Long-Term Debt and Capital Leases

3 Months Ended

Mar. 29, 2015

Long-term debt consisted of the following (in millions):



Balance at	March 29, 2015			December 28, 2014
4.04% Senior Notes due September 2015	$	75.0		$	75.0
4.74% Senior Notes due September 2017	100.0			100.0
2.61% Senior Notes due December 2019	30.0			30.0
5.30% Senior Notes due September 2020	75.0			75.0
3.09% Senior Notes due December 2021	95.0			95.0
Term loans due through March 2019, weighted average rate of 1.30% at March 29, 2015 and 1.28% at December 28, 2014	200.0			200.0
Other debt at various rates due through 2031	12.4			14.7
$750.0 million revolving credit facility due March 2018, weighted average rate of 1.27% at March 29, 2015 and 1.24% at December 28, 2014	233.0			105.0
Total debt	820.4			694.7
Less: current portion of long-term debt	(86.3		)	(84.9		)
Total long-term debt	$	734.1		$	609.8

Available borrowing capacity under the $750.0 million credit facility, which is reduced by borrowings and certain outstanding letters of credit, was $502.5 million at March 29, 2015. The credit agreement requires the Company to comply with various financial and operating covenants and at March 29, 2015, the Company was in compliance with these covenants.

Teledyne estimates the fair value of its long-term debt based on debt of similar type, rating and maturity and at comparable interest rates. The Company’s long-term debt was considered a level 2 fair value hierarchy and is valued based on observable market data. The estimated fair value of Teledyne’s long-term debt at March 29, 2015 and December 28, 2014, approximated the carrying value.

At March 29, 2015, the Company had $9.6 million in capital leases, of which $1.2 million is current. At December 28, 2014, the Company had $10.4 million in capital leases, of which $1.3 million was current. At March 29, 2015, Teledyne had $16.7 million in outstanding letters of credit.