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Short-Term and Long-Term Borrowings
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Short-Term and Long-Term Borrowings Short-Term and Long-Term BorrowingsThe following is a summary of our outstanding short- and long-term borrowings by borrower, OTC or OTP, as of September 30, 2022 and December 31, 2021:
Short-Term Debt
The following is a summary of our lines of credit as of September 30, 2022 and December 31, 2021:
September 30, 2022December 31,
2021
(in thousands)Borrowing LimitAmount OutstandingLetters
of Credit		Amount AvailableAmount Available
OTC Credit Agreement$170,000 $— $— $170,000 $147,363 
OTP Credit Agreement170,000 — 9,919 160,081 88,315 
Total$340,000 $— $9,919 $330,081 $235,678 
On October 31, 2022, OTC entered into a Fifth Amended and Restated Credit Agreement and OTP entered into a Fourth Amended and Restated Credit Agreement, in each case amending and restating the previously existing credit agreements to extend the maturity date of each credit facility from September 30, 2026 to October 29, 2027, and to replace LIBOR as a benchmark interest rate with the Secured Overnight Finance Rate (SOFR). The adoption of SOFR as a benchmark interest rate is in advance of the scheduled elimination of LIBOR as a benchmark interest rate on June 30, 2023. No other significant terms or conditions, including borrowing capacity, credit spreads or financial covenants, were modified under these amendments and restatements.
Long-Term Debt
The following is a summary of outstanding long-term debt by borrower as of September 30, 2022 and December 31, 2021: 
(in thousands)
BorrowerDebt InstrumentRateMaturitySeptember 30,
2022		December 31,
2021
OTCGuaranteed Senior Notes3.55%12/15/26$80,000 $80,000 
OTPSeries 2007B Senior Unsecured Notes6.15%08/20/22— 30,000 
OTPSeries 2007C Senior Unsecured Notes6.37%08/02/2742,000 42,000 
OTPSeries 2013A Senior Unsecured Notes4.68%02/27/2960,000 60,000 
OTPSeries 2019A Senior Unsecured Notes 3.07%10/10/2910,000 10,000 
OTPSeries 2020A Senior Unsecured Notes3.22%02/25/3010,000 10,000 
OTPSeries 2020B Senior Unsecured Notes3.22%08/20/3040,000 40,000 
OTPSeries 2021A Senior Unsecured Notes2.74%11/29/3140,000 40,000 
OTPSeries 2007D Senior Unsecured Notes6.47%08/20/3750,000 50,000 
OTPSeries 2019B Senior Unsecured Notes3.52%10/10/3926,000 26,000 
OTPSeries 2020C Senior Unsecured Notes3.62%02/25/4010,000 10,000 
OTPSeries 2013B Senior Unsecured Notes5.47%02/27/4490,000 90,000 
OTPSeries 2018A Senior Unsecured Notes4.07%02/07/48100,000 100,000 
OTPSeries 2019C Senior Unsecured Notes3.82%10/10/4964,000 64,000 
OTPSeries 2020D Senior Unsecured Notes3.92%02/25/5015,000 15,000 
OTPSeries 2021B Senior Unsecured Notes3.69%11/29/51100,000 100,000 
OTPSeries 2022A Senior Unsecured Notes3.77%05/20/5290,000 — 
Total$827,000 $767,000 
Less:Current Maturities, Net of Unamortized Debt Issuance Costs— 29,983 
Unamortized Long-Term Debt Issuance Costs3,240 3,003 
Total Long-Term Debt, Net of Unamortized Debt Issuance Costs$823,760 $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. In November 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 in full. In May 2022, OTP issued its Series 2022A Notes for proceeds of $90.0 million, which were used to repay the Series 2007B Senior Unsecured Notes at their maturity in August 2022, to repay short-term borrowings, to fund capital expenditures, and for other general corporate purposes.
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 September 30, 2022, OTC and OTP were in compliance with these financial covenants.