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INDEBTEDNESS (Tables)
 9 Months Ended
Sep. 29, 2012
INDEBTEDNESS  
Schedule of debt activity (both current and non-current)

 

 

 

 

December 31,

 

 

 

 

 

 

 

September 29,

 

 

 

2011

 

Borrowings

 

Repayments

 

Other (4)

 

2012

 

Domestic revolving loan facility

 

$

—

 

$

886.0

 

$

(750.0

)

$

—

 

$

136.0

 

Foreign revolving loan facility

 

30.9

 

—

 

(31.9

)

1.0

 

—

 

Term Loan 1(1) 

 

300.0

 

—

 

—

 

—

 

300.0

 

Term Loan 2(1) 

 

500.0

 

—

 

—

 

—

 

500.0

 

6.875% senior notes

 

600.0

 

—

 

—

 

—

 

600.0

 

7.625% senior notes

 

500.0

 

—

 

—

 

—

 

500.0

 

Trade receivables financing arrangement (2) 

 

—

 

127.3

 

(81.3

)

—

 

46.0

 

Other indebtedness (3) 

 

70.2

 

13.9

 

(18.7

)

1.8

 

67.2

 

Total debt

 

2,001.1

 

$

1,027.2

 

$

(881.9

)

$

2.8

 

2,149.2

 

Less: short-term debt

 

71.3

 

 

 

 

 

 

 

223.8

 

Less: current maturities of long-term debt(1) 

 

4.2

 

 

 

 

 

 

 

331.1

 

Total long-term debt

 

$

1,925.6

 

 

 

 

 

 

 

$

1,594.3

 

 

(1)

On February 8, 2012, the lenders under our senior credit facilities agreed, with respect to the proceeds from the pending sale of our Service Solutions business, to waive the mandatory prepayments required by the senior credit facilities. The waiver requires that a portion of the proceeds from the pending sale be used to repay $325.0 of the term loans under our senior credit facilities ($300.0 for Term Loan 1 and $25.0 for Term Loan 2).  As we expect the sale to close in December 2012 and to make these debt repayments at the time of the closing, we have classified $325.0 of the term loans as ‘‘Current maturities of long-term debt’’ within our condensed consolidated balance sheet as of September 29, 2012.  In addition, we have allocated approximately $2.0 and $7.0 of interest expense associated with the $325.0 of expected term loan repayments to discontinued operations within our condensed consolidated statements of operations for the three and nine months ended September 29, 2012, respectively.

 

 

(2)

Under this arrangement, we can borrow, on a continuous basis, up to $130.0, as available.

 

 

(3)

Includes balances under a purchase card program of $36.9 and $40.4 at September 29, 2012 and December 31, 2011, respectively.

 

 

(4)

“Other” includes debt assumed and foreign currency translation on any debt instruments denominated in currencies other than the U.S. dollar.