Debt |
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Effective
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March 31
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December 31
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March 31
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in thousands
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Interest Rates
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2019
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2018
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2018
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Short-term Debt
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Bank line of credit expires 2021 1, 2
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1.25%
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$ 178,500
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$ 133,000
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$ 200,000
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Total short-term debt
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$ 178,500
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$ 133,000
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$ 200,000
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Long-term Debt
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Floating-rate notes due 2020
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3.61%
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$ 250,000
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$ 250,000
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$ 250,000
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Floating-rate notes due 2021
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3.59%
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500,000
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500,000
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500,000
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8.85% notes due 2021
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8.88%
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6,000
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6,000
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6,000
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4.50% notes due 2025
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4.65%
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400,000
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400,000
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400,000
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3.90% notes due 2027
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4.00%
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400,000
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400,000
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400,000
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7.15% notes due 2037
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8.05%
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129,239
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129,239
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129,239
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4.50% notes due 2047
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4.59%
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700,000
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700,000
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700,000
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4.70% notes due 2048
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5.42%
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460,949
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460,949
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460,949
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Other notes
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6.46%
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202
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208
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224
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Total long-term debt - face value
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$ 2,846,390
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$ 2,846,396
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$ 2,846,412
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Unamortized discounts and debt issuance costs
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(65,777)
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(67,016)
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(70,703)
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Total long-term debt - book value
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$ 2,780,613
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$ 2,779,380
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$ 2,775,709
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Less current maturities
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24
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23
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22
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Total long-term debt - reported value
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$ 2,780,589
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$ 2,779,357
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$ 2,775,687
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Estimated fair value of long-term debt
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$ 2,775,511
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$ 2,695,802
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$ 2,843,943
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1
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Borrowings on the bank line of credit are classified as short-term debt if we intend to repay within twelve months and as long-term debt if we have the intent and ability to extend payment beyond twelve months.
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2
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The effective interest rate reflects the margin above LIBOR for LIBOR-based borrowings. We also paid upfront fees that are amortized to interest expense and pay fees for unused borrowing capacity and standby letters of credit.
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