| Schedule Of Long-Term Debt |
The following represents a summary of our long-term debt as of SeptemberÌý30, 2014 and DecemberÌý31, 2013:
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($ in Millions) |
Ìý |
SeptemberÌý30, 2014 |
Ìý |
Debt Instrument |
Ìý |
Type |
Ìý |
Annual Effective Interest Rate |
Ìý |
Final Maturity |
Ìý |
Total Face Amount |
Ìý |
Total Debt |
Ìý |
$700 Million 4.875% 2021 Senior Notes |
Ìý |
Fixed |
Ìý |
4.89% |
Ìý |
2021 |
Ìý |
$ |
700.0 |
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Ìý |
$ |
699.5 |
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(1) |
$1.3 Billion Senior Notes: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
$500 Million 4.80% 2020 Senior Notes |
Ìý |
Fixed |
Ìý |
4.83% |
Ìý |
2020 |
Ìý |
500.0 |
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Ìý |
499.3 |
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(2) |
$800 Million 6.25% 2040 Senior Notes |
Ìý |
Fixed |
Ìý |
6.34% |
Ìý |
2040 |
Ìý |
800.0 |
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Ìý |
790.5 |
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(3) |
$400 Million 5.90% 2020 Senior Notes |
Ìý |
Fixed |
Ìý |
5.98% |
Ìý |
2020 |
Ìý |
400.0 |
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Ìý |
398.6 |
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(4) |
$500 Million 3.95% 2018 Senior Notes |
Ìý |
Fixed |
Ìý |
4.14% |
Ìý |
2018 |
Ìý |
500.0 |
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Ìý |
497.1 |
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(5) |
$1.25 Billion Credit Facility: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Revolving Credit Agreement |
Ìý |
Variable |
Ìý |
1.87% |
Ìý |
2017 |
Ìý |
1,250.0 |
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Ìý |
— |
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(6) |
Equipment Loans |
Ìý |
Fixed |
Ìý |
Various |
Ìý |
2020 |
Ìý |
164.8 |
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Ìý |
146.1 |
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Ìý |
Short-Term Borrowing Arrangements |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
2014/2015 |
Ìý |
213.2 |
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Ìý |
213.2 |
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Fair Value Adjustment to Interest Rate Hedge |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
2.9 |
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Ìý |
Total debt |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
$ |
4,528.0 |
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Ìý |
$ |
3,247.2 |
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Ìý |
Less: Short-term and current portion of long-term debt |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
234.7 |
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Ìý |
Long-term debt |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
$ |
3,012.5 |
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Ìý |
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($ in Millions) |
Ìý |
December 31, 2013 |
Ìý |
Debt Instrument |
Ìý |
Type |
Ìý |
Annual Effective Interest Rate |
Ìý |
Final Maturity |
Ìý |
Total Face Amount |
Ìý |
Total Debt |
Ìý |
$700 Million 4.875% 2021 Senior Notes |
Ìý |
Fixed |
Ìý |
4.88% |
Ìý |
2021 |
Ìý |
700.0 |
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Ìý |
699.4 |
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(1) |
$1.3 Billion Senior Notes: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
$500 Million 4.80% 2020 Senior Notes |
Ìý |
Fixed |
Ìý |
4.83% |
Ìý |
2020 |
Ìý |
500.0 |
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Ìý |
499.2 |
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(2) |
$800 Million 6.25% 2040 Senior Notes |
Ìý |
Fixed |
Ìý |
6.34% |
Ìý |
2040 |
Ìý |
800.0 |
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Ìý |
790.4 |
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(3) |
$400 Million 5.90% 2020 Senior Notes |
Ìý |
Fixed |
Ìý |
5.98% |
Ìý |
2020 |
Ìý |
400.0 |
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Ìý |
398.4 |
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(4) |
$500 Million 3.95% 2018 Senior Notes |
Ìý |
Fixed |
Ìý |
4.14% |
Ìý |
2018 |
Ìý |
500.0 |
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Ìý |
496.5 |
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(5) |
$1.75 Billion Credit Facility: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Revolving Credit Agreement |
Ìý |
Variable |
Ìý |
1.64% |
Ìý |
2017 |
Ìý |
1,750.0 |
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Ìý |
— |
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(6) |
Equipment Loans |
Ìý |
Fixed |
Ìý |
Various |
Ìý |
2020 |
Ìý |
164.8 |
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Ìý |
161.7 |
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Ìý |
Fair Value Adjustment to Interest Rate Hedge |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
(2.1 |
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Ìý |
Total debt |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
$ |
4,814.8 |
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Ìý |
$ |
3,043.5 |
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Ìý |
Less: Short-term and current portion of long-term debt |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
20.9 |
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Ìý |
Long-term debt |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
$ |
3,022.6 |
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Ìý |
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(1) |
As of SeptemberÌý30, 2014 and DecemberÌý31, 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 SeptemberÌý30, 2014 and DecemberÌý31, 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 SeptemberÌý30, 2014 and DecemberÌý31, 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 SeptemberÌý30, 2014 and DecemberÌý31, 2013, the $400 million 5.90 percent senior notes were recorded at a par value of $400 million less unamortized discounts of $1.4 million and $1.6 million, respectively, based on an imputed interest rate of 5.98 percent.
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(5) |
As of SeptemberÌý30, 2014 and DecemberÌý31, 2013, the $500 million 3.95 percent senior notes were recorded at a par value of $500 million less unamortized discounts of $2.9 million and $3.5 million, respectively, based on an imputed interest rate of 4.14 percent.
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(6) |
As of SeptemberÌý30, 2014 and DecemberÌý31, 2013, no revolving loans were drawn under the revolving credit agreement. As of SeptemberÌý30, 2014 and DecemberÌý31, 2013, the principal amount of letter of credit obligations totaled $5.2 million and $8.4 million, respectively, thereby reducing available borrowing capacity to $1.2 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 SeptemberÌý30, 2014:
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Ìý |
(In Millions) |
Ìý |
Maturities of Debt |
2014 (October 1 - December 31) |
$ |
218.5 |
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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 |
524.7 |
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2019 and thereafter |
2,448.0 |
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Total maturities of debt |
$ |
3,259.3 |
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