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| <NonNumbericText> <div> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"></p> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">NOTE 6: LONG-TERM DEBT</font></p> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">Long-term debt consists of the following at December 31, 2009 and 2008:</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 12px"> </p> <table border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="74%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></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> </tr> <tr> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="5" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>December 31, 2009</b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="5" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>December 31, 2008</b></font></td> <td valign="bottom"><font size="1"> </font></td> </tr> <tr> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Out-<br /> standing</b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Weighted<br /> Average<br /> Rate</b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Out-<br /> standing</b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Weighted<br /> Average<br /> Rate</b></font></td> <td valign="bottom"><font size="1"> </font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Senior notes, due September 12, 2010</font> <font style="FONT-FAMILY: Times New Roman" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">(1)</sup></font></p> </td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"><b>$</b></font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2"><b>100.0</b></font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"><b> </b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2"><b>7.7</b></font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"><b>% </b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">100.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">7.7</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">% </font></td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Senior notes, due December 5, 2011</font><font style="FONT-FAMILY: Times New Roman" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">(2)</sup></font></p> </td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2"><b>100.0</b></font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"><b> </b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2"><b>5.1</b></font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"><b>% </b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">100.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">5.1</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">% </font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Other</font></p> </td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2"><b>— </b></font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"><b> </b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2"><b>— </b></font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"><b> </b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">7.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">5.3</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">% </font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom"> </td> <td> </td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Total</b></font></p> </td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2"><b>200.0</b></font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"><b> </b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2"><b>6.4</b></font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"><b>% </b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">207.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">6.4</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">% </font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Less — current maturities</font></p> </td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"><b> </b></font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2"><b>(100.0</b></font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"><b>) </b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2"><b>7.7</b></font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"><b>% </b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(6.9</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">) </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">5.3</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">% </font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom"> </td> <td> </td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Total long-term debt</b></font></p> </td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"><b>$</b></font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2"><b>100.0</b></font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"><b> </b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2"><b>5.1</b></font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"><b>% </b></font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">200.1</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td> <td valign="bottom"><font size="1"> </font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">6.4</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">% </font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom"> </td> <td> </td> </tr> </table> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 6px"> </p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="4%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><i>(1)</i></font></td> <td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><i>The Company, at its option, may redeem all or any portion of the $100.0 of 7.687% Senior Notes by notice to the holder and by paying a make whole amount to the holder as compensation for loss of future interest income. The note agreement contains financial covenants that require the maintenance of consolidated net worth of at least $750.0, a ratio of consolidated debt to total capitalization of no more than 55.0% and an aggregate amount of all consolidated priority debt of no more than 30.0% of consolidated net worth. Consolidated priority debt includes all unsecured debt of any subsidiary in which the Company owns a majority of the voting shares. The Company’s consolidated net worth, consolidated debt as a percentage of total capitalization and consolidated priority debt as a percentage of total consolidated net worth, as defined in the respective agreement, were $1,538.2, 27.3% and 0.0%, respectively, at December 31, 2009.</i></font></td> </tr> </table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="4%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><i>(2)</i></font></td> <td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><i>The Company, at its option, may redeem all or any portion of the $100.0 of 5.11% Senior Notes by notice to the holder and by paying a make whole amount to the holder as compensation for loss of future interest income. The note agreement contains financial covenants that require a ratio of consolidated debt to total capitalization of no more than 60.0% and an aggregate amount of all consolidated priority debt of no more than 30.0% of consolidated net worth. The Company’s consolidated debt as a percentage of total capitalization and consolidated priority debt as a percentage of total consolidated net worth, as defined in the respective agreement, were 25.5% and 0.0%, respectively, at December 31, 2009.</i></font></td> </tr> </table> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">Total interest expense incurred on short-term and long-term debt, net of amounts capitalized, was $12.3, $21.0, and $28.9 in 2009, 2008, and 2007, respectively.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">The fair value of long-term debt, as calculated using the aggregate cash flows from principal and interest payments over the life of the debt, was approximately $205.8 and $221.4 at December 31, 2009 and 2008, respectively, based upon a discounted cash flow analysis using current market interest rates.</font></p> </div> </NonNumbericText> |
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