Notes Payable and Long-Term Debt

As of September 30, 2014 and December 31, 2013, the Company had short-term and long-term debt outstanding as follows:



	September 30,		December 31,
(millions of dollars)	2014		2013
Short-term debt
Short-term borrowings	$	478.0	$	84.8
Receivables securitization	110.0		110.0
Total short-term debt	$	588.0	$	194.8

Long-term debt
5.75% Senior notes due 11/01/16 ($150 million par value)	$	149.7	$	149.7
8.00% Senior notes due 10/01/19 ($134 million par value)	134.0		133.9
4.625% Senior notes due 09/15/20 ($250 million par value)	248.4		248.2
7.125% Senior notes due 02/15/29 ($121 million par value)	119.4		119.4
Multi-currency revolving credit facility	—		320.0
Term loan facilities and other	58.8		40.4
Unamortized portion of debt derivatives	13.2		16.2
Total long-term debt	723.5		1,027.8
Less: current portion	17.7		6.8
Long-term debt, net of current portion	$	705.8	$	1,021.0

The weighted average interest rate on all borrowings outstanding as of September 30, 2014 and December 31, 2013 was 3.3% and 3.7%, respectively.

On June 30, 2014, the Company amended and extended its $750 million multi-currency revolving credit facility (which included a feature that allowed the Company's borrowings to be increased to $1 billion) to a $1 billion multi-currency revolving credit facility (which includes a feature that allows the Company's borrowings to be increased to $1.25 billion). The facility provides for borrowings through June 30, 2019. The Company has one key financial covenant as part of the credit agreement which is a debt to EBITDA ("Earnings Before Interest, Taxes, Depreciation and Amortization") ratio. The Company was in compliance with the financial covenant at September 30, 2014 and expects to remain compliant in future periods. At September 30, 2014, the Company had no outstanding borrowings under this facility. At December 31, 2013, the Company had outstanding borrowings of $320.0 million under the multi-currency revolving credit agreement.

On March 12, 2014, the Company entered into a new commercial paper program pursuant to which the Company may issue short-term, unsecured commercial paper notes up to a maximum aggregate principal amount outstanding of $1 billion. Under this program, the Company may issue notes from time to time and will use the proceeds for general corporate purposes. At September 30, 2014, the Company had outstanding borrowings of $355.0 million under this program, which is classified in the Condensed Consolidated Balance Sheet in Notes payable and other short-term debt.

The total current combined borrowing capacity under the multi-currency revolving credit facility and commercial paper program cannot exceed $1 billion.

On February 11, 2014, the Company's universal shelf registration expired. The Company filed a new universal shelf registration with the Securities and Exchange Commission on February 28, 2014.

As of September 30, 2014 and December 31, 2013, the estimated fair values of the Company’s senior unsecured notes totaled $749.1 million and $729.7 million, respectively. The estimated fair values were $97.6 million and $78.5 million higher than their carrying value at September 30, 2014 and December 31, 2013, respectively. Fair market values of the senior unsecured notes are developed using observable values for similar debt instruments, which are considered Level 2 inputs as defined by ASC Topic 820. The carrying values of the Company's multi-currency revolving credit facility and commercial paper program approximates fair value. The fair value estimates do not necessarily reflect the values the Company could realize in the current markets.

The Company had outstanding letters of credit of $29.2 million and $27.8 million at September 30, 2014 and December 31, 2013, respectively. The letters of credit typically act as guarantees of payment to certain third parties in accordance with specified terms and conditions.