DEBT AND OTHER OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2012

DEBT AND OTHER OBLIGATIONS

Schedule of debt and subordinated debt securities

	As of December 31,
	2012		2011
	(Dollars In Thousands)
Debt (year of issue):
Revolving Line Of Credit	$	50,000	$	170,000
4.30% Senior Notes (2003), due 2013		250,000		250,000
4.875% Senior Notes (2004), due 2014		150,000		150,000
6.40% Senior Notes (2007), due 2018		150,000		150,000
7.375% Senior Notes (2009), due 2019		400,000		400,000
8.00% Senior Notes (2009), due 2024, callable 2014		100,000		100,000
8.45% Senior Notes (2009), due 2039		300,000		300,000
	$	1,400,000	$	1,520,000
Subordinated debt securities (year of issue):
7.50% Subordinated Debentures (2001), due 2031, callable 2006	$	—	$	103,093
7.25% Subordinated Debentures (2002), due 2032, callable 2007		—		118,557
6.125% Subordinated Debentures (2004), due 2034, callable 2009		103,093		103,093
6.25% Subordinated Debentures (2012) due 2042, callable 2017		287,500		—
6.00% Subordinated Debentures (2012) due 2042, callable 2017		150,000		—
7.25% Capital Securities (2006), due 2066, callable 2011		—		200,000
	$	540,593	$	524,743

Summary of estimated debt covenant calculations

The following is a summary of the Company's estimated debt covenant calculations as of December 31, 2012:

	Requirement	Actual Results
Consolidated net worth margin	greater than or equal to 0	greater than $500 million
Debt to total capital ratio*	Less than 40%	Approximately 30%
Total adjusted capital margin	greater than or equal to 0	Approximately $2.0 billion
Interest cash inflow available compared to adjusted consolidated interest expense	greater than 2.0 to 1	greater than 5.0 to 1

*

Excludes $800 million of senior notes issued in 2009

Non-recourse funding obligations outstanding

 Non-recourse funding obligations outstanding as of December 31, 2012, on a consolidated basis, are shown in the following table:

Issuer	Balance		Maturity Year		Year-to-Date Weighted-Avg Interest Rate
	(Dollars In Thousands)
Golden Gate II Captive Insurance Company	$	286,000		2052		1.12	%
Golden Gate V Vermont Captive Insurance Company		300,000		2037		6.25	%
Total	$	586,000