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Short-term Borrowings | 9 Months Ended
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Sep. 30, 2020
Short-term Debt [Abstract] |
Short-term Borrowings | Note 6 – Short-term Borrowings The Company maintains lines of credit aggregating $140.0 million.
|  | (Millions) |  |  |  |  |  |  |  |  |
|  | As of September 30, 2020 |  |  |  |  |  |  |  | Line of Credit Renewal Date |
|  | Outstanding |  | Available |  | Maximum |  | Credit Type |  |
Bank of America |  | $ | 2.0 |  |  | $ | 58.0 |  |  | $ | 60.0 |  |  | Uncommitted |  | December 17, 2020 |
PNC Bank |  |  | 27.0 |  |  |  | 41.0 |  |  |  | 68.0 |  |  | Committed |  | January 31, 2022 |
CoBank |  |  | 7.5 |  |  |  | 4.5 |  |  |  | 12.0 |  |  | Committed |  | November 30, 2023 |
|  | $ | 36.5 |  |  | $ | 103.5 |  |  | $ | 140.0 |  |  |  |  |  |
The interest rates for borrowings under the lines of credit are set using the London InterBank Offered Rate (LIBOR) and adding a credit spread, which varies by financial institution. There is no requirement for a compensating balance under any of the established lines of credit. The Bank of America line of credit is renewed on an annual basis prior to its expiration. The weighted average interest rate on the outstanding borrowings at September 30, 2020 under these credit lines is 1.18%. The weighted average daily amounts of borrowings outstanding under the Company’s credit lines and the weighted average interest rates on those amounts were as follows:
|  |  | (In Thousands) |
|  |  | Three Months Ended |  |  | Nine Months Ended |
|  |  | September 30, |  |  | September 30, |
|  |  | 2020 |  |  |  | 2019 |  |  | 2020 |  |  |  | 2019 |
Average Daily Amounts Outstanding |  | $ | 35,576 |  |  | $ | 58,259 |  | $ | 31,372 |  |  | $ | 56,881 |
Weighted Average Interest Rates |  |  | 1.24 | % |  |  | 3.26 | % |  | 1.63 | % |  |  | 3.45 | %
The maturity dates for the $36.5 million of borrowings outstanding as of September 30, 2020 are in October 2020 through December 2020 and are renewable at the discretion of the Company.

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- Definition The entire disclosure for short-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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