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Notes Payable (Tables)

12 Months Ended

Dec. 31, 2017

Debt

Schedule of notes and bonds issued during the year

During the three year period ended December 31, 2017 we issued the following notes and bonds (dollars in millions):

2017 Issuances	Date of Issuance	Maturity date		Principal amount issued	Public offering price	Effective yield to maturity
4.125% notes	March 2017	October 2026 (1)	$	400	102.98%	3.75%
4.650% notes	March 2017	March 2047		300	99.97%	4.65%
3.250% notes	December 2017	October 2022 (2)		500	101.77%	2.84%
3.650% notes	December 2017	January 2028		550	99.78%	3.68%
4.650% notes	December 2017	March 2047 (3)		250	105.43%	4.32%

2016 Issuances
3.000% notes	October 2016	January 2027	$	600	98.67%	3.15%

(1) This issuance constitutes a further issuance of, and formed a single series with the senior notes due 2026 issued in September 2014.

(2) This issuance constituted a further issuance of, and formed a single series with the senior notes due 2022 issued in October 2012.

(3) This issuance constituted a further issuance of, and formed a single series with the senior notes due 2047 issued in March 2017.

Notes Payable

Debt

Schedule of Notes Payable

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

		December 31,			December 31,
		2017			2016
5.375% notes, issued in September 2005 and due in September 2017		$	-		$	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
5.750% notes, issued in June 2010 and due in January 2021		250			250
3.250% notes, $450 issued in October 2012 and $500 issued in December 2017, both due in October 2022		950			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, $250 issued in September 2014 and $400 issued in March 2017, both due in October 2026		650			250
3.000% notes, issued in October 2016 and due in January 2027		600			600
3.650% notes, issued in December 2017 and due in January 2028		550			-
5.875% bonds, $100 issued in March 2005 and $150 issued in June 2011, both due in March 2035		250			250
4.650% notes, $300 issued in March 2017 and $250 issued in December 2017, both due in March 2047		550			-
Total principal amount		5,250			3,975
Unamortized net original issuance premiums and deferred financing costs		(20		)	(41		)
		$	5,230		$	3,934

Schedule of maturity of debt, net

The following table summarizes the maturity of our notes and bonds payable as of December 31, 2017, excluding unamortized net original issuance premiums and deferred financing costs (dollars in millions):

Year of Maturity		Principal
2018		$	350	(1)
2019		-
2020		-
2021		250
2022		950
Thereafter		3,700
Totals		$	5,250

(1) In January 2018, we repaid all $350 million of outstanding 2.000% notes, plus accrued and unpaid interest.

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