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Short-Term Borrowings

6 Months Ended

Jun. 30, 2024

Note 6 – Short-term Borrowings

The Company maintains lines of credit aggregating $140.0 million.

	(Millions)
	As of June 30, 2024
	Outstanding		Available		Maximum		Credit Type	Renewal Date
Bank of America	$	10.0	$	50.0	$	60.0	Uncommitted	January 24, 2025
PNC Bank		54.8	$	13.2		68.0	Committed	January 31, 2026
CoBank, ACB		7.5		4.5		12.0	Committed	May 20, 2026
	$	72.3	$	67.7	$	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 $10.0 million outstanding from Bank of America as of June 30, 2024 matured in July 2024. The borrowings outstanding under the PNC Bank and CoBank, ACB lines of credit as of June 30, 2024 mature daily and are being rolled over on a daily basis. The proceeds of $63.6 million received in July 2024 from the Company’s 3M Settlement Agreement were used to reduce borrowings under its lines of credit. See Note 2 for additional details.

The weighted average interest rate on the outstanding borrowings at June 30, 2024 under these credit lines is 6.51%.

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

	(In Thousands)
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Average Daily Amounts Outstanding	$	62,934	$	24,220	$	56,463	$	36,848
Weighted Average Interest Rates		6.43%		6.09%		6.42%		5.75%