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Short-Term Borrowings | 12 Months Ended
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Dec. 31, 2024
Short-Term Borrowings [Abstract] |
Short-term Borrowings | Note 5 – Short-term Borrowings Information regarding the Company’s short-term borrowings for the years ended December 31, 2024 and 2023 is summarized below:
|  | ($ In Millions)
|  | 2024 |  | 2023
Average Amount Outstanding |  | $ | 38.7 |  |  | $ | 35.7 |
Weighted Average Interest Rate |  |  | 6.33% |  |  |  | 6.13% |
Notes Payable at Year-End |  | $ | 23.0 |  |  | $ | 42.8 |
Weighted Average Interest Rate at Year-End |  |  | 5.63% |  |  |  | 6.50% |
The Company maintains bank lines of credit aggregating $140.0 million.
|  | (In Millions) |  |  |  |
|  | As of December 31, 2024 |  |  |  | Line of Credit
|  | Outstanding |  | Available |  | Maximum |  | Credit Type |  | Expiration Date
Bank of America |  | $ | — |  |  | $ | 60.0 |  |  | $ | 60.0 |  |  | Uncommitted |  | January 23, 2026
PNC Bank |  |  | 23.0 |  |  |  | 45.0 |  |  |  | 68.0 |  |  | Committed |  | January 31, 2027
CoBank, ACB (CoBank) |  |  | — |  |  |  | 12.0 |  |  |  | 12.0 |  |  | Committed |  | May 20, 2026
|  | $ | 23.0 |  |  | $ | 117.0 |  |  | $ | 140.0 |  |  |  |  |
The maturity dates for the Notes Payable as of December 31, 2024 are extendable at the discretion of the Company. 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 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.

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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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