Quarterly report pursuant to Section 13 or 15(d)

DEBT

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DEBT
 6 Months Ended
Jun. 30, 2013
Debt [Abstract]  
DEBT
4. DEBT
 
Debt outstanding at June 30, 2013 and December 31, 2012 was as follows:
 
 
 
June 30,
 
December 31,
 
 
 
2013
 
2012
 
 
 
(In millions)
 
Commercial paper
 
$
60.0
 
$
265.0
 
Notes, 7.34%, due in installments through May 2014
 
 
15.0
 
 
30.0
 
Notes, 4.45%, due December 2014
 
 
275.0
 
 
275.0
 
Notes, 6.30%, due July 2017
 
 
272.5
 
 
272.5
 
Notes, 3.30%, due Dec 2022
 
 
500.0
 
 
500.0
 
Debentures, 6.90%, due July 2028
 
 
125.0
 
 
125.0
 
Notes, 7.00%, due July 2037
 
 
250.0
 
 
250.0
 
Capitalized lease obligation
 
 
-
 
 
2.2
 
Other
 
 
1.2
 
 
0.7
 
Total debt
 
 
1,498.7
 
 
1,720.4
 
Less short-term debt and current maturities
 
 
(76.5)
 
 
(283.3)
 
Less unamortized discounts
 
 
(2.2)
 
 
(2.3)
 
Plus fair value adjustments
 
 
9.1
 
 
12.6
 
Total long-term debt, net
 
$
1,429.1
 
$
1,447.4
 
 
Senior Credit Facility. We are party to a $750.0 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 $1.0 billion. 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 December 2017. 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 June 30, 2013, there were no outstanding borrowings under this facility and $688.6 million was available for borrowing.
 
Commercial Paper Program. Our $750.0 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 June 30, 2013, there was $60.0 million in commercial paper notes outstanding.
 
For additional information about our debt agreements, see Note 6 of the Notes to Consolidated Financial Statements in our 2012 Form 10-K.