Borrowings

9 Months Ended

Sep. 30, 2011

Borrowings [Abstract]

Borrowings

Note 6. Borrowings:

Debt consists of the following:

(DOLLARS IN THOUSANDS)	Rate			Maturities		September 30, 2011			December 31, 2010
Senior notes—2007		6.40	%		2017-27		500,000			500,000
Senior notes—2006		6.10	%		2013-16		225,000			325,000
Japanese yen note		2.81	%		2011		23,731			22,274
Bank borrowings and overdrafts		0.69	%		2012		151,545			61,396
Deferred realized gains on interest rate swaps							11,446			12,897
							911,722			921,567
Less: Current portion of long-term debt						$	(154,652	)	$	(133,899	)
							757,070			787,668

The estimated fair value at September 30, 2011 of our Senior Notes—2007 and Senior Notes—2006 was approximately $604 million and $252 million, respectively. The estimated fair value at December 31, 2010 of our Senior Notes—2007 and Senior Notes—2006 was approximately $585 million and $357 million, respectively. The fair value of our Senior Notes was calculated using discounted cash flows applying current interest rates and current credit spreads based on our own credit risk. The estimated fair value of the remainder of our debt at September 30, 2011 and December 31, 2010 approximated the carrying value.

On July 12, 2011, we made a $100 million debt repayment related to the maturity of our Senior notes – 2006, which was funded primarily through existing cash balances with the remainder coming from our existing credit facility.

On October 11, 2011, the Company entered into a commitment letter with several major financial institutions for a new revolving credit facility that is intended to refinance the Company's existing multicurrency revolving credit facility in advance of its maturity on November 23, 2012. The Company has no obligation to consummate the financing contemplated by this commitment letter and the commitments of the financial institutions thereunder are subject to several conditions. No assurances can be given that the refinancing will be completed, or if it is completed, that the terms of the refinancing will be on similar terms to our existing revolving credit facility.

We expect to repay our Japanese yen note maturing in November 2011 using existing cash balances and/or our existing credit facility.