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INDEBTEDNESS (Tables)
 9 Months Ended
Sep. 30, 2017
Summary of Total Indebtedness
September 30, 2017
Principal AmountFair Value of Interest Rate Swap (1)Unamortized (Discount) PremiumUnamortized Debt Issuance CostsCarrying Value
Notes Payable:
5.50% 2010 Senior Notes, due 2020$500.0$4.1$(1.1)$(1.3)$501.7
4.50% 2012 Senior Notes, due 2022500.0-(2.1)(1.8)496.1
4.875% 2013 Senior Notes, due 2024500.0-(1.9)(2.5)495.6
2.75% 2014 Senior Notes (5-Year), due 2019450.0(0.1)(0.3)(1.2)448.4
5.25% 2014 Senior Notes (30-Year), due 2044600.0-3.3(5.7)597.6
1.75% 2015 Senior Notes, due 2027 591.1--(3.5)587.6
2.75% 2017 Senior Notes, due 2021500.0-(1.4)(3.4)495.2
2017 Floating Rate Senior Notes, due 2018300.0--(0.7)299.3
2.625% 2017 Private Placement Notes, due 2023500.0-(1.1)(3.7)495.2
3.25% 2017 Private Placement Notes, due 2028500.0-(5.3)(4.0)490.7
2017 Term Loan Facility, due 2020500.0--(0.8)499.2
Commercial Paper315.0-(0.2)-314.8
Total debt$5,756.1$4.0$(10.1)$(28.6)$5,721.4
Current portion(614.1)
Total long-term debt5,107.3
December 31, 2016
Principal AmountFair Value of Interest Rate Swap (1)Unamortized (Discount) PremiumUnamortized Debt Issuance CostsCarrying Value
Notes Payable:
6.06% Series 2007-1 Notes due 2017$300.0$-$-$-$300.0
5.50% 2010 Senior Notes, due 2020500.05.5(1.3)(1.6)502.6
4.50% 2012 Senior Notes, due 2022500.0(0.2)(2.4)(2.1)495.3
4.875% 2013 Senior Notes, due 2024500.0-(2.1)(2.7)495.2
2.75% 2014 Senior Notes (5-Year), due 2019450.00.9(0.4)(1.7)448.8
5.25% 2014 Senior Notes (30-Year), due 2044600.0-3.3(5.9)597.4
1.75% 2015 Senior Notes, due 2027 527.4--(3.7)523.7
Total debt$3,377.4$6.2$(2.9)$(17.7)$3,363.0
Current portion(300.0)
Total long-term debt$3,063.0
(1) The Company has entered into interest rate swaps on the 2010 Senior Notes, 2012 Senior Notes and the 2014 Senior Notes (5-Year) which are more fully discussed in Note 8 above.
Principal Payments Due on Long-Term Borrowings
Year Ended December 31,2010 Senior Notes due 20202012 Senior Notes due 20222013 Senior Notes due 20242014 Senior Notes (5-Year) due 20192014 Senior Notes (30-Year) due 20442015 Senior Notes (1) due 20272017 Floating Rate Senior Notes due 2018Term Loan Facility due 20202017 Senior Notes due 20212017 Private Placement Notes due 20232017 Private Placement Notes due 2028Commercial PaperTotal
2017 (after September 30,)$-$-$-$-$ - $ - $ - $ - $ - $ - $ - $ 315.0 $ 315.0
2018---- - - 300.0 - - - - - 300.0
2019---450.0 - - - - - - - - 450.0
2020500.0--- - - - 500.0 - - - - 1,000.0
2021----- - - - 500.0 - - - 500.0
Thereafter-500.0500.0-600.0591.1- - - 500.0500.0 - 3,191.1
Total$500.0$500.0$500.0$450.0$600.0$591.1$300.0$500.0$500.0$500.0$500.0$315.0$5,756.1
(1) Based on end of quarter FX rates
Summary of Components of Interest as Presented in Consolidated Statements of Operations
Three Months EndedNine months ended
September 30,September 30,
2017201620172016
Income$4.3$2.5$13.0$8.2
Expense on borrowings (48.8)(35.6)(139.9)(105.6)
Expense on UTPs and other tax related liabilities(3.9)(2.5)(9.4)(7.0)
Legacy Tax-0.2-0.2
Capitalized0.3-0.80.4
Total$(48.1)$(35.4)$(135.5)$(103.8)
Interest Paid
Nine months ended
September 30,
20172016
Interest paid$136.2$129.3
Fair Value and Carrying Value of Long-Term Debt
September 30, 2017December 31, 2016
Carrying AmountEstimated Fair ValueCarrying AmountEstimated Fair Value
Series 2007-1 Notes$-$-$300.0 $ 308.9
2010 Senior Notes501.7544.8502.6548.3
2012 Senior Notes496.1538.7495.3535.3
2013 Senior Notes495.6551.1495.2539.9
2014 Senior Notes (5-Year) 448.4455.8448.8456.2
2014 Senior Notes (30-Year) 597.6701.8597.4661.5
2015 Senior Notes587.6607.9523.7534.8
2017 Senior Notes (5-Year)495.2503.2--
2017 Floating Rate Senior Notes299.3300.5--
2.65% 2017 Private Placement Notes, due 2023495.2496.8--
3.25% 2017 Private Placement Notes, due 2028490.7496.0--
2017 Term Loan Facility, due 2020499.2499.2--
Total$5,406.6$5,695.8$3,363.0$3,584.9