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Subsequent Event | 6 Months Ended
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Jun. 30, 2012
Subsequent Events [Abstract] |
Subsequent Events [Text Block] | Subsequent Event On August 7, 2012, the company entered into a new senior secured multi-currency credit facility. Terms of the new credit agreement provide for $1.0 billion of availability under a revolving credit line. The revolving credit facility will terminate and all amounts outstanding thereunder will be due and payable in August of 2017. On August 7, 2012, the company borrowed approximately $272.1 million to refinance the balances under the company’s previous credit facility. Under the credit facility, borrowings assessed at an interest rate of LIBOR plus a credit margin, which fluctuates based on the company's leverage covenant, or the higher of the Prime Rate and the Federal Funds Rate. At the inception of the new credit facility, company borrowings will be assessed at an interest rate of LIBOR plus 1.50%. The terms of the new senior secured credit facility limit the paying of dividends, capital expenditures and leases, and require, among other things, a maximum ratio of indebtedness to earnings before interest, taxes, depreciation and amortization (“EBITDA”) of 3.5 and a minimum EBITDA to fixed charges ratio of 1.25. The credit agreement also provides that if a material adverse change in the company’s business operations or conditions occurs, the lender could declare an event of default. Under terms of the agreement, a material adverse effect is defined as (a) a material adverse change in, or a material adverse effect upon, the operations, business properties, condition (financial and otherwise) or prospects of the company and its subsidiaries taken as a whole; (b) a material impairment of the ability of the company to perform under the loan agreements and to avoid any event of default; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against the company of any loan document. A material adverse effect is determined on a subjective basis by the company's creditors. The credit facility is secured by the capital stock of the company’s domestic subsidiaries, 65.0% of the capital stock of the company’s foreign subsidiaries and substantially all other assets of the company.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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