SHORT-TERM DEBT

12 Months Ended

Dec. 31, 2020

Short-term debt consisted of the following (in millions of dollars):


	As of December 31,
	2020			2019
Lines of Credit
Outstanding at December 31	$	—		$	55
Maximum month-end balance during the year	$	—		$	56
Weighted average interest rate during the year	—		%	2.32		%
Weighted average interest rate at December 31	—		%	2.44		%

Lines of Credit

In February 2020, the Company entered into a five-year unsecured credit agreement pursuant to which the Company may obtain loans in various currencies on a revolving basis in an aggregate amount not exceeding the U.S. Dollar equivalent of $1.25 billion ($1.25 billion credit facility), which may be increased from time to time up to $1.875 billion at the request of the Company, subject to approval from lenders and other customary conditions. The $1.25 billion credit facility replaced the Company's former $750 million unsecured revolving credit facility, originated in October 2017, which was scheduled to mature in October 2022.

There were no borrowings outstanding under the line of credit as of December 31, 2020 and 2019. The primary purpose of this credit facility is to support the Company's commercial paper program and for general corporate purposes.

Commercial Paper

The Company issues commercial paper from time to time for general working capital needs. At December 31, 2020, there was none outstanding.

The Company's short-term debt instruments include affirmative and negative covenants that are usual and customary for companies with similar credit ratings and do not contain any financial performance covenants. The Company was in compliance with all debt covenants as of December 31, 2020.