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Notes Payable
6 Months Ended
Jun. 30, 2016
Notes Payable..  
Debt instrument  
Debt

 

8.Notes Payable

 

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

 

 

 

June 30,

 

December 31,

 

 

 

2016

 

2015

 

5.950% 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

 

2.000% notes, issued in October 2012 and due in January 2018

 

350

 

350

 

6.750% notes, issued in September 2007 and due in August 2019

 

550

 

550

 

5.750% notes, issued in June 2010 and due in January 2021

 

250

 

250

 

3.250% notes, issued in October 2012 and due in October 2022

 

450

 

450

 

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

 

4.125% notes, issued in September 2014 and due in October 2026

 

250

 

250

 

5.875% bonds, $100 issued in March 2005 and $150 issued in June 2011, both due in March 2035

 

250

 

250

 

 

 

 

 

 

 

Total principal amount

 

3,650

 

3,650

 

Unamortized original issuance discounts and deferred financing costs

 

(30

)

(32

)

 

 

 

 

 

 

 

 

$

3,620

 

$

3,618

 

 

 

 

 

 

 

 

 

 

The following table summarizes the maturity of our notes and bonds payable as of June 30, 2016, excluding unamortized original issuance discounts and deferred financing costs (dollars in millions):

 

 

 

Year of Maturity

 

Principal

 

2016

 

$

275 

 

2017

 

175 

 

2018

 

350 

 

2019

 

550 

 

2020

 

-

 

Thereafter

 

2,300 

 

 

 

 

 

 

Totals

 

$

3,650 

 

 

 

 

As of June 30, 2016, the weighted average interest rate on our notes and bonds payable was 4.7% and the weighted average remaining years until maturity was 6.0 years. In September 2016, we expect to repay our $275 million 5.95% notes.