2.2.0.25falsefalse115 - Disclosure - Short-Term Borrowings and Long-Term Debttruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011 USD ($) USD ($) / shares $eol_PE9839----1110-Q0003_STD_90_20110331_0http://www.sec.gov/CIK0000719739duration2011-01-01T00:00:002011-03-31T00:00:00iso4217_USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170iso4217_USD_per_sharesDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instanceshares0USDUSD$5false0us-gaap_DebtDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div> 7. Short-Term Borrowings and Long-Term Debt The following table represents outstanding short-term borrowings and long-term debt at March 31, 2011 and December 31, 2010:   <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"> <tr> <td width="34%"></td> <td valign="bottom" width="4%"></td> <td width="31%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td valign="bottom" nowrap="nowrap" style="border-bottom:1px solid #000000"> (Dollars in thousands) </td> <td valign="bottom">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #000000"> Maturity </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Principal value</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">March 31, 2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">December 31, 2010</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top">Short-term borrowings:</td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> Other short-term borrowings </td> <td valign="bottom">  </td> <td valign="bottom" align="center">(1)</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">35,415</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">35,415</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">37,245</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom" style="border-top:1px solid #000000">  </td> <td valign="bottom" style="border-top:1px solid #000000">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom" style="border-top:1px solid #000000">  </td> <td valign="bottom" style="border-top:1px solid #000000">  </td> <td> </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Total short-term borrowings </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">35,415</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">37,245</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom" style="border-top:3px double #000000">  </td> <td valign="bottom" style="border-top:3px double #000000">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom" style="border-top:3px double #000000">  </td> <td valign="bottom" style="border-top:3px double #000000">  </td> <td> </td> </tr> <tr> <td height="8"></td> <td height="8" colspan="2"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> </tr> <tr> <td valign="top">Long-term debt:</td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> 5.375% senior notes </td> <td valign="bottom">  </td> <td valign="bottom" align="center">September 15, 2020</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">350,000</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">347,648</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">347,601</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr> <td valign="top"> 5.70% senior notes (2) </td> <td valign="bottom">  </td> <td valign="bottom" align="center">June 1, 2012</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">250,000</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">263,102</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">265,613</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> 6.05% subordinated notes (3) </td> <td valign="bottom">  </td> <td valign="bottom" align="center">June 1, 2017</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">250,000</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">282,947</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">285,937</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr> <td valign="top"> 3.875% Convertible Notes </td> <td valign="bottom">  </td> <td valign="bottom" align="center">April 15, 2011</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">250,000</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">249,900</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">249,304</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> 7.0% junior subordinated debentures </td> <td valign="bottom">  </td> <td valign="bottom" align="center">October 15, 2033</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">50,000</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">55,504</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">55,548</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr> <td valign="top"> 4.99% long-term notes payable </td> <td valign="bottom">  </td> <td valign="bottom" align="center">(4)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,632</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,632</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,257</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom" style="border-top:1px solid #000000">  </td> <td valign="bottom" style="border-top:1px solid #000000">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom" style="border-top:1px solid #000000">  </td> <td valign="bottom" style="border-top:1px solid #000000">  </td> <td> </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Total long-term debt </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,204,733</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,209,260</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom" style="border-top:3px double #000000">  </td> <td valign="bottom" style="border-top:3px double #000000">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom" style="border-top:3px double #000000">  </td> <td valign="bottom" style="border-top:3px double #000000">  </td> <td> </td> </tr> </table>   <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">(1)</td> <td align="left" valign="top">Represents cash collateral received from counterparties for our interest rate swap agreements related to our 5.70% Senior Notes and 6.05% Subordinated Notes.</td> </tr> </table> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">(2)</td> <td align="left" valign="top">At March 31, 2011 and December 31, 2010, included in the carrying value of our 5.70% Senior Notes are $13.2 million and $15.7 million, respectively, related to the fair value of the interest rate swap associated with the notes.</td> </tr> </table> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">(3)</td> <td align="left" valign="top">At March 31, 2011 and December 31, 2010, included in the carrying value of our 6.05% Subordinated Notes are $33.3 million and $36.3 million, respectively, related to the fair value of the interest rate swap associated with the notes.</td> </tr> </table> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">(4)</td> <td align="left" valign="top">Represents long-term notes payable related to one of our debt fund investments, and was payable beginning April 30, 2009 with the last payment due in April 2012.</td> </tr> </table> Interest expense related to short-term borrowings and long-term debt was $10.7 million and $5.5 million for the three months ended March 31, 2011 and 2010, respectively. Interest expense shown is net of the cash flow impact from our interest rate swap agreements related to our 5.70% Senior notes and 6.05% Subordinated notes. The weighted average interest rates associated with our short-term borrowings as of March 31, 2011 and December 31, 2010 were 0.10 percent and 0.13 percent, respectively. Senior Notes and Subordinated Notes On May 15, 2007, the Bank issued 5.70% Senior Notes, due June 1, 2012, in an aggregate principal amount of $250 million and 6.05% Subordinated Notes, due June 1, 2017, in an aggregate principal amount of $250 million (collectively, the “Notes”). On May 3, 2011, the Bank repurchased $108.6 million of our 5.70% Senior Notes and $204.0 million of our 6.05% Subordinated Notes. Refer to Note 16- “Subsequent Events” for further details. 3.875% Convertible Notes In April 2008, we issued our 3.875% Convertible Notes, due April 15, 2011, in the aggregate principal amount of $250 million to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. The issuance costs related to the 3.875% Convertible Notes were $6.8 million, and the net proceeds from the offering were $243.2 million. We used $141.9 million of the net proceeds to settle the principal value of our Zero-Coupon Convertible Notes, which matured in June 2008. All remaining proceeds were used for general corporate purposes. The 3.875% Convertible Notes are initially convertible, subject to certain conditions, into cash up to the principal amount of notes and, into shares of our common stock or cash or any combination thereof for any excess conversion value, at our option. Holders may convert their 3.875% Convertible Notes beginning any fiscal quarter commencing after June 30, 2008, if: (i) the price of our common stock issuable upon conversion of the note reaches a specific threshold, (ii) specified corporate transactions occur, or (iii) the trading price for the note falls below certain thresholds. The notes have an initial conversion rate of 18.8525 shares of common stock per $1,000 principal amount of notes, which represents an initial effective conversion price of $53.04 per share. Upon conversion of a note, we will pay the outstanding principal amount in cash as required by the terms of the notes, and to the extent that the conversion value exceeds the principal amount, we have the option to pay cash or shares of our common stock (or a combination of cash and shares) in respect of the excess amount. Concurrent with the issuance of our 3.875% Convertible Notes, we entered into a convertible note hedge and warrant agreement (see Note 8- “Derivative Financial Instruments”), which effectively increased the economic conversion price of our 3.875% Convertible Notes to $64.43 per share of common stock. The terms of the hedge and warrant agreement are not part of the terms of the notes and will not affect the rights of the holders of the notes.   The effective interest rate for our 3.875% Convertible Notes for both the three months ended March 31, 2011 and 2010 was 5.78 percent, and interest expense was $3.6 million and $3.5 million, respectively. At March 31, 2011, the unamortized debt discount totaled $0.1 million, and will be amortized over the remaining contractual term of the debt. On April 15, 2011, our 3.875% Convertible Notes matured. Refer to Note 16- “Subsequent Events” for further details. Available Lines of Credit We have certain facilities in place providing us access to short-term borrowings on a secured basis (using available-for-sale securities as collateral) and on an unsecured basis. These include repurchase agreements and uncommitted federal funds lines with various financial institutions. As of March 31, 2011, we had not borrowed against any of our repurchase lines or any of our uncommitted federal funds lines. We also pledge securities to the Federal Home Loan Bank of San Francisco and the discount window at the Federal Reserve Bank. The market value of collateral pledged to the Federal Home Loan Bank of San Francisco (comprised entirely of U.S. agency debentures) at March 31, 2011 totaled $1.5 billion, all of which was unused and available to support additional borrowings. The market value of collateral pledged at the discount window of the Federal Reserve Bank at March 31, 2011 totaled $85.3 million, all of which was unused and available to support additional borrowings. </div>7. Short-Term Borrowings and Long-Term Debt The following table represents outstanding short-term borrowings and long-term debt at March 31, 2011 andfalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringInformation 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, 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.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 falsefalseShort-Term Borrowings and Long-Term Debt11Short-Term Borrowings and Long-Term DebtUnKnownUnKnownUnKnownUnKnownfalsetrue