Long-Term Debt and Capital Leases

9 Months Ended

Sep. 27, 2015

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



Balance at	September 27, 2015			December 28, 2014
4.04% Senior Notes due September 2015	$	—		$	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 1.45% at September 27, 2015 and 1.28% at December 28, 2014	195.0			200.0
Other debt at various rates due through 2031	3.5			14.7
$750.0 million revolving credit facility due March 2018, weighted average rate of 1.35% at September 27, 2015 and 1.24% at December 28, 2014	205.0			105.0
Total debt	703.5			694.7
Less: current portion of long-term debt	(13.0		)	(84.9		)
Total long-term debt	$	690.5		$	609.8

Available borrowing capacity under the $750.0 million credit facility, which is reduced by borrowings and certain outstanding letters of credit, was $531.1 million at September 27, 2015. The credit agreement requires the Company to comply with various financial and operating covenants and at September 27, 2015, the Company was in compliance with these covenants. In August 2015, the Company entered into a note purchase agreement providing for a private placement of $125.0 million in aggregate principal amount of senior unsecured notes expected to be issued on November 5, 2015. The notes will consist of $25.0 million of 2.81% senior unsecured notes due November 5, 2020, and $100.0 million of 3.28% senior unsecured notes due November 5, 2022.

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 is 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 September 27, 2015 and December 28, 2014, approximated the carrying value.

At September 27, 2015, the Company had $9.2 million in capital leases, of which $1.3 million is current. At December 28, 2014, the Company had $10.4 million in capital leases, of which $1.3 million was current. At September 27, 2015, Teledyne had $16.2 million in outstanding letters of credit.