Short-term Borrowings

12 Months Ended

Dec. 31, 2019

Short-term Debt [Abstract]

Short-term Borrowings

Note 5 – Short-term Borrowings

Information regarding the Company’s short-term borrowings for the years ended December 31, 2019 and 2018 is summarized below:

	(Millions of Dollars)
	2019			2018
Established Lines at Year-End	$	140.0		$	92.0
Maximum Amount Outstanding		59.4			48.5
Average Outstanding		52.4			37.3
Notes Payable at Year-End		20.0			48.5
Weighted Average Interest Rate		3.33	%		3.17	%
Weighted Average Interest Rate at Year-End		2.86	%		3.57	%

The maturity dates for the Notes Payable as of December 31, 2019 are in January 2020 and are extendable at the discretion of the Company.

Interest rates for short-term borrowings are below the prime rate with no requirement for compensating balances.