Well Vatican II redefined it and the recent letter from the Pope straightened it all out.
Phew!
Tat is not accurate; the doctrine of invincible ignorance is in place and so anyone sincerely desiring to unite with the one true Church, but unable to do so due to cultural or educational limitations is judged based on the light he has been given. Of course the supernatural means of salvation are present in the Orthodox Church also, since their sacraments are valid and their church life often exemplary. At the same time, so long as a member in a Protestant congregation sincerely desires to come to Christ, the means of sanctification available to him -- the study of the Holy Scripture, -- begin to work in his favor, provided there is no effort to reject Catholicism in his spiritual journey.
You might want to read the entire bull for the context of this, the conclusion.
The purpose of the bull is to ensure that entire Christianity knows that there is to be one Church, not many. The preface states:
Urged by faith, we are obliged to believe and to maintain that the Church is one, holy, catholic, and also apostolic. We believe in her firmly and we confess with simplicity that outside of her there is neither salvation nor the remission of sins, as the Spouse in the Canticles [Sgs 6:8] proclaims: ‘One is my dove, my perfect one. She is the only one, the chosen of her who bore her,’ and she represents one sole mystical body whose Head is Christ and the head of Christ is God [1 Cor 11:3]. In her then is one Lord, one faith, one baptism [Eph 4:5].
One, not many. The One formed by God, not the many formed by men.