INDEBTEDNESS (Tables)

9 Months Ended

Sep. 30, 2012

Summary of Total Indebtedness

The following table summarizes total indebtedness:

	September 30,			December 31,
	2012			2011
2012 Facility	$	—		$	—
Commercial paper		—			—
Notes Payable:
Series 2005-1 Notes, due 2015; which includes the fair value of interest rate swap of $18.4 million at 2012 and $11.5 million at 2011		318.4			311.5
Series 2007-1 Notes due 2017		300.0			300.0
2010 Senior Notes, due 2020, net of unamortized discount of $2.6 million in 2012 and $2.7 million in 2011		497.4			497.3
2012 Senior Notes, due 2022, net of unamortized discount of $3.9 million in 2012		496.1			—
2008 Term Loan, various payments through 2013		95.6			135.0
Total debt		1,707.5			1,243.8
Current portion		(95.6	)		(71.3	)
Total long-term debt	$	1,611.9		$	1,172.5

Principal Payments Due on Long-Term Borrowings

The principal payments due on the Company’s long-term borrowings for each of the next five years are presented in the table below:

Year Ended December 31,	2008 Term Loan		Series 2005-1 Notes		Series 2007-1 Notes		2010 Senior Notes		2012 Senior Notes		Total
2012 (after September 30,)	$	31.8	$	—	$	—	$	—	$	—	$	31.8
2013		63.8		—		—		—		—		63.8
2014		—		—		—		—		—		—
2015		—		300.0		—		—		—		300.0
2016		—		—		—		—		—		—
Thereafter		—		—		300.0		500.0		500.0		1,300.0
Total	$	95.6	$	300.0	$	300.0	$	500.0	$	500.0	$	1,695.6

Summary of Components of Interest as Presented in Consolidated Statements of Operations

The following table summarizes the components of interest as presented in the consolidated statements of operations:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2012			2011			2012			2011
Income	$	1.2		$	1.6		$	3.7		$	3.9
Expense on borrowings		(19.3	)		(16.2	)		(52.1	)		(48.9	)
Income (expense) on UTPs and other tax related liabilities (a)		(1.7	)		0.9			1.8			(6.1	)
Legacy Tax (b)		4.4			—			4.4			3.7
Capitalized		0.1			0.8			—			2.2
Total	$	(15.3	)	$	(12.9	)	$	(42.2	)	$	(45.2	)

(a) The nine months ended September 30, 2012 amount contains a benefit of approximately $7 million related to the settlement of state and local income tax audits.

(b) The 2012 amounts represent a reversal of $4.4 million of accrued interest relating to the favorable resolution of a Legacy Tax Matter for the 2005 and 2006 tax years. The 2011 amounts represent a reversal of $2.8 million of accrued interest expense relating to the favorable resolution of a Legacy Tax Matter and $0.9 million of interest income related to a pre-spinoff tax year.

Cash Paid for Interest

The following tables shows the cash paid for interest:

	Nine Months Ended
	September 30,
	2012		2011
Interest paid*	$	97.1	$	63.6

* Interest paid includes payments of interest relating to the settlement of income tax audits in the first quarter of 2012 as well as net settlements on interest rate swaps more fully discussed in Note 7.

Fair Value and Carrying Value of Long-Term Debt

The fair value and carrying value of the Company’s long-term debt as of September 30, 2012 and December 31, 2011 are as follows:

	September 30, 2012				December 31, 2011
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Series 2005-1 Notes*	$	318.4	$	315.5	$	311.5	$	316.5
Series 2007-1 Notes		300.0		335.9		300.0		332.7
2010 Senior Notes		497.4		554.6		497.3		525.6
2012 Senior Notes		496.1		530.4		—		—
2008 Term Loan		95.6		95.6		135.0		135.0
Total	$	1,707.5	$	1,832.0	$	1,243.8	$	1,309.8

* The carrying amount includes an $18.4 million and $11.5 million fair value adjustment on an interest rate hedge at September 30, 2012 and December 31, 2011, respectively.