(7)

Debt and Bank Credit Facilities

The Company's indebtedness as of December 31, 2011 and January 1, 2011 was as follows (in thousands):


	December 31, 2011			January 1, 2011
Senior notes	$	750,000		$	250,000
Term Loan		145,000			165,000
Revolving credit facility		9,000			—
Other		15,189			21,893

		919,189			436,893
Less: Current maturities		(10,030	)		(8,637	)

Non-current portion	$	909,159		$	428,256

At December 31, 2011, the Company had $750.0 million of senior notes (the "Notes") outstanding. During 2011, the Company issued $500.0 million in senior notes (the "2011 Notes") in a private placement. The 2011 Notes were issued in seven tranches with maturities from seven to twelve years and carry fixed interest rates. The Company also has $250.0 million in senior notes (the "2007 Notes") issued in two tranches with floating interest rates based on a margin over the London Inter-Bank Offered Rate ("LIBOR"). Details on the Notes at December 31, 2011 were (in millions):


	Principal		Interest Rate			Maturity
Floating Rate Series 2007A	$	150.0		Floating	(1)		August 2014
Floating Rate Series 2007A	$	100.0		Floating	(1)		August 2017
Fixed Rate Series 2011A	$	100.0		4.1	%		July 2018
Fixed Rate Series 2011A	$	230.0		4.8 to 5.0	%		July 2021
Fixed Rate Series 2011A	$	170.0		4.9 to 5.1	%		July 2023

⁽¹⁾	Interest rates vary as LIBOR varies. At December 31, 2011, the interest rate was between 1.1 and 1.2%.

The Company has interest rate swap agreements to manage fluctuations in cash flows resulting from interest rate risk (see also Note 13 to the Consolidated Financial Statements).

On June 16, 2008, the Company entered into a Term Loan Agreement ("Term Loan") with certain financial institutions, whereby the Company borrowed an aggregate principal amount of $165.0 million. During 2011 the Company repaid $20.0 million of the outstanding Term Loan. The Term Loan matures in June 2013 and borrowings generally bear interest at a variable rate equal to a margin over LIBOR. This margin varies with the ratio of the Company's total funded debt to consolidated earnings before interest, taxes, depreciation and amortization ("EBITDA") as defined in the Agreement. These interest rates also vary as LIBOR varies. At December 31, 2011, the interest rate of 1.3% was based on a margin over LIBOR.

On June 30, 2011, the Company replaced an existing $500.0 million revolving credit facility with a maturity of April 2012 with a new $500.0 million revolving credit facility (the "Facility"). At December 31, 2011 the Company had $9.0 million outstanding on the Facility. The Facility permits the Company to borrow at interest rates based upon a margin above LIBOR, which margin varies with the ratio of total funded debt to EBITDA, net of specified cash, as defined in the Facility. These interest rates also vary as LIBOR varies. At December 31, 2011 the interest rate of 1.6% was based on a margin over LIBOR. The Company pays a commitment fee on the unused amount of the Facility, which also varies with the ratio of total funded debt to EBITDA, net of specified cash. As of December 31, 2011, the Company had approximately $49.5 million in standby letters of credit issued under the Facility. The Facility matures in June 2016. The average balance outstanding under all revolving credit facilities was $10.7 million and $1.4 million in 2011 and 2010, respectively. The average interest rate paid under the Facility was 1.6% in 2011 and 1.2% in 2010. The Company had $441.5 million of available borrowing capacity under the Facility at December 31, 2011.

The Notes, the Term Loan and the Facility require the Company to meet specified financial ratios and to satisfy certain financial condition tests. The Company was in compliance with all financial covenants as of December 31, 2011.

As of January 1, 2011, the Company had no Convertible Notes outstanding. During the year ended January 1, 2011, the final $39.2 million face value bonds were converted. The Company paid the par value in cash and issued approximately 0.9 million shares for the conversion premium.

As part of the acquisitions made during fiscal 2010 (see Note 4 to the Consolidated Financial Statements), the Company assumed $11.1 million of short-term and long-term debt. At December 31, 2011, $0.6 million of the short-term acquired debt remains outstanding and $2.3 million of the long-term acquired debt remains outstanding.

At January 1, 2011, a foreign subsidiary of the Company had outstanding short-term borrowings of $7.0 million, denominated in local currency with fixed interest rate of 5.6%.

At December 31, 2011, additional notes payable of approximately $15.2 million were outstanding with a weighted average interest rate of 2.2%. At January 1, 2011, additional notes payable of approximately $14.9 million were outstanding with a weighted average interest rate of 4.7%.

Maturities of long-term debt are as follows (in thousands):


Year
2012	$	10,030
2013		145,448
2014		150,207
2015		212
2016		12,017
Thereafter		601,275

Total	$	919,189