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Debt

9 Months Ended

Sep. 30, 2013

6. DEBT

The Company's borrowings consist of the following:

	As of
	September 30,		December 31,
(in thousands)	2013		2012
7.25% unsecured notes due February 1, 2019	$	397,790	$	397,479
USD Revolving credit borrowing		―		240,121
AUD Revolving credit borrowing		46,589		51,915
Other indebtedness		6,710		7,196
Total Debt		451,089		696,711
Less: current portion		(3,022)		(243,327)
Total Long-Term Debt	$	448,067	$	453,384

The Company's other indebtedness at September 30, 2013 and December 31, 2012 is at interest rates from 0% to 6% and matures from 2013 to 2017.

During the three months ended September 30, 2013 and 2012, the Company had average borrowings outstanding of approximately $449.8 million and $456.3 million, respectively, at average annual interest rates of approximately 7.0%. During the three months ended September 30, 2013 and 2012, the Company incurred net interest expense of $8.6 million and $8.1 million, respectively.

During the nine months ended September 30, 2013 and 2012, the Company had average borrowings outstanding of approximately $477.5 million and $467.3 million, respectively, at average annual interest rates of approximately 7.0%. During the nine months ended September 30, 2013 and 2012, the Company incurred net interest expense of $25.6 million and $24.4 million, respectively.

At September 30, 2013, the fair value of the Company's 7.25% unsecured notes, based on quoted market prices, totaled $475.1 million, compared with the carrying amount of $397.8 million. At December 31, 2012, the fair value of the Company's 7.25% unsecured notes, based on quoted market prices, totaled $481.4 million, compared with the carrying amount of $397.5 million. The carrying value of the Company's other unsecured debt at September 30, 2013 approximates fair value.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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