v2.4.0.6

Debt (Tables)

12 Months Ended

Dec. 31, 2011

Debt [Abstract]

Notes payable, capital leases and long-term debt

Our notes payable, capital leases and long-term debt at December 31, 2011 and 2010 are listed in the following table, and are presented net of adjustments to fair value related to hedging transactions.

						2011												2010
Maturity		Interest Rate				Principal				Discount				Carry Value				Principal				Discount				Carry Value
Credit facilities:
April 2012			Variable	%		$	-			$	-			$	-			$	25.0			$	-			$	25.0
September 2013			Variable				17.2				-				17.2				50.0				-				50.0
April 2016			Variable				17.2				-				17.2				-				-				-
Senior notes:
February 2011			5.750				-				-				-				262.9				(1.2	)			261.7
April 2011			6.375				-				-				-				216.9				(1.8	)			215.1
August 2011			6.750				-				-				-				392.2				(0.2	)			392.0
May 2016			7.125				-				-				-				600.0				(64.5	)			535.5
June 2017			6.875				750.0				(75.8	)			674.2				750.0				(86.1	)			663.9
May 2018			3.800				700.0				(0.2	)			699.8				-				-				-
September 2019			5.500				650.0				(3.8	)			646.2				650.0				(4.2	)			645.8
March 2020			5.000				850.0				(0.1	)			849.9				850.0				(0.1	)			849.9
November 2021			5.250				600.0				-				600.0				600.0				-				600.0
May 2023			4.750				550.0				(1.4	)			548.6				-				-				-
March 2035			6.086				275.7				(25.5	)			250.2				275.6				(25.8	)			249.8
March 2040			6.200				650.0				(0.5	)			649.5				650.0				(0.5	)			649.5
May 2041			5.700				600.0				(3.4	)			596.6				-				-				-
Debentures:
May 2021			9.250				35.3				(2.0	)			33.3				99.5				(6.1	)			93.4
September 2035			7.400				165.2				(41.9	)			123.3				360.0				(92.4	)			267.6
Other:
2012 - 2035			0.060 - 8.250				1,142.2				(15.8	)			1,126.4				1,173.7				(21.9	)			1,151.8
2012 - 2042			5.000 - 11.900				89.4				-				89.4				92.6				-				92.6
Total Debt							7,092.2				(170.4	)			6,921.8				7,048.4				(304.8	)			6,743.6
Less: Current portion															(34.8	)											(878.5	)
Long-term portion						$	7,092.2			$	(170.4	)		$	6,887.0			$	7,048.4			$	(304.8	)		$	5,865.1

Summary of Loss on Extinguishment of Debt

The following table summarizes the loss on extinguishment of debt by securities for the years ended December 31, 2011, 2010, and 2009:

		Principal Repaid				Cash Paid in Loss on Extinguishment of Debt				Non-cash Loss on Extinguishment of Debt				Total Loss on Extinguishment of Debt
2011:
$600.0 million 7.125% senior notes due May 2016		$	600.0			$	21.4			$	61.3			$	82.7
$99.5 million 9.250% debentures due May 2021			64.2				24.2				3.8				28.0
$360.0 million 7.400% debentures due September 2035			194.8				44.7				49.9				94.6
Amendments to credit facilities			-				-				1.7				1.7
Ineffective portion of interest rate lock settlements			-				0.3				-				0.3
Industrial revenue bonds			-				-				3.5				3.5
Loss on extinguishment of debt for the year ended December 31, 2011						$	90.6			$	120.2			$	210.8
2010:
$425.0 million 6.125% senior notes due February 2014		$	425.0			$	8.7			$	44.1			$	52.8
$600.0 million 7.250% senior notes due March 2015			600.0				21.8				57.5				79.3
Accounts receivable securitization program			300.0				-				0.2				0.2
Industrial revenue bonds			-				-				28.5				28.5
Loss on extinguishment of debt for the year ended December 31, 2010						$	30.5			$	130.3			$	160.8
2009:
$350.0 million 6.500% senior notes due November 2010		$	128.4			$	6.3			$	3.7			$	10.0
$400.0 million 5.750% senior notes due February 2011			137.1				6.9				6.6				13.5
$275.0 million 6.375% senior notes due April 2011			58.1				3.2				2.5				5.7
$450.0 million 6.750% senior notes due August 2011			63.0				4.4				0.2				4.6
$450.0 million 7.875% senior notes due April 2013			450.0				11.8				22.6				34.4
$400.0 million of 7.375% senior notes due April 2014			400.0				14.7				31.4				46.1
$230.0 million of 4.250% senior convertible note due April 2034			230.0				-				17.4				17.4
Industrial revenue bonds			-				1.0				1.4				2.4
Loss on extinguishment of debt for the year ended December 31, 2009						$	48.3			$	85.8			$	134.1

Future Maturities of Debt

Aggregate maturities of notes payable, capital leases and other long-term debt as of December 31, 2011, excluding non-cash discounts, premiums, and adjustments to fair value recorded in purchase accounting totaling $170.4 million, are as follows:

2012		$	30.7
2013			32.7
2014			16.0
2015			25.7
2016			21.7
Thereafter			6,965.4
		$	7,092.2

Components of interest expense

The components of interest expense are as follows:

		2011				2010				2009
Interest expense on debt and capital lease obligations		$	372.9			$	413.2			$	453.5
Accretion of debt discounts			25.6				52.4				92.1
Accretion of remediation and risk reserves			49.8				48.1				58.1
Less: capitalized interest			(8.1	)			(6.3	)			(7.8	)
Total interest expense		$	440.2			$	507.4			$	595.9

Reduction to interest expense due to periodic settlements of active swap agreements

The following table summarizes the reduction to interest expense due to periodic settlements of active swap agreements for the years ended December 31, 2011, 2010 and 2009:

Consolidated Statement of Income Classification		Reduction to interest expense due to periodic settlements of active swap agreements
		2011				2010				2009
Interest expense		$	5.4			$	8.5			$	8.7

Other accumulated income as part of the amortization of the interest rate locks

The following table summarizes the loss on our interest rate locks (settlement and amortization) included in other comprehensive income for the year ended December 31, net of tax:

		2011				2010
Interest rate locks		$	(20.4	)		$	(3.4	)

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