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Short-Term and Long-Term Borrowings

3 Months Ended

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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No definition available.

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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

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