SHORT-TERM BORROWINGS

3 Months Ended

Mar. 31, 2020

SHORT-TERM BORROWINGS

SHORT-TERM BORROWINGS

NOTE 9 – SHORT-TERM BORROWINGS 

We have a commercial paper program under which we issue unsecured commercial paper in aggregate amounts not exceeding the commercial paper back-up sublimit under our Revolving Credit Agreement, which is the lesser of $500 million or the amount available under our Revolving Credit Agreement. The commercial paper issuances are used to provide an additional financing source for our short-term liquidity needs. The maturities of the commercial paper issuances vary, but may not exceed 397 days from the date of issue. The commercial paper notes are classified as current and are included in current liabilities as short-term borrowings on our consolidated statements of financial position.

Commercial paper consisted of the following (dollars in thousands):

	March 31,			December 31,
	2020			2019
Commercial paper outstanding, net of discounts	$	164,723		$	252,323
Weighted average interest rate		1.83	%		1.88	%

At March 31, 2020,  $285.0 million of the commercial paper back-up sublimit remained available under the Revolving Credit Agreement. See Note 8 – Long-Term Debt.