Subsequent Events

12 Months Ended

Dec. 31, 2013

Subsequent Events [Abstract]

Subsequent Events

21.           SUBSEQUENT EVENTS

Subsequent to the date of the financial statements, the Company entered into and settled an ASR Agreement with a financial institution counterparty, resulting in a total of approximately 0.6 million shares repurchased at a cost of $21 million. Upon delivery of these shares, the number of shares held in treasury increased from approximately 33.8 million shares to approximately 34.4 million shares. The payment of $21 million by the Company to the financial institution counterparty for the repurchase of shares was funded from available U.S. cash equivalents and current marketable securities.

Effective February 5, 2014, Lexmark amended its current $350 million 5-year senior, unsecured, multicurrency revolving credit facility, entered into on January 18, 2012, by increasing its size to $500 million. In addition, the maturity date of the amended credit facility was extended to February 5, 2019. Under certain circumstances and subject to certain conditions, the aggregate amount available under the amended facility may be increased to a maximum of $650 million. Interest on all borrowings under the amended credit agreement is determined based upon either the Adjusted Base Rate or the Adjusted LIBO Rate, in each case plus a margin that is adjusted on the basis of a combination of the Company's consolidated leverage ratio and the Company's index debt rating.

On February 20, 2014, the Company's Board of Directors approved a quarterly dividend of $0.30 per share of Class A Common Stock. The dividend is payable March 14, 2014 to stockholders of record on March 3, 2014.

Subsequent to the date of the financial statements, the Company received notification that its auction rate preferred stock will be fully called at par during the first quarter of 2014. The investment, which was included in noncurrent assets on the Consolidated Statements of Financial Position, was valued based on facts and circumstances that existed at December 31, 2013 and was classified as Level 3.