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Debt
6 Months Ended
Jun. 30, 2015
Debt Disclosure [Abstract]  
Debt
Debt

As of June 30, 2015 and December 31, 2014, AB had $404.6 million and $489.0 million, respectively, in commercial paper outstanding with weighted average interest rates of approximately 0.3% for both periods. The commercial paper is short term in nature, and as such, recorded value is estimated to approximate fair value (and considered a Level 2 security in the fair value hierarchy). Average daily borrowings of commercial paper during the first six months of 2015 and the full year 2014 were $417.1 million and $335.0 million, respectively, with weighted average interest rates of approximately 0.3% and 0.2%, respectively.

As of June 30, 2015, SCB LLC had $50.0 million in loans outstanding at an average interest rate of 1.4%. As of December 31, 2014, SCB LLC had no bank loans outstanding. Average daily borrowings of bank loans during the first six months of 2015 and full year 2014 were $4.2 million and $5.5 million, respectively, with weighted average interest rates of approximately 1.2% and 1.1%, respectively.