8. DEBT

Short-term borrowings and the current portion of long-term debt at June 30, 2011 and December 31, 2010 consisted of the following:

	June 30,		December 31,
	2011		2010
Zero-coupon convertible subordinated notes	$	140.1	$	286.7
Term loan, current		75.0		75.0
Total short-term borrowings and current portion
of long-term debt	$	215.1	$	361.7

Long-term debt at June 30, 2011 and December 31, 2010 consisted of the following:

	June 30,		December 31,
	2011		2010

Senior notes due 2013	$	350.7	$	350.9
Senior notes due 2015		250.0		250.0
Senior notes due 2016		325.0		325.0
Senior notes due 2020		600.0		600.0
Term loan, non-current		262.5		300.0
Other long-term debt		--		0.8
Total long-term debt	$	1,788.2	$	1,826.7

Zero-coupon Subordinated Notes

During the six months ended June 30, 2011, the Company settled notices to convert approximately $183.2 aggregate principal amount at maturity of its zero-coupon subordinated notes with a conversion value of $240.7. The total cash used for these settlements was $149.1 and the Company also issued 0.9 additional shares of common stock. As a result of these conversions, the Company also reversed approximately $36.1 of deferred tax liability to reflect the tax benefit realized upon issuance of the shares. The Company's zero-coupon subordinated notes are considered common stock equivalents and are included in the potentially diluted shares as disclosed in footnote 2. Earnings Per Share.

On March 14, 2011, the Company announced that for the period of March 12, 2011 to September 11, 2011, the zero-coupon subordinated notes will accrue contingent cash interest at a rate of no less than 0.125% of the average market price of a zero-coupon subordinated note for the five trading days ended March 9, 2011, in addition to the continued accrual of the original issue discount.

On July 1, 2011, the Company announced that its zero-coupon subordinated notes may be converted into cash and common stock at the conversion rate of 13.4108 per $1,000 principal amount at maturity of the notes, subject to the terms of the zero-coupon subordinated notes and the Indenture, dated as of October 24, 2006 between the Company and The Bank of New York Mellon, as trustee and conversion agent. In order to exercise the option to convert all or a portion of the zero-coupon subordinated notes, holders are required to validly surrender their zero-coupon subordinated notes at any time during the calendar quarter beginning July 1, 2011, through the close of business on the last business day of the calendar quarter, which is 5:00 p.m., New York City time, on Friday, September 30, 2011.

Credit Facilities

The balances outstanding on the Company's Term Loan Facility at June 30, 2011 and December 31, 2010 were $337.5 and $375.0, respectively. There were no balances outstanding on the Company's Revolving Facility at June 30, 2011 and December 31, 2010. The Term Loan Facility and Revolving Facility bear interest at varying rates based upon LIBOR plus a percentage based on the Company's credit rating with Standard & Poor's Ratings Services. The Term Loan Facility and Revolving Facility contain certain debt covenants which require that the Company maintain a leverage ratio of no more than 2.5 to 1.0 and an interest coverage ratio of at least 5.0 to 1.0. Both ratios are calculated in relation to EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization). The credit agreement allows payment of dividends provided that the Company is not in default (as defined in the agreement) and its leverage ratio is less than 2.0 to 1.0. The Company was in compliance with all covenants as of June 30, 2011. As of June 30, 2011, the leverage and interest coverage ratios were 1.6 to 1.0 and 14.9 to 1.0, respectively.

As of June 30, 2011, the effective interest rates on the Term Loan Facility and Revolving Facility were 0.87% and 0.54%, respectively.