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Debt
3 Months Ended
Mar. 31, 2014
Debt Disclosure [Abstract]  
Debt
7.

Debt

Our debt consisted of the following (in millions):

 

     March 31,
2014
    December 31,
2013
 

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

     114.5        112.4   

Other long-term debt

     2.7        2.1   

Debt discount

     (1.5     (1.5

Adjustment related to interest rate swaps

     14.4        9.3   
  

 

 

   

 

 

 

Total long-term debt

   $ 1,680.1      $ 1,672.3   
  

 

 

   

 

 

 

The estimated fair value of our senior notes as of March 31, 2014, based on quoted prices for the specific securities from transactions in over-the-counter markets (Level 2), was $1,700.7 million. The estimated fair value of the term loan as of March 31, 2014, based upon publicly available market yield curves and the terms of the debt (Level 2), was $114.2 million.

Before our senior notes due November 30, 2014 become payable, we intend to borrow against our senior credit facility or issue new senior notes to pay the $250 million owed. 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 March 31, 2014.