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At฀December฀31,฀2004,฀we฀had฀$897.4฀million฀of฀credit฀
facilities฀with฀commercial฀banks,฀of฀which฀$500.0฀million฀is฀a฀
committed฀revolving฀credit฀facility฀(the฀“facility”)฀that฀expires฀
in฀July฀2006.฀The฀facility฀contains฀certain฀covenants฀which,฀
among฀other฀things,฀require฀the฀maintenance฀of฀a฀funded฀
indebtedness฀to฀total฀capitalization฀ratio฀(a฀defined฀formula฀
per฀the฀facility)฀of฀less฀than฀or฀equal฀to฀0.50,฀limit฀the฀amount฀
of฀subsidiary฀indebtedness฀and฀restrict฀the฀sale฀of฀significant฀
assets,฀defined฀as฀10%฀or฀more฀of฀total฀consolidated฀assets.฀
At฀December฀31,฀2004,฀we฀were฀in฀compliance฀with฀all฀the฀
facility฀covenants.฀There฀were฀no฀direct฀borrowings฀under฀the฀
facility฀during฀the฀year฀ended฀December฀31,฀2004;฀however,฀
our฀ability฀to฀borrow฀under฀the฀facility฀is฀reduced฀to฀the฀
extent฀that฀we฀have฀outstanding฀commercial฀paper.฀At฀Decem-
ber฀31,฀2004,฀we฀had฀no฀outstanding฀commercial฀paper฀or฀
money฀market฀borrowings.
We฀realized฀gains฀as฀a฀result฀of฀terminating฀various฀interest฀
rate฀swap฀agreements฀prior฀to฀their฀scheduled฀maturities.฀The฀
gains฀were฀deferred฀and฀are฀being฀amortized฀as฀a฀reduction฀of฀
interest฀expense฀over฀the฀remaining฀life฀of฀the฀underlying฀debt฀
securities.฀The฀unamortized฀deferred฀gains฀included฀in฀certain฀
debt฀securities฀above฀and฀reported฀in฀long-term฀debt฀in฀the฀
consolidated฀balance฀sheets฀are฀as฀follows฀at฀December฀31:
฀ 2004฀ 2003
7.875%฀Notes฀due฀June฀2004฀ $฀ –฀ $฀ 1.3฀
6.25%฀Notes฀due฀January฀2009฀ ฀ 26.8฀ ฀ 33.5
Maturities฀of฀debt฀at฀December฀31,฀2004฀are฀as฀follows:฀
2005฀–฀$76.0฀million;฀2006฀–฀$0.1฀million;฀2007฀–฀$0.0฀mil-
lion;฀2008฀–฀$0.0฀million;฀2009฀–฀$547.5฀million฀and฀
$538.7฀million฀thereafter.
Note฀11.฀Indebtedness
Total฀debt฀consisted฀of฀the฀following฀at฀December฀31:
฀ 2004฀ 2003
8%฀Notes฀due฀May฀2004฀with฀an฀effective฀interest฀rate฀of฀8.08%,฀net฀of฀฀
฀ unamortized฀discount฀of฀$0.1฀at฀December฀31,฀2003฀ $฀ –฀ $฀ 99.9
7.875%฀Notes฀due฀June฀2004฀with฀an฀effective฀interest฀rate฀of฀6.86%,฀net฀฀
฀ of฀unamortized฀discount฀of฀$0.2฀at฀December฀31,฀2003฀ ฀ –฀ ฀ 251.1
6.25%฀Notes฀due฀January฀2009฀with฀an฀effective฀interest฀rate฀of฀4.3%,฀net฀฀
฀ of฀unamortized฀discount฀of฀$1.3฀at฀December฀31,฀2004฀($1.6฀at฀December฀31,฀2003)฀ ฀ 348.2฀ ฀ 356.9
6%฀Notes฀due฀February฀2009฀with฀an฀effective฀interest฀rate฀of฀6.11%,฀net฀฀
฀ of฀unamortized฀discount฀of฀$0.7฀at฀December฀31,฀2004฀($0.9฀at฀December฀31,฀2003)฀ ฀ 199.3฀ ฀ 199.1
8.55%฀Debentures฀due฀June฀2024฀with฀an฀effective฀interest฀rate฀of฀8.80%,฀net฀฀
฀ of฀unamortized฀discount฀of฀$2.6฀at฀December฀31,฀2004฀($2.6฀at฀December฀31,฀2003)฀ ฀ 147.4฀ ฀ 147.4
6.875%฀Notes฀due฀January฀2029฀with฀an฀effective฀interest฀rate฀of฀7.08%,฀net฀฀
฀ of฀unamortized฀discount฀of฀$8.7฀at฀December฀31,฀2004฀($9.0฀at฀December฀31,฀2003)฀ ฀ 391.3฀ ฀ 391.0
Other฀debt฀ ฀ 76.1฀ ฀ 39.0
Total฀debt฀ ฀ 1,162.3฀ ฀ 1,484.4
Less฀short-term฀debt฀and฀current฀maturities฀ ฀ 76.0฀ ฀ 351.4
Long-term฀debt฀ $฀ 1,086.3฀ $฀ 1,133.0
2004฀Form฀10-K฀฀฀฀฀53