Note 13. Debt

The Company’s debt at December 31, 2014 and 2013 consisted of the following:

	2014			2013
4.95% senior notes due April 1, 2014	$	—		$	258.2
5.50% senior notes due May 15, 2015		200.0			200.0
8.60% senior notes due August 15, 2016		219.1			218.7
6.125% senior notes due January 15, 2017		251.0			250.8
7.25% senior notes due May 15, 2018		250.0			350.0
11.25% senior notes due February 1, 2019 (a)		172.2			172.2
8.25% senior notes due March 15, 2019		238.9			450.0
7.625% senior notes due June 15, 2020		350.0			400.0
7.875% senior notes due March 15, 2021		448.3			448.0
8.875% debentures due April 15, 2021		80.9			80.9
7.00% senior notes due February 15, 2022		400.0			400.0
6.50% senior notes due November 15, 2023		350.0			350.0
6.00% senior notes due April 1, 2024		400.0			—
6.625% debentures due April 15, 2029		199.5			199.4
8.820% debentures due April 15, 2031		69.0			69.0
Other (b)		3.6			10.7
Total debt		3,632.5			3,857.9
Less: current portion		(203.4	)		(270.9	)
Long-term debt	$	3,429.1		$	3,587.0

(a)	As of December 31, 2014 and 2013, the interest rate on the 11.25% senior notes due February 1, 2019 was 12.75% as a result of downgrades in the ratings of the notes by the rating agencies.

(b)	Includes fair value adjustments to the 8.25% senior notes due March 15, 2019 related to the Company’s fair value hedges, miscellaneous debt obligations and capital leases.

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The fair values of the senior notes and debentures, which were determined using the market approach based upon 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 greater than its book value by approximately $259.5 million and $343.4 million at December 31, 2014 and 2013, respectively.

Effective September 9, 2014, the aggregate revolving commitments of the Lenders under the Company’s senior secured revolving credit facility (the “Credit Agreement”) were increased from $1.15 billion to $1.5 billion and the expiration date of the Credit Agreement was extended from October 15, 2017 to September 9, 2019.

The Credit Agreement is subject to a number of covenants, including a minimum Interest Coverage Ratio and a maximum Leverage Ratio, as defined and calculated pursuant to the Credit Agreement, that, in part, restrict the Company’s ability to incur additional indebtedness, create liens, engage in mergers and consolidations, make restricted payments and dispose of certain assets. The Credit Agreement generally allows annual dividend payments of up to $225.0 million in aggregate, though additional dividends may be allowed subject to certain conditions.

The weighted average interest rate on borrowings under the Company’s $1.5 billion Credit Agreement was 2.0% during the years ended December 31, 2014 and 2013.

On April 1, 2014, cash on hand and borrowings under the Credit Agreement were used to pay the $258.2 million 4.95% senior notes that matured on April 1, 2014.

On March 20, 2014, the Company issued $400.0 million of 6.00% senior notes due April 1, 2024. Interest on the notes is payable semi-annually on April 1 and October 1, and commenced on October 1, 2014. The net proceeds from the offering along with borrowings under the Credit Agreement were used to repurchase $211.1 million of the 8.25% senior notes due March 15, 2019, $100.0 million of the 7.25% senior notes due May 15, 2018, and $50.0 million of the 7.625% senior notes due June 15, 2020. The repurchases resulted in a pre-tax loss on debt extinguishment of $77.1 million for the year ended December 31, 2014 related to the premiums paid, unamortized debt issuance costs, elimination of the $2.8 million fair value adjustment on the 8.25% senior notes and other expenses.

On November 12, 2013, the Company issued $350.0 million of 6.50% senior notes due November 15, 2023. Interest on the notes is payable semi-annually on May 15 and November 15, and commenced on May 15, 2014. The net proceeds from the offering, along with cash on hand and borrowings under the Credit Agreement, were used to finance the cash portion of the acquisition of Consolidated Graphics and for general corporate purposes.

On August 26, 2013, the Company issued $400.0 million of 7.00% senior notes due February 15, 2022. Interest on the notes is payable semi-annually on February 15 and August 15 of each year, and commenced on February 15, 2014. The net proceeds from the offering were used to repurchase $200.0 million of the 7.25% senior notes due May 15, 2018, $100.0 million of the 5.50% senior notes due May 15, 2015 and $100.0 million of the 6.125% senior notes due January 15, 2017. The repurchases resulted in a pre-tax loss on debt extinguishment of $46.3 million for the year ended December 31, 2013 related to the premiums paid, unamortized debt issuance costs and other expenses.

On March 14, 2013, the Company issued $450.0 million of 7.875% senior notes due March 15, 2021. Interest on the notes commenced on September 15, 2013 and is payable semi-annually on March 15 and September 15 of each year. The net proceeds from the offering were used to repurchase $173.5 million of the 6.125% senior notes due January 15, 2017, $130.2 million of the 8.60% senior notes due August 15, 2016 and $50.0 million of the 7.25% senior notes due May 15, 2018 and to reduce borrowings under the Credit Agreement. The repurchases resulted in a pre-tax loss on debt extinguishment of $35.6 million for the year ended December 31, 2013 related to the premiums paid, unamortized debt issuance costs and other expenses.

As of December 31, 2014, the Company had $93.7 million in outstanding letters of credit, of which $56.5 million were issued under the Credit Agreement. The letters of credit issued under the Credit Agreement did not reduce availability under the Credit Agreement at December 31, 2014, as the amounts issued were less than the reduction in availability from the Leverage Ratio covenant. As of December 31, 2014, the Company also had $178.3 million in other uncommitted credit facilities, primarily outside the U.S., (the “Other Facilities”). As of December 31, 2014, bank acceptance drafts, letters of credit and guarantees of $91.7 million were issued, and reduced availability, under the Company’s Other Facilities. As of December 31, 2014 and 2013, total borrowings under the Credit Agreement and the Other Facilities (the “Combined Facilities”) were $2.5 million and $9.1 million, respectively.

At December, 31, 2014, the future maturities of debt, including capitalized leases, were as follows:

	Amount
2015	$	203.5
2016		220.7
2017		251.5
2018		250.0
2019		411.1
2020 and thereafter		2,300.0
Total (a)	$	3,636.8

(a)	Excludes a discount of $3.5 million and an adjustment for fair value hedges of $0.8 million related to the Company’s 8.25% senior notes due March 15, 2019, which do not represent contractual commitments with a fixed amount or maturity date.

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The following table summarizes interest expense included in the Consolidated Statements of Operations:

	2014			2013			2012
Interest incurred	$	294.6		$	276.0		$	271.1
Less: interest income		(8.9	)		(11.5	)		(15.2	)
Less: interest capitalized as property, plant and equipment		(3.6	)		(3.1	)		(4.1	)
Interest expense, net	$	282.1		$	261.4		$	251.8

Interest paid, net of interest received, was $272.8 million, $245.0 million and $250.1 million in 2014, 2013 and 2012, respectively.