Note 12—Long-term Debt

Long-term debt is summarized as follows:


	September 30,		December 31,		Fair Value (1)		Fair Value (1)
(in millions)	2016		2015		2016		2015
3.75% notes due 2022	$	350.0	$	350.0	$	360.7	$	349.3
5.125% notes due 2020		250.0		250.0		272.0		268.6
6.125% notes due 2016		-		150.0		-		152.9
Unamortized discount and debt issuance costs		(3.8)		(4.6)
Total long term-debt		596.2		745.4
Less current portion of long-term debt		-		(149.8)
Total long term-debt, net of current portion	$	596.2	$	595.6

⁽¹⁾

The fair value is estimated based on current yield rates plus the Company’s estimated credit spread available for financings with similar terms and maturities. Based on these inputs, debt instruments are classified as Level 2 in the fair value hierarchy.

Repayment of Senior Unsecured Notes

In August 2016, the Company utilized cash on hand to repay the outstanding principal balance of $150.0 million on the 6.125% senior unsecured notes.

Revolving Credit Facilities

The Company has a $600.0 million revolving credit facility arrangement under its Third Amended and Restated Credit Agreement (the “Amended Credit Agreement”) administered by JPMorgan Chase Bank, N.A. At September 30, 2016 and December 31, 2015, there were no borrowings outstanding under the revolving credit facility agreement.

Covenants and Limitations

Under the Company’s debt and credit facilities, the Company is required to meet various restrictive covenants and limitations, including limitations on certain leverage ratios, interest coverage and limits on outstanding debt balances held by certain subsidiaries. The Company was in compliance with all covenants and limitations as of September 30, 2016 and December 31, 2015.