Long-term Debt

As of March 31, 2017, the Company had aggregate outstanding long-term debt of $3,365.4 million, net of $34.6 million of issuance costs, with varying maturities (the "Notes"). Each of the Notes were issued at par and are senior unsecured obligations of the Company. Interest is payable semi-annually at fixed rates.

The following table provides a summary of the Company's Notes and the fair values based on quoted market prices in less active markets as of March 31, 2017 and December 31, 2016:



						Level 2 Fair Value as of
	Principal Amount at Par		Issuance Date	Maturity	Interest Payment Dates	March 31, 2017		December 31, 2016
	(in millions)					(in millions)
4.375% Senior Notes	$	1,000	October 2016	2026	May 15 and November 15	$	986	$	975
5.50% Senior Notes	700		February 2015	2022	April 15 and October 15	745		758
5.875% Senior Notes	800		February 2015	2025	April 15 and October 15	860		868
5.750% Senior Notes	400		February 2014	2024	March 1 and September 1	429		431
5.375% Senior Notes	500		February 2013	2021	February 1 and August 1	535		539
	$	3,400

Each of the Notes are repayable in whole or in part upon the occurrence of a change of control, at the option of the holders, at a purchase price in cash equal to 101% of the principal plus accrued interest. The Company may redeem the Notes prior to maturity in whole or in part at an amount equal to the principal amount thereof plus accrued and unpaid interest and an applicable premium. The Notes include, among other terms and conditions, limitations on the Company's ability to create, incur or allow certain liens; enter into sale and lease-back transactions; create, assume, incur or guarantee additional indebtedness of certain of the Company's subsidiaries; and consolidate or merge with, or convey, transfer or lease all or substantially all of the Company's and its subsidiaries assets, to another person. As of March 31, 2017 and December 31, 2016, the Company was in compliance with all related covenants.