recorded to reflect the tax benefits of the losses not uti- lized to date. A full valuation allowance has been provided since, in the opinion of management, it is more likely than not that the deferred tax assets will not be realized. Other accrued liabilities consist of the following: Earnings before income taxes and minority interest include amounts contributed by the Company’s inter- national operations of $393.1 million, $283.4 million and $307.2 million for fiscal 2003, 2002 and 2001, respectively. Some of these earnings are taxed in the United States. The Company’s short-term and long-term debt and available financing consist of the following: Historically, outstanding commercial paper had been clas- sified as long-term debt based upon the Company’s intent and ability to refinance maturing commercial paper on a long-term basis. It is the Company’s policy to maintain backup facilities to support the commercial paper pro- gram and its classification as long-term debt. During  fiscal 2003, the Company repaid all of its outstanding commercial paper obligations. As of June 30 2003, the Company had outstanding $257.1 million of 6% Senior Notes due January 2012 (“6% Senior Notes”) consisting of $250.0 million princi- pal, an unamortized debt discount of $1.0 million, and an $8.1 million adjustment to reflect the fair value of an out- standing interest rate swap. The 6% Senior Notes, when issued in January 2002, were priced at 99.538% with a yield of 6.062%. Interest payments are required to be made semi-annually on January 15 and July 15 of each year.In May 2003, the Company entered into an interest rate swap agreement with a notional amount of $250.0 The Company maintains uncommitted credit facilities in various regions throughout the world. Interest rate terms for these facilities vary by region and reflect prevailing market rates for companies with strong credit ratings. During fiscal 2003 and 2002, the monthly average As of June 30, 2003, other long-term borrowings con- sisted primarily of several term loans held by the Darphin group of companies, which was acquired by the Com- pany in April 2003 (see Note 4). These loans have various maturities through July 2007 with variable and fixed inter- est rates ranging from 2.5% to 5.8%. During fiscal 1998, the Company entered into a 2% loan payable in Japan. Principal repayments of 350.0 mil- lion yen, approximately $2.9 million at current rates, were made semi-annually through 2003. As of June 30, 2003, this loan had been repaid. million to effectively convert the fixed rate interest on our outstanding 6% Senior Notes to variable interest rates based on LIBOR. 69 THEEST{E LAUDER COMPANIES INC. Debt at June 30 Available financing at June 30 2003 2002 2003 2002 2003 2002 (In millions) Commercial paper with an average interest rate of 1.81% in fiscal 2002 $ — $130.0 $ — $ — $ 750.0 $620.0 6% Senior Notes, due January 15, 2012 257.1 248.9 — — — — 2% Japan loan payable, due in installments  through April 2003 — 5.8 — — — — 1.45% Japan loan payable, due on March 28, 2006 25.2 25.0 — — — — Other long-term borrowings 1.3 — — — — — Other short-term borrowings 7.8 0.8 — — 156.6 22.9 Revolving credit facility — — 400.0 400.0 — — Shelf registration for debt securities — — — — 500.0 150.0 291.4 410.5 $400.0 $400.0  $1,406.6 $792.9 Less current maturities (7.8) (6.6) $283.6 $403.9 Uncommitted Committed NOTE 8 – DEBT NOTE 7 – OTHER ACCRUED LIABILITIES JUNE 30 2003 2002 (In millions) Advertising and promotional accruals $266.2 $213.5 Employee compensation 195.9 169.9 Restructuring and special charges 46.5 61.2 Other 195.4 182.0 $704.0 $626.6