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Short-Term and Long-Term Borrowings (Tables) | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Line of Credit Facilities | The following is a summary of our lines of credit as of September 30, 2024 and December 31, 2023:
|  |  | September 30, 2024 |  | December 31, 2023
(in thousands) | Borrowing Limit |  | Amount Outstanding |  | Letters of Credit |  | Amount Available |  | Amount Available
OTC Credit Agreement | $ | 170,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 170,000 |  |  | $ | 170,000 |
OTP Credit Agreement | 170,000 |  |  | 67,401 |  |  | 8,772 |  |  | 93,827 |  |  | 79,446 |
Total | $ | 340,000 |  |  | $ | 67,401 |  |  | $ | 8,772 |  |  | $ | 263,827 |  |  | $ | 249,446 |
Schedule of Debt | The following is a summary of outstanding long-term debt by borrower as of September 30, 2024 and December 31, 2023:
|  |  |  |  |  |  |  | (in thousands)
Borrower |  | Debt Instrument |  | Rate |  | Maturity |  | September 30, 2024 |  | December 31, 2023
OTC |  | Guaranteed Senior Notes |  | 3.55 | % |  | 12/15/26 |  | $ | 80,000 |  |  | $ | 80,000 |
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 2024A Senior Unsecured Notes |  | 5.48 | % |  | 04/01/34 |  | 60,000 |  |  | — |
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 |
OTP |  | Series 2022A Senior Unsecured Notes |  | 3.77 | % |  | 05/20/52 |  | 90,000 |  |  | 90,000 |
OTP |  | Series 2024B Senior Unsecured Notes |  | 5.77 | % |  | 04/01/54 |  | 60,000 |  |  | — |
Total |  |  |  |  |  |  |  | $ | 947,000 |  |  | $ | 827,000 |
Less: | Unamortized Long-Term Debt Issuance Costs |  |  |  |  |  | 3,337 |  |  | 2,941 |
Total Long-Term Debt, Net of Unamortized Debt Issuance Costs |  |  |  | $ | 943,663 |  |  | $ | 824,059 |

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- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(19)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
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