Debt

12 Months Ended

Jun. 30, 2011

Debt

Debt

NOTE 12.  DEBT

Components of long-term debt are as follows:

June 30,	2011	2010
Industrial revenue bonds
(with variable interest rates from 0.4% to 1.1%)	$             21.6	$             25.4
Secured financing	15.4	17.2
	37.0	42.6
Less: current portion	(2.8)	(2.8)
	$             34.2	$             39.8

                       

During fiscal 2008, the Company entered into a secured financing agreement, whereby the Company borrowed $21.1 million from a third party in exchange for a security interest in a single client's unbilled accounts receivable, which is billable over a ten-year period.  The Company will continue to collect amounts due from the client as they are billed.  The security interest in the receivables retained by the third party is without recourse against the Company in the event that the client does not make the appropriate payments to the Company.  As of June 30, 2011, the Company has recorded approximately $2.8 million within accrued expenses and other current liabilities and approximately $12.6 million within long-term debt on the Company's Consolidated Balance Sheets related to the secured financing arrangement.

The fair value of the industrial revenue bonds and other debt, included above, approximates carrying value.

Long-term debt repayments at June 30, 2011 are due as follows:

2013	17.1
2014	1.8
2015	1.8
2016	1.8
2017	1.8
Thereafter	9.9
	$           34.2

Cash payments relating to interest on long-term debt and the short-term financing arrangements described in Note 11 were approximately $8.8 million, $8.9 million, and $40.1 million in fiscal 2011, 2010 and 2009, respectively.