Financial Instruments

6 Months Ended

Jun. 30, 2014

Financial Instruments

Financial Instruments

(6) Financial Instruments

The carrying values of trade receivables and trade payables at December 31, 2013 and June 30, 2014 approximated market value because of their short-term nature. The carrying value of the bank credit facility at December 31, 2013 and June 30, 2014 approximated fair value because the variable interest rates are reflective of current market conditions.

The fair value of the Company’s senior notes was approximately $1.9 billion, based on Level 2 market data inputs at December 31, 2013 and $2.2 billion at June 30, 2014.

See note 7 for information regarding the fair value of derivative financial instruments.