Long-Term Debt

9 Months Ended

Sep. 30, 2023

Long-Term Debt.

Long-Term Debt

11. Long-Term Debt

	September 30, 2023
			Net unamortized
			discount,
			premium and
			debt issuance		Carrying
	Principal		costs		amount
	(in millions)
3.4% notes payable, due 2025	$	400.0	$	(0.8)	$	399.2
3.1% notes payable, due 2026		350.0		(1.2)		348.8
3.7% notes payable, due 2029		500.0		(4.0)		496.0
2.125% notes payable, due 2030		600.0		(3.3)		596.7
5.375% notes payable, due 2033		400.0		(3.9)		396.1
6.05% notes payable, due 2036		505.6		(2.2)		503.4
4.625% notes payable, due 2042		300.0		(2.8)		297.2
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		(4.3)		295.7
Non-recourse mortgages and notes payable		3.1		(0.1)		3.0
Total long-term debt	$	3,958.7	$	(28.5)	$	3,930.2

	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 were used to repay at maturity our 3.125% notes payable due in 2023 and to redeem our floating rate notes payable due in 2055. We incurred a one-time cost to extinguish this debt before the scheduled maturity date, which was recorded in operating expenses on the consolidated statements of operations.