14. Debt

The Company's debt consists of the following:


	March 31,			December 31,
	2012			2011
Borrowings under the Credit Agreement	$	327.0		$	65.0
5.625% senior notes due January 15, 2012		—			158.6
4.95% senior notes due April 1, 2014		258.0			599.5
5.50% senior notes due May 15, 2015		299.8			399.8
8.60% senior notes due August 15, 2016		346.9			346.8
6.125% senior notes due January 15, 2017		523.0			522.9
7.25% senior notes due May 15, 2018		600.0			600.0
11.25% debentures due February 1, 2019 _(a)		172.2			172.2
8.25% senior notes due March 15, 2019		450.0			—
7.625% senior notes due June 15, 2020		400.0			400.0
8.875% debentures due April 15, 2021		80.9			80.9
6.625% debentures due April 15, 2029		199.4			199.3
8.820% debentures due April 15, 2031		69.0			69.0
Other_(b)		29.1			46.5

Total debt		3,755.3			3,660.5
Less: current portion		(346.8	)		(243.7	)

Long-term debt	$	3,408.5		$	3,416.8

(a)	On May 17, 2011, the interest rate on the 11.25% senior notes due February 1, 2019 was increased to 11.75%, as a result of downgrades in the ratings of the notes by the rating agencies.

(b)	Other includes miscellaneous debt obligations, capital leases and the fair value adjustment to the Company's 4.95% senior notes due April 1, 2014 and 8.25% senior notes due March 15, 2019 related to the Company's fair value hedges.

The fair values of the senior notes and debentures, which were determined using the market approach based upon the interest rates available to the Company for borrowings with similar terms and maturities, were determined to be Level 2 under the fair value hierarchy. The fair value of the Company's debt was less than its book value by approximately $24.5 million and $80.1 million at March 31, 2012 and December 31, 2011, respectively.

On March 13, 2012, the Company issued $450.0 million of 8.25% senior notes due March 15, 2019. Interest on the notes is payable semi-annually on March 15 and September 15 of each year, commencing on September 15, 2012. The net proceeds from the offering and cash on hand were used to repurchase $341.8 million of the 4.95% senior notes due April 1, 2014 and $100.0 million of the 5.50% senior notes due May 15, 2015. The repurchases resulted in a pre-tax loss on debt extinguishment of $12.1 million for the three months ended March 31, 2012, consisting of a loss of $23.2 million related to the premiums paid, unamortized debt issuance costs and other expenses, partially offset by the elimination of $11.1 million of the fair value adjustment on the 4.95% senior notes.

On January 15, 2012, proceeds from borrowings under the Company's unsecured and committed revolving credit agreement (the "Credit Agreement") were used to pay $158.6 million of the 5.625% senior notes that matured on January 15, 2012.

On June 1, 2011, the Company issued $600.0 million of 7.25% senior notes due May 15, 2018. Interest on the notes is payable semi-annually on May 15 and November 15 of each year, commencing on November 15, 2011. The net proceeds from the offering were used to repurchase an initial $216.2 million of the 11.25% senior notes due February 1, 2019, $100.0 million of the 6.125% senior notes due January 15, 2017 and $100.0 million of the 5.50% senior notes due May 15, 2015. The remaining net proceeds were used for general corporate purposes and to repay outstanding borrowings under the Company's Credit Agreement. On September 28, 2011, the Company repurchased an additional $11.6 million of the 11.25% senior notes due February 1, 2019. The repurchases resulted in a pre-tax loss on debt extinguishment of $69.9 million for the year ended December 31, 2011.

Interest income was $3.6 million and $2.6 million for the three months ended March 31, 2012 and 2011, respectively.