Quarterly report pursuant to Section 13 or 15(d)

DEBT

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DEBT
 3 Months Ended
Mar. 31, 2012
DEBT

4. DEBT

 

Debt outstanding at March 31, 2012 and December 31, 2011 was as follows:

 

    March 31,     December 31,  
    2012     2011  
    (In millions)  
Commercial paper   $ -     $ 30.0  
Notes, 7.34%, due in installments through May 2014     45.0       45.0  
Notes, 4.45%, due December 2014     275.0       275.0  
Notes, 6.30%, due July 2017     272.5       272.5  
Debentures, 6.90%, due July 2028     125.0       125.0  
Notes, 7.00%, due July 2037     250.0       250.0  
Capitalized lease obligation     0.9       1.1  
Other     0.6       0.6  
Total debt     969.0       999.2  
Less short-term debt and current maturities     (17.0 )     (47.2 )
Less unamortized discounts     (1.8 )     (1.8 )
Plus fair value adjustments     15.1       15.8  
Total long-term debt, net   $ 965.3     $ 966.0  

 

Senior Credit Facility.   We are party to a $500.0 million unsecured revolving credit facility, which we refer to as the Senior Credit Facility, with a group of financial institutions.  The Senior Credit Facility also has an accordion feature that allows us to request an increase in the total commitment to $750.0 million should we so choose.  Borrowings may be used for general corporate purposes, including working capital, capital expenditures, acquisitions and share repurchase programs. The Senior Credit Facility is scheduled to expire in February 2015. Availability of the Senior Credit Facility for borrowings is reduced by the outstanding face amount of any letters of credit issued under the facility and, pursuant to our existing Board of Directors authorization, by the outstanding principal amount of our commercial paper notes. As of March 31, 2012, there were no outstanding borrowings under this facility and $498.6 million was available for borrowing.

 

Commercial Paper Program.   Our $500.0 million commercial paper program has been established through the private placement of commercial paper notes from time-to-time. Maturities of commercial paper can range from overnight to 397 days. The commercial paper program is supported by our Senior Credit Facility and, pursuant to our existing Board of Directors authorization, the total amount of commercial paper which may be issued is reduced by the amount of any outstanding borrowings under our Senior Credit Facility. At March 31, 2012, there were no commercial paper notes outstanding.

 

For additional information about our debt agreements, see Note 6 of the Notes to Consolidated Financial Statements in our 2011 Form 10-K.