XML 30 R16.htm IDEA: XBRL DOCUMENT
v3.21.1

Short-term Borrowings | 3 Months Ended
--- | ---
Mar. 31, 2021
Short-term Debt [Abstract] |
Short-term Borrowings | Note 6 – Short-term Borrowings The Company maintains lines of credit aggregating $110.0 million.
|  | (Millions) |  |  |  |  |  |  |  |  |
|  | As of March 31, 2020 |  |  |  |  |  |  |  |  |
|  | Outstanding |  | Available |  | Maximum |  | Credit Type |  | Renewal Date |
Bank of America |  | $ | - |  |  | $ | 30.0 |  |  | $ | 30.0 |  |  | Uncommitted |  | January 27, 2022 |
PNC Bank |  |  | 10.0 |  |  |  | 58.0 |  |  |  | 68.0 |  |  | Committed |  | January 31, 2023 |
CoBank |  |  | 3.0 |  |  |  | 9.0 |  |  |  | 12.0 |  |  | Committed |  | November 30, 2023 |
|  | $ | 13.0 |  |  | $ | 97.0 |  |  | $ | 110.0 |  |  |  |  |  |
The interest rate for borrowings under the lines of credit is 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. Each of the lines of credit includes a provision for a replacement benchmark for when LIBOR is fully phased-out and no longer available to set the interest rate on borrowings under these lines of credit. The weighted average interest rate on the outstanding borrowings at March 31, 2021 under these credit lines is 1.09%. The weighted average daily amounts of outstanding borrowings under the Company’s credit lines and the weighted average interest rates on those amounts were $8.0 million and $21.4 million at 1.12% and 2.58% for the three months ended March 31, 2021 and 2020, respectively. The maturity dates for the $13.0 million outstanding as of March 31, 2021 were in April 2021 and were extended at the discretion of the Company.

X
- References No definition available. + Details
Name: | us-gaap_ShortTermBorrowingsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ShortTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration