NOTE 8 – FINANCINg ArrANgEMENTs Short-term debt for the years ended December 31 was as follows: The lines of credit for certain of the Company’s foreign subsidiaries provide for borrowings up to $242.4 million. Most of these lines of  credit are uncommitted. At December 31, 2011, the Company’s foreign subsidiaries had borrowings outstanding of $22.0 million and  guarantees of $8.3 million, which reduced the availability under these facilities to $212.1 million. The weighted average interest rate on short-term debt during the year was 4.1% in 2011, 4.3% in 2010 and 3.7% in 2009. The weighted  average interest rate was 3.6% on short-term debt outstanding at December 31, 2011 and 2010. The Company has a $150 million Accounts Receivable Securitization Financing Agreement (Asset Securitization Agreement), which  matures November 10, 2012. Under the terms of the Asset Securitization Agreement, the Company sells, on an ongoing basis, certain  domestic trade receivables to Timken Receivables Corporation, a wholly-owned consolidated subsidiary that in turn uses the trade  receivables to secure borrowings which are funded through a vehicle that issues commercial paper in the short-term market. Borrowings  under the agreement are limited to certain borrowing base calculations. Any amounts outstanding under this Asset Securitization  Agreement would be reported in the short-term debt on the Company’s Consolidated Balance Sheets. As of December 31, 2011 and  2010, there were no outstanding borrowings under the Asset Securitization Agreement. The cost of this facility, which is the commercial  paper rate plus program fees, is considered a financing cost and is included in interest expense in the Consolidated Statements of  Income. The yield rate was 1.25%, 1.34% and 1.53%, at December 31, 2011, 2010 and 2009, respectively. Long-term debt for the years ended December 31 was as follows: 57 THE TIMKEN COMPANY FINANCIAls ANd FOOTNOTEs 2011 2010 Variable-rate lines of credit for certain of the Company’s foreign subsidiaries with various banks  with interest rates ranging from 2.24% to 11.0% and 2.4% to 5.10% at December 31, 2011  and 2010, respectively  $ 22.0 $ 22.4 Short-term debt  $ 22.0 $ 22.4 2011 2010 Fixed-rate Medium-Term Notes, Series A, due at various dates through  May 2028, with interest rates ranging from 6.74% to 7.68%  $ 175.0 $ 175.0 Fixed-rate Senior Unsecured Notes, due September 15, 2014, with an interest rate of 6.0%  249.8   249.7  Variable-rate State of Ohio Water Development Revenue Refunding Bonds, maturing on November 1, 2025 (0.12% at December 31, 2011)   12.2   12.2  Variable-rate State of Ohio Air Quality Development Revenue Refunding Bonds,  maturing on November 1, 2025 (0.32% at December 31, 2011)   9.5   9.5  Variable-rate State of Ohio Pollution Control Revenue Refunding Bonds, maturing on June 1, 2033 (0.32% at December 31, 2011)   17.0   17.0  Variable-rate credit facility with US Bank for Advanced Green Components, LLC, maturing on May 23, 2012 (1.371% at December 31, 2011)  5.1   8.3  Other  24.5   19.6   493.1   491.3  Less current maturities  14.3   9.6  Long-term debt $ 478.8 $ 481.7