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Debt

9 Months Ended

Sep. 30, 2012

6. DEBT

The Company's borrowings consist of the following:

	September 30,		December 31,
(in thousands)	2012		2011
7.25% unsecured notes due February 1, 2019	$	397,375	$	397,065
Commercial paper borrowings		―		109,671
AUD 50M borrowing		51,877		51,012
Other indebtedness		7,262		7,464
Total Debt		456,514		565,212
Less: current portion		(3,043)		(112,983)
Total Long-Term Debt	$	453,471	$	452,229

The Company's other indebtedness at September 30, 2012 and December 31, 2011 is at interest rates from 0% to 6% and matures from 2012 to 2017 and 2012 to 2016, respectively.

During the three months ended September 30, 2012 and October 2, 2011, the Company had average borrowings outstanding of approximately $456.3 million and $417.6 million, respectively, at average annual interest rates of approximately 7.0% and 7.2%. During the three months ended September 30, 2012 and October 2, 2011, the Company incurred net interest expense of $8.1 million and $7.7 million, respectively.

During the nine months ended September 30, 2012 and October 2, 2011, the Company had average borrowings outstanding of approximately $467.3 million and $406.9 million, respectively, at average annual interest rates of approximately 7.0% and 7.2%. During the nine months ended September 30, 2012 and October 2, 2011, the Company incurred net interest expense of $24.4 million and $21.6 million, respectively.

At September 30, 2012, the fair value of the Company's 7.25% unsecured notes, based on quoted market prices, totaled $485.2 million, compared with the carrying amount of $397.4 million. At December 31, 2011, the fair value of the Company's 7.25% unsecured notes, based on quoted market prices, totaled $460.5 million, compared with the carrying amount of $397.1 million. The carrying value of the Company's other unsecured debt at September 30, 2012 approximates fair value.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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