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We conduct some of our operations through various joint ventures which are in partnership, corporate and other business forms, and are principally accounted for using the equity method. Information pertaining to related companies for our continuing operations is set out below.
The larger unconsolidated entities include European Marine Contractors, Ltd., and Bredero-Shaw which are both part of the Energy Services Group. We sold our 50% interest in European Marine Contractors, Ltd., in January 2002. See Note 2. Bredero-Shaw, which is 50%-owned, specializes in pipecoating.
Combined summarized financial information for all jointly owned operations which are not consolidated is as follows:
At December 31, 2001, we had committed lines of credit totaling $700 million, of which $350 million expires in 2002 and $350 million expires in 2006. There were no borrowings outstanding under these lines of credit. These lines are not available if our senior unsecured long-term debt is rated lower than BBB— by Standard & Poor’s Ratings Service Group or lower than Baa3 by Moody’s Investors’ Services. Fees for committed lines of credit were immaterial.
Short-term debt consists primarily of $25 million in commercial paper with an effective interest rate of 2.9% and $19 million of other facilities with varying rates of interest.
Long-term debt at the end of 2001 and 2000 consists of the following:
The 7.6% debentures due 2096, 8.75% debentures due 2021, and 8% senior notes due 2003 may not be redeemed prior to maturity and do not have sinking fund requirements.
On July 12, 2001, we issued $425 million of two and five year notes under our medium-term note program. The notes consist of $275 million 6% fixed rate notes due August 2006 and $150 million LIBOR + 0.15% floating rate notes due July 2003. At December 31, 2001, we have outstanding notes under our medium-term note program as follows:
Each holder of the 6.75% medium-term notes has the right to require us to repay the holder’s notes in whole or in part, on February 1, 2007. We may redeem the 5.63% and 6.00% medium-term notes in whole or in part at any time. Other notes issued under the medium-term note program may not be redeemed prior to maturity. The medium-term notes do not have sinking fund requirements.
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