Short-Term Borrowings and Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2011

Outstanding Short Term Borrowings and Long Term Debt

The following table represents outstanding short-term borrowings and long-term debt at December 31, 2011 and 2010:

	Maturity	Principal value at December 31, 2011		Carrying value
(Dollars in thousands)				December 31, 2011		December 31, 2010
Short-term borrowings:
Other short-term borrowings	(1)	$	—	$	—	$	37,245
Total short-term borrowings				$	—	$	37,245
Long-term debt:
5.375% Senior Notes	September 15, 2020		350,000	$	347,793	$	347,601
5.70% Senior Notes (2)	June 1, 2012		141,429		143,969		265,613
6.05% Subordinated Notes (3)	June 1, 2017		45,964		55,075		285,937
3.875% Convertible Notes	April 15, 2011		—		—		249,304
7.0% Junior Subordinated Debentures	October 15, 2033		50,000		55,372		55,548
Other long-term debt	(4)		1,439		1,439		5,257
Total long-term debt				$	603,648	$	1,209,260

(1) Represents cash collateral received from counterparties for our interest rate swap agreements related to our 5.70% Senior Notes and 6.05% Subordinated Notes. Due to the repurchase of $312.6 million of these notes and termination of associated portions of interest rate swaps in May 2011, the notional value of our swaps fell below the $10 million threshold specified in the agreement, and, therefore, the full collateral was returned to the counterparties.

(2) At December 31, 2011 and 2010, included in the carrying value of our 5.70% Senior Notes are $2.6 million and $15.7 million, respectively, related to the fair value of the interest rate swap associated with the notes.

(3) At December 31, 2011 and 2010, included in the carrying value of our 6.05% Subordinated Notes are $8.8 million and $36.3 million, respectively, related to the fair value of the interest rate swap associated with the notes.

(4) Represents long-term notes payable related to one of our debt fund investments, and was payable beginning April 30, 2009 with the last payment due in April 2012.

Aggregate Annual Maturities of Long-Term Debt Obligations

The aggregate annual maturities of long-term debt obligations as of December 31, 2011 are as follows:

Year ended December 31, (dollars in thousands):
2012	$	145,408
2013		—
2014		—
2015		—
2016		—
2017 and thereafter		458,240
Total	$	603,648