Quarterly report pursuant to Section 13 or 15(d)

DEBT AND CREDIT FACILITIES (Tables)

v2.4.0.8
DEBT AND CREDIT FACILITIES (Tables)
3 Months Ended
Mar. 31, 2014
Debt Disclosure [Abstract]  
Schedule Of Long-Term Debt
The following represents a summary of our long-term debt as of March 31, 2014 and December 31, 2013:
($ in Millions)
 
March 31, 2014
 
Debt Instrument
 
Type
 
Annual Effective Interest Rate
 
Final Maturity
 
Total Face Amount
 
Total Debt
 
$700 Million 4.875% 2021 Senior Notes
 
Fixed
 
4.89%
 
2021
 
$
700.0

 
$
699.5

(1)
$1.3 Billion Senior Notes:
 
 
 
 
 
 
 
 
 
 
 
$500 Million 4.80% 2020 Senior Notes
 
Fixed
 
4.83%
 
2020
 
500.0

 
499.3

(2)
$800 Million 6.25% 2040 Senior Notes
 
Fixed
 
6.34%
 
2040
 
800.0

 
790.5

(3)
$400 Million 5.90% 2020 Senior Notes
 
Fixed
 
5.98%
 
2020
 
400.0

 
398.5

(4)
$500 Million 3.95% 2018 Senior Notes
 
Fixed
 
4.14%
 
2018
 
500.0

 
496.7

(5)
$1.75 Billion Credit Facility:
 
 
 
 
 
 
 
 
 
 
 
Revolving Loan
 
Variable
 
1.68%
 
2017
 
1,750.0

 
175.0

(6)
Equipment Loans
 
Fixed
 
Various
 
2020
 
164.8

 
156.5

 
Short-Term Borrowing Arrangements
 
 
 
 
 
2014
 
75.7

 
75.7


Fair Value Adjustment to Interest Rate Hedge
 
 
 
 
 
 
 
 
 

 
Total debt
 
 
 
 
 
 
 
$
4,890.5

 
$
3,291.7

 
Less: Short-term and current portion of
           long-term debt
 
 
 
 
 
 
 
 
 
96.9

 
Long-term debt
 
 
 
 
 
 
 
 
 
$
3,194.8

 
($ in Millions)
 
December 31, 2013
 
Debt Instrument
 
Type
 
Annual Effective Interest Rate
 
Final Maturity
 
Total Face Amount
 
Total Debt
 
$700 Million 4.875% 2021 Senior Notes
 
Fixed
 
4.88%
 
2021
 
700.0

 
699.4

(1)
$1.3 Billion Senior Notes:
 
 
 
 
 
 
 
 
 
 
 
$500 Million 4.80% 2020 Senior Notes
 
Fixed
 
4.83%
 
2020
 
500.0

 
499.2

(2)
$800 Million 6.25% 2040 Senior Notes
 
Fixed
 
6.34%
 
2040
 
800.0

 
790.4

(3)
$400 Million 5.90% 2020 Senior Notes
 
Fixed
 
5.98%
 
2020
 
400.0

 
398.4

(4)
$500 Million 3.95% 2018 Senior Notes
 
Fixed
 
4.14%
 
2018
 
500.0

 
496.5

(5)
$1.75 Billion Credit Facility:
 
 
 
 
 
 
 
 
 
 
 
Revolving Loan
 
Variable
 
1.64%
 
2017
 
1,750.0

 

(6)
Equipment Loans
 
Fixed
 
Various
 
2020
 
164.8

 
161.7

 
Fair Value Adjustment to Interest Rate Hedge
 
 
 
 
 
 
 
 
 
(2.1
)
 
Total debt
 
 
 
 
 
 
 
$
4,814.8

 
$
3,043.5

 
Less current portion
 
 
 
 
 
 
 
 
 
20.9

 
Long-term debt
 
 
 
 
 
 
 
 
 
$
3,022.6

 
(1)
As of March 31, 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.
(2)
As of March 31, 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.
(3)
As of March 31, 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.
(4)
As of March 31, 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.
(5)
As of March 31, 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 $3.3 million and $3.5 million, respectively, based on an imputed interest rate of 4.14 percent.
(6)
As of March 31, 2014, $175.0 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 March 31, 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 $1.6 billion and $1.7 billion for each period, respectively.
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 March 31, 2014:
 
(In Millions)
 
Maturities of Debt
2014 (April 1 - December 31)
$
91.5

2015
21.8

2016
22.7

2017
23.6

2018
524.6

2019 and thereafter
2,448.0

Total maturities of debt
$
3,132.2