INDEBTEDNESS (Tables)

12 Months Ended

Dec. 31, 2017

		December 31, 2017
			Principal Amount		Fair Value of Interest Rate Swaps⁽¹⁾		Unamortized (Discount) Premium		Unamortized Debt Issuance Costs		Carrying Value
Notes Payable:
	5.50% 2010 Senior Notes, due 2020	$	500.0	$	-	$	(1.0)	$	(1.2)	$	497.8
	4.50% 2012 Senior Notes, due 2022		500.0		(0.8)		(2.0)		(1.7)		495.5
	4.875% 2013 Senior Notes, due 2024		500.0		-		(1.8)		(2.4)		495.8
	2.75% 2014 Senior Notes (5-Year), due 2019		450.0		(2.2)		(0.2)		(1.1)		446.5
	5.25% 2014 Senior Notes (30-Year), due 2044		600.0		-		3.3		(5.7)		597.6
	1.75% 2015 Senior Notes, due 2027		600.4		-		-		(3.6)		596.8
	2.75% 2017 Senior Notes, due 2021		500.0		-		(1.3)		(3.2)		495.5
	2017 Floating Rate Senior Notes, due 2018		300.0		-		-		(0.5)		299.5
	2.625% 2017 Private Placement Notes, due 2023		500.0		-		(1.1)		(3.5)		495.4
	3.25% 2017 Private Placement Notes, due 2028		500.0		-		(5.2)		(3.9)		490.9
	2017 Term Loan Facility, due 2020		500.0		-		-		(0.7)		499.3
	Commercial Paper		130.0		-		(0.1)		-		129.9
Total debt		$	5,580.4	$	(3.0)	$	(9.4)	$	(27.5)	$	5,540.5
Current portion											(429.4)
Total long-term debt										$	5,111.1
		December 31, 2016
			Principal Amount		Fair Value of Interest Rate Swaps⁽¹⁾		Unamortized (Discount) Premium		Unamortized Debt Issuance Costs		Carrying Value
Notes Payable:
	6.06% Series 2007-1 Notes due 2017	$	300.0	$	-	$	-	$	-	$	300.0
	5.50% 2010 Senior Notes, due 2020		500.0		5.5		(1.3)		(1.6)		502.6
	4.50% 2012 Senior Notes, due 2022		500.0		(0.2)		(2.4)		(2.1)		495.3
	4.875% 2013 Senior Notes, due 2024		500.0		-		(2.1)		(2.7)		495.2
	2.75% 2014 Senior Notes (5-Year), due 2019		450.0		0.9		(0.4)		(1.7)		448.8
	5.25% 2014 Senior Notes (30-Year), due 2044		600.0		-		3.3		(5.9)		597.4
	1.75% 2015 Senior Notes, due 2027		527.4		-		-		(3.7)		523.7
Total long-term 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, the 2012 Senior Notes and the 2014 Senior Notes (5-Year) which are more fully discussed in Note 5 above.

Principal Payments Due on Long-term Borrowings

Year Ending December 31,	2010 Senior Notes due 2020		2012 Senior Notes due 2022		2013 Senior Notes due 2024		2014 Senior Notes (5-year) due 2019		2014 Senior Notes (30-year) due 2044		2015 Senior Notes due 2027		Term Loan Facility due 2020		2017 Floating Rate Senior Notes due 2018		2017 Senior Notes due 2021		2017 Private Placement Notes due 2023		2017 Private Placement Notes due 2028		Commercial Paper		Total
2018	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	300.0	$	-	$	-	$	-	$	130.0	$	430.0
2019		-		-		-		450.0		-		-		-				-		-		-		-		450.0
2020		500.0		-		-		-		-		-		500.0		-		-		-		-		-		1,000.0
2021		-		-		-		-		-		-		-		-		500.0		-		-		-		500.0
2022		-		500.0		-		-		-		-		-		-		-		-		-		-		500.0
Thereafter		-		-		500.0		-		600.0		600.4		-		-		-		500.0		500.0		-		2,700.4
Total	$	500.0	$	500.0	$	500.0	$	450.0	$	600.0	$	600.4	$	500.0	$	300.0	$	500.0	$	500.0	$	500.0	$	130.0	$	5,580.4

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

	Year Ended December 31,
	2017		2016		2015
Income	$	16.0		10.9		9.7
Expense on borrowings		(190.1)		(141.9)		(120.6)
Expense on UTPs and other tax related liabilities ^(a)		(15.3)		(7.8)		(5.3)
Legacy Tax ^(b)		-		0.2		0.7
Capitalized		1.0		0.8		0.4
Total	$	(188.4)	$	(137.8)	$	(115.1)
Interest paid ^(c)	$	158.2		136.7		108.3
(a) 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 audits.
(b) Represents a reduction of accrued interest related to the favorable resolution of Legacy Tax Matters.
(c) 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, 2017				December 31, 2016
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Series 2007-1 Notes	$	-	$	-	$	300.0	$	308.9
2010 Senior Notes		497.8		537.9		502.6		548.3
2012 Senior Notes		495.5		535.6		495.3		535.3
2013 Senior Notes		495.8		547.8		495.2		539.9
2014 Senior Notes (5-Year)		446.5		452.8		448.8		456.2
2014 Senior Notes (30-Year)		597.6		722.4		597.4		661.5
2015 Senior Notes		596.8		617.7		523.7		534.8
2017 Senior Notes (5-Year)		495.5		500.0		-		-
2017 Floating Rate Senior Notes		299.5		300.2		-		-
2.65% 2017 Private Placement Notes, due 2023		495.4		494.8		-		-
3.25% 2017 Private Placement Notes, due 2028		490.9		493.6		-		-
2017 Term Loan Facility, due 2020		499.3		499.3		-		-
Total	$	5,410.6	$	5,702.1	$	3,363.0	$	3,584.9