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Debt
3 Months Ended
Mar. 31, 2016
Debt Disclosure [Abstract]  
Debt
Debt

During the three months ended March 31, 2016, we made a principal payment of $1.6 million on our seven-year term loan due October 2020. For the three months ended March 31, 2016 and 2015 cash payments for interest were $15.8 million and $15.9 million, respectively.

Included in interest expense, net, are amortization of treasury lock settlements and amortization of financing costs. For both the three months ended March 31, 2016 and 2015 amortization of treasury lock settlements was $1.4 million. For both the three months ended March 31, 2016 and 2015 amortization of financing costs was $0.4 million.

Effective January 1, 2016, the Company adopted Accounting Standards Update (ASU) 2015-03 (Topic 835): Simplifying the Presentation of Debt Issuance Costs. This ASU conforms the presentation of debt issuance costs with that required for debt discounts under U.S. Generally Accepted Accounting Principles (GAAP). Under the ASU, debt issuance costs are presented in the balance sheet as a direct deduction from the related liability rather than as an asset. We applied this guidance retrospectively, as required, and reclassified $12.3 million from "Other long-term assets" to "Long-term debt" on our December 31, 2015 Consolidated Balance Sheet to conform with current period presentation. At March 31, 2016 deferred financing costs were $11.9 million.

For more information on our long-term debt and interest rates on that debt, see Note 10, Debt, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2015 Annual Report on Form 10-K.

At March 31, 2016 we had $1,650.0 million of fixed-rate senior notes and $660.4 million of variable-rate term loans outstanding. At March 31, 2016 the fair value of our fixed-rate debt was estimated to be $1,744.6 million. 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 2015 Annual Report on Form 10-K. The fair value of our variable-rate term debt approximates the carrying amount as our cost of borrowing is variable and approximates current market rates.