FINANCIAL INSTRUMENTS

3 Months Ended

Apr. 01, 2012

Notes To Financial Statements Abstract

13. FINANCIAL INSTRUMENTS

The carrying amounts of financial instruments including cash and cash equivalents, accounts receivable, accounts payable and short-term debt approximated fair value as of April 1, 2012 and December 31, 2011, because of the relatively short maturity of these instruments.

The carrying value of long-term debt, including the current portion, was $1,846.4 million as of April 1, 2012, compared with a fair value of $2,151.3 million, based on quoted market prices for the same or similar debt issues.

Interest Rate Swaps

In order to minimize financing costs and to manage interest rate exposure, the Company, from time to time, enters into interest rate swap agreements. No interest rate swap agreements were outstanding as of April 1, 2012 and December 31, 2011.

Foreign Exchange Forward Contracts

The following table summarizes our foreign exchange activity:



	April 1, 2012
	Contract Amount		Primary Currencies
In millions of dollars
Foreign exchange forward contracts to purchase foreign currencies	$	34.8	Euros British pound sterling
Foreign exchange forward contracts to sell foreign currencies	$	57.5	Canadian dollars

Our foreign exchange forward contracts mature in 2012 and 2013. For more information, see Note 8. Derivative Instruments and Hedging Activities.