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Short-term Borrowings

9 Months Ended

Sep. 30, 2020

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	Line of Credit Renewal Date
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.