Notes Payable

3 Months Ended

Mar. 31, 2020

Notes Payable

A. General

Our senior unsecured notes and bonds consist of the following, sorted by maturity date (dollars in millions):



	March 31, 2020			December 31, 2019
5.750% notes, issued in June 2010 and due in January 2021	$	—		$	250
3.250% notes, $450 issued in October 2012 and $500 issued in December 2017, both due in October 2022	950			950
4.650% notes, issued in July 2013 and due in August 2023	750			750
3.875% notes, issued in June 2014 and due in July 2024	350			350
3.875% notes, issued in April 2018 and due in April 2025	500			500
4.125% notes, $250 issued in September 2014 and $400 issued in March 2017, both due in October 2026	650			650
3.000% notes, issued in October 2016 and due in January 2027	600			600
3.650% notes, issued in December 2017 and due in January 2028	550			550
3.250% notes, issued in June 2019 and due in June 2029	500			500
2.730% notes, issued in May 2019 and due in May 2034 ⁽¹⁾	391			418
5.875% bonds, $100 issued in March 2005 and $150 issued in June 2011, both due in March 2035	250			250
4.650% notes, $300 issued in March 2017 and $250 issued in December 2017, both due in March 2047	550			550
Total principal amount	6,041			6,318
Unamortized net original issuance premiums and deferred financing costs	(28		)	(30		)
	$	6,013		$	6,288


⁽¹⁾	Represents the principal balance (in U.S. dollars) of the Sterling-denominated private placement of £315.0 million converted at the applicable exchange rates on March 31, 2020, and December 31, 2019, respectively.

The following table summarizes the maturity of our notes and bonds payable as of March 31, 2020, excluding net unamortized original issuance premiums and deferred financing costs (dollars in millions):



Year of Maturity	Principal
2022	$	950
2023	750
2024	350
Thereafter	3,991
Totals	$	6,041

As of March 31, 2020, the weighted average interest rate on our notes and bonds payable was 3.8% and the weighted average remaining years until maturity was 8.3 years. All of our outstanding notes and bonds payable have fixed interest rates and contain various covenants, with which we remained in compliance as of March 31, 2020. Additionally, interest on all of our senior unsecured note and bond obligations is paid semiannually.

B. Note Repayment

In January 2020, we completed the early redemption on all $250.0 million in principal amount of our outstanding 5.750% notes due January 2021, plus accrued and unpaid interest. As a result of the early redemption, we recognized a $9.8 million loss on extinguishment of debt on our consolidated statement of income for the first quarter of 2020.