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Short-Term Borrowings

3 Months Ended

Mar. 31, 2024

Note 6 – Short-term Borrowings

The Company maintains lines of credit aggregating $140.0 million.

	(Millions)
	As of March 31, 2024
	Outstanding		Available		Maximum		Credit Type	Renewal Date
Bank of America	$	—	$	60.0	$	60.0	Uncommitted	January 24, 2025
PNC Bank		51.0	$	17.0		68.0	Committed	January 31, 2026
CoBank, ACB		7.0		5.0		12.0	Committed	May 20, 2026
	$	58.0	$	82.0	$	140.0

The interest rates are set for borrowings under the Bank of America and PNC Bank lines of credit using the Secured Overnight Financing Rate (SOFR) and then adding a specific financial institution credit spread. The interest rate for borrowings under the CoBank, ACB (CoBank) line of credit are set weekly using CoBank’s internal cost of funds index that is similar to the SOFR 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 March 31, 2024 under these credit lines is 6.46%.

The weighted average daily amounts of borrowings outstanding under these credit lines and the weighted average interest rates on those amounts were as follows:

	Three Months Ended
	March 31,
	2024			2023
Average Daily Amounts Outstanding	$	49,992		$	54,561
Weighted Average Interest Rates		6.42	%		5.52	%

All borrowings outstanding under the lines of credit as of March 31, 2024 mature daily and are currently being rolled over on a daily basis.