XML 68 R16.htm IDEA: XBRL DOCUMENT v2.4.0.8
Debt
6 Months Ended
Jun. 30, 2014
Debt Disclosure [Abstract]  
Debt
Debt

During the six months ended June 30, 2014, we made principal payments of $116.0 million, primarily on our five-year term loan, due October 2018. For the six months ended June 30, 2014 and 2013, cash payments for interest were $40.3 million and $15.0 million, respectively.

Included in interest expense, net, are amortization of treasury lock settlements and amortization of financing costs. For both the three months ended June 30, 2014 and 2013, amortization of treasury lock settlements was $1.4 million, and for both the six months ended June 30, 2014 and 2013, amortization of treasury lock settlements was $2.8 million. During the three months ended June 30, 2014 and 2013, amortization of financing costs was $0.5 million and $0.2 million, respectively, and during the six months ended June 30, 2014 and 2013, amortization of financing costs was $0.9 million and $0.4 million, respectively.

At June 30, 2014, we have $1.25 billion of fixed-rate senior notes and $1.18 billion of variable-rate term loans outstanding. At June 30, 2014, the book value of our fixed-rate debt was $1.25 billion, and the fair value was estimated to be $1.33 billion. The difference between the book value and fair value is due to the difference between the period-end market interest rate and the stated rate of our fixed-rate debt. We estimated the fair value of our fixed-rate debt using quoted market prices (Level 2 inputs) within the fair value hierarchy, which is further defined in Note 2, Summary of Significant Accounting Policies, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our updated 2013 Financial Statements.