Our total long-term borrowings as of March 31, 2012, and December 31, 2011, were composed of the following:



	As of
	March 31, 2012			December 31, 2011
	(In millions)
Senior notes:
$850 million 6.375% notes due 2012	$	44.6		$	44.6
Canadian Dollar ("CAD") 900 million 5.0% notes due 2015	901.2			881.2
$575 million 2.5% convertible notes due 2013(1)(2)	575.0			575.0
CAD 500 million 3.95% Series A notes due 2017	500.7			489.6
Credit facility(3)	—			—
Less: unamortized debt discounts and other(2)	(26.5		)	(30.8		)
Total long-term debt (including current portion)	1,995.0			1,959.6
Less: current portion of long-term debt	(44.6		)	(44.7		)
Total long-term debt	$	1,950.4		$	1,914.9
Total fair value(4)	$	2,126.1		$	2,133.6

(1)

The original conversion price for each $1,000 aggregate principal amount of notes was $54.76 per share of our Class B common stock, which represented a 25% premium above the stock price on the day of issuance of the notes and corresponded to the initial conversion ratio of 18.263 shares per each $1,000 aggregate principal amount of notes. The conversion ratio and conversion price are subject to adjustments for certain events and provisions, as defined in the indenture. As of March 2012, our conversion price and ratio are $52.79 and 18.9441 shares, respectively. Currently, the convertible debt's if-converted value does not exceed the principal.

(2)

During the first quarters of 2012 and 2011, we incurred additional non-cash interest expense of $4.5 million and $4.3 million, respectively. We also incurred interest expense related to the 2.5% convertible coupon rate of $3.7 million during the first quarter of 2012, and $3.6 million during the first quarter of 2011. The combination of non-cash and cash interest resulted in an effective interest rate of 5.91% and 5.97% for the first quarters of 2012 and 2011, respectively. In relation to this issuance, paid in capital in the equity section of our balance sheet includes $103.9 million, ($64.2 million net of tax), representing the equity component of the convertible debt. Further, as of March 31, 2012, and December 31, 2011, $24.4 million and $28.9 million, respectively, of the unamortized debt discount and other balance relates to our $575 million convertible debt. We expect to record additional non-cash interest expense of approximately $14 million in 2012 and $11 million in 2013, thereby increasing the carrying value of the convertible debt to its $575 million face value at maturity in July 2013. The remaining $2.1 million and $1.9 million as of March 31, 2012, and December 31, 2011, respectively, relates to unamortized debt premiums, discounts, and other on the additional debt balances.

(3)

During the second quarter of 2011, we terminated our $750 million revolving multicurrency bank credit facility, which was scheduled to expire in August 2011. Additionally, in connection with this termination, we entered into an agreement for a 4-year revolving multicurrency credit facility of $400 million, which provides a $100 million sub-facility available for the issuance of letters of credit. We incurred $2.2 million of issuance costs and up-front fees related to this agreement, which are being amortized over the term of the facility. There were no outstanding borrowings on the $400 million credit facility as of March 31, 2012.

(4)

We utilize market approaches to estimate the fair value of our outstanding long-term borrowings by discounting anticipated future cash flows derived from the contractual terms of the obligations and observable market interest and foreign exchange rates. As of March 31, 2012, and December 31, 2011, the fair value of our outstanding long-term debt was $2,126.1 million and $2,133.6 million, respectively. Our convertible notes are valued based on quoted prices in active markets and would be classified as Level 1 in the fair value hierarchy. These notes had a fair value of $603.2 million and $608.5 million, as of March 31, 2012 and December 31, 2011, respectively. All other debt is valued based on significant other observable inputs and would be classified as Level 2 in the fair value hierarchy. These instruments had a fair value of $1,522.9 million and $1,525.1 million, as of March 31, 2012 and December 31, 2011, respectively.