This excerpt taken from the OMX 10-Q filed May 5, 2005.
As of March 26, 2005, we had $746.8 million of cash and cash equivalents, $92.8 million of short-term investments and $573.7 million of short-term and long-term debt, excluding the $1.5 billion of timber securitization notes. We also had $20.3 million of restricted investments on deposit which offset a portion of the outstanding debt. During 2004, we paid down $1.6 billion of our debt, primarily with the proceeds of the Sale, and expensed $137.1 million of costs related to the early retirement of debt. We expensed an additional $12.2 million of costs related to the early retirement of debt during first quarter 2005. A significant portion of the premiums paid with respect to the debt we paid down was the result of the current low interest rate environment in the market. In connection with the companys plans to ultimately return between $800 million and $1 billion of the Sale proceeds to shareholders via common or preferred stock buybacks, cash dividends, or a combination of these alternatives, we redeemed $110 million of our Series D preferred stock on November 1, 2004, and paid related accrued dividends of $3 million. In addition, in March 2005, we announced the repurchase of up to 23.5 million shares of our common stock and the associated common stock purchase rights, through a modified Dutch auction tender offer currently scheduled to expire on May 9, 2005.
Our ongoing cash requirements are expected to be funded through a combination of cash flow from operations and seasonal borrowings under revolving credit facilities.