INDEBTEDNESS (Tables)

12 Months Ended

Dec. 31, 2015

Summary of Total Indebtedness

		December 31,
		2015		2014
Notes payable:
	6.06% Series 2007-1 Notes due 2017		300.0		300.0
	5.50% 2010 Senior Notes, due 2020, net of unamortized discount of $1.7 million in 2015 and $2.0 million in 2014; also includes a fair value adjustment on an interest rate hedge of $9.4 million in 2015 and $5.8 million in 2014		507.8		503.8
	4.50% 2012 Senior Notes, due 2022, net of unamortized discount of $2.8 million in 2015 and $3.1 million in 2014		497.2		496.9
	4.875% 2013 Senior Notes, due 2024, net of unamortized discount of $2.3 million in 2015 and 2.5 million in 2014		497.7		497.5
	2.75% 2014 Senior Notes (5-Year), due 2019, net of unamortized discount of $0.5 million in 2015 and $0.7 million in 2014; also includes a fair value adjustment on an interest rate hedge of $2.3 million in 2015 and $1.4 million in 2014		451.8		450.7
	5.25% 2014 Senior Notes (30-Year), due 2044, net of unamortized discount of $1.6 million in 2015 and 2014; also includes an unamortized premium of $5.0 million relating to additional issuance under the notes in 2015		603.4		298.4
	1.75% 2015 Senior Notes, due 2027		543.1		-
Total long-term debt		$	3,401.0	$	2,547.3

Principal Payments Due on Long-term Borrowings

Year Ending December 31,	Series 2007-1 Notes		2010 Senior Notes		2012 Senior Notes		2013 Senior Notes		2014 Senior Notes (5-year)		2014 Senior Notes (30-year)		2015 Senior Notes		Total
2016	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
2017		300.0		-		-		-		-		-		-		300.0
2018		-		-		-		-		-		-		-		-
2019		-		-		-		-		450.0		-		-		450.0
2020		-		500.0		-		-		-		-		-		500.0
Thereafter		-		-		500.0		500.0		-		600.0		543.1		2,143.1
Total	$	300.0	$	500.0	$	500.0	$	500.0	$	450.0	$	600.0	$	543.1	$	3,393.1

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

	Year Ended December 31,
	2015		2014		2013
Income	$	9.7	$	6.7	$	5.5
Expense on borrowings (a)		(120.6)		(118.4)		(92.3)
Expense on UTPs and other tax related liabilities (b)		(5.3)		(5.8)		(8.6)
Legacy Tax (c)		0.7		0.7		3.6
Capitalized		0.4		-		-
Total	$	(115.1)	$	(116.8)	$	(91.8)
Interest paid (d)	$	108.3	$	113.7	$	81.9
(a) Includes approximately $11 million in 2014 in net costs related to the prepayment of the Series 2005-1 Notes.
(b) The 2015 amount includes approximately $2 million in interest income on a tax refund and a $4 million interest reversal relating to the favorable resolution of a tax audit and an international tax audit. The 2014 amount includes a $2.0 million relating to a reversal of an interest accrual relating to the favorable resolution of an international tax matter.
(c) Represents a reduction of accrued interest related to the favorable resolution of Legacy Tax Matters.
(d) Interest paid includes net settlements on interest rate swaps more fully discussed in Note 5.

Fair Value and Carrying Value of Long-term Debt

	December 31, 2015				December 31, 2014
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Series 2007-1 Notes	$	300.0	$	320.6	$	300.0	$	334.6
2010 Senior Notes		507.8		551.2		503.8		564.4
2012 Senior Notes		497.2		530.0		496.9		537.1
2013 Senior Notes		497.7		533.8		497.5		548.4
2014 Senior Notes (5-Year)		451.8		454.3		450.7		454.3
2014 Senior Notes (30-Year)		603.4		617.7		298.4		333.9
2015 Senior Notes		543.1		520.2		-		-
Total	$	3,401.0	$	3,527.8	$	2,547.3	$	2,772.7