| Debt |
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| |
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September 30, |
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December 31, |
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September 30, |
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2011 |
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2010 |
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2010 |
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5.375%
Senior Notes, due 2012
1
|
|
$ |
399.9 |
|
|
$ |
399.9 |
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$ |
399.9 |
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5.9% Senior Notes, due 2017 2
|
|
|
399.4 |
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|
399.3 |
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|
399.3 |
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6.55% Senior Notes, due 2037 3
|
|
|
398.6 |
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|
398.6 |
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|
398.6 |
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Note payable
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0.1 |
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0.5 |
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0.1 |
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Total debt
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|
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1,198.0 |
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1,198.3 |
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1,197.9 |
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Less: short-term debt including current maturities
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0.0 |
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0.3 |
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|
0.0 |
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Long-term debt
|
|
$ |
1,198.0 |
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|
$ |
1,198.0 |
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|
$ |
1,197.9 |
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| 1 |
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Interest payments are due on February 15 and August 15, and, as of
September 30, 2011, the unamortized debt discount is $0.1 million. These Notes will mature
on November 15, 2012. |
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| 2 |
|
Interest payments are due on April 15 and October 15, and, as of September
30, 2011, the unamortized debt discount is $0.6 million. |
| |
| 3 |
|
Interest payments are due on May 15 and November 15, and, as of September
30, 2011, the unamortized debt discount is $1.4 million. |
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Currently, we have the ability to borrow $1.2 billion in additional funds through our
commercial paper program, which is supported by our $1.2 billion three-year credit agreement
(our “credit facility”) that will terminate on July 30, 2013. We pay a commitment fee of 15.0 to
35.0 basis points for our credit facility, depending on our credit rating, whether or not
amounts have been borrowed and currently pay a commitment fee of 20.0 basis points. The interest
rate on borrowings under our credit facility is, at our option, calculated using rates that are
primarily based on either the prevailing London Inter-Bank Offer Rate, the prime rate determined
by the administrative agent or the Federal funds rate. For certain borrowings under this credit
facility there is also a spread based on our credit rating added to the applicable rate. As of
September 30, 2011, we have not utilized our credit facility for additional funds. |
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Our credit facility contains certain covenants. The only financial covenant requires that our
indebtedness to cash flow ratio, as defined in our credit facility, is not greater than 4 to 1,
and this covenant has never been exceeded. |
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Historically, we have also had the ability to borrow additional funds through Extendible
Commercial Notes and a promissory note with one of our providers of banking services, however,
effective April of 2011, we have canceled these notes since there is no current market for them. |
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