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Debt and Credit Agreements | 12 Months Ended
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Dec. 31, 2012
Debt Disclosure [Abstract] |
Debt and Credit Agreements | Debt and Credit Agreements The Company has credit facilities and commercial paper programs available for use throughout the world. The following table illustrates the amounts outstanding on credit facilities and commercial paper programs, and available credit at December 31, 2012. These credit facilities and programs are described in more detail below the table. Summary of Credit Facilities and Commercial Paper Programs at December 31, 2012
(In thousands) |  | Facility Limit |  | Outstanding Balance |  | Available Credit |
U.S. commercial paper program |  | $ | 550,000 |  |  | $ | 39,497 |  |  | $ | 510,503 |  |
Euro commercial paper program |  | 263,900 |  |  | — |  |  | 263,900 |  |
Multi-year revolving credit facility (a) |  | 525,000 |  |  | 50,000 |  |  | 475,000 |  |
Totals |  | $ | 1,338,900 |  |  | $ | 89,497 |  |  | $ | 1,249,403 |  | (b)
(a) | U.S.-based program.
(b) | Although the Company has significant available credit, in practice, the Company limits aggregate commercial paper and credit facility borrowings at any one-time to a maximum of $525 million (the amount of the back-up facility).
The Company has a U.S. commercial paper borrowing program under which it can issue up to $550 million of short-term notes in the U.S. commercial paper market. In addition, the Company has a 200 million euro commercial paper program, equivalent to approximately $263.9 million at December 31, 2012, which can be used to fund the Company's international operations. At December 31, 2012 and 2011, the Company had $39.5 million and $40.0 million outstanding, respectively, under the U.S. commercial paper program. There were no borrowings under the euro commercial paper program at both December 31, 2012 and 2011. Classification of commercial paper outstanding is based on the Company's ability and intent to repay such amounts over the subsequent twelve months, as well as reflects the Company's intent and ability to borrow for a period longer than a year. To the extent the Company expects to repay the commercial paper within the subsequent twelve months, the amounts are classified as short-term borrowings. At December 31, 2012, the Company classified $39.5 million of commercial paper as long-term debt. At December 31, 2011, the Company classified $40.0 million of commercial paper and advances as short-term borrowings. In March 2012, the Company entered into an Amended and Restated Five Year Credit Agreement (“Credit Agreement”) in the amount of $525 million through a syndicate of 14 banks. The Credit Agreement matures in March 2017. The Company has the option to increase the amount of the Credit Agreement to $550 million. The Credit Agreement amends and restates the Company’s multi-year revolving credit facility, which was set to mature in December 2012. There were no borrowings outstanding under the multi-year revolving credit facility upon execution of the Credit Agreement. There was $50.0 million outstanding under the Credit Agreement at December 31, 2012. Borrowings under the Credit Agreement are available in most major currencies with active markets and at interest rates based upon LIBOR, plus a margin. During the twelve months ended December 31, 2012, the Company expensed $0.5 million of previously deferred financing costs associated with the prior multi-year revolving credit facility for banks that did not participate in the Credit Agreement or banks with decreased obligations under the Credit Agreement, all of which occurred in the first quarter of 2012. The Company's $25.0 million bilateral credit facility expired in December 2012 and was not renewed. At December 31, 2012 and 2011, there were no borrowings outstanding on this facility. At December 31, 2012, the Company's 5.125% notes due September 15, 2013 are classified as long-term debt on the Consolidated Balance Sheets based on the Company's intent and ability to refinance this debt using either the debt capital markets or borrowings under its Credit Agreement. Short-term borrowings amounted to $8.6 million and $51.4 million at December 31, 2012 and 2011, respectively. The December 31, 2011 short-term borrowings balance included $40.0 million of commercial paper. Other than the commercial paper borrowings, short-term borrowings consist principally of bank overdrafts. The weighted-average interest rate for short-term borrowings at December 31, 2012 and 2011 was 4.9% and 1.3%, respectively.
|  | Long-Term Debt
(In thousands) |  | December 31 2012 |  | December 31 2011
5.75% notes due May 15, 2018 |  | $ | 447,931 |  |  | $ | 447,613 |
5.125% notes due September 15, 2013 |  | 149,875 |  |  | 149,705 |
2.7% notes due October 15, 2015 |  | 249,022 |  |  | 248,681 |
Other financing payable in varying amounts due principally through 2018 with a weighted-average interest rate of 2.7% and 9.4% at December 31, 2012 and 2011, respectively |  | 113,878 |  |  | 11,359 |
|  | 960,706 |  |  | 857,358 |
Less: current maturities |  | (3,278 | ) |  | (3,558 | )
Total Long-term Debt |  | $ | 957,428 |  |  | $ | 853,800 |
The maturities of long-term debt for the four years following December 31, 2013 are as follows:
(In thousands) |
2014 | $ | 14,770 |
2015 | 252,312 |
2016 | 1,357 |
2017 | 240,683 |
Cash payments for interest on all debt were $45.5 million, $46.4 million and $59.9 million in 2012, 2011 and 2010, respectively. The Company’s Credit Agreement contains covenants that stipulate a maximum debt to capital ratio of 60%, limit the proportion of subsidiary consolidated indebtedness to a maximum of 10% of consolidated tangible assets and specifies a minimum ratio of total consolidated earnings before interest, taxes, depreciation and amortization to consolidated interest charges of 3.0:1. The Company’s 5.75% and 2.7% notes include covenants that require the Company to offer to repurchase the notes at 101% of par in the event of a change of control of the Company or disposition of substantially all of the Company’s assets in combination with a downgrade in the Company’s credit rating to non-investment grade. At December 31, 2012, the Company was in compliance with these covenants.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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