Long-Term Debt and Notes Payable

9 Months Ended

Sep. 30, 2016

Long-Term Debt and Short-Term Borrowings

The following table summarizes the Company’s debt as of September 30, 2016 and December 31, 2015:



(in millions)	September 30, 2016			December 31, 2015
Long-term debt consists of:
2.75% notes due December 2018
Principal amount	$	250.0		$	250.0
Less debt issuance costs (See Note 1)	(0.9		)	(1.2		)
Carrying Value	$	249.1		$	248.8

4.45% notes due December 2023
Principal amount	$	300.0		$	300.0
Less debt issuance costs (See Note 1)	(1.9		)	(2.1		)
Carrying Value	$	298.1		$	297.9

6.55% notes due November 2036
Principal Amount	$	200.0		$	200.0
Less unamortized discount	(0.7		)	(0.7		)
Less debt issuance costs (See Note 1)	(1.3		)	(1.4		)
Carrying Value	$	198.0		$	197.9

Total long-term debt	$	745.2		$	744.6

Short-term borrowings consists of:
Commercial paper	$	34.0		$	49.0
Other	—			0.6
Total short-term borrowings	$	34.0		$	49.6

On March 2, 2015, the Company entered into a commercial paper program (the “CP Program”) pursuant to which it may issue short-term, unsecured commercial paper notes (the “Notes”) pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended. Amounts available under the CP Program may be borrowed, repaid and re-borrowed from time to time, with the aggregate principal amount of the Notes outstanding under the CP Program at any time not to exceed $500 million. The Notes will have maturities of up to 397 days from date of issue. The Notes will rank at least on equal terms with all of our other unsecured and unsubordinated indebtedness. The net proceeds of the issuances of the Notes were used to repay amounts under our revolving credit facility and for general corporate purposes. At September 30, 2016, the Notes with a principal amount of $34.0 million were outstanding.