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INDEBTEDNESS (Tables)

6 Months Ended

Jun. 30, 2016

Summary of Total Indebtedness

				June 30, 2016
					Principal Amount		Fair Value of Interest Rate Swap⁽¹⁾		Unamortized (Discount) Premium		Unamortized Debt Issuance Costs⁽²⁾			Carrying Value
Notes Payable:
	6.06% Series 2007-1 Notes due 2017			$	300.0	$	-	$	-	$	(0.1)		$	299.9
	5.50% 2010 Senior Notes, due 2020				500.0		25.5		(1.5)		(1.8)			522.2
	4.50% 2012 Senior Notes, due 2022				500.0		-		(2.6)		(2.3)			495.1
	4.875% 2013 Senior Notes, due 2024				500.0		-		(2.2)		(2.9)			494.9
	2.75% 2014 Senior Notes (5-Year), due 2019				450.0		12.0		(0.5)		(2.1)			459.4
	5.25% 2014 Senior Notes (30-Year), due 2044				600.0		-		3.3		(6.0)			597.3
	1.75% 2015 Senior Notes, due 2027				555.5		-		-		(3.9)			551.6
Total long-term debt				$	3,405.5	$	37.5	$	(3.5)	$	(19.1)		$	3,420.4
				December 31, 2015
					Principal Amount		Fair Value of Interest Rate Swap⁽¹⁾		Unamortized (Discount) Premium		Unamortized Debt Issuance Costs⁽²⁾			Carrying Value
Notes Payable:
	6.06% Series 2007-1 Notes due 2017			$	300.0	$	-	$	-	$	(0.2)		$	299.8
	5.50% 2010 Senior Notes, due 2020				500.0		9.4		(1.6)		(2.0)			505.8
	4.50% 2012 Senior Notes, due 2022				500.0		-		(2.8)		(2.5)			494.7
	4.875% 2013 Senior Notes, due 2024				500.0		-		(2.3)		(3.1)			494.6
	2.75% 2014 Senior Notes (5-Year), due 2019				450.0		2.3		(0.5)		(2.4)			449.4
	5.25% 2014 Senior Notes (30-Year), due 2044				600.0		-		3.4		(6.2)			597.2
	1.75% 2015 Senior Notes, due 2027				543.1		-		-		(4.0)			539.1
Total long-term debt				$	3,393.1	$	11.7	$	(3.8)	$	(20.4)		$	3,380.6
⁽¹⁾ The Company has entered into interest rate swaps on the 2010 Senior Notes and the 2014 Senior Notes (5-Year) which are more fully discussed in Note 7 above.
⁽²⁾Pursuant to ASU No. 2015-03, unamortized debt issuance costs are presented as a reduction to the carrying value of the notes payable. See Note 1 for additional discussion.

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

		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2016			2015			2016			2015
Income		$	2.8		$	2.3		$	5.7		$	4.2
Expense on borrowings			(35.4)			(30.7)			(70.0)			(59.0)
Expense on UTPs and other tax related liabilities			(1.7)			(3.5)			(4.5)			(6.7)
Capitalized			-			-			0.4			0.3
Total		$	(34.3)		$	(31.9)		$	(68.4)		$	(61.2)

Interest Paid

							Six Months Ended
							June 30,
							2016			2015
Interest paid							$	73.9		$	53.3

Fair Value and Carrying Value of Long-Term Debt

	June 30, 2016						December 31, 2015
	Carrying Amount			Estimated Fair Value			Carrying Amount			Estimated Fair Value
Series 2007-1 Notes	$	299.9		$	316.6		$	299.8		$	320.6
2010 Senior Notes		522.2			566.9			505.8			551.2
2012 Senior Notes		495.1			558.7			494.7			530.0
2013 Senior Notes		494.9			569.9			494.6			533.8
2014 Senior Notes (5-Year)		459.4			463.8			449.4			454.3
2014 Senior Notes (30-Year)		597.3			734.0			597.2			617.7
2015 Senior Notes		551.6			577.6			539.1			520.2
Total	$	3,420.4		$	3,787.5		$	3,380.6		$	3,527.8