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Debt
 12 Months Ended
Dec. 31, 2011
Debt  
Debt

6. Debt

We have an unsecured senior revolving credit facility (the "Credit Facility") which permits borrowings of up to $800.0 million, with a sublimit of $300.0 million for the issuance of letters of credit and bankers' acceptances. Under the Credit Facility we have the right to request increases in available borrowings up to an additional $150.0 million, subject to the satisfaction of certain conditions. The Credit Facility expires in July 2016. During 2011, we received a $250.0 million senior term loan facility (the "Term Loan Facility") with principal payments as follows: $2.5 million in 2012, $7.5 million in 2013, $12.5 million in 2014, $17.5 million in 2015 and $210.0 million at maturity in July 2016.

Borrowings under our Credit Facility and Term Loan Facility related to base rate loans or eurodollar rate loans bear floating interest rates plus applicable margins. As of December 31, 2011, the applicable margins for base rate loans and eurodollar rate loans were 1.0% and 2.0%, respectively. We had no outstanding borrowings under our Credit Facility at either December 31, 2011 or December 31, 2010. Letters of credit issued under our Credit Facility are subject to letter of credit fees of 2.0% as of December 31, 2011, and the unused portion of our Credit Facility is subject to commitment fees of 0.25% as of December 31, 2011. Our issued letters of credit under the Credit Facility totaled $45.3 million and $72.0 million as of December 31, 2011 and December 31, 2010, respectively.

Our Credit Facility and our Term Loan Facility contain certain financial covenants with which we are required to comply. Our failure to comply with the financial covenants contained in our Credit Facility and our Term Loan Facility could result in an event of default. An event of default, if not cured or waived, would permit acceleration of any outstanding indebtedness under the Credit Facility and our Term Loan Facility, trigger cross-defaults under other agreements to which we are a party and impair our ability to obtain working capital advances and letters of credit, which would have a material adverse effect on our business, financial condition, results of operations and cash flows. As of December 31, 2011, we were in compliance with all financial covenants contained in our Credit Facility and our Term Loan Facility.

Outside of our Credit Facility we have other unsecured credit lines aggregating $149.5 million for the issuance of letters of credit, bank guarantees and bankers' acceptances. These credit lines are renewable on an annual basis and are subject to fees at market rates. As of December 31, 2011 and 2010, our outstanding letters of credit and bank guarantees under these credit lines totaled $122.3 million and $44.0 million, respectively.

Substantially all of the letters of credit and bank guarantees issued under our Credit Facility and the unsecured credit lines were provided to suppliers in the normal course of business and generally expire within one year of issuance. Expired letters of credit and bank guarantees are renewed as needed.

Our debt consisted of the following (in thousands):

 
   As of December 31,
 
   2011
   2010
 

Term Loan Facility

   $250,000   $—

Acquisition promissory notes

   30,554   34,575

Loans payable to noncontrolling shareholders of a consolidated subsidiary

   2,795   3,146

Capital leases

   3,377   2,994

Other

   422   927
 

Total debt

   287,148   41,642

Current maturities of long-term debt

   17,800   17,076
 

Long-term debt

   $269,348   $24,566
 

The acquisition promissory notes are payable in varying amounts from April 2012 to December 2014 and bear interest at annual rates ranging from 1.3% to 6.0% as of December 31, 2011. The loans payable to noncontrolling shareholders of a consolidated subsidiary and capital leases are payable in varying amounts from April 2012 to April 2015 and bear interest at annual rates ranging from 6.0% to 12.1% as of December 31, 2011.

As of December 31, 2011, the aggregate annual maturities of debt are as follows (in thousands):

Year Ended December 31,
    
 

2012

   $17,800

2013

   20,716

2014

   19,835

2015

   18,109

2016

   210,688
 

 

   $287,148
 

The following table provides additional information about our interest income and expense and other financing costs, net (in thousands):

 
   2011
   2010
   2009
 

Interest income

   $788   $714   $1,216

Interest expense and other financing costs

   (16,613)   (5,459)   (4,879)
 

 

   $(15,825)   $(4,745)   $(3,663)