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Long-Term Debt (Tables)
12 Months Ended
Dec. 31, 2011
Schedule Of Long-Term-Debt
(in millions)
 
Dec 31, 2011
 
Dec 31, 2010
North America
 
 
 
 
Subordinated Convertible Notes due 2029
 
$
429.5

 
$
429.5

Debt discount on Subordinated Convertible Notes due 2029
 
(264.4
)
 
(265.6
)
1.00% Senior Convertible Notes due 2012
 
10.6

 
10.6

Debt discount on 1.00% Senior Convertible Notes due 2012
 
(0.5
)
 
(1.1
)
0.875% Convertible Notes due 2013
 
355.0

 
355.0

Debt discount on 0.875% Convertible Notes due 2013
 
(40.6
)
 
(59.5
)
7.125% Senior Notes due 2017
 
200.0

 
200.0

Senior Floating Rate Notes
 
125.0

 
125.0

Revolving Credit Facility
 
34.9

 

Other
 
9.0

 
9.0

Europe and Mediterranean
 
 
 
 
Spanish Term Loan
 
31.4

 
50.1

Credit facilities
 
27.4

 
38.1

Uncommitted accounts receivable facilities
 
2.1

 

Other
 
11.5

 
15.3

ROW
 
 
 
 
Credit facilities
 
118.0

 
79.1

Total debt
 
1,048.9

 
985.5

Less current maturities
 
156.3

 
121.0

Long-term debt
 
$
892.6

 
$
864.5

Schedule Of Convertible Debt Instruments Outstanding
The Company’s convertible debt instruments outstanding as of December 31, 2011 and 2010 are as follows:
 
 
Subordinated Notes due in 2029
 
1.00% Senior Convertible Notes
 
0.875% Convertible
Notes
 
 
 
 
 
 
 
(in millions)
 
Dec 31, 2011
 
Dec 31, 2010
 
Dec 31, 2011
 
Dec 31, 2010
 
Dec 31, 2011
 
Dec 31, 2010
Face value
 
$
429.5

 
$
429.5

 
$
10.6

 
$
10.6

 
$
355.0

 
$
355.0

Debt discount
 
(264.4
)
 
(265.6
)
 
(0.5
)
 
(1.1
)
 
(40.6
)
 
(59.5
)
Book value
 
165.1

 
163.9

 
10.1

 
9.5

 
314.4

 
295.5

Fair value
 
412.3

 
521.0

 
9.8

 
9.7

 
329.7

 
350.6

Maturity date
 
Nov 2029
 
Oct 2012
 
Nov 2013
Stated annual interest rate
 
4.50% until Nov 2019
2.25% until Nov 2029
 
1.00% until Oct 2012
 
0.875% until Nov 2013
Interest payments
 
Semi-annually:
May 15 & Nov 15
 
Semi-annually:
Apr 15 & Oct 15
 
Semi-annually:
May 15 & Nov 15
Schedule of Debt Information
The Company’s convertible debt instruments and terms are summarized in the tables below. For a discussion of the effects on earnings per share, refer to Note 15 - Earnings Per Common Share.
 
 
Subordinated Notes due in 2029 (1)
 
1.00% Senior Convertible Notes (1)
 
0.875% Convertible
Notes (1)
Conversion Rights — The notes are convertible at the option of the holder into the Company’s common stock upon the occurrence of certain events, including
 
(i) during any calendar quarter commencing after March 31, 2010, in which the closing price of the Company’s common stock is greater than or equal to 130% of the conversion price for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the preceding calendar quarter (establishing a contingent conversion price of $47.78);
 
(i) during any calendar quarter commencing after March 31, 2008 in which the closing price of the Company’s common stock is greater than or equal to 130% of the conversion price for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the preceding calendar quarter (establishing a contingent conversion price of $109.11);
 
(i) during any calendar quarter commencing after March 31, 2007 in which the closing price of the Company’s common stock is greater than or equal to 130% of the conversion price for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the preceding calendar quarter (establishing a contingent conversion price of $65.47);
 
 
(ii) during any five business day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of the notes for each day of that period is less than 98% of the product of the closing sale price of the Company’s common stock and the applicable conversion rate;
 
 
(iii) certain distributions to holders of the Company’s common stock are made or upon specified corporate transactions including a consolidation or merger;
 
 
(iv) a fundamental change as defined; and
 
 
 
 
 
 
 
 
 
(v) at any time during the period beginning on August 31, 2029 and ending on the close of business on the business day immediately preceding the stated maturity date.
 
(v) at any time during the period beginning on Sept 15, 2012 and ending on the close of business on the business day immediately preceding the stated maturity date.
 
(v) at any time during the period beginning on Oct 15, 2013 and ending on the close of business on the business day immediately preceding the stated maturity date.
 
 
 
 
 
 
 
 
 
(vi) On or after November 15, 2019, the Company may redeem all or a part of the notes for cash at a price equal to 100% of the principal amount of the notes, plus interest, if the price of our common stock has been at least 150% of the conversion price then in effect for at least 20 trading days during the 30 consecutive trading day period immediately preceding the date on which notice is given
 
(vi) Not applicable
 
(vi) Not applicable
 
 
 
 
 
 
 
Initial conversion rate
 
$36.75 per share — approximating 27.2109 shares per $1,000 principal amount of notes
 
$83.93 per share — approximating 11.9142 shares per $1,000 principal amount of the notes
 
$50.36 per share — approximating 19.856 shares per $1,000 principal amount of the notes
 
 
 
 
 
 
 
Upon conversion
 
A holder will receive, in lieu of common stock, an amount of cash equal to the lesser of (i) the principal amount of the notes, or (ii) the conversion value, determined in the manner set forth in the indenture governing the notes, of a number of shares equal to the conversion rate.
 
 
If the conversion value exceeds the principal amount of the notes on the conversion date, the Company will also deliver, at the Company’s election, cash or common stock or a combination of cash and common stock with respect to the conversion value upon conversion.
 
 
If conversion occurs in connection with a “fundamental change” as defined in the notes indenture, the Company may be required to repurchase the notes for cash at a price equal to the principal amount plus accrued but unpaid interest.
 
 
If conversion occurs in connection with certain changes in control, the Company may be required to deliver additional shares of the Company’s common stock (a “make whole” premium) by increasing the conversion rate with respect to such notes
 
 
 
 
 
 
 
Share issuable upon conversion
 
The Company may issue additional share up to 11,686,075 under almost all conditions and up to 14,315,419 under the “make-whole” premium
 
The Company may issue additional share up to 5,659,245 under almost all conditions and up to 7,215,535 under the “make- whole” premium
 
The Company may issue additional share up to 7,048,880 under almost all conditions and up to 8,987,322 under the “make- whole” premium
 
 
 
 
 
 
 
Guarantee
 
None
 
Unconditionally guaranteed, jointly and severally, on a senior unsecured basis, by the Company’s wholly-owned U.S. and Canadian subsidiaries.
(1)
In the event of a “fundamental change” or exceeding the aforementioned average pricing thresholds, the Company would be required to classify the amount outstanding as a current liability.
Schedule Of 7.125% Senior Notes And Senior Floating Rate Notes
 
 
7.125% Senior Notes
 
Senior Floating Rate Notes
(in millions)
 
Dec 31, 2011
 
 
Dec 31, 2010
 
Dec 31, 2011
 
 
Dec 31, 2010
Face value
 
$
200.0

 
 
$
200.0

 
$
125.0

 
 
$
125.0

Fair value
 
198.5

 
 
197.5

 
117.5

 
 
114.4

Interest rate
 
7.125
%
 
 
7.125
%
 
3.0
%
 
 
2.7
%
Interest payment
 
Semi-annually:
Apr 1 & Oct 1
 
3-month LIBOR rate plus 2.375%
Quarterly: Jan 1, Apr 1, Jul 1 & Oct 1
Maturity date
 
Apr 2017
 
Jul 2015
Schedule Of Call Option Jointly And Severally Guaranteed By The Company's Wholly-Owned U.S. And Canadian Subsidiaries
Guarantee
 
Jointly and severally guaranteed by the Company’s wholly-owned U.S. and Canadian subsidiaries
Call Option (1)
 
Beginning Date
 
 
Percentage
 
Beginning Date
 
 
Percentage
 
 
April 1, 2012
 
103.563
%
 
April 1, 2009
 
102.0
%
 
 
April 1, 2013
 
102.375
%
 
April 1, 2010
 
101.0
%
 
 
April 1, 2014
 
101.188
%
 
April 1, 2011
 
100.0
%
 
 
April 1, 2015
 
100.000
%
 
 
 
 
 
(1)
The Company may, at its option, redeem the Notes on or after the following dates and percentages (plus interest due)
Schedule Of Revolving Credit Facility [Table Text Block]
The Company's Revolving Credit Facility and Terminated Credit Facility as of the respective dates are summarized in the table below:
 
 
Revolving Credit Facility / Terminated Credit Facility
(in millions)
 
Dec 31, 2011
 
Dec 31, 2010
Outstanding borrowings
 
$
34.9

 
$

Undrawn availability
 
336.0

 
371.5

Interest rate
 
2.9
%
 

Outstanding letters of credit
 
$
20.2

 
$
18.5

Original issuance
 
Jul 2011
 
Nov 2003
Maturity date
 
Jul 2016
 
N/A
Schedule Of Spanish Term Loans
 
 
Spanish Term Loans (1)
(in millions)
 
Dec 31, 2011
 
Dec 31, 2010
Outstanding borrowings
 
$
31.4

 
$
50.1

Fair Value
 
32.0

 
51.9

Interest rate — weighted average (2)
 
3.7
%
 
3.7
%
(1)
The terms of the Spanish Term Loans are as follows:
(in millions)
 
Original Amount
 
Issuance Date
 
Maturity Date
 
Interest rate
 
Loan and Interest payable
Interest rate Swap (2)
Term Loan 1
 
20.0 Euros
 
Feb 2008
 
Feb 2013
 
Euribor +0.5%
 
Semi-annual: Aug & Feb
4.20
%
Term Loan 2
 
10.0 Euros
 
Apr 2008
 
Apr 2013
 
Euribor +0.75%
 
Semi-annual: Apr & Oct
4.58
%
Term Loan 3
 
21.0 Euros
 
Jun 2008
 
Jun 2013
 
Euribor +0.75%
 
Quarterly: Mar, Jun, Sept & Dec
4.48
%
Term Loan 4
 
15.0 Euros
 
Sept 2009
 
Aug 2014
 
Euribor +2.0%
 
Quarterly: Mar, Jun, Sept & Dec
Principal payments: Feb & Aug
1.54
%

(2)
The Company entered into fixed interest rate swaps to coincide with the terms and conditions of the term loans that will effectively hedge the variable interest rate with a fixed interest rat
Europe And Mediterranean Credit Facilities [Member]
 
Schedule Of Credit Facilities
The Company’s Europe and Mediterranean credit facilities are summarized in the table below:
 
 
Europe and Mediterranean credit facilities
(in millions)
 
Dec 31, 2011
 
Dec 31, 2010
Outstanding borrowings
 
$
27.4

 
$
38.1

Undrawn availability
 
108.8

 
125.4

Interest rate — weighted average
 
5.2
%
 
3.1
%
Maturity date
 
Various

Europe And Mediterranean Uncommitted Accounts Receivable Facilities [Member]
 
Schedule Of Credit Facilities
The Company’s Europe and Mediterranean uncommitted accounts receivable facilities are summarized in the table below:
 
 
Uncommitted accounts receivable facilities
(in millions)
 
Dec 31, 2011
 
Dec 31, 2010
Outstanding borrowings
 
$
2.1

 
$

Undrawn availability
 
69.2

 
113.7

Interest rate — weighted average
 
2.0
%
 

Maturity date
 
Various

ROW Credit Facilities [Member]
 
Schedule Of Credit Facilities
s
The Company’s ROW credit facilities are summarized in the table below:
 
 
ROW credit facilities
(in millions)
 
Dec 31, 2011
 
Dec 31, 2010
Outstanding borrowings
 
$
118.0

 
$
79.1

Undrawn availability
 
270.1

 
279.3

Interest rate — weighted average
 
3.8
%
 
3.4
%
Maturity date
 
Various