9. Debt

Debt and the average interest rates on debt outstanding are summarized as follows:


In thousands	Average interest rate July 2, 2011			Maturity (Year)		July 2, 2011			December 31, 2010			July 3, 2010
Revolving credit facilities - USD		1.94	%		2016	$	160,400		$	97,500		$	129,400
Revolving credit facilities - EUR		2.94	%		2016		101,664			—			—
Private placement - fixed rate		5.65	%		2013-2017		400,000			400,000			400,000
Private placement - floating rate		0.86	%		2012-2013		205,000			205,000			205,000
Public - fixed rate		5.00	%		2021		500,000			—			—
Other		3.75	%		2011-2016		39,843			4,972			2,555

Total debt, including current portion							1,406,907			707,472			736,955
Less: Current maturities							(1,289	)		(18	)		(163	)
Short-term borrowings							(21,451	)		(4,933	)		(2,320	)

Long-term debt						$	1,384,167		$	702,521		$	734,472

The fair value of total debt excluding the deferred gain on interest rate swaps, was $1,440.1 million, $745.9 million and $772.6 million as of July 2, 2011, December 31, 2010 and July 3, 2010, respectively.

On May 9, 2011, we completed a public offering of $500 million aggregate principal amount of our 5.000% Senior Notes due 2021 (the “Notes”). The Notes are guaranteed by each of our wholly-owned domestic subsidiaries. These wholly-owned domestic subsidiaries may also be a guarantor under our primary bank credit facility. We used the net proceeds from the offering of the Notes to finance in part the CPT acquisition.

On April 28, 2011, we entered into a Fourth Amended and Restated Credit Agreement (the “Credit Facility”). The Credit Facility replaced our previous $800 million revolving credit facility. The Credit Facility creates an unsecured, committed credit facility of up to $700 million, with multi-currency sub facilities to support investments outside the U.S. The Credit Facility expires on April 28, 2016. Borrowings under the Credit Facility currently bear interest at the rate of London Interbank Offered Rate (“LIBOR”) plus 1.75%. Interest rates and fees on the Credit Facility will vary based on our credit ratings. We used borrowings under the Credit Facility to fund a portion of the CPT acquisition and to fund ongoing operations.

We are authorized to sell short-term commercial paper notes to the extent availability exists under the Credit Facility. We use the Credit Facility as back-up liquidity to support 100% of commercial paper outstanding. Our use of commercial paper as a funding vehicle depends upon the relative interest rates for our commercial paper compared to the cost of borrowing under our Credit Facility. As of July 2, 2011, we had no commercial paper outstanding.

Total availability under our existing Credit Facility was $437.9 million as of July 2, 2011, which was not limited by any of the credit agreement’s financial covenants as of that date.

Our debt agreements contain certain financial covenants, the most restrictive of which is a leverage ratio (total consolidated indebtedness, as defined, over consolidated net income before interest, taxes, depreciation, amortization and non-cash compensation expense (“EBITDA”), as defined) that may not exceed 4.0 to 1.0 as of July 2, 2011, 3.75 to 1.0 as of October 1, 2011, and 3.5 to 1.0 as of the last date of each of our fiscal quarters thereafter. We were in compliance with all financial covenants in our debt agreements as of July 2, 2011.

In addition to the Credit Facility, we have $40.0 million and $39.2 million (€27.0 million translated at the July 2, 2011 exchange rate) of other credit facilities, of which $21.8 (€15.0 million translated at the July 2, 2011 exchange rate) is committed until April 2016. Borrowings under these credit facilities bear interest at the rates of Euro Interbank Offered Rate (“Euribor”) plus 1.5% to 1.75%. We had $3.4 million and $18.0 million (€12.4 million translated at the July 2, 2011 exchange rate) of borrowings under these credit facilities as of July 2, 2011. Additionally, as part of the CPT acquisition we assumed certain capital leases with an outstanding balance of $18.3 million at July 2, 2011.

We have $105 million of outstanding private placement debt maturing in May 2012. We classified this debt as long-term as of July 2, 2011 as we have the intent and ability to refinance such obligation on a long-term basis under the Credit Facility.

Debt outstanding at July 2, 2011 matures on a calendar year basis as follows:


In thousands	2011 Q3 - Q4		2012		2013		2014		2015		2016		Thereafter		Total
Contractual debt obligation maturities	$	22,095	$	1,285	$	201,272	$	1,271	$	1,270	$	368,334	$	811,380	$	1,406,907