FINANCING ARRANGEMENTS

Short-Term Debt

Short-term debt consisted of the following:



	December 31,
	2011					2010
	Principal			Interest		Principal			Interest
(in thousands)	Balance			Rate		Balance			Rate

U. S. Dollar revolving credit agreement expiring August 2012	$	—				$	—
Bank overdrafts	192					247
U. S. dollar corporate commercial paper facility rated A/2-P/2	266,828			0.5	%	—
European short-term loan	2,438			3.4	%	4,129			2.5	%
Brazil short-term loan	5,834			12.9	%	900			2.3	%
Add: Current portion of long-term debt	1,409					2,478
Total short-term debt	$	276,701				$	7,754

	2011					2010
Maximum month-end outstanding during the year	$	355,304				$	30,818
Average amount outstanding during the year	$	225,498				$	11,197
Weighted-average interest rate at year-end	0.8		%			2.3		%

Short-Term Borrowings

The Company has a $500 million commercial paper facility, which has utilization, dealer and annual appraisal fees which on average cost 0.15% annually. The Company has two committed revolving credit facilities totaling $750 million that jointly serve as back-up credit to this commercial paper facility. Amounts outstanding under the commercial paper, if any, reduce amounts available under the committed revolvers. Commercial paper outstanding was $266.8 million and $119.5 million at December 31, 2011 and 2010, respectively. At December 31, 2011, the Company has classified its commercial paper as short-term debt, reflecting the Company's intent to repay this debt over the next year. At December 31, 2010, the Company had classified its commercial paper as long-term debt, reflecting the Company's intent and ability to borrow for a period longer than one year. Average outstanding issued commercial paper during the year was $218.2 million at an average interest rate of 0.4%.

The Company has a $250 million committed 364-day revolving credit agreement to partially backstop its commercial paper facility. This short-term facility is unsecured and contains certain affirmative and negative covenants relating to the Company's operations and financial condition, including prescribed leverage and interest coverage ratios, identical to the Company's five-year facility. The Facility contains customary events of default. Upon the occurrence of an event of default, all outstanding borrowings under the Credit Agreement may be accelerated and become immediately due and payable.

Other short-term bank borrowings amounted to $8.5 million and $5.3 million at December 31, 2011 and 2010, respectively. The weighted-average interest rates of these borrowings were 9.9% and 2.3% at December 31, 2011 and 2010, respectively. Unused lines of credit for short-term financing at December 31, 2011 and 2010 were $65.1 million and $72.1 million, respectively. The unused lines of credit have no major restrictions and are provided under demand notes between the Company and the lending institution. Interest is charged on borrowings under these lines of credit at various rates, generally below prime or equivalent money rates.

Long-Term Debt

Long-term debt consisted of the following:



	December 31,
	2011				2010
	Principal		Interest		Principal		Interest
(in thousands)	Balance		Rate		Balance		Rate

Multi-currency revolving credit agreement expiring July 2016
U. S. dollar denominated	$	—			$	2,123
U. S. dollar corporate commercial paper facility rated A/2-P/2	—				119,500		0.4	%
Floating rate senior notes $250 million due August 2013	250,000		2.0	%	—
Term loan Japanese yen denominated expiring September 2014	162,956		1.1	%	154,626		0.9	%
Private placement notes $250 million expiring March 2016	254,512		4.1	%	250,000		4.1	%
Fixed rate senior notes $300 million due August 2016	299,603		2.8	%	—
Term loan Swiss francs denominated expiring September 2016	69,197		1.2	%	69,560		1.7	%
Fixed rate senior notes $450 million due August 2021	448,497		4.1	%	—
Other borrowings, various currencies and rates	6,654				10,684
	$	1,491,419			$	606,493
Less: Current portion
(included in notes payable and current portion of long-term debt)	1,409				2,478
Long-term portion	$	1,490,010			$	604,015

Long-Term Borrowings

The Company has a $500 million five-year revolving credit agreement with participation from sixteen banks, which expires in July 2016 and a $250 million, 364 -day revolving credit agreement, with the same participant banks, which expires in August 2012. The revolving credit agreements contain a number of covenants and two financial ratios, which the Company is required to satisfy. The most restrictive of these covenants pertain to asset dispositions and prescribed ratios of indebtedness to total capital and operating income excluding depreciation and amortization to interest expense. Any breach of any such covenants or restrictions would result in a default under the existing borrowing documentation that would permit the lenders to declare all borrowings under such documentation to be immediately due and payable and, through cross default provisions, would entitle the Company's other lenders to accelerate their loans. At December 31, 2011, the Company was in compliance with these covenants. The Company pays a facility fee of 0.15% per annum on the amount of the commitment under both revolving credit facilities. Interest rates on amounts borrowed under the facility will depend on the maturity of the borrowing, the currency borrowed, the interest rate option selected, and the Company's long-term credit rating from Standard and Poor's (S&P) and Moody's Investor Services (Moody's).

At December 31, 2011, the Company had total unused lines of credit, including lines available under its short-term arrangements and revolving credit agreement of $548.2 million.

The Company has a $250 million Private Placement Note (“PPN”), issued in February 2010, at a fixed rate of 4.1% for an average term of five years and a final maturity of six years. The PPN is unsecured and contains certain affirmative and negative covenants relating to the company's operations and financial condition. At December 31, 2011, the Company was in compliance with these covenants.

The Company has a three-year Japanese yen 12.5 billion Samurai loan, issued September 1, 2011, with five investors, at a variable rate of Japanese yen three-month LIBOR plus 0.90%, maturing September 2014. The loan is unsecured and contains certain affirmative and negative covenants relating to the company's operations and financial condition. At December 31, 2011, the Company was in compliance with these covenants.

The Company has a five-year Swiss franc 65 million term loan, issued in September 30, 2011, at a variable rate of Swiss franc three-month LIBOR plus 1.125% maturing September 2016. The loan is unsecured and contains certain affirmative and negative covenants relating to the company's operations and financial condition. At December 31, 2011, the Company was in compliance with these covenants.

The Company issued $1.0 billion of senior unsecured notes to partially finance the Astra Tech acquisition. The notes were issued in three tranches: $250.0 million two-year floating rate notes at a variable rate of three-month USD LIBOR plus 1.5% maturing August 2013; $300.0 million five-year fixed rate notes with a semi-annual coupon of 2.75% maturing August 2016; and $450.0 million ten-year fixed rate notes with a semi-annual coupon of 4.125% maturing August 2021. Underwriting fees and discounts totaled $7.6 million resulting in net proceeds of $992.4 million. The bonds are rated BBB+ by S&P and Baa2 by Moody's.

The Company utilizes interest rate swaps to convert the Swiss franc denominated term loan debt to fixed rate debt. The Company utilizes interest rate swaps to convert the variable rate Japanese yen denominated notes to fixed rate debt. The Company utilizes interest rate swaps to convert the fixed rate U.S. dollar denominated notes to variable rate debt. The Company's use of interest rate swaps is further described in Note 15, Financial Instruments and Derivatives.

The table below reflects the contractual maturity dates of the various borrowings at December 31, 2011:



(in thousands)

2012	$	1,409
2013	251,416
2014	239,884
2015	102,175
2016	447,241
2016 and Beyond	449,294
	$	1,491,419