DEBT

In September 2004, we entered into agreements for the sale and leaseback of an office building having a net book value of $8.5 million. Under the terms of the agreement, the building was sold for $9.7 million in net proceeds and leased back to us under a 10-year lease. We subleased this property to a third party under a lease agreement that was accounted for as an operating lease. We accounted for the transaction as a financing transaction and amortized the related obligation using an effective annual interest rate of 5.37%. In September 2014, the sale and leaseback expired and resulted in an immaterial noncash gain.

Long-term debt consisted of the following:



(In millions)	September 30, 2014			December 31, 2013
Commercial paper ⁽¹⁾	$	508.0		$	501.4
2.00% Notes due 2017	299.6			299.5
3.45% Notes due 2022	499.7			499.6
Term loan	24.7			25.9
Property financing	8.9			13.9
Total long-term debt	1,340.9			1,340.3
Less: current portion	(3.9		)	(10.5		)
Long-term debt, less current portion	$	1,337.0		$	1,329.8

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⁽¹⁾

Committed credit available under our revolving credit facility provided the ability to refinance our commercial paper obligations on a long-term basis. As we have both the ability and intent to refinance these obligations on a long-term basis, our commercial paper borrowings were classified as long-term in the condensed consolidated balance sheets at September 30, 2014 and December 31, 2013. As of September 30, 2014, our commercial paper borrowings had a weighted average interest rate of 0.30%.