INDEBTEDNESS (Tables)

3 Months Ended

Mar. 31, 2018

		March 31, 2018
		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	$	(5.6)	$	(0.9)	$	(1.0)	$	492.5
	4.50% 2012 Senior Notes, due 2022		500.0		(2.3)		(1.9)		(1.7)		494.1
	4.875% 2013 Senior Notes, due 2024		500.0		-		(1.8)		(2.3)		495.9
	2.75% 2014 Senior Notes (5-Year), due 2019		450.0		(4.3)		(0.2)		(0.9)		444.6
	5.25% 2014 Senior Notes (30-Year), due 2044		600.0		-		3.3		(5.6)		597.7
	1.75% 2015 Senior Notes, due 2027		614.9		-		-		(3.5)		611.4
	2.75% 2017 Senior Notes, due 2021		500.0		-		(1.2)		(3.0)		495.8
	2017 Floating Rate Senior Notes, due 2018		300.0		-		-		(0.3)		299.7
	2.625% 2017 Notes, due 2023		500.0		-		(1.0)		(3.4)		495.6
	3.25% 2017 Notes, due 2028		500.0		-		(5.1)		(3.9)		491.0
	2017 Term Loan Facility, due 2020		500.0		-		-		(0.6)		499.4
	Commercial Paper		90.0		-		(0.1)		-		89.9
Total debt		$	5,554.9	$	(12.2)	$	(8.9)	$	(26.2)	$	5,507.6
Current portion											(389.6)
Total long-term debt										$	5,118.0
		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 Notes, due 2023		500.0		-		(1.1)		(3.5)		495.4
	3.25% 2017 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
⁽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 9 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 Notes due 2023		2017 Notes due 2028		Commercial Paper		Total
2018 (after March 31,)	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	300.0	$	-	$	-	$	-	$	90.0	$	390.0
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		614.9		-		-		-		500.0		500.0		-		2,714.9
Total	$	500.0	$	500.0	$	500.0	$	450.0	$	600.0	$	614.9	$	500.0	$	300.0	$	500.0	$	500.0	$	500.0	$	90.0	$	5,554.9

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

	Three Months Ended
	March 31,
	2018		2017
Income	$	3.2	$	4.1
Expense on borrowings		(51.3)		(44.7)
Expense on UTPs and other tax related liabilities		1.8		(2.1)
Net periodic pension costs - interest component ⁽¹⁾		(4.7)		(5.0)
Capitalized		0.3		0.3
Total Interest (expense) income, net	$	(50.7)	$	(47.4)
⁽¹⁾The Company adopted ASU No. 2017-07 in the first quarter of 2018, whereby all components of pension expense except for the service cost component are required to be presented in other non-operating income. The service cost component continues to be reported as an operating expense.

Interest Paid

	Three Months Ended
	March 31,
	2018		2017
Interest paid	$	80.5	$	74.7

Fair Value and Carrying Value of Long-Term Debt

	March 31, 2018				December 31, 2017
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
2010 Senior Notes	$	492.5	$	527.8	$	497.8	$	537.9
2012 Senior Notes		494.1		521.9		495.5		535.6
2013 Senior Notes		495.9		531.1		495.8		547.8
2014 Senior Notes (5-Year)		444.6		448.9		446.5		452.8
2014 Senior Notes (30-Year)		597.7		692.2		597.6		722.4
2015 Senior Notes		611.4		630.5		596.8		617.7
2017 Senior Notes (5-Year)		495.8		490.4		495.5		500.0
2017 Floating Rate Senior Notes		299.7		300.2		299.5		300.2
2.65% 2017 Notes, due 2023		495.6		481.9		495.4		494.8
3.25% 2017 Notes, due 2028		491.0		475.3		490.9		493.6
2017 Term Loan Facility, due 2020		499.4		499.4		499.3		499.3
Total	$	5,417.7	$	5,599.6	$	5,410.6	$	5,702.1