Notes
The components of Short-term debt follow:
| |
|
2003 |
|
|
2002 |
|
 |
| Loans payable: |
|
|
|
|
|
| Domestic |
$ |
100,000 |
|
$ |
415,131 |
|
| Foreign |
|
5,015 |
|
|
9,280 |
|
| Current portion of long-term debt |
|
16,905 |
|
|
10,231 |
|
|
| |
$ |
121,920 |
|
$ |
434,642 |
|
|
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 1.6% and 2.0% at September 30, 2003 and 2002, respectively. The Company has in place a $900 million syndicated credit facility, consisting of a $450 million 364-day line of credit expiring in August 2004 and a $450 million five-year line of credit expiring in August 2006. The facility is available to support the Company’s commercial paper borrowing program and for other general corporate purposes. Restrictive covenants include a minimum interest coverage ratio. There were no borrowings outstanding under the facility at September 30, 2003. In addition, the Company had short-term foreign lines of credit pursuant to informal arrangements of approximately $225,000 at September 30, 2003, of which $222,000 was unused.
The components of Long-Term Debt follow:
| |
|
|
2003 |
|
|
2002 |
|
|
| Domestic notes due through 2015 |
|
|
|
|
|
|
|
| (average year-end interest rate: |
|
|
|
|
|
|
|
| 4.4%–2003; 4.8%–2002) |
|
$ |
16,389 |
|
$ |
17,923 |
|
| Foreign notes due through 2011 |
|
|
|
|
|
|
|
| (average year-end interest rate: |
|
|
|
|
|
|
|
| 19.1%–2003; 4.8%–2002) |
|
|
47 |
|
|
9,965 |
|
| 9.45% Guaranteed ESOP Notes |
|
|
|
|
|
|
|
| due through July 1, 2004 |
|
|
— |
|
|
3,715 |
|
| 6.90% Notes due October 1, 2006 |
|
|
105,073 |
|
|
104,945 |
|
| 7.15% Notes due October 1, 2009 |
|
|
226,092 |
|
|
225,686 |
|
| 4.55% Notes due April 15, 2013 |
|
|
198,032 |
|
|
— |
|
| 4.90% Notes due April 15, 2018 |
|
|
198,124 |
|
|
— |
|
| 8.70% Debentures due January 15, 2025 |
|
|
105,224 |
|
|
105,683 |
|
| 7.00% Debentures due August 1, 2027 |
|
|
168,000 |
|
|
168,000 |
|
| 6.70% Debentures due August 1, 2028 |
|
|
167,050 |
|
|
167,050 |
|
|
| |
|
$ |
1,184,031 |
|
$ |
802,967 |
|
|
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, 2003 and 2002 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, 2005 to 2008 are as follows: 2005–$5,252; 2006–$384; 2007–$100,405; 2008–$427.
The Company capitalizes interest costs as a component of the cost of construction in progress. The following is a summary of interest costs:
| |
|
2003 |
|
|
2002 |
|
|
2001 |
|
|
| Charged to operations |
$ |
43,488 |
|
$ |
40,269 |
|
$ |
61,585 |
|
| Capitalized |
|
10,346 |
|
|
17,952 |
|
|
28,625 |
|
|
| |
$ |
53,834 |
|
$ |
58,221 |
|
$ |
90,210 |
|
|
Interest paid, net of amounts capitalized, was $32,649 in 2003, $39,153 in 2002, and $63,760 in 2001.
|
