SAF » Topics » Our Capital Structure

This excerpt taken from the SAF 10-Q filed Jul 29, 2008.

OUR CAPITAL STRUCTURE

Capital resources protect our policyholders, provide us with financial strength and facilitate continued business growth. Our capital structure consists of debt and equity as follows:

 

     JUNE 30,
2008
    DECEMBER 31,
2007
 

Total Debt

   $ 504.0     $ 704.0  
                

Equity Excluding Accumulated Other Comprehensive Income (AOCI)

     3,254.1       3,025.3  

AOCI

     130.8       367.3  
                

Total Shareholders’ Equity

     3,384.9       3,392.6  
                

Total Capitalization

   $ 3,888.9     $ 4,096.6  
                

Ratio of Debt to Equity

     14.9 %     20.8 %

Ratio of Debt to Capitalization

     13.0 %     17.2 %
                

 

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Repurchases of Debt – We repaid $200.0 in principal amount of 4.200% senior notes that matured on February 1, 2008.

Our Bank Credit Facility – We maintain a $300.0 revolving credit facility, which may be used for working capital and general corporate purposes. The terms of the bank credit facility – which runs through March 2010 – require us to:

 

   

Pay a fee to have these funds available

 

   

Maintain a minimum level of $2,700.0 shareholders’ equity plus 50% of accumulated net income

 

   

Keep our debt-to-capitalization ratio below a maximum of 37.5%

The bank credit facility does not require us to maintain any deposits as compensating balances. As of June 30, 2008, we had no borrowings under the bank credit facility and we were in compliance with all its covenants.

Share Repurchases – In December 2007, we received approval from the Board to repurchase up to $500.0 of our outstanding common stock in open market purchases. As of June 30, 2008, we purchased no shares under this authorization.

This excerpt taken from the SAF 10-Q filed May 7, 2008.

OUR CAPITAL STRUCTURE

Capital resources protect our policyholders, provide us with financial strength and facilitate continued business growth. Our capital structure consists of debt and equity as follows:

 

     MARCH 31,
2008
    DECEMBER 31,
2007
 

Total Debt

   $ 504.0     $ 704.0  
                

Equity Excluding Accumulated Other Comprehensive Income (AOCI)

     3,134.8       3,025.3  

AOCI

     197.5       367.3  
                

Total Shareholders’ Equity

     3,332.3       3,392.6  
                

Total Capitalization

   $ 3,836.3     $ 4,096.6  
                

Ratio of Debt to Equity

     15.1 %     20.8 %

Ratio of Debt to Capitalization

     13.1 %     17.2 %
                

Repurchases of Debt – We repaid $200.0 in principal amount of 4.200% senior notes that matured on February 1, 2008.

Our Bank Credit Facility – We maintain a $300.0 revolving credit facility, which may be used for working capital and general corporate purposes. The terms of the bank credit facility – which runs through March 2010 – require us to:

 

   

Pay a fee to have these funds available

 

   

Maintain a minimum level of $2,700.0 shareholders’ equity plus 50% of accumulated net income

 

   

Keep our debt-to-capitalization ratio below a maximum of 37.5%

The bank credit facility does not require us to maintain any deposits as compensating balances. As of March 31, 2008, we had no borrowings under the bank credit facility and we were in compliance with all its covenants.

Share Repurchases – In December, 2007, we received approval from the Board to repurchase up to $500.0 of our outstanding common stock in open market purchases. As of March 31, 2008, we purchased no shares under this plan.

This excerpt taken from the SAF 10-Q filed May 1, 2007.

Our Capital Structure

Capital resources protect our policyholders, provide us with financial strength and facilitate continued business growth. Our capital structure consists of debt and equity and was as follows:

 

    

MARCH 31,

2007

   

DECEMBER 31,

2006

 

Total Debt

   $ 1,250.0     $ 1,250.0  
                

Equity Excluding Accumulated Other Comprehensive Income (AOCI)

     3,608.9       3,443.7  

AOCI

     474.9       484.2  
                

Total Shareholders’ Equity

     4,083.8       3,927.9  
                

Total Capitalization

   $ 5,333.8     $ 5,177.9  
                

Ratio of Debt to Equity

     30.6 %     31.8 %

Ratio of Debt to Capitalization

     23.4 %     24.1 %
                

Repurchases of Debt – In February 2006, we repurchased $15.0 in principal amount of 8.072% Debentures. Including transaction costs, we reported a loss on debt repurchase of $1.4 pretax ($0.9 after tax) in the Consolidated Statements of Income.

Share Repurchases – In November 2006, we repurchased 10.2 million shares, or approximately 8.8%, of our then outstanding common stock through an ASR program. The shares were purchased from a dealer at $58.75 per share, for an initial cost of $603.1. The ASR program requires that we pay the dealer a price adjustment equal to the difference between the share price at contract execution and the actual volume-weighted average price of our shares in the market during the program, subject to a cap on two-thirds of the shares. On March 23, 2007, we settled the price adjustment related to the capped portion of the shares and issued 537,163 shares to the dealer. In May 2007, the dealer will conclude the ASR program and we expect to settle the remainder of the price adjustment relating to the uncapped portion of the shares by issuing approximately 318,000 additional shares.

In January 2006, we repurchased 477,800 shares at an average price of $53.69 per share for a total cost of $25.7. During the first quarter of 2006, we repurchased 4,720,163 shares under Rule 10b5-1 trading plan at an average price of $51.79 per share for a total cost of $244.5. We completed the Rule 10b5-1 trading plan on April 3, 2006, repurchasing a total of 4,828,670 shares at an average price of $51.75 per share for a total cost of $250.0.

Approximately 4.8 million shares remain available for repurchase under board-approved repurchase programs.

On February 7, 2007, we declared a regular dividend of $0.30 per share on our common stock. The dividend was payable April 23, 2007 to shareholders of record on April 6, 2007.

Our Bank Credit Facility – On March 31, 2005, we executed a $300.0 five-year revolving credit facility, which may be used for working capital and general corporate purposes. The terms of the bank credit facility – which runs through March 2010 – require us to:

 

   

Pay a fee to have these funds available

 

   

Maintain a specified minimum level of shareholders’ equity

 

   

Keep our debt-to-capitalization ratio below a specified maximum

 

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The bank credit facility does not require us to maintain any deposits as compensating balances. As of March 31, 2007 and throughout the first quarter of 2007, we had no borrowings under the bank credit facility and we were in compliance with all its covenants.

"Our Capital Structure" elsewhere:

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