11.

DEBT

Our debt consisted of the following (in millions):


As of December 31,	2013			2012
Short-term debt
Senior Credit Facility	$	–		$	100.0
Other short-term debt		0.5			0.1

Total short-term debt	$	0.5		$	100.1

Long-term debt
Senior Notes due 2014	$	250.0		$	250.0
Senior Notes due 2019		500.0			500.0
Senior Notes due 2021		300.0			300.0
Senior Notes due 2039		500.0			500.0
Term Loan		112.4			138.6
Other long-term debt		2.1			–
Debt discount		(1.5	)		(1.7	)
Adjustment related to interest rate swaps		9.3			33.9

Total long-term debt	$	1,672.3		$	1,720.8

We have a five year $1,350 million revolving, multi-currency, senior unsecured credit facility maturing May 9, 2017 (Senior Credit Facility). There were no borrowings outstanding under the Senior Credit Facility at December 31, 2013.

We have a term loan agreement (Term Loan) with one of the lenders under the Senior Credit Facility for 11.7 billion Japanese Yen that will mature on May 31, 2016. Borrowings under the Term Loan bear interest at a fixed rate of 0.61 percent per annum until maturity. The estimated fair value of the Term Loan as of December 31, 2013, based upon publicly available market yield curves and the terms of the debt (Level 2), was $112.2 million.

We and certain of our wholly owned foreign subsidiaries are the borrowers under the Senior Credit Facility. Borrowings under the Senior Credit Facility bear interest at a LIBOR-based rate plus an applicable margin determined by reference to our senior unsecured long-term credit rating and the amounts drawn under the Senior Credit Facility, at an alternate base rate, or at a fixed-rate determined through a competitive bid process. The Senior Credit Facility contains customary affirmative and negative covenants and events of default for an unsecured financing arrangement, including, among other things, limitations on consolidations, mergers and sales or transfers of assets. Financial covenants include a maximum leverage ratio of 3.0 to 1.0. If we fall below an investment grade credit rating, additional restrictions would result, including restrictions on investments, payment of dividends and stock repurchases. We were in compliance with all covenants under the Senior Credit Facility as of December 31, 2013. Commitments under the Senior Credit Facility are subject to certain fees, including a facility and a utilization fee.

We have four tranches of senior notes outstanding: $250 million aggregate principal amount of 1.4 percent notes due November 30, 2014, $500 million aggregate principal amount of 4.625 percent notes due November 30, 2019, $300 million aggregate principal amount of 3.375 percent notes due November 30, 2021 and $500 million aggregate principal amount of 5.75 percent notes due November 30, 2039. Interest on each series is payable on May 30 and November 30 of each year until maturity. The estimated fair value of our Senior Notes as of December 31, 2013, based on quoted prices for the specific securities from transactions in over-the-counter markets (Level 2), was $1,649.5 million.

We may redeem the Senior Notes at our election in whole or in part at any time prior to maturity at a redemption price equal to the greater of 1) 100 percent of the principal amount of the notes being redeemed; or 2) the sum of the present values of the remaining scheduled payments of principal and interest (not including any portion of such payments of interest accrued as of the date of redemption), discounted to the date of redemption on a semi-annual basis at the Treasury Rate (as defined in the debt agreement), plus 15 basis points in the case of the 2014 Notes, 20 basis points in the case of the 2019 Notes and 2021 Notes, and 25 basis points in the case of the 2039 Notes. We would also pay the accrued and unpaid interest on the Senior Notes to the redemption date.

We have entered into interest rate swap agreements which we designated as fair value hedges of underlying fixed-rate obligations on our Senior Notes due 2019 and 2021. See Note 13 for additional information regarding the interest rate swap agreements.

Before our senior notes due November 30, 2014 become payable, we intend to issue new senior notes in order to pay the $250 million owed. If we are not able to issue new senior notes, we intend to borrow against our Senior Credit Facility to pay these notes. Since we have the ability and intent to refinance these senior notes on a long-term basis with new notes or through our Senior Credit Facility, we have classified these senior notes as long-term debt as of December 31, 2013.

We also have available uncommitted credit facilities totaling $50.7 million.

At December 31, 2013, the weighted average interest rate for our long-term borrowings was 3.3 percent. At December 31, 2012, the weighted average interest rate for short-term and long-term borrowings was 1.1 percent and 3.5 percent, respectively. We paid $68.1 million, $67.8 million and $55.0 million in interest during 2013, 2012 and 2011, respectively.