what does "%" mean in powershell syntax

I know that typically the "%" character is for mod functionality.  In some powershell scripts I've come across, I've noticed % being used after the | character and I can't seem to find what the syntax means.

For example. "$old | % { Remove-Item $_.SPBackupDirectory -Recurse }"   I can't figure out what | % is doing.....  is it a shorthand foreach expression?

---

Tony Testa www.tonytestasworld.com