Long-Term Debt and Commitments

9 Months Ended

Oct. 02, 2011

Long-Term Debt and Commitments [Abstract]

Note 8. Long-Term Debt and Commitments

The following is a summary of long-term debt:

(millions of dollars)			October 2, 2011		December 31, 2010

5.53% Series 2006A Senior Notes
	Due October 5, 2013		$	50.0	$	50.0
Floating Rate Series 2006A Senior Notes
	Due October 5, 2013			25.0		25.0
Variable/Fixed Rate Industrial
	Development Revenue Bonds Due August 1, 2012			8.0		8.0
Variable/Fixed Rate Industrial
	Development Revenue Bonds Series 1999 Due November 1, 2014			8.2		8.2
Installment obligations				1.4		1.4
Other Borrowings				1.7		--
		Total		94.3		92.6
Less: Current maturities				8.6		--
Long-term debt			$	85.7	$	92.6

During the first quarter of 2011, the Company entered into a Renminbi ("RMB") denominated loan agreement at its Refractories facility in China with the Bank of America totaling RMB 10.6 million, or $1.6 million. Principal of this loan is payable in equal installments over the next three years. Interest is payable semi-annually and is based upon the official RMB lending rate announced by the People's Bank of China. The interest rate for the third quarter and first nine months of 2011 was 6.2%.

As of October 2, 2011, the Company had $186 million of uncommitted short-term bank credit lines, of which approximately $5.4 million were in use.