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Debt

6 Months Ended

Jun. 30, 2011


8.	Debt

We had no short-term debt as of June 30, 2011 or December 31, 2010. Long-term debt as of June 30, 2011 and December 31, 2010 on our condensed consolidated balance sheet consisted of the following (in millions):


	June 30,			December 31,
	2011			2010

Senior Notes due 2019	$	500.0		$	500.0
Senior Notes due 2039		500.0			500.0
Debt discount		(1.2	)		(1.2	)
Interest rate swaps		5.5			1.5
Senior Credit Facility		143.0			141.8

Total long-term debt	$	1,147.3		$	1,142.1

The estimated fair value of our Senior Notes as of June 30, 2011, based on quoted prices for the specific securities from transactions in over-the-counter markets, was $1,039.4 million. The carrying value of the Senior Credit Facility approximates fair value, as the underlying instruments have variable interest rates at market value.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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