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Notes Payable | 3 Months Ended
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Mar. 31, 2018
Notes Payable |
Debt |
Debt | 8.Notes Payable A. General Our senior unsecured notes and bonds consist of the following, sorted by maturity date (dollars in millions):
|  | March 31, |  | December 31, |
|  | 2018 |  | 2017 |
2.000% notes, issued in October 2012 and due in January 2018 |  | $ | - |  | $ | 350 |
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 |  | 950 |
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 |  | 650 |
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 |  | 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 |  | 550 |
Total principal amount |  | 4,900 |  | 5,250 |
Unamortized net original issuance premiums and deferred financing costs |  | (20 | ) | (20 | )
|  | $ | 4,880 |  | $ | 5,230 |
The following table summarizes the maturity of our notes and bonds payable as of March 31, 2018, excluding net unamortized original issuance premiums and deferred financing costs (dollars in millions):
Year of Maturity |  | Principal |
2018 |  | $ | - |
2019 |  | - |
2020 |  | - |
2021 |  | 250 |
2022 |  | 950 |
Thereafter |  | 3,700 |
Totals |  | $ | 4,900 |
As of March 31, 2018, the weighted average interest rate on our notes and bonds payable was 4.1% and the weighted average remaining years until maturity was 9.7 years. B. Note Repayment In January 2018, we repaid our $350.0 million of outstanding 2.000% notes, plus accrued and unpaid interest upon maturity. C. Note Issuances In March 2017, we issued $300 million of 4.650% senior unsecured notes due 2047, or the 2047 Notes, and $400 million of 4.125% senior unsecured notes due 2026, or the 2026 Notes. The public offering price for the 2047 Notes was 99.97% of the principal amount for an effective yield to maturity of 4.65%. The public offering price for the 2026 Notes was 102.98% of the principal amount for an effective yield to maturity of 3.75%. The 2026 Notes constituted a further issuance of, and formed a single series with, the $250 million aggregate principal amount of senior notes due 2026, issued in September 2014. The net proceeds of approximately $705.2 million from the offerings were used to repay borrowings outstanding under our credit facility to fund investment opportunities, and for other general corporate purposes.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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