INDEBTEDNESS (Tables)

9 Months Ended

Sep. 30, 2016

Summary of Total Indebtedness

		September 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		20.0		(1.4)		(1.7)		516.9
	4.50% 2012 Senior Notes, due 2022		500.0		-		(2.5)		(2.2)		495.3
	4.875% 2013 Senior Notes, due 2024		500.0		-		(2.1)		(2.8)		495.1
	2.75% 2014 Senior Notes (5-Year), due 2019		450.0		8.0		(0.5)		(1.9)		455.6
	5.25% 2014 Senior Notes (30-Year), due 2044		600.0		-		3.3		(6.0)		597.3
	1.75% 2015 Senior Notes, due 2027		561.9		-		-		(3.9)		558.0
Total debt		$	3,411.9	$	28.0	$	(3.2)	$	(18.6)	$	3,418.1
Current portion											(299.9)
Total long-term debt										$	3,118.2
		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				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
Income	$	2.5	$	2.8	$	8.2	$	7.0
Expense on borrowings		(35.6)		(29.8)		(105.6)		(88.8)
Expense on UTPs and other tax related liabilities (1)		(2.5)		0.4		(7.0)		(6.3)
Legacy Tax		0.2		0.7		0.2		0.7
Capitalized		-		0.1		0.4		0.4
Total	$	(35.4)	$	(25.8)	$	(103.8)	$	(87.0)
(1) The three and nine months ended September 30, 2015 include approximately $2 million in interest income on a tax refund.

Interest Paid

	Nine Months Ended
	September 30,
	2016		2015
Interest paid	$	129.3	$	101.0

Fair Value and Carrying Value of Long-Term Debt

	September 30, 2016				December 31, 2015
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Series 2007-1 Notes	$	299.9	$	312.9	$	299.8	$	320.6
2010 Senior Notes		516.9		563.9		505.8		551.2
2012 Senior Notes		495.3		557.8		494.7		530.0
2013 Senior Notes		495.1		568.8		494.6		533.8
2014 Senior Notes (5-Year)		455.6		463.4		449.4		454.3
2014 Senior Notes (30-Year)		597.3		743.7		597.2		617.7
2015 Senior Notes		558.0		600.0		539.1		520.2
Total	$	3,418.1	$	3,810.5	$	3,380.6	$	3,527.8