28 Management’s Discussion and Analysis of Financial Condition and Results of Operations Investments in unconsolidated affiliates in 2004 primarily consist of contributions to The Residences at MGM Grand. In 2003 and 2002, such investments were  primarily our required investments in Borgata. In 2002, we also contributed  $44 million to Monte Carlo in connection with Monte Carlo’s retirement of the final $87 million of its outstanding debt. In 2004, we issued over $1.5 billion of fixed rate debt in various issuances: Cash Flows – Financing Activities Our share repurchases are only conducted under repurchase programs approved by our Board of Directors and publicly announced. Our share repurchase activity was as follows: At December 31, 2004, we had 10 million shares available for repurchase under a July 2004 authorization. We received $136 million, $36 million and $46 million in proceeds from the exercise of employee stock options in the years ended  December 31, 2004, 2003 and 2002, respectively. Our long-term debt consists of publicly held senior and subordinated notes and bank credit facilities. We pay fixed rates of interest ranging from 5.875% to 9.75% on the senior and subordinated notes. We pay variable interest based on LIBOR on our bank credit facility. We amended our bank credit facility in November 2003, and our current senior credit facility is a $2.5 billion, five-year revolving credit  facility with a syndicate of banks led by Bank of America, N.A. As of December 31, 2004, we had approximately $2.4 billion of available liquidity under our bank  credit facility. Subsequent to year-end, we redeemed three issuances of senior notes totaling $676 million of principal utilizing available funds under the bank credit facility. Our next maturity of public debt is not due until 2006.  In 2004, we repaid a net $1.6 billion on our bank credit facilities and repurchased $49 million of our existing senior notes for $52 million, resulting in a loss on early retirement of debt of $6 million (including the write-off of unamortized original issue discount), which is classified as “Other, net” in the accompanying consolidat- ed statement of income. In 2003, we issued $600 million of 6% Senior Notes, due 2009 and repaid a net $285 million on our bank credit facilities. The net proceeds of these financing activities were used to supplement operating cash flows, fund capital expenditures and repurchase shares of our common stock. In 2002, we  utilized our operating cash flow to reduce outstanding indebtedness by $270 mil- lion, while still funding significant capital expenditures and share repurchases. Principal Debt Arrangements Y ear Ended December 31 (In thousands) 2004 2003 2002 August 2001 authorization (1.4 million  and 6.4 million shares purchased) . . . . . . . . . . . . $ — $ 36,034 $ 207,590 February 2003 authorization  (10 million shares purchased) . . . . . . . . . . . . . . . — 335,911 — November 2003 authorization (8 million and  2 million shares purchased) . . . . . . . . . . . . . . . . . 348,895 70,919 — $ 348,895 $442,864 $ 207,590 Average price of shares repurchased . . . . . . . . . . . . $ 43.59 $ 33.17 $ 32.28 • In February and March 2004, we issued $525 million of 5.875% Senior Notes due 2014; • In August 2004, we issued $550 million of 6.75% Senior Notes due 2012; • In September 2004, we issued $450 million of 6% Senior Notes due 2009 at a premium to yield 5.65%.