| Schedule Of Long-Term Debt |
The following represents a summary of our long-term debt as of June 30, 2014 and December 31, 2013:
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($ in Millions) |
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June 30, 2014 |
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Debt Instrument |
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Type |
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Annual Effective Interest Rate |
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Final Maturity |
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Total Face Amount |
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Total Debt |
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$700 Million 4.875% 2021 Senior Notes |
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Fixed |
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4.89% |
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2021 |
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$ |
700.0 |
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$ |
699.5 |
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(1) |
$1.3 Billion Senior Notes: |
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$500 Million 4.80% 2020 Senior Notes |
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Fixed |
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4.83% |
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2020 |
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500.0 |
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499.3 |
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(2) |
$800 Million 6.25% 2040 Senior Notes |
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Fixed |
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6.34% |
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2040 |
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800.0 |
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790.5 |
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(3) |
$400 Million 5.90% 2020 Senior Notes |
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Fixed |
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5.98% |
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2020 |
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400.0 |
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398.5 |
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(4) |
$500 Million 3.95% 2018 Senior Notes |
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Fixed |
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4.14% |
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2018 |
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500.0 |
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496.9 |
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(5) |
$1.75 Billion Credit Facility: |
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Revolving Loan |
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Variable |
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1.66% |
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2017 |
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1,750.0 |
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275.0 |
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(6) |
Equipment Loans |
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Fixed |
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Various |
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2020 |
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164.8 |
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151.4 |
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Short-Term Borrowing Arrangements |
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2014/2015 |
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139.7 |
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139.7 |
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Fair Value Adjustment to Interest Rate Hedge |
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3.3 |
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Total debt |
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$ |
4,954.5 |
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$ |
3,454.1 |
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Less: Short-term and current portion of long-term debt |
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161.1 |
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Long-term debt |
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$ |
3,293.0 |
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($ in Millions) |
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December 31, 2013 |
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Debt Instrument |
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Type |
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Annual Effective Interest Rate |
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Final Maturity |
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Total Face Amount |
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Total Debt |
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$700 Million 4.875% 2021 Senior Notes |
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Fixed |
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4.88% |
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2021 |
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700.0 |
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699.4 |
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(1) |
$1.3 Billion Senior Notes: |
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$500 Million 4.80% 2020 Senior Notes |
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Fixed |
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4.83% |
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2020 |
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500.0 |
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499.2 |
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(2) |
$800 Million 6.25% 2040 Senior Notes |
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Fixed |
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6.34% |
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2040 |
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800.0 |
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790.4 |
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(3) |
$400 Million 5.90% 2020 Senior Notes |
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Fixed |
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5.98% |
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2020 |
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400.0 |
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398.4 |
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(4) |
$500 Million 3.95% 2018 Senior Notes |
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Fixed |
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4.14% |
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2018 |
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500.0 |
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496.5 |
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(5) |
$1.75 Billion Credit Facility: |
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Revolving Loan |
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Variable |
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1.64% |
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2017 |
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1,750.0 |
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— |
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(6) |
Equipment Loans |
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Fixed |
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Various |
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2020 |
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164.8 |
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161.7 |
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Fair Value Adjustment to Interest Rate Hedge |
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(2.1 |
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Total debt |
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$ |
4,814.8 |
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$ |
3,043.5 |
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Less: Short-term and current portion of long-term debt |
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20.9 |
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Long-term debt |
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$ |
3,022.6 |
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(1) |
As of June 30, 2014 and December 31, 2013, the $700 million 4.875 percent senior notes were recorded at a par value of $700 million less unamortized discounts of $0.5 million and $0.6 million, respectively, based on an imputed interest rate of 4.89 percent.
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(2) |
As of June 30, 2014 and December 31, 2013, the $500 million 4.80 percent senior notes were recorded at a par value of $500 million less unamortized discounts of $0.7 million and $0.8 million, respectively, based on an imputed interest rate of 4.83 percent.
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(3) |
As of June 30, 2014 and December 31, 2013, the $800 million 6.25 percent senior notes were recorded at a par value of $800 million less unamortized discounts of $9.5 million and $9.6 million, respectively, based on an imputed interest rate of 6.34 percent.
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(4) |
As of June 30, 2014 and December 31, 2013, the $400 million 5.90 percent senior notes were recorded at a par value of $400 million less unamortized discounts of $1.5 million and $1.6 million, respectively, based on an imputed interest rate of 5.98 percent.
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(5) |
As of June 30, 2014 and December 31, 2013, the $500 million 3.95 percent senior notes were recorded at a par value of $500 million less unamortized discounts of $3.1 million and $3.5 million, respectively, based on an imputed interest rate of 4.14 percent.
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(6) |
As of June 30, 2014, $275.0 million of revolving loans were drawn under the credit facility. As of December 31, 2013, no revolving loans were drawn under the credit facility. As of June 30, 2014 and December 31, 2013, the principal amount of letter of credit obligations totaled $5.2 million and $8.4 million, respectively, thereby reducing available borrowing capacity to $1.5 billion and $1.7 billion for each period, respectively.
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| Schedule of Maturities of Long-term Debt [Table Text Block] |
Debt Maturities
The following represents a summary of our maturities of debt instruments, excluding borrowings on the revolving credit agreement, based on the principal amounts outstanding at June 30, 2014:
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(In Millions) |
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Maturities of Debt |
2014 (July 1 - December 31) |
$ |
150.4 |
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2015 |
21.8 |
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2016 |
22.7 |
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2017 |
23.6 |
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2018 |
524.6 |
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2019 and thereafter |
2,448.0 |
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Total maturities of debt |
$ |
3,191.1 |
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