9. Debt

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


In thousands	Average interest rate October 1, 2011			Maturity (Year)		October 1, 2011			December 31, 2010			October 2, 2010
Revolving credit facilities - USD		1.98	%		2016	$	127,600		$	97,500		$	68,200
Revolving credit facilities - EUR		2.94	%		2016		54,385			—			—
Private placement - fixed rate		5.65	%		2013-2017		400,000			400,000			400,000
Private placement - floating rate		0.82	%		2012-2013		205,000			205,000			205,000
Public - fixed rate		5.00	%		2021		500,000			—			—
Other		3.58	%		2011-2016		61,368			4,972			4,282

Total debt, including current portion							1,348,353			707,472			677,482
Less: Current maturities							(1,194	)		(18	)		(37	)
Short-term borrowings							(29,705	)		(4,933	)		(4,180	)

Long-term debt						$	1,317,454		$	702,521		$	673,265

The fair value of total debt excluding the deferred gain on interest rate swaps was $1,400.1 million, $745.9 million and $712.4 million as of October 1, 2011, December 31, 2010 and October 2, 2010, respectively.

On May 9, 2011, we completed a public offering of $500 million aggregate principal amount of our 5.00% Senior Notes due 2021 (the “Notes”). The Notes are guaranteed by certain of our wholly-owned domestic subsidiaries that are also guarantors 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.

Total availability under our existing Credit Facility was $518.0 million as of October 1, 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, as defined) that may not exceed 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 October 1, 2011.

In addition to the Credit Facility, we have various other credit facilities with an aggregate availability of $76.0 million, of which $40.0 million was outstanding at October 1, 2011. Borrowings under these credit facilities bear interest at variable rates. Additionally, as part of the CPT acquisition we assumed certain capital leases with an outstanding balance of $18.1 million at October 1, 2011.

We have $105 million of outstanding private placement debt maturing in May 2012. We classified this debt as long-term as of October 1, 2011 as we have the intent and ability to refinance such obligation on a long-term basis under the Credit Facility.

Debt outstanding at October 1, 2011 matures on a calendar year basis as follows:


In thousands	2011 Q4		2012		2013		2014		2015		2016		Thereafter		Total
Contractual debt obligation maturities	$	29,016	$	2,344	$	201,838	$	1,354	$	1,192	$	300,774	$	811,835	$	1,348,353