DEBT

Long-term debt, including the current portion, consisted of the following:



	March 31, 2014						December 31, 2013
	Face			Carrying Value			Face			Carrying Value
Five-year revolving credit line due June 2018	$	—		$	—		$	—		$	—
6.0% notes due October 1, 2015	141.8			141.7			141.8			141.7
8.95% notes due July 1, 2017	164.3			164.1			164.3			164.1
3.5% notes due April 1, 2023	400.0			397.5			400.0			397.4
Other	17.5			12.6			18.4			13.1
Total debt	$	723.6		$	715.9		$	724.5		$	716.3
Less: current maturities	(0.3		)	(0.3		)	(0.1		)	(0.1		)
Long-term debt	$	723.3		$	715.6		$	724.4		$	716.2

All of the outstanding notes are unsecured and may be repaid in whole or in part, at our option at any time subject to a prepayment adjustment.

Debt issuances and repurchases

On March 12, 2013, we issued $400.0 aggregate principal amount of 3.5% senior unsecured notes due April 1, 2023 (“3.5% notes”), which resulted in $394.6 in net proceeds after original issue discount and underwriting fees. In addition, on February 26, 2013, we called for the redemption of our 4.6% notes due July 1, 2013 (“4.6% notes”), and commenced offers to purchase our 6.0% notes due October 1, 2015 (“6.0% notes”) and our 8.95% notes due July 1, 2017 (“8.95% notes”). In March 2013, we applied the net proceeds from the issuance of the 3.5% notes as follows: (1) to redeem all $135.2 principal amount of our 4.6% notes for a purchase price of $136.8 plus accrued interest of $1.5, (2) to repurchase $107.8 principal amount of our 6.0% notes for a purchase price of $121.1 plus accrued interest of $3.1 and (3) to repurchase $85.1 principal amount of our 8.95% notes for a purchase price of $108.3 plus accrued interest of $1.8. The redemption of the 4.6% notes and repurchase of the 6.0% and 8.95% notes resulted in a loss of $39.4 including transaction costs, which is included in Net loss on early extinguishment of debt in the accompanying consolidated statement of income for the three months ended March 31, 2013.

Revolving Credit Facility

At March 31, 2014, there were no borrowings outstanding under the Revolving Credit Facility, and $400.0 was available for borrowing under the Facility. We are required to comply with certain customary financial covenants under the Revolving Credit Facility: (i) the ratio of consolidated total debt to consolidated earnings before interest, taxes, depreciation and amortization (“EBITDA”), and (ii) the ratio of consolidated EBITDA to consolidated interest expense. We are in compliance with these covenants and expect to be in compliance for the foreseeable future.

Fair value

At March 31, 2014 and December 31, 2013, the fair value of our debt was $746.0 and $731.2, respectively. The fair value of our debt is based on Level 2 inputs, as defined in Note 14. These inputs include a discounted cash flow analysis which incorporates the contractual terms of the notes and observable market-based inputs that include time value, interest rate curves, and credit spreads.

Interest

The weighted-average interest rate on all of our debt was 5.33% and 4.69%, as of March 31, 2014 and 2013, respectively. The weighted-average interest rate on short-term borrowings outstanding as of March 31, 2014 and 2013 was nil and 2.39%, respectively.