Long-term debt

12 Months Ended

Oct. 31, 2011

Long-term debt [Abstract]

Long-term debt

Note 8 — Long-term debt

A summary of long-term debt is as follows:

	2011		2010
Revolving credit agreement, due 2017	$	192,200	$	46,000
Senior notes, due 2005-2011		—		14,260
Private shelf facility, due 2012-2020		75,000		—
Senior notes, due 2013		50,000		50,000
Development loans, due 2011-2026		1,923		—
		319,123		110,260
Less current maturities		5,664		14,260
Long-term maturities	$	313,459	$	96,000

Revolving credit agreement — This $400,000 revolving credit agreement is with a group of banks which was scheduled to expire in 2012; however, we replaced this agreement with a new $500,000 unsecured, multi-currency credit agreement with a group of banks. The balance outstanding under the prior agreement was transferred to the new agreement. Borrowings under the prior agreement were classified as long-term, because a new revolving credit agreement was entered into on December 9, 2011, as discussed in Note 21. Payment of quarterly commitment fees is required. The weighted average interest rate for borrowings under this agreement was 0.54 percent at October 31, 2011.

Senior notes, due 2005-2011 — These fixed rate notes with a group of insurance companies had an original weighted-average life of 6.5 years at the time of issuance in 2001.

Private shelf facility — On June 30, 2011, we entered into a $150,000 three-year Private Shelf Note agreement with New York Life Investment Management LLC (NYLIM). Borrowings under the agreement may be up to 12 years, with an average life of up to 10 years, and are unsecured. The interest rate on each borrowing can be fixed or floating and is based upon the market rate at the borrowing date. At October 31, 2011, $75,000 was outstanding under this facility at a fixed rate of 2.21 percent per annum.

Senior note, due 2013 — This note is payable in one installment and has a fixed interest rate of 4.98 percent.

Development loans, due 2011-2026 — These fixed-rate loans with the State of Ohio and Cuyahoga County, Ohio were issued in 2011 in connection with the construction of our new corporate headquarters building and are payable in monthly installments over 15 years beginning in 2011. The interest rate on the State of Ohio loan is 3.00 percent, and the interest rate on the Cuyahoga County loan is 3.50 percent.

Annual maturities — The annual maturities of long-term debt for the five years subsequent to October 31, 2011, are as follows: $5,664 in 2012; $55,668 in 2013; $10,671 in 2014; and $10,675 in 2015 and $10,679 in 2016.