SHORT-TERM DEBT AND LINES OF CREDIT

12 Months Ended

Dec. 31, 2014

Short-term Debt [Abstract]

SHORT-TERM DEBT AND LINES OF CREDIT

Short-Term Debt and Lines of Credit

Our outstanding short-term borrowings were as follows:

(Millions, except percentages)	2014		2013				2012
Commercial paper
Amount outstanding at December 31 (1)	$	317.6	$	326.0			$	482.4
Average interest rate on amount outstanding at December 31	0.36%		0.22		%		0.40		%
Average amount outstanding during the year (2)	$	283.0	$	378.4			$	326.3
Short-term notes payable (3)
Average amount outstanding during the year (2)	$	—	$	130.4		(4)	$	—

⁽¹⁾  Maturity dates ranged from January 2, 2015, through January 16, 2015.

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

⁽³⁾  We did not have short-term notes payable outstanding at December 31, 2014, 2013, and 2012.

⁽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	2014		2013
Revolving credit facility (Integrys Energy Group) (1)	05/17/2014	$	—	$	275.0
Revolving credit facility (Integrys Energy Group) (1)	05/17/2016	—		200.0
Revolving credit facility (Integrys Energy Group) (2)	06/13/2017	285.0		635.0
Revolving credit facility (Integrys Energy Group)	05/08/2019	465.0		—
Revolving credit facility (WPS) (1)	05/17/2014	—		135.0
Revolving credit facility (WPS) (3)	05/07/2015	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		$	1,250.0	$	1,610.0
Less:
Letters of credit issued inside credit facilities		$	3.4	$	52.4
Commercial paper outstanding		317.6		326.0
Available capacity under existing agreements		$	929.0	$	1,231.6

⁽¹⁾  These credit facilities were terminated and replaced with new credit facilities in May 2014.

⁽²⁾  This credit facility was reduced by $350 million during the fourth quarter of 2014 due to the sale of IES.

⁽³⁾  We requested approval from the PSCW to extend this facility through May 8, 2019.

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.