Line of credit facility consolidated debt to consolidated capitalization ratio, required

[Table of Contents](#ifb4765332bfb410ba6ce53d196f7d99d_7)Presented in the tables below is the aggregate credit facility commitments, commercial paper limit and letter of credit availability under the revolving credit facility, as well as the available capacity for each, as of December 31:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 2021 |
|  | Commercial Paper Limit |  | Letters of Credit |  | Total (a) |
| (In millions) |  |  |  |  |  |
| Total availability | $ | 2,100  |  |  | $ | 150  |  |  | $ | 2,250  |  |
| Outstanding debt | (584) |  |  | (76) |  |  | (660) |  |
| Remaining availability as of December 31, 2021 | $ | 1,516  |  |  | $ | 74  |  |  | $ | 1,590  |  |

(a)Total remaining availability of $1.59 billion as of December 31, 2021 may be accessed through revolver draws.

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 2020 |
|  | Commercial Paper Limit |  | Letters of Credit |  | Total (a) |
| (In millions) |  |  |  |  |  |
| Total availability | $ | 2,100  |  |  | $ | 150  |  |  | $ | 2,250  |  |
| Outstanding debt | (786) |  |  | (76) |  |  | (862) |  |
| Remaining availability as of December 31, 2020 | $ | 1,314  |  |  | $ | 74  |  |  | $ | 1,388  |  |

(a)Total remaining availability may be accessed through revolver draws.Presented in the table below is the Company’s total available liquidity as of December 31, 2021 and 2020, respectively:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Cash and Cash Equivalents |  | Availability on Revolving Credit Facility |  | Total Available Liquidity |
| (In millions) |  |  |  |  |  |
| Available liquidity as of December 31, 2021 | $ | 116  |  |  | $ | 1,590  |  |  | $ | 1,706  |  |
| Available liquidity as of December 31, 2020 | $ | 547  |  |  | $ | 1,388  |  |  | $ | 1,935  |  |

Presented in the table below is the short-term borrowing activity for AWCC for the years ended December 31:

|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
|    | 2021 |  | 2020 |
| Average borrowings | $ | 910  |  |  | $ | 1,047  |  |
| Maximum borrowings outstanding | 1,647  |  |  | 2,172  |  |
| Weighted average interest rates, computed on daily basis | 0.25  | % |  | 1.16  | % |
| Weighted average interest rates, as of December 31 | 0.20  | % |  | 0.53  | % |

The changes in average borrowings between periods were mainly attributable to the $500 million borrowed under the Term Loan Facility during 2020, which terminated and was repaid in full at maturity on March 19, 2021.The credit facility requires the Company to maintain a ratio of consolidated debt to consolidated capitalization of not more than 0.70 to 1.00. The ratio as of December 31, 2021 was 0.60 to 1.00.None of the Company’s borrowings are subject to default or prepayment as a result of a downgrading of securities, although such a downgrading could increase fees and interest charges under AWCC’s revolving credit facility.115
