H. DEBT


	January 31,
(in thousands)	2013		2012
Short-term borrowings:
Credit Facilities	$	78,028	$	29,204
Other credit facilities		116,006		83,769

	$	194,034	$	112,973

Long-term debt:
Unsecured Senior Notes:
2002 6.56% Series D, due July 2012^a, b	$	—	$	60,822
2008 9.05% Series A, due December 2015^a, b		105,598		107,272
2009 10.00% Series A, due April 2018^a		50,000		50,000
2009 10.00% Series A, due February 2017^a		125,000		125,000
2009 10.00% Series B, due February 2019^a		125,000		125,000
2010 1.72% Notes, due September 2016^a, c		109,640		131,080
2012 4.40% Series B Notes, due July 2042 ^d		250,000		—

		765,238		599,174
Less current portion of long-term debt		—		60,822

	$	765,238	$	538,352

^a	The agreements require lump sum repayments upon maturity.

^b	The Company entered into interest rate swaps to effectively convert these fixed rate obligations to floating rate obligations (see “Note I. Hedging Instruments”).

^c	These Notes were issued, at par, ¥10,000,000,000.

^d	The agreement requires repayments of $50,000,000 every five years beginning in 2022.

Credit Facilities

In December 2011, the Company entered into a three-year $200,000,000 and a five-year $200,000,000 multi-bank, multi-currency, committed unsecured revolving credit facilities (the “Credit Facilities”). In July 2012, the commitments under each of the Company’s three-year and five-year Credit Facilities were increased to $275,000,000 resulting in a total borrowing capacity of $550,000,000. The Credit Facilities are available for working capital and other corporate purposes. Under the Credit Facilities, borrowings may be made from 10 participating banks at interest rates based upon either (i) local currency borrowing rates or (ii) the Federal Funds Rate plus 0.5%, whichever is higher, plus a margin based on the Company’s leverage ratio. There was $471,972,000 available to be borrowed under the Credit Facilities at January 31, 2013. The weighted-average interest rate was 2.04% and 1.62% at January 31, 2013 and 2012. The three-year credit facility will expire in December 2014. The five-year credit facility will expire in December 2016.

Other Credit Facilities

The Company has various other revolving credit facilities, primarily in China and Japan. At January 31, 2013, the facilities totaled $123,885,000, of which $116,006,000 was outstanding at a weighted-average interest rate of 3.74%. At January 31, 2012, the facilities totaled $102,132,000, of which $83,769,000 was outstanding at a weighted-average interest rate of 1.42%.

Senior Notes

In July 2012, the Company, in two private transactions with various institutional note purchasers, issued, at par, $250,000,000 in the aggregate of its 4.40% Senior Notes due July 2042. A portion of the proceeds was used to repay $60,000,000 of 10-year term, 6.56% Series D Senior Notes that came due in July 2012 and the remainder will be used for general corporate purposes.

Debt Covenants

The senior note agreements require maintenance of specific financial covenants and ratios and limit certain changes to indebtedness and the general nature of the business, in addition to other requirements customary to such borrowings.

The Credit Facilities include specific financial covenants and ratios and limit certain payments, investments and indebtedness, in addition to other requirements customary to such borrowings.

As of January 31, 2013, the Company was in compliance with all debt covenants. In the event of any default of payment or performance obligations extending beyond applicable cure periods under the provisions of any one of the Credit Facilities, Senior Notes and other loan agreements, such agreements may be terminated or payment of the debt accelerated. Further, each of the Credit Facilities, Senior Notes and certain other loan agreements contain cross default provisions permitting the termination of the loans, or acceleration of the notes, as the case may be, in the event that certain of the Company’s other debt obligations are terminated or accelerated prior to the expressed maturity.

Long-Term Debt Maturities

Aggregate maturities of long-term debt as of January 31, 2013 are as follows:


Years Ending January 31,	Amount (in thousands)
2014	$	—
2015		—
2016		105,598
2017		109,640
2018		125,000
Thereafter		425,000

	$	765,238

Letters of Credit

The Company has available letters of credit and financial guarantees of $70,055,000 of which $30,454,000 was outstanding at January 31, 2013. Of those available letters of credit and financial guarantees, $58,620,000 expires within one year.