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SHORT-TERM DEBT AND LINES OF CREDIT
 12 Months Ended
Dec. 31, 2021
Short-term Debt [Abstract]  
SHORT-TERM DEBT AND LINES OF CREDIT SHORT-TERM DEBT AND LINES OF CREDIT
The following table shows our short-term borrowings and their corresponding weighted-average interest rates as of December 31:
(in millions, except percentages)20212020
Commercial paper
Amount outstanding at December 31$331.0 $210.5 
Average interest rate on amounts outstanding at December 310.21 %0.18 %

Our average amount of commercial paper borrowings based on daily outstanding balances during 2021 was $171.6 million, with a weighted-average interest rate during the period of 0.16%.

We have entered into a bank back-up credit facility to maintain short-term credit liquidity which, among other terms, requires us to maintain, subject to certain exclusions, a total funded debt to capitalization ratio of 65% or less. As of December 31, 2021, we were in compliance with this ratio.

The information in the table below relates to our revolving credit facility used to support our commercial paper borrowing program, including remaining available capacity under this facility as of December 31:
(in millions)Maturity2021
Revolving credit facility (1)
October 2022$400.0 
Less:  
Letters of credit issued inside credit facility1.3 
Commercial paper outstanding331.0 
Available capacity under existing agreement $67.7 

(1)    We intend to request approval from the PSCW to extend the maturity of our credit facility to September 2026. Lenders have agreed to the extension, subject to our receipt of PSCW approval.

This facility has a renewal provision for two extensions, subject to lender approval. Each extension is for a period of one year.

Our bank back-up credit facility contains customary covenants, including certain limitations on our ability to sell assets. The credit facility also contains customary events of default, including payment defaults, material inaccuracy of representations and warranties, covenant defaults, bankruptcy proceedings, certain judgments, Employee Retirement Income Security Act of 1974 defaults and change of control.