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v3.22.1

Short-Term and Long-Term Borrowings | 3 Months Ended
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Mar. 31, 2022
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, OTC or Otter Tail Power (OTP), as of March 31, 2022 and December 31, 2021: Short-Term Debt The following is a summary of our lines of credit as of March 31, 2022 and December 31, 2021:
|  |  | March 31, 2022 |  | December 31, 2021
(in thousands) | Line Limit |  | Amount Outstanding |  | Letters of Credit |  | Amount Available |  | Amount Available
OTC Credit Agreement | $ | 170,000 |  |  | $ | 43,281 |  |  | $ | — |  |  | $ | 126,719 |  |  | $ | 147,363 |
OTP Credit Agreement | 170,000 |  |  | 54,489 |  |  | 7,844 |  |  | 107,667 |  |  | 88,315 |
Total | $ | 340,000 |  |  | $ | 97,770 |  |  | $ | 7,844 |  |  | $ | 234,386 |  |  | $ | 235,678 |
Long-Term Debt The following is a summary of outstanding long-term debt by borrower as of March 31, 2022 and December 31, 2021:
|  |  |  |  |  |  |  | (in thousands)
Entity |  | Debt Instrument |  | Rate |  | Maturity |  | March 31, 2022 |  | December 31, 2021
OTC |  | Guaranteed Senior Notes |  | 3.55% |  | 12/15/26 |  | $ | 80,000 |  |  | $ | 80,000 |
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 2021A Senior Unsecured Notes |  | 2.74% |  | 11/29/31 |  | 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 |
OTP |  | Series 2021B Senior Unsecured Notes |  | 3.69% |  | 11/29/51 |  | 100,000 |  |  | 100,000 |
Total |  |  |  |  |  |  |  | $ | 767,000 |  |  | $ | 767,000 |
Less: | Current Maturities, Net of Unamortized Debt Issuance Costs |  |  |  |  |  | 29,990 |  |  | 29,983 |
| Unamortized Long-Term Debt Issuance Costs |  |  |  |  |  | 2,936 |  |  | 3,003 |
Total Long-Term Debt, Net of Unamortized Debt Issuance Costs |  |  |  | $ | 734,074 |  |  | $ | 734,014 |
On June 10, 2021, OTP entered into a Note Purchase Agreement pursuant to which OTP agreed to issue, in a private placement transaction, $230.0 million of senior unsecured notes consisting of (a) $40.0 million of 2.74% Series 2021A Senior Unsecured Notes due November 29, 2031, (b) $100.0 million of 3.69% Series 2021B Senior Unsecured Notes due November 29, 2051 and (c) $90.0 million of 3.77% Series 2022A Senior Unsecured Notes due May 20, 2052. During the year ended December 31, 2021, OTP issued its Series 2021A and Series 2021B notes for aggregate proceeds of $140.0 million, which were used to repay the Series 2011A notes. The issuance of the Series 2022A notes is scheduled to close, subject to the satisfaction of certain customary conditions to closing, in May 2022. Financial Covenants Certain of OTC's and OTP's short- and long-term debt agreements require the borrower, whether OTC or OTP, to maintain certain financial covenants, including a maximum debt to total capitalization ratio 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, 2022, 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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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