2.2.0.7 false Financing Arrangements 0210 - Disclosure - Financing Arrangements true false false false 1 USD false false Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Pure Standard http://www.xbrl.org/2003/instance pure xbrli 0 $ 2 Financing Arrangements [Abstract] 0 gr_FinancingArrangementsAbstract gr false na duration Financing Arrangements. false false false false false true false false false false false false 1 false false false false 0 0 false false false xbrli:stringItemType string Financing Arrangements. false 3 Financing Arrangements 1 us-gaap_DebtDisclosureTextBlock us-gaap true na duration No definition available. false false false false false false false false false false false verboselabel false 1 false false false false 0 0   <div style="font-family: Helvetica,Arial,sans-serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>Note 10. Financing Arrangements</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company has a $500 million committed global syndicated revolving credit facility, which expires in May 2012. Interest rates under this facility vary depending upon: </div> <div style="margin-top: 6pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="2%" style="background: transparent"> </td> <td width="3%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td>The amount borrowed;</td> </tr> <tr> <td style="font-size: 6pt"> </td> </tr> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="2%" style="background: transparent"> </td> <td width="3%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td>The Company’s public debt rating by Standard & Poor’s, Moody’s and Fitch; and</td> </tr> <tr> <td style="font-size: 6pt"> </td> </tr> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="2%" style="background: transparent"> </td> <td width="3%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td>At the Company’s option, rates tied to the agent bank’s prime rate or, for U.S. Dollar and Great Britain Pounds Sterling borrowings, the London Interbank Offered Rate and for Euro Dollar borrowings, the Euro Interbank Offered Rate.</td> </tr> </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">At September 30, 2010, there were no borrowings and $66.6 million in letters of credit outstanding under the facility. At December 31, 2009, there were no borrowings and $68 million in letters of credit outstanding under the facility. The level of unused borrowing capacity varies from time to time depending, in part, upon the Company’s compliance with financial and other covenants set forth in the related agreement, including the consolidated net worth requirement and maximum leverage ratio. The Company is currently in compliance with all such covenants. Under the most restrictive of these covenants, $2,084.7 million of income retained in the business and additional paid-in capital was free from such limitations at September 30, 2010. At September 30, 2010, the Company had borrowing capacity under this facility of $433.4 million, after reductions for letters of credit outstanding under the facility. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">At September 30, 2010, the Company had letters of credit and bank guarantees of $120.2 million, inclusive of $66.6 million in letters of credit outstanding under the Company’s syndicated revolving credit facility, as discussed above. </div>   </div>  <div style="font-family: Helvetica,Arial,sans-serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt">At September 30, 2010, the Company also maintained $75 million of uncommitted U.S. money market facilities and $157.5 million of uncommitted and committed foreign working capital facilities with various banks to meet short-term borrowing requirements. At September 30, 2010 and December 31, 2009, there were $12 million and $3.1 million, respectively, in borrowings and $20.5 million and $0.3 million, respectively, in letters of credit and bank guarantees outstanding under these facilities. These credit facilities are provided by a small number of commercial banks that also provide the Company with committed credit through the syndicated revolving credit facility described above and with various cash management, trust and other services. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In September 2010, the Company issued $600 million principal amount of 3.6% senior notes due in 2021, which were issued at a discount below par value of $1.3 million. The Company entered into $600 million of hedges to offset changes in the issue price of the senior notes due to movements in treasury rates prior to the issuance. The Company paid $1.8 million in cash to settle the hedges, and the amount was recorded in accumulated other comprehensive income (loss) (AOCI) during the three months ended September 30, 2010. In addition, the Company deferred approximately $5 million of transaction costs. The discount, the amount paid to settle the hedges and the deferred transactions costs will be amortized over the life of the senior notes. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>Debt Redemption</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In September 2010, the Company called for redemption all of its outstanding $257,460,000 principal amount 7.625% senior notes due 2012 and the senior notes were redeemed on October 12, 2010. The Company will recognize a loss of $34.9 million, including a premium of $37.4 million and a gain of $2.5 million for terminated interest rate swaps net of the recognition of unamortized costs related to the notes, in the fourth quarter of 2010. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>Lease Commitments</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company leases certain of its office and manufacturing facilities, machinery and equipment and corporate aircraft under various committed lease arrangements provided by financial institutions. Future minimum lease payments under operating leases were $182.6 million at September 30, 2010. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">One of these arrangements allows the Company, rather than the lessor, to claim a deduction for tax depreciation on the asset and allows the Company to lease a corporate aircraft with a total commitment amount of $43.8 million. For accounting purposes, the Company was deemed to be the owner of the aircraft during the construction period and recorded an asset with an offsetting lease obligation of approximately $32 million. This lease will qualify for sales-leaseback treatment upon lease commencement in 2011 and will be priced at a spread over LIBOR. </div>   </div>  <div style="font-family: Helvetica,Arial,sans-serif"> </div>  <!-- Begin Block Tagged Note false false false us-types:textBlockItemType textblock 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, 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. Reference 1: 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 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 false 1 2 false UnKnown UnKnown UnKnown false true