Note 12—Debt

The Company’s debt consists of the following:

	June 30, 2014						December 31, 2013
	Carrying Amount			Approximate Fair Value			Carrying Amount			Approximate Fair Value
4.75% Senior Notes due November 2014 (1)	$	599,925		$	610,680		$	599,813		$	621,000
4.00% Senior Notes due February 2022 (1)	499,037			516,000			498,973			491,000
2.55% Senior Notes due January 2019 (1)	748,943			761,325			—			—
Revolving Credit Facility	290,000			290,000			927,300			927,300
Credit Agreement	200,000			200,000			100,000			100,000
Notes payable to foreign banks and other debt	5,656			5,656			6,788			6,788
Total debt	2,343,561			2,383,661			2,132,874			2,146,088
Less short-term debt	(800,670		)	(811,425		)	(701,437		)	(722,624		)
Long-term debt	$	1,542,891		$	1,572,236		$	1,431,437		$	1,423,464

(1) The Senior Notes are unsecured and rank equally in the right of payment with the Company’s other unsecured indebtedness.

The carrying value of borrowings under the Company’s Revolving Credit Facility, Credit Agreement and other notes payable approximated their fair value at June 30, 2014 due to their relative short-term maturities and market interest rates and are therefore classified as Level 2 in the fair value hierarchy. The fair value of the Senior Notes were based on recent bid prices in an active market and are therefore classified as Level 1 in the fair value hierarchy.

The Company has a $1,500,000 unsecured credit facility (the “Revolving Credit Facility”) with a maturity date of July 2018 and the ability to borrow at a spread over LIBOR. At June 30, 2014, borrowings and availability under the Revolving Credit Facility were $290,000 and $1,210,000, respectively. The Company has a $200,000 uncommitted and unsecured credit facility (the “Credit Agreement”) with the ability to borrow at a spread over LIBOR, which is renewable annually. On May 30, 2014, the Company amended and restated the Credit Agreement to increase the borrowing capacity by $100,000 to $200,000.