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Long-Term Debt | 3 Months Ended
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Mar. 31, 2015
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt: Long-term debt at March 31, 2015 and December 31, 2014 consisted of the following:
| March 31, |  | December 31,
| 2015 |  | 2014
| (In thousands)
1.875% Senior notes, net of unamortized discount of $5,717 at March 31, 2015 and $6,605 at December 31, 2014 | $ | 758,438 |  |  | $ | 844,315 |
3.00% Senior notes, net of unamortized discount of $291 at March 31, 2015 and $306 at December 31, 2014 | 249,709 |  |  | 249,694 |
4.15% Senior notes, net of unamortized discount of $1,403 at March 31, 2015 and $1,439 at December 31, 2014 | 423,597 |  |  | 423,561 |
4.50% Senior notes, net of unamortized discount of $1,793 at March 31, 2015 and $1,871 at December 31, 2014 | 348,207 |  |  | 348,129 |
4.625% Senior notes, including unamortized premium of $42,102 at March 31, 2015 | 1,291,442 |  |  | — |
5.10% Senior notes, net of unamortized discount of $3 at December 31, 2014 | — |  |  | 324,997 |
5.45% Senior notes, net of unamortized discount of $1,020 at March 31, 2015 and $1,029 at December 31, 2014 | 348,980 |  |  | 348,971 |
Commercial paper notes | 461,717 |  |  | 367,178 |
Fixed-rate foreign borrowings | 10,679 |  |  | 1,958 |
Variable-rate foreign bank loans | 38,390 |  |  | 25,139 |
Variable-rate domestic bank loans | 59,880 |  |  | — |
Capital lease obligations | 21,994 |  |  | — |
Miscellaneous | 88 |  |  | 189 |
Total long-term debt | 4,013,121 |  |  | 2,934,131 |
Less amounts due within one year | 471,809 |  |  | 711,096 |
Long-term debt, less current portion | $ | 3,541,312 |  |  | $ | 2,223,035 |
The cash consideration paid in connection with the acquisition of Rockwood was funded with proceeds from senior notes we issued in 2014 (the “2014 Senior Notes”) and borrowings in January 2015 consisting of the following: (a) $1.0 billion under our August 15, 2014 term loan credit agreement (the “Term Loan”); (b) $800.0 million under our senior unsecured cash bridge facility (the “Cash Bridge Facility”); and (c) $250.0 million under our revolving credit agreement (the “February 2014 Credit Agreement”). In the first quarter of 2015, amounts borrowed under the Term Loan, Cash Bridge Facility and February 2014 Credit Agreement in connection with the Rockwood acquisition were repaid in full. Such repayments were made with a combination of existing cash, cash acquired from Rockwood, cash from operations and borrowings under our commercial paper program. For further details about the 2014 Senior Notes, Term Loan, Cash Bridge Facility and the February 2014 Credit Agreement, see Item 8 Financial Statements and Supplementary Data—Note 13, “Long-Term Debt,” in our Annual Report on Form 10-K for the year ended December 31, 2014. Upon completion of the Rockwood acquisition, we assumed Rockwood’s senior notes with an aggregate principal amount of $1.25 billion. These senior notes bear interest at a rate of 4.625% payable semi-annually on April 15 and October 15 of each year, and mature on October 15, 2020. The carrying amount of these senior notes at March 31, 2015 includes an unamortized premium of $42.1 million which originated from an adjustment to fair value upon our assumption of the notes from Rockwood. The effective interest rate of the notes is approximately 3.95%. The 4.625% senior notes rank equally with all of our other senior unsecured indebtedness from time to time outstanding. We may redeem some or all of these senior notes prior to their maturity, subject to certain restrictions and the payment of an applicable make-whole premium in certain instances. Our $325.0 million aggregate principal amount of senior notes, which were issued on January 20, 2005 and bore interest at a rate of 5.10%, matured and were repaid on February 1, 2015. These senior notes were classified as Current portion of long-term debt at December 31, 2014. Current portion of long-term debt at March 31, 2015 consists primarily of commercial paper notes with a weighted-average interest rate of approximately 0.87% and a weighted-average maturity of 21 days. The carrying value of our 1.875% Euro-denominated senior notes has been designated as an effective hedge of our net investment in foreign subsidiaries where the Euro serves as the functional currency, and gains or losses on the revaluation of these senior notes to our reporting currency are recorded in accumulated other comprehensive loss. During three months ended March 31, 2015, a gain of $54.0 million (net of income taxes) was recorded in accumulated other comprehensive loss in connection with the revaluation of these senior notes to our reporting currency. During the three months ended March 31, 2015, we expensed the remaining $2.3 million of structuring and underwriting fees paid in 2014 for bridge financing arrangements in connection with the Rockwood acquisition. This amount is included in Other income, net, in our consolidated statement of income for the three months ended March 31, 2015. Also, during the three months ended March 31, 2015, we paid $1.2 million of debt financing costs that were accrued at December 31, 2014, primarily related to the 2014 Senior Notes issued in the fourth quarter of 2014.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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