Management’s Discussion and Analysis at the time of the call, 13.8 million depositary shares were  converted into 11.5 million shares of FCX common stock.  The remaining shares were redeemed for approximately $7 million cash. As a result of the transactions discussed above, we  had net cash borrowings (repayments) of debt, including  preferred stock redemptions, of $(31.2) million in 2004,  $31.7 million in 2003 and $(333.3) million in 2002. interest on these notes. We recorded charges totaling $24.7  million ($24.2 million to net income or $0.15 per share)  related to these conversions. In October 2003, FCX and PT Freeport Indonesia entered  into an amended revolving credit facility that provides a  commitment of $195 million and matures in September 2006.  We recorded charges totaling $5.6 million ($3.7 million to net  income or $0.02 per share) in 2003 to accelerate amortization  of deferred financing costs related to the prior credit facility. In December 2003, we called for redemption the depositary  shares representing our 7% Step-Up Convertible Preferred  Stock. Of the 14.0 million depositary shares outstanding  Debt Maturities.  Below is a summary (in millions) of  our total debt maturities based on loan balances as of  December 31, 2004, and original issue amounts for  mandatorily redeemable preferred stock.  b. Represents additional amounts due above the original issue amounts based on the price of silver and gold, respectively, totaling $3.7 million in 2005 and 2006 for our Silver- Denominated Preferred Stock and $21.2 million in February 2006 for our Gold-Denominated Preferred Stock, Series II. We calculated these amounts using the December 31,  2004, London A.M. gold fixing price for one ounce of gold ($438.00) and the London silver fixing price for one ounce of silver ($6.82) in the London bullion market (which  determine the preferred stock redemption amounts). a. Conversion price is $30.87 per share. company for an estimated 72 million euro contractual obli- gation to the retired employees. Atlantic Copper had $69.8  million recorded as of December 31, 2004, for this obligation  and is amortizing the unaccrued balance of approximately  $7.9 million over the remaining 12-year funding period.  Atlantic Copper has firm contractual commitments with third  parties to purchase concentrates at market prices. We have  various noncancelable operating leases and open purchase  orders at December 31, 2004. A summary of these various  obligations follows (in millions, except concentrates): In addition to our debt and redeemable preferred stock  maturities shown above, we have other contractual obligations  and commitments, which we expect to fund with projected  operating cash flows, available credit facilities or future  financing transactions, if necessary. These obligations and  commitments include PT Freeport Indonesia’s commitments  to provide one percent of its annual revenue for development  of the local people in our area of operations through the  Freeport Partnership Fund for Community Development and to  contribute amounts to a cash fund designed to accumulate at  least $100 million by the end of our Indonesian mining activ- ities to pay for mine closure and reclamation. Atlantic Copper  has a mostly unfunded contractual obligation denominated in  euros to supplement amounts paid to retired employees. In  August 2002, Atlantic Copper complied with Spanish legisla- tion by agreeing to fund 7.2 million euros annually for 15  years, beginning August 2002, to an approved insurance  Other Contractual Obligations 2004 ANNUAL REPORT  | 37 2005  2006  2007  2008  2009  Thereafter Puncakjaya Power bank debt  $51.6  $ 37.2  $28.0  $36.0  $34.2  $  — Redeemable preferred stock   12.5   179.9  —  —  —  — Atlantic Copper debt  7.8  0.1  4.4  —  —  — Equipment loans and other  6.3  13.2   13.5   13.6   13.5  13.8 7.50% Senior Notes due 2006  —  66.5  —  —  —  — 10  1 /8% Senior Notes due 2010 —  —  —  —  —  500.0  7% Convertible Senior Notes due 2011$^{a}$  — — — — —  575.0  6  7 /8% Senior Notes due 2014 — — — — —  340.3  7.20% Senior Notes due 2026  — — — — —  4.5  Total debt maturities $78.2  $296.9  $45.9  $49.6  $47.7  $1,433.6 Pro forma adjustment$^{b}$  3.7  24.9  —  —  —  — Pro forma debt maturities $81.9  $321.8  $45.9  $49.6 $47.7  $1,433.6