5. Long-Term Debt

The components of long-term debt were as follows:

	September 30, 2015		December 31, 2014
	(in millions)
1.85% notes payable, due 2017	$	299.9	$	299.8
8.875% notes payable, due 2019	350.0		350.0
3.3% notes payable, due 2022	299.2		299.1
3.125% notes payable, due 2023	299.7		299.6
3.4% notes payable, due in 2025	398.8		—
6.05% notes payable, due 2036	601.6		601.6
4.625% notes payable, due 2042	299.5		299.5
4.35% notes payable, due 2043	299.3		299.3
4.7% notes payable, due 2055	400.0		—
Non-recourse mortgages and notes payable	38.1		82.3

Total long-term debt	$	3,286.1	$	2,531.2

The amounts included above are net of the discount and premium associated with issuing these notes, which are being amortized to expense over the respective terms using the interest method.

On May 7, 2015, we issued $400.0 million of senior notes. The notes bear interest at 3.4% and will mature in 2025. Interest on the notes is payable semi-annually on May 15 and November 15 each year, beginning on November 15, 2015. In addition, on May 7, 2015, we issued $400.0 million of junior subordinated notes, which are subordinated to all our senior debt. The notes are callable in 2020 and have a maturity date in 2055. The notes initially bear a fixed rate of interest at 4.7% and convert to a floating rate at the date the notes become callable. Interest on the notes is payable semi-annually on May 15 and November 15 each year. After the call date the notes will bear interest at 3-month LIBOR plus 3.044%, reset quarterly and payable in arrears in February, May, August, and November each year. We have the right to defer interest payments on the junior subordinated notes for up to 5 years without resulting in a default, during which time interest will be compounded. The proceeds from these notes were used to redeem our series A and series B preferred stock with the remainder available for general corporate purposes.