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Short-term Borrowings

12 Months Ended

Dec. 31, 2021

Note 5 - Short-term Borrowings

Information regarding the Company’s short-term borrowings for the years ended December 31, 2021 and 2020 is summarized below:

	(Millions of Dollars)
	2021			2020
Average Amount Outstanding	$	23.7		$	28.3
Weighted Average Interest Rate		1.12	%		1.55	%
Notes Payable at Year-End	$	13.0		$	2.0
Weighted Average Interest Rate at Year-End		1.04	%		1.04	%

The Company maintained lines of credit aggregating $110.0 million and $140.0 million at December 31, 2021 and 2020, respectively.

		(Millions)
		As of December 31, 2021						Line of Credit
		Outstanding		Available		Maximum	Credit Type	Renewal Date
Bank of America	$	-	$	30.0	$	30.0	Uncommitted	January 26, 2023
PNC Bank		12.0		56.0		68.0	Committed	January 31, 2024
CoBank		1.0		11.0		12.0	Committed	November 30, 2023
	$	13.0	$	97.0	$	110.0

Index

The Company's Bank of America line of credit was renewed on January 27, 2022 and will increase to $60.0 million, increasing the Company's total available lines of credit to $140.0 million. The Bank of America line of credit is renewed on an annual basis.

The maturity dates for the Notes Payable as of December 31, 2021 are in January 2022 and are extendable at the discretion of the Company.

The interest rates for borrowings under the lines of credit through December 31, 2021 were set using the London InterBank Offered Rate (LIBOR) and adding a credit spread, which varies by financial institution. Beginning in January 2022, borrowing rates will be set using the Bloomberg Short-Term Bank Yield Index. There is no requirement for a compensating balance under any of the established lines of credit.