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Debt
6 Months Ended
Jun. 30, 2018
Debt Disclosure [Abstract]  
Debt

12.

Debt

At June 30, 2018 and December 31, 2017, our long-term debt and interest rates on that debt were as follows (dollars in millions):

 

 

 

June 30, 2018

 

 

December 31, 2017

 

 

 

Amount

 

 

Interest Rate

 

 

Amount

 

 

Interest Rate

 

6.50% Senior Notes due March 2018

 

$

 

 

 

%

 

$

150.0

 

 

 

6.50

%

2.45% Senior Notes, net of discount of $0.4 million and

   $0.5 million as of June 30, 2018 and December 31, 2017,

   respectively, due December 2020

 

 

499.6

 

 

 

2.45

%

 

 

499.5

 

 

 

2.45

%

3.90% Senior Notes, net of discount of $0.1 million and

   $0.2 million as of June 30, 2018 and December 31, 2017,

   respectively, due June 2022

 

 

399.9

 

 

 

3.90

%

 

 

399.8

 

 

 

3.90

%

4.50% Senior Notes, net of discount of $1.1 million and

   $1.2 million as of June 30, 2018 and December 31, 2017,

   respectively, due November 2023

 

 

698.9

 

 

 

4.50

%

 

 

698.8

 

 

 

4.50

%

3.65% Senior Notes, net of discount of $0.8 million

   as of June 30, 2018 and December 31, 2017,

   due September 2024

 

 

399.2

 

 

 

3.65

%

 

 

399.2

 

 

 

3.65

%

3.40% Senior Notes, net of discount of $1.6 million

   as of June 30, 2018 and December 31, 2017,

   due December 2027

 

 

498.4

 

 

 

3.40

%

 

 

498.4

 

 

 

3.40

%

Total

 

 

2,496.0

 

 

 

3.64

%

 

 

2,645.7

 

 

 

3.80

%

Less current portion

 

 

 

 

 

%

 

 

150.0

 

 

 

6.50

%

Less unamortized debt issuance costs

 

 

13.9

 

 

 

 

 

 

 

15.3

 

 

 

 

 

Total long-term debt

 

$

2,482.1

 

 

 

3.64

%

 

$

2,480.4

 

 

 

3.64

%

 

During the six months ended June 30, 2018, we used cash on hand to repay debt outstanding of $150.0 million under the 6.50% Senior Notes due March 2018. For the six months ended June 30, 2018 and 2017, cash payments for interest were $51.1 million and $48.1 million, respectively.

Included in interest expense, net and other, are amortization of treasury lock settlements and amortization of financing costs. For the three months ended June 30, 2018 and 2017, amortization of treasury lock settlements was $1.3 million and $1.4 million, respectively, and for the six months ended June 30, 2018 and 2017, amortization of treasury locks was $2.7 million and $2.8 million, respectively. For the three months ended June 30, 2018 and 2017, amortization of financing costs was $0.7 million and $0.5 million, respectively, and during the six months ended June 30, 2018 and 2017, amortization of financing costs was $1.3 million and $1.0 million, respectively.

At June 30, 2018, we had $2,496.0 million of fixed-rate senior notes outstanding. The fair value of our fixed-rate debt was estimated to be $2,487.1 million. The difference between the book value and fair value is due to the difference between the period-end market interest rate and the stated rate of our fixed-rate debt. We estimated the fair value of our fixed-rate debt using quoted market prices (Level 2 inputs) within the fair value hierarchy, which is further defined in Note 2, Summary of Significant Accounting Policies, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2017 Annual Report on Form 10-K.

For more information on our long-term debt and interest rates on that debt, see Note 9, Debt, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2017 Annual Report on Form 10-K.