Question-and-Answer Session
The floor is now open for questions. [Operator Instructions]. Our first question is coming from John Wood with Banc of America Securities.
John Wood - Banc of America Securities
Thanks a lot. John can debt and excess capital averages historical rates in this environment.
John R. Considine - Vice Chairman, Chief Financial Officer and Senior Vice President
Yes, we have no issues with the accessing capital. We... our CC kind of balance is at around $200 million at any one-time. And I would say that we've been on the shorter end of the probably out through 90 days and not up to the 364 day kind of limits. But no issues with accessing capital at all. And by the way, as you'll see on our balance sheet, we have $1 billion to cash on our balance sheet at the end of the year. We have no maturities of any long-term debt at all and our long-term debts at about 800 and we have about 200 of short-term debt but that stays, it's booked to short-term but it basically stays there.
John R. Considine - Vice Chairman, Chief Financial Officer and Senior Vice President
Okay, great. With the valuation, the equity valuation about 15% below historical levels now, I mean why not get more aggressive on the buybacks, if your capital rates are constant given the lower valuation here?
John R. Considine - Vice Chairman, Chief Financial Officer and Senior Vice President
Well, obviously we consider that, like any other guidance. There is a potential for change here. We obviously agree with you in terms of under valued nature of this stock and we'll be silent on everyone else's. But we certainly have the capacity to do that, but we will consider it as we move along. But right now, this where our preliminary guidance would stand.
John Wood - Banc of America Securities
Okay. One quick follow-up is... I mean the cash dividend policy I know you've increased in November pretty much every year for the recent past, is there any potential that your dividend policy changes as you evaluate the different tax policy or the potential changes in tax policy on cash dividends? Thank you.
John R. Considine - Vice Chairman, Chief Financial Officer and Senior Vice President
Well I mean what you're saying is correct. We have followed a pattern... that our Board has followed a pattern of taking the change in earnings per share the trailing change and increasing in the dividend along with that. So in plain English our earnings are up 15% at least for the last five or so years, our dividend is going up an equal amount.
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