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Short-term Borrowings | 9 Months Ended
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Sep. 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 September 30, 2022 |  |  |  |  |  |  |  | Renewal Date |
|  | Outstanding |  | Available |  | Maximum |  | Credit Type |  |
Bank of America |  | $ | 7.0 |  |  | $ | 53.0 |  |  | $ | 60.0 |  |  | Uncommitted |  | January 26, 2023 |
PNC Bank |  |  | 30.5 |  |  |  | 37.5 |  |  |  | 68.0 |  |  | Committed |  | January 31, 2024 |
CoBank |  |  | 3.0 |  |  |  | 9.0 |  |  |  | 12.0 |  |  | Committed |  | November 30, 2023 |
|  | $ | 40.5 |  |  | $ | 99.5 |  |  | $ | 140.0 |  |  |  |  |  |
10 Index 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. The weighted average interest rate on the outstanding borrowings at September 30, 2022 under these credit lines is 3.81%. 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:
|  |  | Three Months Ended |  |  | Nine Months Ended |
|  |  | September 30, |  |  | September 30, |
|  |  | 2022 |  |  |  | 2021 |  |  | 2022 |  |  |  | 2021 |
Average Daily Amounts Outstanding |  | $ | 33,750 |  |  | $ | 40,543 |  | $ | 22,648 |  |  | $ | 22,841 |
Weighted Average Interest Rates |  |  | 3.34 | % |  |  | 1.13 | % |  | 2.48 | % |  |  | 1.14 | %
The maturity dates for the $40.5 million outstanding as of September 30, 2022 are in October 2022 to December 2022, and were or are expected to be extended 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 https://asc.fasb.org/topic&trid=2208564 + Details
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