Debt

6 Months Ended

Jun. 30, 2011

6. Debt


	June 30,		December 31,		June 30,
	2011		2010		2010
5.375% Senior Notes, due 2012 ¹	$	399.9	$	399.9	$	399.8
5.9% Senior Notes, due 2017 ²		399.4		399.3		399.3
6.55% Senior Notes, due 2037 ³		398.6		398.6		398.6
Note payable		0.1		0.5		0.2

Total debt		1,198.0		1,198.3		1,197.9

Less: short-term debt including current maturities		—		0.3		—

Long-term debt	$	1,198.0	$	1,198.0	$	1,197.9


¹		Interest payments are due on February 15 and August 15, and, as of June 30, 2011, the unamortized debt discount is $0.1 million

²		Interest payments are due on April 15 and October 15, and, as of June 30, 2011, the unamortized debt discount is $0.6 million

³		Interest payments are due on May 15 and November 15, and, as of June 30, 2011, the unamortized debt discount is $1.4 million

Currently, we have the ability to borrow $1.2 billion in additional funds through our commercial paper program, which is supported by our $1.2 billion three-year credit agreement (our “credit facility”) that will terminate on July 30, 2013. We pay a commitment fee of 15.0 to 35.0 basis points for our credit facility, depending on our credit rating, whether or not amounts have been borrowed and currently pay a commitment fee of 17.5 basis points. The interest rate on borrowings under our credit facility is, at our option, calculated using rates that are primarily based on either the prevailing London Inter-Bank Offer Rate, the prime rate determined by the administrative agent or the Federal funds rate. For certain borrowings under this credit facility there is also a spread based on our credit rating added to the applicable rate. As of June 30, 2011, we have not utilized our credit facility for additional funds.

Our credit facility contains certain covenants. The only financial covenant requires that our indebtedness to cash flow ratio, as defined in our credit facility, is not greater than 4 to 1, and this covenant has never been exceeded.

Historically, we have also had the ability to borrow additional funds through Extendible Commercial Notes and a promissory note with one of our providers of banking services, however, effective April of 2011, we have canceled these notes since there is no current market for them.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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