XML 28 R16.htm IDEA: XBRL DOCUMENT
v3.22.2

Short-term Borrowings | 6 Months Ended
--- | ---
Jun. 30, 2022
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 June 30, 2022 |  |  |  |  |  |  |  | Renewal Date |
|  | Outstanding |  | Available |  | Maximum |  | Credit Type |  |
Bank of America |  | $ | 2.0 |  |  | $ | 58.0 |  |  | $ | 60.0 |  |  | Uncommitted |  | January 26, 2023 |
PNC Bank |  |  | 25.5 |  |  |  | 42.5 |  |  |  | 68.0 |  |  | Committed |  | January 31, 2024 |
CoBank |  |  | - |  |  |  | 12.0 |  |  |  | 12.0 |  |  | Committed |  | November 30, 2023 |
|  | $ | 27.5 |  |  | $ | 112.5 |  |  | $ | 140.0 |  |  |  |  |  |
The interest rate for borrowings under the Bank of America and PNC Bank lines of credit is set using the Bloomberg Short-Term Bank Yield Index and adding a credit spread, which varies by financial institution. The interest rate for borrowings under the CoBank line of credit are set weekly using CoBank’s internal cost of funds index that is similar to the Standard Overnight Financing Rate and adding a credit spread. There is no requirement for a compensating balance under any of the established lines of credit. 11 Index The weighted average interest rate on the outstanding borrowings at June 30, 2022 under these credit lines is 2.16%. The weighted average daily amounts of borrowings outstanding under the Company’s lines of credit and the weighted average interest rates on those amounts were as follows:
|  | (In Thousands) |
|  |  | Three Months Ended |  |  | Six Months Ended |
|  |  | June 30, |  |  | June 30, |
|  |  | 2022 |  |  |  | 2021 |  |  | 2022 |  |  |  | 2021 |
Average Daily Amounts Outstanding |  | $ | 20,527 |  |  | $ | 19,665 |  | $ | 17,006 |  |  | $ | 13,843 |
Weighted Average Interest Rates |  |  | 1.88 | % |  |  | 1.18 | % |  | 1.58 | % |  |  | 1.16 | %
The maturity dates for the $27.5 million outstanding as of June 30, 2022 are in July 2022 and August 2022 and were or are expected to be 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 https://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