 |  |  | 40,000 |
OTP |  | Series 2007D Senior Unsecured Notes |  | 6.47% |  | 08/20/37 |  | 50,000 |  |  | 50,000 |
OTP |  | Series 2019B Senior Unsecured Notes |  | 3.52% |  | 10/10/39 |  | 26,000 |  |  | 26,000 |
OTP |  | Series 2020C Senior Unsecured Notes |  | 3.62% |  | 02/25/40 |  | 10,000 |  |  | 10,000 |
OTP |  | Series 2013B Senior Unsecured Notes |  | 5.47% |  | 02/27/44 |  | 90,000 |  |  | 90,000 |
OTP |  | Series 2018A Senior Unsecured Notes |  | 4.07% |  | 02/07/48 |  | 100,000 |  |  | 100,000 |
OTP |  | Series 2019C Senior Unsecured Notes |  | 3.82% |  | 10/10/49 |  | 64,000 |  |  | 64,000 |
OTP |  | Series 2020D Senior Unsecured Notes |  | 3.92% |  | 02/25/50 |  | 15,000 |  |  | 15,000 |
OTC |  | PACE Note |  | 2.54% |  | 03/18/21 |  | — |  |  | 169 |
Total |  |  |  |  |  |  |  | $ | 767,000 |  |  | $ | 767,169 |
Less: | Current Maturities Net of Unamortized Debt Issuance Costs |  |  |  |  |  | 139,941 |  |  | 140,087 |
| Unamortized Long-Term Debt Issuance Costs |  |  |  |  |  | 2,574 |  |  | 2,650 |
Total Long-Term Debt Net of Unamortized Debt Issuance Costs |  |  |  | $ | 624,485 |  |  | $ | 624,432 |
Financial Covenants Certain of OTC's and OTP's short-term and long-term debt agreements require the borrower, whether OTC or OTP, to maintain certain financial covenants, including a maximum debt to total capitalization of 0.60 to 1.00, a minimum interest and dividend coverage ratio of 1.50 to 1.00, and a maximum level of priority indebtedness. As of March 31, 2021, OTC and OTP were in compliance with these financial covenants.

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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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