Long-Term Debt

6 Months Ended

Jun. 30, 2019

Long-Term Debt

Long-Term Debt

6. Long-Term Debt

	June 30, 2019
			Net unamortized
			discount,
			premium and
			debt issuance		Carrying
	Principal		costs		amount
	(in millions)
3.3% notes payable, due 2022	$	300.0	$	(1.3)	$	298.7
3.125% notes payable, due 2023		300.0		(1.1)		298.9
3.4% notes payable, due 2025		400.0		(2.8)		397.2
3.1% notes payable, due 2026		350.0		(2.6)		347.4
3.7% notes payable, due in 2029		500.0		(6.4)		493.6
6.05% notes payable, due 2036		505.6		(2.5)		503.1
4.625% notes payable, due 2042		300.0		(3.2)		296.8
4.35% notes payable, due 2043		300.0		(3.3)		296.7
4.3% notes payable, due 2046		300.0		(3.3)		296.7
4.7% notes payable, due 2055		400.0		(4.9)		395.1
Non-recourse mortgages and notes payable		137.0		1.2		138.2
Total long-term debt	$	3,792.6	$	(30.2)	$	3,762.4

	December 31, 2018
			Net unamortized
			discount,
			premium and
			debt issuance		Carrying
	Principal		costs		amount
	(in millions)
3.3% notes payable, due 2022	$	300.0	$	(1.5)	$	298.5
3.125% notes payable, due 2023		300.0		(1.2)		298.8
3.4% notes payable, due 2025		400.0		(3.0)		397.0
3.1% notes payable, due 2026		350.0		(2.7)		347.3
6.05% notes payable, due 2036		505.6		(2.6)		503.0
4.625% notes payable, due 2042		300.0		(3.3)		296.7
4.35% notes payable, due 2043		300.0		(3.3)		296.7
4.3% notes payable, due 2046		300.0		(3.3)		296.7
4.7% notes payable, due 2055		400.0		(4.9)		395.1
Non-recourse mortgages and notes payable		128.5		1.3		129.8
Total long-term debt	$	3,284.1	$	(24.5)	$	3,259.6

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

On May 7, 2019, we issued $500.0 million of senior notes. The notes bear interest at 3.7% and will mature in 2029. Interest on the notes is payable semi-annually on May 15 and November 15 each year, beginning on November 15, 2019.  The proceeds from these notes, along with available cash, will be used to fund the acquisition of the Institutional Retirement & Trust business of Wells Fargo Bank, N.A.