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Short-term Borrowings

12 Months Ended

Dec. 31, 2018

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, 2018 and 2017 is summarized below:

		(Millions of  Dollars)
		2018				2017
Established Lines at Year-End		$	92.0			$	92.0
Maximum Amount Outstanding			48.5				28.0
Average Outstanding			37.3				18.6
Notes Payable at Year-End			48.5				28.0
Weighted Average Interest Rate			3.17	%			2.15	%
Weighted Average Interest Rate at Year-End			3.57	%			2.54	%

The maturity dates for the Notes Payable as of December 31, 2018 are in January 2019 through March 2019 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.

The Company increased its available lines of credit to $100.0 million in February 2019.

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- References

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- Definition

The entire disclosure for short-term debt.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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