Note 13. Debt

The Company’s debt at December 31, 2015 and 2014 consisted of the following:

	2015			2014
5.50% senior notes due May 15, 2015	$	—		$	200.0
8.60% senior notes due August 15, 2016		219.6			219.1
6.125% senior notes due January 15, 2017		251.2			251.0
7.25% senior notes due May 15, 2018		250.0			250.0
11.25% senior notes due February 1, 2019 _(a)		172.2			172.2
8.25% senior notes due March 15, 2019		238.9			238.9
7.625% senior notes due June 15, 2020		350.0			350.0
7.875% senior notes due March 15, 2021		448.5			448.3
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			400.0
6.625% debentures due April 15, 2029		199.5			199.5
8.820% debentures due April 15, 2031		69.0			69.0
Other _(b)		18.7			3.6
Unamortized debt issuance costs		(25.6	)		(30.5	)
Total debt		3,422.9			3,602.0
Less: current portion		(234.6	)		(203.4	)
Long-term debt	$	3,188.3		$	3,398.6

(a)

As of December 31, 2015 and 2014, 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. As a result of a ratings downgrade on February 2, 2016, the interest rate increased from 12.75% to 13.0% in February 2016.

(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 less than its book value by approximately $39.7 million and greater than its book value by approximately $259.5 million at December 31, 2015 and 2014, respectively.

In the fourth quarter of 2015, the Company adopted Accounting Standards Update No. 2015-03 “Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”), which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt and Accounting Standards Update No. 2015-15 “Interest—Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements” (“ASU 2015-15”), which allows for the presentation of debt issuance costs as an asset regardless of whether or not there is an outstanding balance on the line-of-credit arrangement. The adoption of ASU 2015-03 and ASU 2015-15 resulted in the reclassification of $25.6 million and $30.5 million of unamortized debt issuance costs from "Other noncurrent assets" to "Long-term debt" as of December 31, 2015 and 2014, respectively. There is $13.2 million and $16.3 million of unamortized debt issuance costs related to the Company’s revolving credit facility that remain classified as an asset as of December 31, 2015 and 2014, 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, 2015 and 2014.

Cash on hand and borrowings under the Credit Agreement were used to pay the $200.0 million 5.50% senior notes that matured on May 15, 2015.

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.

As of December 31, 2015, the Company had $91.3 million in outstanding letters of credit, of which $55.6 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, 2015, as the amounts issued were less than the reduction in availability from the Leverage Ratio covenant. As of December 31, 2015, the Company also had $167.6 million in other uncommitted credit facilities, primarily outside the U.S., (the “Other Facilities”). As of December 31, 2015, bank acceptance drafts, letters of credit and guarantees of $81.7 million were issued, and reduced availability, under the Company’s Other Facilities. As of December 31, 2015 and 2014, total borrowings under the Credit Agreement and the Other Facilities (the “Combined Facilities”) were $11.2 million and $2.5 million, respectively.

At December 31, 2015, the future maturities of debt, including capitalized leases, were as follows:

	Amount
2016	$	234.8
2017		254.3
2018		250.2
2019		411.1
2020		350.0
2021 and thereafter		1,950.0
Total ^(a)	$	3,450.4

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(a)	Excludes unamortized debt issuance costs of $25.6 million, a discount of $2.6 million and an adjustment for fair value hedges of $0.7 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.

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

	2015			2014			2013
Interest incurred	$	285.2		$	294.6		$	276.0
Less: interest income		(5.3	)		(8.9	)		(11.5	)
Less: interest capitalized as property, plant and equipment		(3.9	)		(3.6	)		(3.1	)
Interest expense, net	$	276.0		$	282.1		$	261.4

Interest paid, net of interest received, was $271.3 million, $272.8 million and $245.0 million in 2015, 2014 and 2013, respectively.