Long-Term Debt

3 Months Ended

Mar. 31, 2016

Long-Term Debt

Long-Term Debt

5.  Long-Term Debt

As part of the retrospective adoption of authoritative guidance effective January 1, 2016, debt issuance costs are presented as a direct deduction from the carrying amount of the debt liability. Previously, debt issuance costs were classified as other assets on the consolidated statements of financial position.

The components of long-term debt were as follows:

	March 31, 2016
			Net unamortized
			discount,
			premium and
			debt issuance		Carrying
	Principal		costs		amount
	(in millions)
1.85% notes payable, due 2017	$	300.0	$	(0.8)	$	299.2
8.875% notes payable, due 2019		350.0		(1.1)		348.9
3.3% notes payable, due 2022		300.0		(2.4)		297.6
3.125% notes payable, due 2023		300.0		(1.9)		298.1
3.4% notes payable, due in 2025		400.0		(4.2)		395.8
6.05% notes payable, due 2036		600.0		(3.3)		596.7
4.625% notes payable, due 2042		300.0		(3.4)		296.6
4.35% notes payable, due 2043		300.0		(3.5)		296.5
4.7% notes payable due 2055		400.0		(5.1)		394.9
Non-recourse mortgages and notes payable		46.0		(1.2)		44.8
Total long-term debt	$	3,296.0	$	(26.9)	$	3,269.1

	December 31, 2015
			Net unamortized
			discount,
			premium and
			debt issuance		Carrying
	Principal		costs		amount
	(in millions)
1.85% notes payable, due 2017	$	300.0	$	(0.9)	$	299.1
8.875% notes payable, due 2019		350.0		(1.2)		348.8
3.3% notes payable, due 2022		300.0		(2.5)		297.5
3.125% notes payable, due 2023		300.0		(2.0)		298.0
3.4% notes payable, due in 2025		400.0		(4.3)		395.7
6.05% notes payable, due 2036		600.0		(3.3)		596.7
4.625% notes payable, due 2042		300.0		(3.5)		296.5
4.35% notes payable, due 2043		300.0		(3.5)		296.5
4.7% notes payable due 2055		400.0		(5.0)		395.0
Non-recourse mortgages and notes payable		42.8		(1.4)		41.4
Total long-term debt	$	3,292.8	$	(27.6)	$	3,265.2

Net discount, premium and issuance costs associated with issuing these notes are amortized to expense over the respective terms using the interest method.