Debt And Bank Credit Facilities

3 Months Ended

Mar. 31, 2012

Debt And Bank Credit Facilities [Abstract]

8.	DEBT AND BANK CREDIT FACILITIES

The Company's indebtedness as of March 31, 2012 and December 31, 2011 was as follows (in millions):


	March 31,		December 31,
	2012		2011
Senior notes	$	750.0	$	750.0
Term loan		145.0		145.0
Revolving credit facility		71.0		9.0
Other		20.2		15.2

		986.2		919.2

Less: Current maturities		15.2		10.0

Non-current portion	$	971.0	$	909.2

At March 31, 2012, the Company had $750.0 million of senior notes (the "Notes") outstanding. Details on the senior notes are (in millions):


	Principal		Interest Rate	Maturity
Floating Rate Series 2007A	$	150.0	Floating ⁽¹⁾	August 2014
Floating Rate Series 2007A		100.0	Floating ⁽¹⁾	August 2017
Fixed Rate Series 2011A		100.0	4.10%	July 2018
Fixed Rate Series 2011A		230.0	4.8 to 5.0%	July 2021
Fixed Rate Series 2011A		170.0	4.9 to 5.1%	July 2023

	$	750.0

⁽¹⁾	Interest rates vary as LIBOR varies. At March 31, 2012, the interest rate was between 1.1% and 1.2%.

In 2008, the Company entered into a Term Loan Agreement ("Term Loan") with certain financial institutions, whereby it borrowed an aggregate principal amount of $165.0 million. During 2011, the Company repaid $20.0 million of the Term Loan. The Term Loan matures in June 2013, and borrowings generally bear interest at a variable rate equal to a margin over LIBOR. The margin varies with the ratio of the Company's total funded debt to consolidated earnings before interest, taxes, depreciation, and amortization ("EBITDA") as defined in the Loan Agreement. These interest rates also vary as LIBOR varies. At March 31, 2012, the interest rate of 1.2% was based on a margin over LIBOR.

The Company also has a $500.0 million revolving credit facility (the "Facility") that matures in June 2016. The Facility permits the Company to borrow at interest rates based upon a margin above LIBOR. The margin varies with the ratio of total funded debt to EBITDA, net of specified cash, as defined in the Facility. These interest rates also vary as LIBOR varies. At March 31, 2012, the interest rate of 1.7% was based on a margin over LIBOR. The Company pays a commitment fee on the unused amount of the Facility, which also varies with the ratio of total funded debt to EBITDA.

The Notes, the Term Loan, and the Facility require the Company to meet specified financial ratios and to satisfy certain financial condition tests. The Company was in compliance with all financial debt covenants as of March 31, 2012.

The Company entered into interest rate swap agreements to manage fluctuations in cash flows resulting from interest rate risk. (See also Note 14 of Notes to Condensed Consolidated Financial Statements.)

At March 31, 2012, other notes payable of approximately $20.2 million were outstanding with a weighted average interest rate of 2.4%.

- 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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