LONG-TERM DEBT

The disclosures below include details of the company's debt. Debt of CIP is detailed in Note 12, “Consolidated Investment Products.”



	September 30, 2018		December 31, 2017
$ in millions	Carrying Value**	Fair Value	Carrying Value**	Fair Value
Floating rate credit facility expiring August 11, 2022	737.2	737.2	—	—
Unsecured Senior Notes*:
$600 million 3.125% - due November 30, 2022	597.4	589.8	596.9	608.8
$600 million 4.000% - due January 30, 2024	594.6	607.2	594.0	634.7
$500 million 3.750% - due January 15, 2026	495.4	494.4	495.1	515.0
$400 million 5.375% - due November 30, 2043	390.0	454.8	389.8	499.6
Long-term debt	2,814.6	2,883.3	2,075.8	2,258.1

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*	The company's senior note indentures contain certain restrictions on mergers or consolidations. Beyond these items, there are no other restrictive covenants in the indentures.


**	The difference between the principal amounts and the carrying values of the senior notes in the table above reflect the unamortized debt issuance costs and discounts.

The company maintains approximately $15.8 million in letters of credit from a variety of banks. The letters of credit are generally one-year automatically-renewable facilities and are maintained for various commercial reasons.