DEBT

Short-term borrowings and the current portion of long-term debt at June 30, 2012 and December 31, 2011 consisted of the following:



	June 30, 2012		December 31, 2011
Zero-coupon convertible subordinated notes	$	134.4	$	135.5
Total short-term borrowings and current portion of long-term debt	$	134.4	$	135.5

Long-term debt at June 30, 2012 and December 31, 2011 consisted of the following:



	June 30, 2012		December 31, 2011
Revolving credit facility	$	450.0	$	560.0
Senior notes due 2013	350.2		350.5
Senior notes due 2015	250.0		250.0
Senior notes due 2016	325.0		325.0
Senior notes due 2020	600.0		600.0
Total long-term debt	$	1,975.2	$	2,085.5

Zero-coupon Subordinated Notes

During the six months ended June 30, 2012, the Company settled notices to convert $3.0 aggregate principal amount at maturity of its zero-coupon subordinated notes with a conversion value of $3.6. The total cash used for these settlements was $2.5 and the Company also issued twelve thousand five hundred thirty-three additional shares of common stock.

On March 13, 2012, the Company announced that for the period of March 12, 2012 to September 11, 2012, 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 7, 2012, in addition to the continued accrual of the original issue discount.

On July 2, 2012, 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, 2012, 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 28, 2012. If notices of conversion are received, the Company plans to settle the cash portion of the conversion obligation with cash on hand and/or borrowings under the revolving credit facility.

Credit Facilities

The Revolving Credit Facility is available for general corporate purposes, including working capital, capital expenditures, acquisitions, funding of share repurchases and other restricted payments permitted under the Credit Agreement. The Credit Agreement also contains limitations on aggregate subsidiary indebtedness and a debt covenant that requires that the Company maintain on the last day of any period of four consecutive fiscal quarters, in each case taken as one accounting period, a ratio of total debt to consolidated EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of not more than 3.0 to 1.0. The Company was in compliance with all covenants in the Credit Agreement at June 30, 2012. As of June 30, 2012, the ratio of total debt to consolidated EBITDA was 1.6 to 1.0.

As of June 30, 2012, the effective interest rate on the Revolving Credit Facility was 1.22%.