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Short-term Borrowings
 12 Months Ended
Dec. 31, 2015
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, 2015 and 2014 is summarized below:

 

    (Millions of Dollars)
    2015   2014
Established Lines at Year-End   $ 60.0     $ 60.0  
Maximum Amount Outstanding     19.0       33.5  
Average Outstanding     15.3       27.4  
Notes Payable at Year-End     3.0       19.0  
Weighted Average Interest Rate     1.19 %     1.41 %
Weighted Average Interest Rate at Year-End     1.41 %     1.17 %

 

The maturity dates for the Notes Payable as of December 31, 2015 are in January 2016 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.