H.	Long-Term Debt and Financing Arrangements

Long-term debt and financing arrangements at March 31, 2012 and December 31, 2011 follow:


	Interest Rate	2012			2011
Notes payable due 2012	4.90%		203.0			204.2
Convertible notes payable due in 2012	3 month LIBOR less 3.50%		318.9			316.1
Notes payable due 2013	6.15%		258.4			259.2
Notes payable due 2014	4.75%		313.3			312.7
Notes payable due 2014	8.95%		384.6			388.7
Notes payable due 2016	5.75%		332.0			330.5
Notes payable due in 2018 (junior subordinated)	4.25%		632.5			632.5
Notes payable due 2021	3.40%		399.6			402.9
Notes payable due 2028	7.05%		163.2			167.5
Notes payable due 2040	5.20%		399.7			399.7
Other, payable in varying amounts through 2021	0.00% – 7.14%		37.2			38.2

Total long-term debt, including current maturities		$	3,442.4		$	3,452.2
Less: Current maturities of long-term debt			(536.7	)		(526.4	)

Long-term debt		$	2,905.7		$	2,925.8

In January 2012, the Company terminated its fixed-to-floating interest rate swaps on its $200.0 million notes payable due in 2012 and $250.0 million notes payable due in 2013. The Company previously had fixed-to-floating rate swaps on these notes that were terminated in December 2008. The $3.0 million adjustment to the carrying value of the $200.0 million 2012 notes at March 31, 2012 pertains to the unamortized gain on both terminated swaps. At March 31, 2012, the carrying value of the $250.0 million notes payable due 2013 includes $8.5 million pertaining to the unamortized gain on the terminated swaps offset by $0.1 million unamortized discount on the notes.

In January 2012, the Company terminated its fixed-to-floating interest rate swap on its $300.0 million notes payable due in 2014. At March 31, 2012, the carrying value of the $300.0 million notes payable due 2014 includes $5.2 million pertaining to the unamortized gain on the terminated swap as well as $8.1 million associated with fair value adjustments made in purchase accounting.

In January 2012, the Company terminated its fixed-to-floating interest rate swap on its $300.0 million notes payable due in 2016. At March 31, 2012, the carrying value of the $300.0 million note payable includes $13.0 million pertaining to the unamortized gain on the terminated swap as well as $19.0 million associated with fair value adjustments made in purchase accounting.

In January 2012, the Company entered into an additional $200.0 million fixed-to-floating interest rate swap. The Company previously entered into a $200.0 million fixed-to-floating interest rate swap on its $400.0 million notes payable due in 2021. At March 31, 2012, the carrying value of the $400.0 million notes payable due in 2021 includes $0.4 million unamortized discount on the notes.

In January 2012, the Company entered into a fixed-to-floating interest rate swap on its $150.0 million notes payable due in 2028. At March 31, 2012, the carrying value of the $150.0 million notes payable due in 2028 includes $4.2 million pertaining to the fair value adjustment of the swaps as well as $17.4 million associated with fair value adjustments made in purchase accounting.

Unamortized gains and fair value adjustments associated with interest rate swaps and the impact of those swaps terminated this quarter are more fully discussed in Note I, Derivative Financial Instruments.

The Company is obligated to repay the principal amount of the $320.0 million of Convertible Notes due May 17, 2012 in cash at maturity. The Company may elect to settle the conversion option value, if any, at maturity in cash or shares. As of March 31, 2012, the conversion rate on the Convertibles Notes due 2012 was 15.6666 (equivalent to a conversion price set at $63.83 per common share). Additionally, the Company has a Bond Hedge and Stock Warrants associated with the $320.0 million of Convertible Notes. Because the Bond Hedge is anti-dilutive, it will not be included in any diluted shares outstanding computation prior to its maturity. However, at maturity of the Convertible Notes and the Bond Hedge in May 2012, the aggregate effect of these instruments is that there will be no net increase in the Company’s common shares. The 4.9 million of outstanding Stock Warrants that were issued contemporaneously with the $320.0 million of Convertible Notes have a strike price of $85.82 (as adjusted for standard anti-dilution provisions), and are exercisable during the period August 17, 2012 through September 28, 2012. The Stock Warrants will be net share settled and are deemed to automatically be exercised at their expiration date if they are “in the money” and were not previously exercised. With respect to the impact on the Company, the Convertible Notes, Bond Hedge and Stock Warrants, when taken together, result in the economic equivalent of having the conversion price on the Convertible Notes at $85.82 (represented by the Stock Warrant strike price as of March 31, 2012). Refer to Note H, Long-Term Debt and Financing Arrangements, of the Company’s Form 10-K for the year ended December 31, 2011 for further discussion.

At March 31, 2012, the Company had $196.9 million of borrowings outstanding against the Company’s $2.0 billion commercial paper program. At December 31, 2011, the Company had no commercial paper borrowings outstanding.