Notes Payable (Notes Payable)

3 Months Ended

Mar. 31, 2014

Notes Payable

Debt instrument

Notes Payable

8. Notes Payable

A.  General

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

		March 31,		December 31,
		2014		2013
5.5% notes, issued in November 2003 and due in November 2015	$	150	$	150
5.95% notes, issued in September 2006 and due in September 2016		275		275
5.375% notes, issued in September 2005 and due in September 2017		175		175
2.0% notes, issued in October 2012 and due in January 2018		350		350
6.75% notes, issued in September 2007 and due in August 2019		550		550
5.75% notes, issued in June 2010 and due in January 2021		250		250
3.25% notes, issued in October 2012 and due in October 2022		450		450
4.65% notes, issued in July 2013 and due in August 2023		750		750
5.875% bonds, $100 issued in March 2005 and $150 issued in June 2011, both due in March 2035		250		250
Total principal amount		3,200		3,200
Unamortized original issuance discounts		(14	)	(15	)
	$	3,186	$	3,185

The following table summarizes the maturity of our notes and bonds payable as of March 31, 2014, excluding unamortized original issuance discounts (dollars in millions):

	Notes and
Year of Maturity	Bonds
2014	$	-
2015	150
2016	275
2017	175
2018	350
Thereafter	2,250
Totals	$	3,200

As of March 31, 2014, the weighted average interest rate on our notes and bonds payable was 4.9% and the weighted average remaining years until maturity was 7.4 years.

B. Note Repayment

In March 2013, we repaid $100 million of outstanding 5.375% notes, plus accrued and unpaid interest, using proceeds from our March 2013 common stock offering and our credit facility.