Todd Rundgren released his version on his 1978 album Hermit of Mink Hollow. This was the only hit single on the album, reaching #29 on the Billboard Hot 100. The lyrics describe a relationship to which Rundgren and the woman to whom he is singing have given great effort, but simply cannot work. Rundgren explains this, but wishes to part amicably, asking several times if he and his partner can "still be friends." The song is generally assumed to be about Rundgren's breakup with long-time companion Bebe Buell in 1977. Rundgren played all the instruments and performed all the vocals on the track, as he did with the rest of the album.
Rod Stewart recorded this song as a track for his 1984 album Camouflage. This version is performed at a faster tempo than Rundgren's and Palmer's versions and features more prominent use of the synthesizer.
Argentine rock musicians Charly García and Nito Mestre, founding members of the band Sui Generis, recorded a Spanish version entitled "Yo soy su papá" ("I am his father"), which appeared on their 2000 album Sinfonías para adolescentes (Symphonies for Teenagers).