Debt

The following table sets forth the Company’s long-term debt at December 31, (in millions):



	Maturity	2014		2013
Senior notes at 5.95%, net of unamortized discount	2018	$	299.2	$	299.0
Senior notes at 3.625%, net of unamortized discount	2022	298.4		298.2
TOTAL LONG-TERM DEBT		$	597.6	$	597.2

In November 2010, the Company completed a public debt offering for $300 million of long-term, senior, unsecured notes maturing in November 2022 and bearing interest at a fixed rate of 3.625%. Prior to the issuance of the 2022 Notes, the Company entered into a forward interest rate lock which resulted in a $1.6 million loss. This amount was recorded in Accumulated other comprehensive loss, net of tax and is being amortized over the life of the 2022 Notes.

In May 2008, the Company completed a public offering of $300 million long-term senior, unsecured notes maturing in May 2018. The 2018 Notes bear interest at a fixed rate of 5.95%. Prior to the issuance of the 2018 Notes, the Company entered into a forward interest rate lock which resulted in a $1.2 million gain. This amount was recorded in Accumulated other comprehensive loss, net of tax, and is being amortized over the life of the notes.

The 2018 Notes and the 2022 Notes are both fixed rate indebtedness, are callable at any time with a make whole premium and are only subject to accelerated payment prior to maturity in the event of a default under the indenture governing the 2018 Notes and 2022 Notes, as modified by the supplemental indentures creating such series, or upon a change in control event as defined in such indenture. The Company was in compliance with all of its covenants as of December 31, 2014.

At December 31, 2014 and 2013, the Company had $1.4 million and $0.3 million, respectively, of short-term debt outstanding. During 2013, the Company entered into an credit agreement for a 5.0 million Brazilian reais line of credit to support its Brazilian operations. This line of credit expires in October 2016; however, an undrawn balance is subject to an annual review by the lender. This line is not subject to annual commitment fees. At December 31, 2014, 3.0 million Brazilian reais (equivalent to $1.1 million) was outstanding. There were no borrowings outstanding at December 31, 2013 under this line of credit. Short-term debt is also comprised of outstanding borrowings under existing lines of credit used to support its operations in China. At December 31, 2014 and 2013 there were 1.7 million and 2.1 million Chinese renminbi, respectively, (equivalent to $0.3 million) of borrowings outstanding under this line of credit.

Other information related to short-term debt at December 31, is summarized below:



	2014		2013
Interest rate on short-term debt:
At year end	14.54	%	6.00	%
Paid during the year (weighted average)	14.35	%	5.20	%

As of December 31, 2014, the Company’s $500 million revolving credit facility had not been drawn against. The credit facility, which serves as a backup to our commercial paper program, was scheduled to expire in October 2016. In March 2013, the facility was amended to extend the maturity date to March 2018. The interest rate applicable to borrowing under the credit agreement is generally either the prime rate or a surcharge over LIBOR. The single financial covenant in the $500 million credit facility, which the Company is in compliance with, requires that total debt not exceed 55% of total capitalization. Annual commitment fees to support availability under the credit facility are not material.

The Company also maintains other lines of credit that are primarily used to support the issuance of letters of credit. Interest rates and other terms of borrowing under these lines of credit vary from country to country, depending on local market conditions. At December 31, 2014 and 2013 these lines totaled $54.6 million and $60.4 million, respectively, of which $27.1 million and $22.9 million was utilized to support letters of credit and the remaining amount was unused. The annual commitment fees associated with these lines of credit are not material.

Interest and fees paid related to total indebtedness was $29.4 million, $29.7 million and $29.8 million in 2014, 2013, and 2012, respectively.