Preferred Stock

We have 1,000,000 authorized shares of preferred stock with no mandatory redemption and a $100 par value. Outstanding shares were as follows at December 31:



(Millions, except share amounts)	2013			2012
Series	Shares Outstanding	Carrying Value		Shares Outstanding	Carrying Value
5.00%	131,916	$	13.2	131,916	$	13.2
5.04%	29,983	3.0		29,983	3.0
5.08%	49,983	5.0		49,983	5.0
6.76%	150,000	15.0		150,000	15.0
6.88%	150,000	15.0		150,000	15.0
Total	511,882	$	51.2	511,882	$	51.2

All shares of preferred stock of all series are of equal rank except as to dividend rates and redemption terms. Payment of dividends from any earned surplus or other available surplus is not restricted by the terms of any indenture or other undertaking by us. Each series of outstanding preferred stock is redeemable in whole or in part at our option at any time on 30 days' notice at the respective redemption prices. We may not redeem less than all, nor purchase any, of our preferred stock during the existence of any dividend default.

In the event of our dissolution or liquidation, the holders of preferred stock are entitled to receive (a) the par value of their preferred stock out of the corporate assets other than profits before any of such assets are paid or distributed to the holders of common stock and (b) the amount of dividends accumulated and unpaid on their preferred stock out of the surplus or net profits before any of such surplus or net profits are paid to the holders of common stock. Thereafter, the remainder of the corporate assets, surplus, and net profits would be paid to the holders of common stock.

The preferred stock has no pre-emptive, subscription, or conversion rights, and has no sinking fund provisions.