The Hershey Company | 2020 Form 10-K | Page 65 Table of Contents The maximum amount of short-term borrowings outstanding during 2020 and 2019 was $944,944 and $1,275,430, respectively. The weighted- average interest rate on short-term borrowings outstanding was 1.2% as of December 31, 2020 and 2.4% as of December 31, 2019. At December 31, 2020 and 2019, we had no outstanding commercial paper. In addition to the revolving credit facility, we maintain lines of credit with domestic and international commercial banks. Our credit limit in various currencies was $266,935 at December 31, 2020 and $390,299 at December 31, 2019. These lines permit us to borrow at the respective banks’ prime commercial interest rates, or lower. We had short-term foreign bank loans against these lines of credit for $74,041 at December 31, 2020 and $32,282 at December 31, 2019. Commitment fees relating to our revolving credit facility and lines of credit are not material. The unsecured committed revolving credit agreement contains a financial covenant whereby the ratio of (a) pre-tax income from operations from the most recent four fiscal quarters to (b) consolidated interest expense for the most recent four fiscal quarters may not be less than 2.0 to 1.0 at the end of each fiscal quarter. The credit agreement also contains customary representations, warranties and events of default. Payment of outstanding advances may be accelerated, at the option of the lenders, should we default in our obligation under the credit agreement. As of December 31, 2020, we are in compliance with all affirmative and negative covenants and the financial covenant pertaining to our credit agreement. There were no significant compensating balance agreements that legally restricted these funds. As a source of short-term financing, we utilize cash on hand and commercial paper or bank loans with an original maturity of three months or less. We maintain a $1.5 billion unsecured revolving credit facility with the option to increase borrowings by an additional $500 million with the consent of the lenders. This facility is scheduled to expire on July 2, 2024; however, we may extend the termination date for up to two additional one-year periods upon notice to the administrative agent under the facility. Total amortization expense for the years ended December 31, 2020, 2019 and 2018 was $46,472, $46,690 and $38,555, respectively. Amortization expense for the next five years, based on current intangible asset balances, is estimated to be as follows: 4. SHORT AND LONG-TERM DEBT Short-term Debt THE HERSHEY COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) (amounts in thousands, except share data or if otherwise indicated) Year ending December 31, 2021 2022 2023 2024 2025 Amortization expense $ 46,329  $ 46,315  $ 46,121  $ 45,540  $ 45,540 