Long-Term Debt

3 Months Ended

Mar. 31, 2023

Long-Term Debt.

Long-Term Debt

11. Long-Term Debt

	March 31, 2023
			Net unamortized
			discount,
			premium and
			debt issuance		Carrying
	Principal		costs		amount
	(in millions)
3.125% notes payable, due 2023	$	300.0	$	—	$	300.0
3.4% notes payable, due 2025		400.0		(1.1)		398.9
3.1% notes payable, due 2026		350.0		(1.3)		348.7
3.7% notes payable, due 2029		500.0		(4.2)		495.8
2.125% notes payable, due 2030		600.0		(3.6)		596.4
5.375% notes payable, due 2033		400.0		(4.0)		396.0
6.05% notes payable, due 2036		505.6		(2.2)		503.4
4.625% notes payable, due 2042		300.0		(3.0)		297.0
4.35% notes payable, due 2043		300.0		(2.9)		297.1
4.3% notes payable, due 2046		300.0		(3.0)		297.0
5.5% notes payable, due 2053		300.0		(4.4)		295.6
Floating rate notes payable, due 2055		400.0		(4.5)		395.5
Non-recourse mortgages and notes payable		66.5		0.7		67.2
Total long-term debt	$	4,722.1	$	(33.5)	$	4,688.6

	December 31, 2022
			Net unamortized
			discount,
			premium and
			debt issuance		Carrying
	Principal		costs		amount
	(in millions)
3.125% notes payable, due 2023	$	300.0	$	(0.1)	$	299.9
3.4% notes payable, due 2025		400.0		(1.2)		398.8
3.1% notes payable, due 2026		350.0		(1.4)		348.6
3.7% notes payable, due 2029		500.0		(4.3)		495.7
2.125% notes payable, due 2030		600.0		(3.6)		596.4
6.05% notes payable, due 2036		505.6		(2.3)		503.3
4.625% notes payable, due 2042		300.0		(2.9)		297.1
4.35% notes payable, due 2043		300.0		(3.0)		297.0
4.3% notes payable, due 2046		300.0		(3.1)		296.9
Floating rate notes payable, due 2055		400.0		(4.5)		395.5
Non-recourse mortgages and notes payable		67.1		0.7		67.8
Total long-term debt	$	4,022.7	$	(25.7)	$	3,997.0

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

On March 8, 2023, we issued $700.0 million of senior notes. We issued a $400.0 million series of notes that bear interest at 5.375% and will mature in 2033 and a $300.0 million series of notes that bear interest at 5.5% and will mature in 2053. Interest on the notes is payable semi-annually on March 15 and September 15 each year, beginning on September 15, 2023. The proceeds from these notes will be used to redeem our floating rate notes payable due in 2055, with the remainder available to repay at maturity our 3.125% notes payable due in the second quarter of 2023.