Debt

Long-term debt consisted of the following:



	As of
	December 31, 2011		October 1, 2011
	(In thousands)
Senior Floating Rate Notes due 2014	$	257,410	$	257,410
8.125% Senior Subordinated Notes due 2016	400,000		400,000
Senior Notes due 2019	500,000		500,000
Fair value adjustment (1)	27,210		24,898
Total long-term debt	$	1,184,620	$	1,182,308

(1) Represents fair value hedge accounting balance related to interest rate swaps. See Note 4 for discussion.

None of the Company's notes have financial covenants, but do have covenants that limit the Company's ability to, among other things: incur additional debt, make investments and other restricted payments, pay dividends on capital stock, redeem or repurchase capital stock or subordinated obligations; create specified liens; sell assets; create or permit restrictions on the ability of its restricted subsidiaries to pay dividends or make other distributions to the Company; engage in transactions with affiliates; incur layered debt; consolidate or merge with or into other companies; and sell all or substantially all of its assets. The restricted covenants are subject to a number of important exceptions and qualifications. The Company was in compliance with these covenants as of December 31, 2011. Additionally, as of December 31, 2011, the Company had $25 million in letters of credit outstanding under its loan agreements against an available amount of $50 million.

The Company intends to redeem up to $150.0 million of debt due in 2016 using cash on hand. The call date is anticipated to be March 1, 2012.

Short-term debt

During the first quarter of 2012, three of the Company's wholly owned subsidiaries in China entered into a $50 million unsecured working capital loan facility that contains no covenants and expires in October 2012. Borrowings under the facility bear interest at a rate equal to LIBOR plus a spread.

As of December 31, 2011, the Company had $135 million of short-term borrowing facilities, under which $59.1 million was outstanding.