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Debt | 6 Months Ended
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Jun. 30, 2014
Debt |
Debt | Note 12—Debt The Company’s debt consists of the following:
|  | June 30, 2014 |  | December 31, 2013 |
|  | Carrying Amount |  | Approximate Fair Value |  | Carrying Amount |  | Approximate Fair Value |
4.75% Senior Notes due November 2014 (1) |  | $ | 599,925 |  | $ | 610,680 |  | $ | 599,813 |  | $ | 621,000 |
4.00% Senior Notes due February 2022 (1) |  | 499,037 |  | 516,000 |  | 498,973 |  | 491,000 |
2.55% Senior Notes due January 2019 (1) |  | 748,943 |  | 761,325 |  | — |  | — |
Revolving Credit Facility |  | 290,000 |  | 290,000 |  | 927,300 |  | 927,300 |
Credit Agreement |  | 200,000 |  | 200,000 |  | 100,000 |  | 100,000 |
Notes payable to foreign banks and other debt |  | 5,656 |  | 5,656 |  | 6,788 |  | 6,788 |
Total debt |  | 2,343,561 |  | 2,383,661 |  | 2,132,874 |  | 2,146,088 |
Less short-term debt |  | (800,670 | ) | (811,425 | ) | (701,437 | ) | (722,624 | )
Long-term debt |  | $ | 1,542,891 |  | $ | 1,572,236 |  | $ | 1,431,437 |  | $ | 1,423,464 |
(1) The Senior Notes are unsecured and rank equally in the right of payment with the Company’s other unsecured indebtedness. The carrying value of borrowings under the Company’s Revolving Credit Facility, Credit Agreement and other notes payable approximated their fair value at June 30, 2014 due to their relative short-term maturities and market interest rates and are therefore classified as Level 2 in the fair value hierarchy. The fair value of the Senior Notes were based on recent bid prices in an active market and are therefore classified as Level 1 in the fair value hierarchy. The Company has a $1,500,000 unsecured credit facility (the “Revolving Credit Facility”) with a maturity date of July 2018 and the ability to borrow at a spread over LIBOR. At June 30, 2014, borrowings and availability under the Revolving Credit Facility were $290,000 and $1,210,000, respectively. The Company has a $200,000 uncommitted and unsecured credit facility (the “Credit Agreement”) with the ability to borrow at a spread over LIBOR, which is renewable annually. On May 30, 2014, the Company amended and restated the Credit Agreement to increase the borrowing capacity by $100,000 to $200,000.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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