(9)	Fair Value

Roper's debt at December 31, 2013 included $2.2 billion of fixed-rate senior notes with the following fair values (in millions):

$400 million senior notes due 2017	$	398
$800 million senior notes due 2018		787
$500 million senior notes due 2019		581
$500 million senior notes due 2022		462

The fair values of the senior notes are based on the trading prices of the notes, which the Company has determined to be Level 2 in the FASB fair value hierarchy. Short-term debt included $8 million of fixed-rate convertible notes which were at fair value due to the short-term nature of the notes. Most of Roper's other borrowings at December 31, 2013 were at various interest rates that adjust relatively frequently under its credit facility. The fair value for each of these borrowings at December 31, 2013 was estimated to be the face value of these borrowings.

On August 15, 2013, an aggregate notional amount of $500 million of interest rate swaps expired. The swaps were designated as fair value hedges and effectively changed the Company's $500 million senior notes due 2013 with a fixed interest rate of 6.625% to a variable-rate obligation at a weighted-average spread of 4.377% plus LIBOR. The Company had determined the swaps to be Level 2 in the FASB fair value hierarchy. To account for the fair value hedge, the swap was recorded at fair value in the balance sheet as an asset or liability, and the changes in fair values of both the interest rate swap and the hedged senior notes due 2013 were recorded as interest expense. The fair value of the swap was an asset balance of $5.8 million and the corresponding change in the fair value of the notes being hedged was an increase of $5.1 million at December 31, 2012. The impact on earnings was immaterial in the years ended December 31, 2013, 2012 and 2011.