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INDEBTEDNESS (Tables)
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12 Months Ended |
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Dec. 31, 2013
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| Summary of Total Indebtedness |
| | | December 31, | | | | 2013 | | 2012 | | 2012 Facility | $ | - | | $ | - | | Notes payable: | | | | | | | | Series 2005-1 Notes due 2015, including fair value of interest rate swap of $10.3 million at 2013 and $13.8 million at 2012 | | 310.3 | | | 313.8 | | | Series 2007-1 Notes due in 2017 | | 300.0 | | | 300.0 | | | 2010 Senior Notes, due 2020, net of unamortized discount of $2.2 million and $2.6 million in 2013 and 2012, respectively | | 497.8 | | | 497.4 | | | 2012 Senior Notes, due 2022, net of unamortized discount of $3.5 million in 2013 and $3.8 million in 2012 | | 496.5 | | | 496.2 | | | 2013 Senior Notes, due 2024, net of unamortized discount of $2.8 million in 2013 | | 497.2 | | | - | | 2008 Term Loan, various payments through 2013 | | - | | | 63.8 | | Total debt | | 2,101.8 | | | 1,671.2 | | Current portion | | - | | | (63.8) | | Total long-term debt | $ | 2,101.8 | | $ | 1,607.4 |
| | | December 31, | | | | 2013 | | 2012 | | 2012 Facility | $ | - | | $ | - | | Notes payable: | | | | | | | | Series 2005-1 Notes due 2015, including fair value of interest rate swap of $10.3 million at 2013 and $13.8 million at 2012 | | 310.3 | | | 313.8 | | | Series 2007-1 Notes due in 2017 | | 300.0 | | | 300.0 | | | 2010 Senior Notes, due 2020, net of unamortized discount of $2.2 million and $2.6 million in 2013 and 2012, respectively | | 497.8 | | | 497.4 | | | 2012 Senior Notes, due 2022, net of unamortized discount of $3.5 million in 2013 and $3.8 million in 2012 | | 496.5 | | | 496.2 | | | 2013 Senior Notes, due 2024, net of unamortized discount of $2.8 million in 2013 | | 497.2 | | | - | | 2008 Term Loan, various payments through 2013 | | - | | | 63.8 | | Total debt | | 2,101.8 | | | 1,671.2 | | Current portion | | - | | | (63.8) | | Total long-term debt | $ | 2,101.8 | | $ | 1,607.4 |
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| Principal Payments Due on Long-Term Borrowings |
| Year Ending December 31, | | Series 2005-1 Notes | | Series 2007-1 Notes | | 2010 Senior Notes | | 2012 Senior Notes | | 2013 Senior Notes | | Total | | | | | | | | | | | | | | | | | | | | | | 2014 | | $ | - | | $ | - | | $ | - | | $ | - | | $ | - | | $ | - | | 2015 | | | 300.0 | | | - | | | - | | | - | | | - | | | 300.0 | | 2016 | | | - | | | - | | | - | | | - | | | - | | | - | | 2017 | | | - | | | 300.0 | | | - | | | - | | | - | | | 300.0 | | 2018 | | | - | | | - | | | - | | | - | | | - | | | - | | Thereafter | | | - | | | | | | 500.0 | | | 500.0 | | | 500.0 | | | 1,500.0 | | Total | | $ | 300.0 | | $ | 300.0 | | $ | 500.0 | | $ | 500.0 | | $ | 500.0 | | $ | 2,100.0 |
| Year Ending December 31, | | Series 2005-1 Notes | | Series 2007-1 Notes | | 2010 Senior Notes | | 2012 Senior Notes | | 2013 Senior Notes | | Total | | | | | | | | | | | | | | | | | | | | | | 2014 | | $ | - | | $ | - | | $ | - | | $ | - | | $ | - | | $ | - | | 2015 | | | 300.0 | | | - | | | - | | | - | | | - | | | 300.0 | | 2016 | | | - | | | - | | | - | | | - | | | - | | | - | | 2017 | | | - | | | 300.0 | | | - | | | - | | | - | | | 300.0 | | 2018 | | | - | | | - | | | - | | | - | | | - | | | - | | Thereafter | | | - | | | | | | 500.0 | | | 500.0 | | | 500.0 | | | 1,500.0 | | Total | | $ | 300.0 | | $ | 300.0 | | $ | 500.0 | | $ | 500.0 | | $ | 500.0 | | $ | 2,100.0 |
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| Summary of Components of Interest as Presented in Consolidated Statements of Operations |
| | Year Ended December 31, | | | 2013 | | 2012 | | 2011 | | Income | $ | 5.5 | | $ | 5.2 | | $ | 5.3 | | Expense on borrowings | | (92.3) | | | (73.8) | | | (65.5) | | (Expense) income on UTPs and other tax related liabilities | | (8.6) | | | 0.4 | | | (8.7) | | Legacy Tax (a) | | 3.6 | | | 4.4 | | | 3.7 | | Interest capitalized | | - | | | - | | | 3.1 | | Total | $ | (91.8) | | $ | (63.8) | | $ | (62.1) | | Interest paid (b) | $ | 81.9 | | $ | 94.4 | | $ | 67.2 | | | | | | | | | | | | (a) Represents a reduction of accrued interest related to the favorable resolution of Legacy Tax Matters, further discussed in Note 18 to the consolidated financial statements. | | (b) 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 5. |
| | Year Ended December 31, | | | 2013 | | 2012 | | 2011 | | Income | $ | 5.5 | | $ | 5.2 | | $ | 5.3 | | Expense on borrowings | | (92.3) | | | (73.8) | | | (65.5) | | (Expense) income on UTPs and other tax related liabilities | | (8.6) | | | 0.4 | | | (8.7) | | Legacy Tax (a) | | 3.6 | | | 4.4 | | | 3.7 | | Interest capitalized | | - | | | - | | | 3.1 | | Total | $ | (91.8) | | $ | (63.8) | | $ | (62.1) | | Interest paid (b) | $ | 81.9 | | $ | 94.4 | | $ | 67.2 | | | | | | | | | | | | (a) Represents a reduction of accrued interest related to the favorable resolution of Legacy Tax Matters, further discussed in Note 18 to the consolidated financial statements. | | (b) 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 5. |
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| Fair Value and Carrying Value of Long-Term Debt |
| | December 31, 2013 | | December 31, 2012 | | | Carrying Amount | | Estimated Fair Value | | Carrying Amount | | Estimated Fair Value | | Series 2005-1 Notes* | $ | 310.3 | | $ | 319.2 | | $ | 313.8 | | $ | 326.1 | | Series 2007-1 Notes | | 300.0 | | | 334.7 | | | 300.0 | | | 348.3 | | 2010 Senior Notes | | 497.8 | | | 536.6 | | | 497.4 | | | 562.8 | | 2012 Senior Notes | | 496.5 | | | 497.0 | | | 496.2 | | | 528.8 | | 2013 Senior Notes | | 497.2 | | | 501.2 | | | | | | | | 2008 Term Loan | | - | | | - | | | 63.8 | | | 63.8 | | Total | $ | 2,101.8 | | $ | 2,188.7 | | $ | 1,671.2 | | $ | 1,829.8 | | * The carrying amount includes a $10.3 million and $13.8 million fair value adjustment on an interest rate hedge at December 31, 2013 and 2012, respectively. |
| | December 31, 2013 | | December 31, 2012 | | | Carrying Amount | | Estimated Fair Value | | Carrying Amount | | Estimated Fair Value | | Series 2005-1 Notes* | $ | 310.3 | | $ | 319.2 | | $ | 313.8 | | $ | 326.1 | | Series 2007-1 Notes | | 300.0 | | | 334.7 | | | 300.0 | | | 348.3 | | 2010 Senior Notes | | 497.8 | | | 536.6 | | | 497.4 | | | 562.8 | | 2012 Senior Notes | | 496.5 | | | 497.0 | | | 496.2 | | | 528.8 | | 2013 Senior Notes | | 497.2 | | | 501.2 | | | | | | | | 2008 Term Loan | | - | | | - | | | 63.8 | | | 63.8 | | Total | $ | 2,101.8 | | $ | 2,188.7 | | $ | 1,671.2 | | $ | 1,829.8 | | * The carrying amount includes a $10.3 million and $13.8 million fair value adjustment on an interest rate hedge at December 31, 2013 and 2012, respectively. |
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