Long-Term Debt

6 Months Ended

Jun. 30, 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:

	June 30, 2016
			Net unamortized
			discount,
			premium and
			debt issuance		Carrying
	Principal		costs		amount
	(in millions)
1.85% notes payable, due 2017	$	300.0	$	(0.7)	$	299.3
8.875% notes payable, due 2019	350.0		(1.0)		349.0
3.3% notes payable, due 2022	300.0		(2.3)		297.7
3.125% notes payable, due 2023	300.0		(1.9)		298.1
3.4% notes payable, due 2025	400.0		(4.0)		396.0
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		(5.0)		395.0
Non-recourse mortgages and notes payable	46.5		(1.2)		45.3
Total long-term debt	$	3,296.5	$	(26.3)	$	3,270.2
	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 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.