Components of Debt



(In millions)	September 30, 2013			December 31, 2012
Debt payable within one year	$	86.2		$	83.4
Debt payable after one year	$	7.4		$	13.4
Debt Subject to Compromise
Bank borrowings	$	500.0		$	500.0
Accrued interest on bank borrowings	460.1			437.2
Drawn letters of credit	26.7			26.5
Accrued interest on drawn letters of credit	10.7			9.6
	$	997.5		$	973.3
Weighted average interest rates on total debt	3.5		%	3.5		%

At September 30, 2013, the fair value of Grace's debt payable within one year not subject to compromise approximated the recorded value of $86.2 million. Fair value is determined based on expected future cash flows (discounted at market interest rates), quotes from financial institutions and other appropriate valuation methodologies. At September 30, 2013, the carrying value of Grace's bank debt subject to compromise plus interest was $997.5 million. The estimated fair value of the bank debt approximates the carrying value and is estimated using Level 2 inputs; however, because such debt is subject to compromise in Grace's Chapter 11 proceeding, neither carrying values nor market values may reflect ultimate liquidation value.