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Long-Term Debt | 9 Months Ended
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Sep. 30, 2021
Debt Disclosure [Abstract] |
Long Term Debt | NOTE 10. LONG-TERM DEBT On September 28, 2021, the Company issued and sold $70.0 million of 2.90 percent first mortgage bonds due in 2051 pursuant to a bond purchase agreement with institutional investors in the private placement market. The Company expects to issue and sell an additional $70.0 million of first mortgage bonds under this bond purchase agreement on December 1, 2021. In connection with the pricing of the first mortgage bonds in September 2021, the Company cash-settled four interest rate swap derivatives (notional aggregate amount of $45.0 million) and paid a net amount of $17.2 million, which will be amortized as a component of interest expense over the life of the debt. See Note 5 for a discussion of interest rate swap derivatives. The total net proceeds from the sale of the new bonds will be used to repay a portion of the borrowings outstanding under the Company’s $400.0 million committed line of credit. Because the Company is refinancing short-term debt on a long-term basis, the Company has classified $69.9 million of the committed line of credit that is expected to be paid off with the net proceeds of the first mortgage bonds to be issued in December as long-term debt.

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- Definition The entire disclosure for long-term debt. + 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 + Details
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