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Express Scripts 2014 Annual Report
66
Thecarryingvalueofcashandcashequivalents,restrictedcashandinvestments(Level1),accountsreceivable,
claimsandrebatespayable,andaccountspayableapproximatedfairvaluesduetotheshort-termmaturitiesofthese
instruments.Thefairvalue,whichapproximatesthecarryingvalue,ofourtermfacility(Level2)(asdefinedinNote7-
Financing)wasestimatedusingthecurrentratesofferedtousfordebtwithsimilarmaturity.Thecarryingvalues,netof
unamortizeddiscountsandpremiums,andthefairvaluesofourseniornotesareshowninthefollowingtable:
December 31, 2014 December 31, 2013
(in millions)
Carrying
Amount
Fair
Value
Carrying
Amount
Fair
Value
March 2008 Senior Notes
7.125%seniornotesdue2018 $1,338.4 $1,385.8 $1,378.5 $1,420.4
June 2009 Senior Notes
7.250%seniornotesdue2019 498.2 599.4 497.9 607.8
September 2010 Senior Notes
4.125%seniornotesdue2020 505.9 531.1 506.8 519.7
2.750%seniornotesdue2015 502.9 506.8 506.9 514.9
1,008.8 1,037.9 1,013.7 1,034.6
May 2011 Senior Notes
3.125%seniornotesdue2016 1,498.2 1,541.9 1,497.0 1,566.2
November 2011 Senior Notes
4.750%seniornotesdue2021 1,242.1 1,374.9 1,241.2 1,325.4
6.125%seniornotesdue2041 698.5 880.5 698.4 801.0
3.500%seniornotesdue2016 — — 1,249.8 1,324.4
2.750%seniornotesdue2014 — — 899.7 917.1
1,940.6 2,255.4 4,089.1 4,367.9
February 2012 Senior Notes
2.650%seniornotesdue2017 1,493.6 1,537.0 1,490.7 1,548.0
2.100%seniornotesdue2015 999.8 1,001.4 998.1 1,014.4
3.900%seniornotesdue2022 983.8 1,044.8 981.9 1,003.4
3,477.2 3,583.2 3,470.7 3,565.8
June 2014 Senior Notes
2.250%seniornotesdue2019 997.9 989.3 — —
3.500%seniornotesdue2024 993.1 995.8 — —
1.250%seniornotesdue2017 499.8 495.7 — —
2,490.8 2,480.8 — —
Total $12,252.2 $12,884.4 $11,946.9 $12,562.7
Thefairvaluesofourseniornoteswereestimatedbasedonobservablemarketinformation(Level2).In
determiningthefairvalueofliabilities,wetookintoconsiderationtheriskofnonperformance.Nonperformanceriskrefersto
therisktheobligationwillnotbefulfilledandaffectsthevalueatwhichtheliabilitywouldbetransferredtoamarket
participant.Thisriskdidnothaveamaterialimpactonthefairvalueofourliabilities.
62