NOTE 7—Long-Term Debt:

Long-term debt at June 30, 2013 and December 31, 2012 consisted of the following:


	June 30, 2013		December 31, 2012
	(In thousands)
5.10% Senior notes, net of unamortized discount of $53 at June 30, 2013 and $70 at December 31, 2012	$	324,947	$	324,930
4.50% Senior notes, net of unamortized discount of $2,343 at June 30, 2013 and $2,500 at December 31, 2012		347,657		347,500
Commercial paper notes		362,310		—
Fixed rate foreign borrowings		16,701		19,458
Variable-rate foreign bank loans		25,295		7,006
Miscellaneous		297		394

Total long-term debt		1,077,207		699,288
Less amounts due within one year		9,355		12,700

Long-term debt, less current portion	$	1,067,852	$	686,588

On May 29, 2013, we entered into agreements to initiate a commercial paper program on a private placement basis under which we may issue unsecured commercial paper notes (the “Notes”) from time-to-time up to a maximum aggregate principal amount outstanding at any time of $750 million. The proceeds from the issuance of the Notes are expected to be used for general corporate purposes, including the repayment of other debt of the Company. Our September 2011 credit agreement is available to repay the Notes, if necessary. Aggregate borrowings outstanding under the September 2011 credit agreement and the commercial paper program will not exceed the $750 million current maximum amount available under the September 2011 credit agreement. The Notes will be sold at a discount from par, or alternatively, will be sold at par and bear interest at rates that will vary based upon market conditions at the time of the issuance of the Notes. The maturities of the Notes will vary but may not exceed 397 days from the date of issue. The definitive documents relating to the Program contain customary representations, warranties, default and indemnification provisions.

At June 30, 2013, we had $362.3 million of Notes outstanding bearing a weighted-average interest rate of approximately 0.37% and a weighted-average maturity of 64 days. While the outstanding Notes generally have short-term maturities, we classify the Notes as long-term based on our ability and intent to refinance the Notes on a long-term basis through the issuance of additional Notes or borrowings under the September 2011 credit agreement.