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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
12 Months Ended
Dec. 31, 2014
FAIR VALUE OF FINANCIAL INSTRUMENTS  
Summary of the carrying values and estimated fair values of long-term debt

 

                                                                                                                                                                                    

 

 

December 31, 2014

 

December 31, 2013

 

(In millions) 

 

Carrying
Value

 

Fair
Value

 

Carrying
Value

 

Fair
Value

 

Level 1:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

4.625 Notes

 

$

688.0

 

$

651.9

 

$

688.0

 

$

676.4

 

4.875 Notes

 

$

450.0

 

$

426.7

 

$

450.0

 

$

426.9

 

Level 2:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

Term Loan (net of debt issuance costs totaling $1.8 million and $2.4 million at December 31, 2014 and 2013, respectively)             

 

$

192.6

 

$

194.4

 

$

194.8

 

$

199.0

 

Derivative instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity purchase contracts            

 

$

(12.9

)

$

(12.9

)

$

-

 

$

-