Long-Term Debt and Credit Facilities (Tables)

3 Months Ended

Mar. 31, 2019

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, 2019						As of December 31, 2018
	Principal			Carrying Value			Principal			Carrying Value
	(in millions)
AGUS:
7% Senior Notes (1)	$	200		$	197		$	200		$	197
5% Senior Notes (1)	500			497			500			497
Series A Enhanced Junior Subordinated Debentures (2)	150			150			150			150
Total AGUS	850			844			850			844
AGMH(3):
6 7/8% QUIBS (1)	100			70			100			70
6.25% Notes (1)	230			144			230			143
5.6% Notes (1)	100			57			100			57
Junior Subordinated Debentures (2)	300			199			300			198
Total AGMH	730			470			730			468
AGM (3):
Notes Payable	5			5			5			5
Total AGM	5			5			5			5
AGMH's debt purchased by AGUS	(131		)	(87		)	(128		)	(84		)
Total	$	1,454		$	1,232		$	1,457		$	1,233

 ____________________

(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 primarily due to fair value adjustments at the date of the AGMH acquisition, which are accreted or amortized into interest expense over the remaining terms of these obligations.The following table presents the principal amounts of AGMH's outstanding Junior Subordinated Debentures that AGUS purchased and the loss on extinguishment of debt recognized by the Company. The Company may choose to make additional purchases of this or other Company debt in the future.

AGUS's Purchase

of AGMH's Junior Subordinated Debentures

	First Quarter
	2019			2018
	(in millions)
Principal amount repurchased	$	3		$	20
Loss on extinguishment of debt (1)	(1		)	(7		)

 ____________________

(1) Included in other income in the condensed consolidated statements of operations. The loss represents the difference between the amount paid to purchase AGMH's debt and the carrying value of the debt, which includes the unamortized fair value adjustments that were recorded upon the acquisition of AGMH in 2009.