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Short-Term Borrowings And Long-Term Debt

6 Months Ended

Jul. 01, 2011

Short-Term Borrowings And Long-Term Debt

Short-Term Borrowings And Long-Term Debt

11.

Short-Term Borrowings and Long-Term Debt

Short-term borrowings and long-term debt consist of the following:


(In millions)		July 1, 2011				December 31, 2010
Short-term borrowings
Securitization of accounts receivable		$	0.0			$	90.0

Total short-term borrowings		$	0.0			$	90.0


Long-term debt
3.35% Senior notes due December 15, 2015		$	250.0			$	250.0
Less: Discount			(0.3	)			(0.3	)

Net long-term debt		$	249.7			$	249.7

Securitization

In the first quarter of 2011, the Company repaid the $90.0 million outstanding under its accounts receivable securitization facility. In February 2011, the accounts receivable securitization facility was renewed with a new maturity date of February 2012 under similar terms and conditions to those previously in effect.

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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