XML 116 R63.htm IDEA: XBRL DOCUMENT v2.4.0.8
Convertible Securities- Schedule of principal terms of convertible notes (Details) (USD $)
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Debt Instrument [Line Items]    
Par value $ 730,800,000 $ 730,800,000
Junior convertible trust preferred securities, Carrying Value 518,700,000 515,500,000
Deferred tax liability from excess interest expense calculation 12,900,000  
Junior convertible trust preferred securities [Member]
    
Debt Instrument [Line Items]    
Debt instrument term 30 years  
2006 Junior Convertible Trust Preferred Securities [Member]
    
Debt Instrument [Line Items]    
Par value 300,000,000 [1],[2] 300,000,000 [1]
Junior convertible trust preferred securities, Carrying Value 217,500,000 [1],[2],[3] 216,100,000 [1]
Denomination 50 [2]  
Current conversion rate 0.333 [2]  
Current conversion price $ 150.00 [2]  
Stated coupon 5.10% [2]  
Tax deduction rate(4) 7.50% [2],[4]  
Redemption of debt 8,100,000  
2007 Junior Convertible Trust Preferred Securities [Member]
    
Debt Instrument [Line Items]    
Par value 430,800,000 [1],[5] 430,800,000 [1]
Junior convertible trust preferred securities, Carrying Value 301,200,000 [1],[3],[5] 299,400,000 [1]
Denomination 50 [5]  
Current conversion rate 0.250 [5]  
Current conversion price $ 200.00 [5]  
Stated coupon 5.15% [5]  
Tax deduction rate(4) 8.00% [4],[5]  
Price per share that must be exceeded for conversion $ 260  
Trading days 20  
Consecutive trading days 30 days  
2008 senior convertible notes [Member]
    
Debt Instrument [Line Items]    
Par value 0 [1] 460,000,000 [1]
Stated coupon 3.95%  
Deferred tax liability from excess interest expense calculation reclassified to stockholders' equity $ 50,600,000  
[1] Carrying value is accreted to the principal amount at maturity over an expected life of 30 years for each of the junior convertible trust preferred securities.
[2] On February 13, 2014, we delivered a notice to redeem all of our outstanding 2006 convertible trust preferred securities. In lieu of redemption, holders of the 2006 junior convertible trust preferred securities may elect to convert their securities into a defined number of shares. Upon conversion, holders will receive cash or shares of our common stock, or a combination thereof, at our election.
[3] The carrying value is accreted to the principal amount at maturity over an expected life of 30 years for each of the junior convertible trust preferred securities.
[4] These convertible securities are considered contingent payment debt instruments under federal income tax regulations, which require the Company to deduct interest in an amount greater than its reported Interest expense. These deductions result in annual deferred tax liabilities of approximately $12.9 million ($8.1 million assuming the redemption of the 2006 convertible trust preferred securities). These deferred tax liabilities will be reclassified directly to stockholders' equity if the Company's common stock is trading above certain thresholds at the time of the conversion of the securities. In 2013 , $50.6 million was reclassified to stockholders' equity related to the repurchase of the 2008 senior convertible notes.
[5] The Company may redeem the 2007 junior convertible trust preferred securities if the closing price of the Company's common stock exceeds $260 per share for 20 trading days in a period of 30 consecutive trading days.