NOTE 5 – DEBT

Our debt consists of the following:
	2012		2011
Notes to banks (weighted average interest rate of 9.52% at October 26, 2012 and 6.59% at October 28, 2011)	$	2,457	$	15,561
Commercial Paper (0.43% – 0.44% at October 26, 2012 and 0.38% – 0.40% at October 28, 2011)		91,984		153,955
Total Short-term Debt		94,441		169,516
Notes to banks (4.34% – 5.20% at October 26, 2012 and 7.43% at October 28, 2011)		44,090		7,803
Senior notes Due 2012 at 5.625%		—		200,000
Total Current Portion of Long-term Debt		44,090		207,803
Notes to banks (4.49% at October 26, 2012 and 4.49% - 6.77% at October 28, 2011)		76		67,303
Senior notes (at fixed rates)
Due 2015 at 5.10%		150,000		150,000
Due 2017 at 6.05%		150,000		150,000
Due 2019 at 7.25%		300,000		300,000
Due 2022 at 4.20%		400,000		—
Industrial development bonds (0.36% at October 26, 2012 and 0.28% at October 28, 2011 payable in 2015)		12,502		12,502
Total Long-term Debt		1,012,578		679,805
Total Debt	$	1,151,109	$	1,057,124

In the first quarter of 2012, we issued $400,000 of unsecured Senior Notes that mature on January 15, 2022 with a coupon rate of 4.20%. The proceeds, net of issuance costs, were $396,816. The public offering was made pursuant to a registration statement filed with the U.S. Securities and Exchange Commission. We used the net proceeds for general corporate purposes, including paying down our commercial paper borrowings and retiring our $200,000 of 5.625% Senior Notes that matured on May 1, 2012.

We maintain an unsecured revolving credit facility with a syndicate of banks expiring December 2014 and a U.S. dollar equivalent unsecured committed revolving bilateral credit facility expiring September 2013. As of October 26, 2012 and October 28, 2011, our bank credit facilities consisted of the following:


	October 26, 2012
	Total Outstanding		Facility Size
December 2014 bank syndicate facility¹	$	91,984	$	550,000
September 2013 bilateral facility		44,090		93,402
Total unsecured committed revolving credit		136,074		643,402
Uncommitted bank lines of credit		2,533		147,461
Total Bank Credit Facilities	$	138,607	$	790,863


	October 28, 2011
	Total Outstanding		Facility Size
December 2014 bank syndicate facility¹	$	153,955	$	550,000
June 2012 bilateral facility		7,803		14,631
September 2013 bilateral facility		67,024		87,786
Total unsecured committed revolving credit		228,782		652,417
Uncommitted bank lines of credit		15,840		165,568
Total Bank Credit Facilities	$	244,622	$	817,985

¹	Our bank syndicate facility includes $91,984 and $153,955 of commercial paper as of October 26, 2012 and October 28, 2011, respectively. We have a $350,000 commercial paper program backstopped by our $550,000 credit facility.

Our credit facilities have covenants that require us to maintain certain financial ratios. We were in compliance with these covenants as of October 26, 2012. Our debt covenants do not limit, nor are they reasonably likely to limit, our ability to obtain additional debt or equity financing.

To ensure availability of funds, we maintain uncommitted bank lines of credit sufficient to cover outstanding short-term borrowings. These arrangements are reviewed periodically for renewal and modification. Borrowings under these debt arrangements had an average annual interest rate of 9.52% in 2012, 6.59% in 2011 and 6.57% in 2010.

The future maturities of long-term debt are as follows:
	Maturities
2013	$	44,090
2014		17
2015		162,561
2016		—
2017		150,000
Thereafter	$	700,000

Interest paid during 2012, 2011 and 2010 was $68,714, $62,095 and $58,067, respectively.