SHORT-TERM DEBT AND LINES OF CREDIT

12 Months Ended

Dec. 31, 2013

Short-term Debt [Abstract]

SHORT-TERM DEBT AND LINES OF CREDIT

Short-Term Debt and Lines of Credit

Information about our short-term borrowings was as follows:

(Millions, except percentages)	2013			2012			2011
Commercial paper
Amount outstanding at December 31 (1)	$	326.0		$	482.4		$	303.3
Average interest rate on amount outstanding at December 31	0.22%			0.40		%	0.31		%
Average amount outstanding during the year (2)	$	378.4		$	326.3		$	134.9
Short-term notes payable (3)
Average amount outstanding during the year (2)	$	130.4	(4)	$	—		$	3.6

⁽¹⁾  Maturity dates ranged from January 2, 2014, through January 27, 2014.

⁽²⁾  Based on daily outstanding balances during the year.

⁽³⁾  We did not have short-term notes payable outstanding at December 31, 2013, 2012, and 2011.

⁽⁴⁾  Average amount outstanding of a $200.0 million loan used for the purchase of Fox Energy Company LLC. This loan was repaid in November 2013. See Note 3, Acquisitions, for more information regarding this purchase.

We manage our liquidity by maintaining adequate external financing commitments. The information in the table below relates to our revolving credit facilities used to support our commercial paper borrowing program, including remaining available capacity under these facilities as of December 31:

(Millions)	Maturity	2013		2012
Revolving credit facility (Integrys Energy Group)	05/17/2014	$	275.0	$	275.0
Revolving credit facility (Integrys Energy Group)	05/17/2016	200.0		200.0
Revolving credit facility (Integrys Energy Group)	06/13/2017	635.0		635.0
Revolving credit facility (WPS)	05/17/2014	135.0		135.0
Revolving credit facility (WPS)	06/13/2017	115.0		115.0
Revolving credit facility (PGL)	06/13/2017	250.0		250.0
Total short-term credit capacity		$	1,610.0	$	1,610.0
Less:
Letters of credit issued inside credit facilities		$	52.4	$	25.5
Commercial paper outstanding		326.0		482.4
Available capacity under existing agreements		$	1,231.6	$	1,102.1

Our revolving credit agreements and those of certain of our subsidiaries contain financial and other covenants, including but not limited to, a requirement to maintain a debt to total capitalization ratio not to exceed 65%, excluding non-recourse debt. Failure to comply with these covenants could result in an event of default, which could result in the acceleration of outstanding debt obligations.