DEBT

Short-term borrowings and the current portion of long-term debt at March 31, 2013 and December 31, 2012 consisted of the following:



	March 31, 2013		December 31, 2012
Zero-coupon convertible subordinated notes	$	117.9	$	130.0
Revolving credit facility	$	30.0	$	—
Senior notes due 2013	$	—	$	350.0
Total short-term borrowings and current portion of long-term debt	$	147.9	$	480.0

Long-term debt at March 31, 2013 and December 31, 2012 consisted of the following:



	March 31, 2013		December 31, 2012
5 5/8% senior notes due 2015	250.0		250.0
3 1/8% senior notes due 2016	325.0		325.0
2 1/5% senior notes due 2017	500.0		500.0
4 5/8% senior notes due 2020	600.0		600.0
3 3/4% senior notes due 2022	500.0		500.0
Total long-term debt	$	2,175.0	$	2,175.0

Senior Notes

On August 23, 2012, the Company issued $1,000.0 in new senior notes pursuant to the Company's effective shelf registration statement on Form S-3. The new senior notes consisted of $500.0 aggregate principal amount of 2.20% Senior Notes due 2017 and $500.0 aggregate principal amount of 3.75% Senior Notes due 2022. The net proceeds were used to repay $625.0 of the outstanding borrowings under the Company's Revolving Credit Facility (as defined below). The remaining proceeds are available for other general corporate purposes.

The Senior Notes due 2017 and Senior Notes due 2022 bear interest at the rate of 2.20% per annum and 3.75% per annum, respectively, payable semi-annually on February 23 and August 23 of each year, commencing February 23, 2013.

Zero-coupon Subordinated Notes

During the three months ended March 31, 2013, the Company settled notices to convert $15.3 aggregate principal amount at maturity of its zero-coupon subordinated notes with a conversion value of $18.3. The total cash used for these settlements was $12.9 and the Company also issued 0.1 additional shares of common stock.

On March 11, 2013, the Company announced that for the period of March 12, 2013 to September 11, 2013, the zero-coupon subordinated notes will accrue contingent cash interest at a rate of no less than 0.125% of the average market price of a zero-coupon subordinated note for the five trading days ended March 6, 2013, in addition to the continued accrual of the original issue discount.

On April 8, 2013, the Company announced that its zero-coupon subordinated notes may be converted into cash and common stock at the conversion rate of 13.4108 per $1,000 principal amount at maturity of the notes, subject to the terms of the zero-coupon subordinated notes and the Indenture, dated as of October 24, 2006 between the Company and The Bank of New York Mellon, as trustee and conversion agent. In order to exercise the option to convert all or a portion of the zero-coupon subordinated notes, holders are required to validly surrender their zero-coupon subordinated notes at any time during the calendar quarter beginning April 1, 2013, through the close of business on the last business day of the calendar quarter, which is 5:00 p.m., New York City time, on Friday, June 28, 2013. If notices of conversion are received, the Company plans to settle the cash portion of the conversion obligation with cash on hand and/or borrowings under the revolving credit facility (as defined below).

Credit Facilities

On December 21, 2011, the Company entered into a Credit Agreement (the "Credit Agreement") providing for a five-year $1,000.0 senior unsecured revolving credit facility (the “Revolving Credit Facility”) with Bank of America, N.A., acting as Administrative Agent, Barclays Capital as Syndication Agent, and a group of financial institutions as lending parties. The balances outstanding on the Company's Revolving Credit Facility at March 31, 2013 and December 31, 2012 were $30.0 and $0.0, respectively. The Revolving Credit Facility bears interest at varying rates based upon a base rate or LIBOR plus (in each case) a percentage based on the Company's debt rating with Standard & Poor's and Moody's Ratings Services.

The Revolving Credit Facility is available for general corporate purposes, including working capital, capital expenditures, acquisitions, funding of share repurchases and other restricted payments permitted under the Credit Agreement. The Credit Agreement also contains limitations on aggregate subsidiary indebtedness and a debt covenant that requires that the Company maintain on the last day of any period of four consecutive fiscal quarters, in each case taken as one accounting period, a ratio of total debt to consolidated EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of not more than 3.0 to 1.0. The Company was in compliance with all covenants in the Credit Agreement at March 31, 2013. As of March 31, 2013, the total debt to consolidated EBITDA was 1.8 .

As of March 31, 2013, the effective interest rate on the Revolving Credit Facility was 1.25%.