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Short-term Borrowings | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Short-term Borrowings | Note 5 – Short-term Borrowings Information regarding the Company’s short-term borrowings for the years ended December 31, 2022 and 2021 is summarized below:
|  | (Millions of Dollars) |
|  | 2022 |  |  | 2021 |
Average Amount Outstanding |  | $ | 28.9 |  |  | $ | 23.7 |
Weighted Average Interest Rate |  |  | 3.34 | % |  |  | 1.12 | %
Notes Payable at Year-End |  | $ | 55.5 |  |  | $ | 13.0 |
Weighted Average Interest Rate at Year-End |  |  | 5.17 | % |  |  | 1.04 | %
The Company maintains bank lines of credit aggregating $140.0 million.
|  | (Millions) |  |  |  |  |
|  | As of December 31, 2022 |  |  |  |  | Line of Credit
|  | Outstanding |  |  | Available |  |  | Maximum |  |  | Credit Type |  | Renewal Date
Bank of America |  | $ | 15.0 |  |  | $ | 45.0 |  |  | $ | 60.0 |  |  | Uncommitted |  | January 25, 2024
PNC Bank |  |  | 39.5 |  |  |  | 28.5 |  |  |  | 68.0 |  |  | Committed |  | January 31, 2024
CoBank, ACB (CoBank) |  |  | 1.0 |  |  |  | 11.0 |  |  |  | 12.0 |  |  | Committed |  | November 30, 2023
|  | $ | 55.5 |  |  | $ | 84.5 |  |  | $ | 140.0 |  |  |  |  |
The Bank of America line of credit is renewed on an annual basis and was increased from $30 million to $60 million in January 2022. The maturity dates for the Notes Payable as of December 31, 2022 are in January 2023 through March 2023 and are extendable at the discretion of the Company. The interest rates for borrowings under the Bank of America and PNC Bank lines of credit are 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.

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- Definition The entire disclosure for short-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent + Details
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