Note 13. Debt

The Company's debt at December 31, 2011 and 2010 consisted of the following:


	2011			2010
Credit facility borrowings	$	65.0		$	120.0
5.625% senior notes due January 15, 2012		158.6			158.6
4.95% senior notes due April 1, 2014		599.5			599.2
5.50% senior notes due May 15, 2015		399.8			499.6
8.60% senior notes due August 15, 2016		346.8			346.0
6.125% senior notes due January 15, 2017		522.9			622.0
7.25% senior notes due May 15, 2018		600.0			—
11.25% senior notes due February 1, 2019 (a)		172.2			400.0
7.625% senior notes due June 15, 2020		400.0			400.0
8.875% debentures due April 15, 2021		80.9			80.9
6.625% debentures due April 15, 2029		199.3			199.3
8.820% debentures due April 15, 2031		69.0			68.9
Other (b)		46.5			35.5

Total debt		3,660.5			3,530.0
Less: current portion		(243.7	)		(131.4	)

Long-term debt	$	3,416.8		$	3,398.6

(a)	On May 17, 2011, the interest rate on the 11.25% senior notes due February 1, 2019 was increased to 11.75%, as a result of downgrades in the ratings of the notes by the rating agencies.

(b)	Other includes the fair value adjustment to the Company's 4.95% senior notes due April 1, 2014 related to the Company's fair value hedges, capital leases and other miscellaneous debt obligations.

The fair values of the senior notes and debentures, which were based upon interest rates available to the Company for borrowings with similar teams and maturities, were determined to be Level 2 under the fair value hierarchy. The fair value of the Company's debt was less than its book value by approximately $80.1 million and greater than its book value by approximately $259.3 million at December 31, 2011 and 2010, respectively.

On June 1, 2011, the Company issued $600.0 million of 7.25% senior notes due May 15, 2018. Interest on the notes is payable semi-annually on May 15 and November 15 of each year, commencing on November 15, 2011. The net proceeds from the offering were used to repurchase an initial $216.2 million of the 11.25% senior notes due February 1, 2019, $100 million of the 6.125% senior notes due January 15, 2017 and $100 million of the 5.50% senior notes due May 15, 2015. The remaining net proceeds were used for general corporate purposes and to repay outstanding borrowings under the Company's unsecured and committed revolving credit agreement (the "Credit Agreement"). On September 28, 2011, the Company repurchased an additional $11.6 million of the 11.25% senior notes due February 1, 2019. The repurchases resulted in pre-tax losses on debt extinguishment of $69.9 million for the year ended December 31, 2011.

On December 17, 2010, the Company entered into a $1.75 billion Credit Agreement which expires December 17, 2013, subject to a possible one-year extension if agreed to by the lending financial institutions. Borrowings under the Credit Agreement bear interest at a rate dependent on the Company's credit ratings at the time of borrowing that will be calculated according to a base Eurocurrency rate plus an applicable margin. The Company will pay annual commitment fees at rates dependent on the Company's credit ratings. The Credit Agreement replaced the Company's previous $2.0 billion unsecured and committed revolving credit facility (the "previous Facility"). All amounts outstanding under the previous Facility were repaid with borrowings under the Credit Agreement. The Credit Agreement will be used for general corporate purposes, including letters of credit and as a backstop for the Company's commercial paper program. The Credit Agreement is subject to a number of financial covenants that, in part, may limit the use of proceeds, and the ability of the Company to create liens on assets, incur subsidiary debt, engage in mergers and consolidations, or dispose of assets. The financial covenants require a minimum interest coverage ratio and maximum leverage ratio.

On June 21, 2010, the Company issued $400.0 million of 7.625% senior notes due June 15, 2020. Interest on the notes is payable semi-annually on June 15 and December 15 of each year, commencing on December 15, 2010. The net proceeds from the offering were used to repay borrowings under the previous Facility and for general corporate purposes.

As of December 31, 2011, the Company had $65.0 million of borrowings outstanding under the Credit Agreement. The weighted average interest rate on borrowings under the Credit Agreement during the years ended December 31, 2011 and 2010 was 2.08% and 1.27% per annum, respectively.

Additionally, the Company had $151.8 million in credit facilities (the "Foreign Facilities") at its foreign locations, most of which are uncommitted. As of December 31, 2011 and 2010, total borrowings under the Credit Agreement, the previous Facility and the Foreign Facilities (the "Combined Facilities") were $82.2 million and $129.1 million, respectively. As of December 31, 2011, the Company had $60.9 million in outstanding letters of credit. At December 31, 2011, approximately $1.8 billion was available under the Company's Combined Facilities, of which the Company may borrow approximately $1.4 billion, as borrowings above $1.4 billion would cause the Company to violate certain debt covenants in the Credit Agreement.

The Company was in compliance with its debt covenants as of December 31, 2011, and is expected to remain in compliance based on management's estimates of operating and financial results for 2012 and the foreseeable future.

At December, 31, 2011, the future maturities of debt, including capitalized leases, consisted of the following:


	Amount
2012	$	243.7
2013		0.9
2014		600.9
2015		404.0
2016		350.6
2017 and thereafter		2,047.4

Total	$	3,647.5

The following table summarizes interest expense included in the Consolidated Statements of Operations:


	2011			2010			2009
Interest incurred	$	259.8		$	233.3		$	246.6
Less: interest income		(13.6	)		(9.1	)		(9.9	)
Less: interest capitalized as property, plant and equipment		(2.9	)		(1.6	)		(2.1	)

Interest expense, net	$	243.3		$	222.6		$	234.6

Interest paid net of interest received from the Company's fair value hedges was $252.2 million, $235.2 million and $226.5 million in 2011, 2010 and 2009, respectively.