Notes Payable

6 Months Ended

Jun. 30, 2021

Notes payable

Debt

Debt

Notes Payable

A.    General

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

	June 30, 2021		December 31, 2020
3.250% notes, $450 issued in October 2012 and $500 issued in December 2017, both due in October 2022 (1)	$	—	$	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
0.750% notes, issued December 2020 and due in March 2026	325		325
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
1.625% notes, issued in October 2020 and due December 2030 (2)	552		547
3.250% notes, $600 issued in May 2020 and $350 issued in July 2020, both due in January 2031	950		950
1.800% notes, issued in December 2020 and due in March 2033	400		400
2.730% notes, issued in May 2019 and due in May 2034 (2)	435		431
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	7,362		8,303
Unamortized net original issuance premiums and deferred financing costs	(32)		(35)
	$	7,330	$	8,268

(1)In January 2021, we completed the early redemption of all $950.0 million in principal amount.

(2)Represents the principal balance (in U.S. dollars) of the October 2020 Sterling-denominated note offering and May 2019 Sterling-denominated private placement of £400.0 million and £315.0 million, respectively, converted at the applicable exchange rates on June 30, 2021, and December 31, 2020, respectively.

In July 2021, we issued £400 million of 1.125% senior unsecured notes due 2027 and £350 million of 1.750% senior unsecured notes due 2033. See note 22, Subsequent Events.

The following table summarizes the maturity of our notes and bonds payable as of June 30, 2021, excluding net unamortized original issuance premiums of $11.7 million and deferred financing costs of $44.1 million (dollars in millions):

Year of Maturity	Principal
2023	$	750
2024	350
2025	500
Thereafter	5,762
Totals	$	7,362

As of June 30, 2021, the weighted average interest rate on our notes and bonds payable was 3.4% and the weighted average remaining years until maturity was 8.5 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 June 30, 2021. Additionally, with the exception of our £400 million of 1.625% senior unsecured notes issued in October 2020, our £400 million of 1.125% senior unsecured notes issued in July 2021, and £350 million of 1.750% senior unsecured notes also issued in July 2021, in each case where interest is paid annually, interest on our remaining senior unsecured note and bond obligations is paid semiannually.

B.    Note Repayment

In January 2021, we redeemed all $950.0 million in principal amount of our outstanding 3.250% notes due October 2022, plus accrued and unpaid interest. As a result of the early redemption, we recognized a $46.5 million loss on extinguishment of debt on our consolidated statement of income and comprehensive income during the six months ended June 30, 2021.

In January 2020, we redeemed 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 and comprehensive income during the six months ended June 30, 2020.