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Committed Lines of Credit (Tables) | 9 Months Ended
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Sep. 30, 2021
Short-term Debt [Abstract] |
Schedule of Balances Outstanding and Interest Rates of Borrowings (Excluding Letters of Credit) | Balances outstanding and interest rates of borrowings (excluding letters of credit) under the Company’s revolving committed line of credit were as follows as of September 30, 2021 and December 31, 2020 (dollars in thousands):
|  | September 30, |  |  | December 31, |
|  | 2021 |  |  | 2020 |
Balance outstanding at end of period (1) |  | $ | 269,000 |  |  | $ | 102,000 |
Letters of credit outstanding at end of period |  | $ | 25,618 |  |  | $ | 27,618 |
Average interest rate at end of period |  |  | 1.09 | % |  |  | 1.22 | %
(1) As of September 30, 2021 there was $269.0 million outstanding under the committed line of credit; however, $199.1 million was classified as short-term borrowings and the remaining $69.9 million was classified as long-term debt on the Condensed Consolidated Balance Sheet due to the Company's intention to refinance such amount on a long-term basis. The amount classified as long-term debt will be refinanced through the issuance and sale of first mortgage bonds in December 2021 pursuant to a bond purchase agreement entered into in September 2021. See Note 10 for further discussion of the bond purchase agreement and the refinancing of short-term debt on a long-term basis. The entire outstanding amount of the committed line of credit as of December 31, 2020 was classified as short-term borrowings.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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- References No definition available. + Details
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