SHORT-TERM BORROWINGS

6 Months Ended

Jun. 30, 2024

Short-Term Debt [Abstract]

SHORT-TERM BORROWINGS

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 2022 Revolving Credit Agreement, which is the lesser of $500 million or the amount available under our 2022 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.

Short-term borrowings consisted of the following (dollars in thousands):

	June 30, 2024			December 31, 2023
Commercial paper outstanding, net of discounts	$	116,001		$	184,205
Short-term borrowings - other	$	100		$	100
Weighted average interest rate	5.51		%	5.62		%

As of June 30, 2024, we had $116 million commercial paper outstanding and $384 million of the commercial paper back-up sublimit remained available under the 2022 Revolving Credit Agreement. See Note 8 – Long-Term Debt.