Long-Term Debt and Credit Facilities (Tables)

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Principal and Carrying Amounts of Debt

The principal and carrying values of the Company’s long-term debt are presented in the table below.

Principal and Carrying Amounts of Debt

	As of March 31, 2018						As of December 31, 2017
	Principal			Carrying Value			Principal			Carrying Value
	(in millions)
AGUS:
7% Senior Notes (1)	$	200		$	197		$	200		$	197
5% Senior Notes (1)	500			496			500			496
Series A Enhanced Junior Subordinated Debentures (2)	150			150			150			150
Total AGUS	850			843			850			843
AGMH(3):
67/8% QUIBS (1)	100			70			100			70
6.25% Notes (1)	230			142			230			142
5.6% Notes (1)	100			57			100			57
Junior Subordinated Debentures (2)	300			194			300			192
Total AGMH	730			463			730			461
AGM(3):
AGM Notes Payable	6			6			6			6
Total AGM	6			6			6			6
Purchased debt (4)	(48		)	(31		)	(28		)	(18		)
Total	$	1,538		$	1,281		$	1,558		$	1,292

 ____________________

(1) AGL fully and unconditionally guarantees these obligations

(2) Guaranteed by AGL on a junior subordinated basis.

(3) Carrying amounts are different than principal amounts due primarily to fair value adjustments at the AGMH acquisition date, which are accreted or amortized into interest expense over the remaining terms of these obligations.

(4) In First Quarter 2018 and full year 2017, AGUS purchased $20 million and $28 million, respectively, principal amount of AGMH's outstanding Junior Subordinated Debentures. The Company recognized a $7 million loss on extinguishment of debt in First Quarter 2018, which is included in other income. There were no purchases of debt of the Company's subsidiaries by the Company or any of its subsidiaries in First Quarter 2017.