Thousands of dollars, except per-share amounts and numbers of shares

The components of Short-term debt follow:

	2004			2003
Loans payable:    Domestic	$	33,100		$	100,000
Foreign		15,729			5,015
Current portion of long-term debt		460			16,843
	$	49,289		$	121,858

     Domestic loans payable consist of commercial paper. Foreign loans payable consist of short-term borrowings from financial institutions. The weighted average interest rates for loans payable were 2.1% and 1.6% at September 30, 2004 and 2003, respectively. As of September 30, 2003, the Company had in place two syndicated credit facilities totaling $900 million in order to provide backup support for our commercial paper program and for other general corporate purposes. These consisted of a $450 million 364-day Credit Agreement expiring in August 2004 and a $450 million Five Year Credit Agreement expiring in August 2006. In August 2004, the Company amended and restated the Five Year Credit Agreement, increasing the amount available from $450 million to $900 million and extending the expiration date from August 2006 to August 2009. At the same time, the Company terminated the $450 million 364-day Credit Agreement due to expire in August 2004. Therefore, total syndicated credit facilities continue to be $900 million. Restrictive covenants include a minimum interest coverage ratio. There were no borrowings outstanding under the facility at September 30, 2004. In addition, the Company had short-term foreign lines of credit pursuant to informal arrangements of approximately $203,000 at September 30, 2004, of which $188,000 was unused.

The components of Long-Term Debt follow:

			2004			2003
Domestic notes due through 2015     (average year-end interest rate:     2.3%–2004; 4.4%–2003)		$	10,415		$	16,389
Foreign notes due through 2011     (average year-end interest rate:     15.0% – 2004; 19.1%–2003)			17			32
6.90% Notes due October 1, 2006			102,436			105,073
7.15% Notes due October 1, 2009			221,381			226,092
4.55% Notes due April 15, 2013			198,169			198,032
4.90% Notes due April 15, 2018			199,177			198,124
8.70% Debentures due January 15, 2025			104,861			105,224
7.00% Debentures due August 1, 2027			168,000			168,000
6.70% Debentures due August 1, 2028			167,050			167,050
		$	1,171,506		$	1,184,016

     In April 2003, the Company issued $200,000 of 4.55% Notes due on April 15, 2013 and $200,000 of 4.9% Notes due on April 15, 2018. The effective yields of these note issues were 4.71% and 5.03%, respectively, including the results of interest rate hedging activity and other financing costs.

     The April 2003 note issues were offered under a registration statement filed in March 2003 with the Securities and Exchange Commission using a “shelf” registration process. This registration was for one or more offerings of debt securities, common stock, warrants, purchase contracts and units, up to a total dollar amount of $750,000, including $100,000 of securities carried forward from a registration filed in October 1997. The remaining availability under the March 2003 shelf registration is $350,000.

     Long-term debt balances as of September 30, 2004 and 2003 have been impacted by certain interest rate swaps that have been designated as fair value hedges, as discussed in Note 10.

     The aggregate annual maturities of long-term debt during the fiscal years ending September 30, 2006 to 2009 are as follows: 2006–$354; 2007–$102,809; 2008–$393; 2009–$414.

     The Company capitalizes interest costs as a component of the cost of construction in progress. The following is a summary of interest costs:

		2004			2003			2002
Charged to operations	$	44,835		$	43,488		$	40,269
Capitalized		12,203			10,346			17,952
	$	57,038		$	53,834		$	58,221

     Interest paid, net of amounts capitalized, was $40,730 in 2004, $32,649 in 2003 and $39,153 in 2002.