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Schedule II Condensed Finacial Information of Registrant
 12 Months Ended
Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]  
Condensed Financial Information of Parent Company Only Disclosure
SCHEDULE II--CONDENSED FINANCIAL INFORMATION OF REGISTRANT

Unum Group (Parent Company)

BALANCE SHEETS

December 31
20202019
(in millions of dollars)
Assets
Fixed Maturity Securities - at fair value (amortized cost: $349.5; $122.3)
$355.1 $125.6 
Other Long-term Investments10.6 35.2 
Short-term Investments164.5 604.4 
Investment in Subsidiaries14,122.6 12,820.9 
Deferred Income Tax158.8 122.7 
Other Assets496.7 488.9 
Total Assets$15,308.3 $14,197.7 
Liabilities and Stockholders' Equity
Liabilities
Short-term Debt$— $399.7 
Long-term Debt3,345.7 2,846.9 
Pension and Postretirement Benefits677.5 624.2 
Other Liabilities414.1 361.9 
Total Liabilities4,437.3 4,232.7 
Stockholders' Equity
Common Stock30.7 30.6 
Additional Paid-in Capital2,376.2 2,348.1 
Accumulated Other Comprehensive Income374.2 37.3 
Retained Earnings11,269.6 10,728.7 
Treasury Stock(3,179.7)(3,179.7)
Total Stockholders' Equity10,871.0 9,965.0 
Total Liabilities and Stockholders' Equity$15,308.3 $14,197.7 

See notes to condensed financial information.
SCHEDULE II--CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Continued)

Unum Group (Parent Company)

STATEMENTS OF OPERATIONS

Year Ended December 31
202020192018
(in millions of dollars)
Cash Dividends from Subsidiaries$974.6 $1,089.4 $1,135.4 
Other Income51.7 63.9 66.6 
Total Revenue1,026.3 1,153.3 1,202.0 
Interest and Debt Expense187.1 173.2 161.4 
Cost Related to Early Retirement of Debt— 27.3 — 
Other Expenses51.1 53.4 53.4 
Total Expenses238.2 253.9 214.8 
Income of Parent Company Before Income Tax788.1 899.4 987.2 
Income Tax Benefit(15.3)(21.5)(1.7)
Income of Parent Company803.4 920.9 988.9 
Equity in Undistributed Earnings (Loss) of Subsidiaries(10.4)179.4 (465.5)
Net Income793.0 1,100.3 523.4 
Other Comprehensive Income (Loss), Net of Tax336.9 851.5 (924.2)
Comprehensive Income (Loss)$1,129.9 $1,951.8 $(400.8)

See notes to condensed financial information.
SCHEDULE II--CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Continued)

Unum Group (Parent Company)

STATEMENTS OF CASH FLOWS

Year Ended December 31
202020192018
(in millions of dollars)
Cash Provided by Operating Activities$964.0 $1,000.0 $1,052.1 
Cash Flows from Investing Activities
Proceeds from Maturities of Fixed Maturity Securities138.8 16.6 52.5 
Proceeds from Sales and Maturities of Other Investments46.6 5.6 — 
Purchase of Fixed Maturity Securities(384.7)— (47.9)
Purchase of Other Investments(22.0)— (22.3)
Net Sales (Purchases) of Short-term Investments440.6 (309.0)192.6 
Cash Distributions to Subsidiaries(965.5)(389.0)(530.8)
Net Purchases of Property and Equipment(81.6)(85.9)(73.2)
Acquisition of Business— — (146.1)
Cash Used by Investing Activities(827.8)(761.7)(575.2)
Cash Flows from Financing Activities
Short-term Debt Repayment(400.0)— (200.0)
Issuance of Long-term Debt494.1 841.9 290.7 
Long-term Debt Repayment— (433.1)— 
Cost Related to Early Retirement of Debt— (25.9)— 
Issuance of Common Stock4.4 6.1 4.6 
Repurchase of Common Stock— (400.3)(356.2)
Dividends Paid to Stockholders(231.9)(229.2)(215.6)
Other, Net(1.4)(3.7)(9.3)
Cash Used by Financing Activities(134.8)(244.2)(485.8)
Increase (Decrease) in Cash$1.4 $(5.9)$(8.9)

See notes to condensed financial information.
SCHEDULE II--CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Continued)

Unum Group (Parent Company)

NOTES TO CONDENSED FINANCIAL INFORMATION

Note 1 - Basis of Presentation

The accompanying condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto of Unum Group and subsidiaries.

Note 2 - Debt

Debt consists of the following:
December 31
20202019
Interest RatesMaturities(in millions of dollars)
Long-term Debt
Outstanding Principal
   Senior Notes issued 1998 6.750 - 7.250%2028$335.8 $335.8 
   Senior Notes issued 20027.375%203239.5 39.5 
   Senior Notes issued 2012 and 20165.750%2042500.0 500.0 
   Senior Notes issued 20144.000%2024350.0 350.0 
   Senior Notes issued 20153.875%2025275.0 275.0 
   Senior Notes issued 20194.000%2029400.0 400.0 
   Senior Notes issued 20194.500%2049450.0 450.0 
   Senior Notes issued 20204.500%2025500.0 — 
   Medium-term Notes issued 1990 - 19967.000 - 7.190%2023 - 202820.5 20.5 
   Junior Subordinated Debt Securities issued 19987.405%2038203.7 203.7 
   Junior Subordinated Debt Securities issued 20186.250%2058300.0 300.0 
Fair Value Hedge Adjustment— (0.6)
Less:
Unamortized Net Premium6.0 8.4 
Unamortized Debt Issuance Costs(34.8)(35.4)
Total Long-term Debt 3,345.7 2,846.9 
Short-term Debt
Outstanding Principal
Senior Notes issued 20105.625%2020— 400.0 
Less Unamortized Debt Issuance Costs— (0.3)
Total Short-term Debt— 399.7 
Total Debt$3,345.7 $3,246.6 

The medium-term notes are non-callable. The junior subordinated debt securities are callable under limited, specified circumstances. The remaining debt is callable and may be redeemed, in whole or in part, at any time. The aggregate contractual principal maturities are $2.0 million in 2023, $350.0 million in 2024, $775.0 million in 2025, and $2,247.5 million thereafter.
SCHEDULE II--CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Continued)

Unum Group (Parent Company)

NOTES TO CONDENSED FINANCIAL INFORMATION - CONTINUED

Unsecured Notes

In September 2020, our $400.0 million 5.625% senior unsecured notes matured.

In May 2020, we issued $500.0 million of 4.500% senior notes due 2025. The notes are callable at or above par and rank equally in the right of payment with all of our other unsecured and unsubordinated debt.

During 2019 we purchased and retired (i) $30.3 million aggregate principal amount of our 7.190% medium-term notes due 2028; (ii) $30.0 million aggregate principal amount of our 7.250% senior notes due 2028; and (iii) $350.0 million aggregate principal amount of our 3.000% senior notes due 2021.

In September 2019, we issued $450.0 million of 4.500% senior notes due 2049. The notes are callable at or above par and rank equally in the right of payment with all of our other unsecured and unsubordinated debt.

In June 2019, we issued $400.0 million of 4.000% senior notes due 2029. The notes are callable at or above par and rank equally in the right of payment with all of our other unsecured and unsubordinated debt.

In July 2018, our $200.0 million 7.000% senior unsecured notes matured.

Fair Value Hedges

As of December 31, 2019, we had $250.0 million notional amount of an interest rate swap which effectively converted certain of our unsecured senior notes into floating rate debt. Under this agreement, we received a fixed rate of interest and paid a variable rate of interest, based off of three-month LIBOR. During 2020, the $250.0 million notional amount of the interest rate swap matured in conjunction with the maturity of the hedged debt.

Junior Subordinated Debt Securities

In May 2018, we issued $300.0 million of 6.250% junior subordinated notes due 2058. The notes are redeemable at or above par on or after June 15, 2023 and rank equally in the right of payment with our other junior subordinated debt securities.

In 1998, Provident Financing Trust I (the Trust), a 100 percent-owned finance subsidiary of Unum Group, issued $300.0 million of 7.405% capital securities due 2038 in a public offering. These capital securities are fully and unconditionally guaranteed by Unum Group, have a liquidation value of $1,000 per capital security, and have a mandatory redemption feature under certain circumstances. In connection with the capital securities offering, Unum Group issued to the Trust 7.405% junior subordinated deferrable interest debentures due 2038. The Trust is a variable interest entity of which Unum Group is not the primary beneficiary. Accordingly, the capital securities issued by the Trust are not included in the consolidated financial statements of Unum Group and subsidiaries and our liability represents the junior subordinated debt securities owed to the trust which is recorded in long-term debt. The sole assets of the Trust are the junior subordinated debt securities. The retirement of any liquidation amount regarding the capital securities by the Trust results in a corresponding retirement of principal amount of the junior subordinated debt securities.

During 2019, the Trust purchased and retired $22.8 million aggregate liquidation amount of the 7.405% capital securities due 2038, which resulted in our purchase and retirement of a corresponding principal amount of our 7.405% junior subordinated debt securities due 2038.

Cost Related to Early Retirement of Debt

During 2019, we incurred costs of $27.3 million related to the early retirement of certain of our unsecured notes and junior subordinated debt securities as previously discussed.
Interest Paid

Interest paid on long-term and short-term debt and related securities during 2020, 2019, and 2018 was $176.6 million, $168.4 million, and $161.4 million, respectively.

Credit Facilities

We have access to two separate unsecured revolving credit facilities, each with a different syndicate of lenders. One of our credit facilities is under a five-year agreement and is effective through April 2024. The terms of this agreement provide for a borrowing capacity of $500.0 million with an option to be increased up to $700.0 million. We may also request, on up to two occasions, that the lenders' commitment termination dates be extended by one year. The credit facility provides for the issuance of letters of credit subject to certain terms and limitations. At December 31, 2020, letters of credit totaling $0.6 million had been issued from this credit facility, but there were no borrowed amounts outstanding.

Our other credit facility is under a three-year agreement and is effective until April 2022. The terms of this agreement provide for a borrowing capacity of $100.0 million with an option to be increased up to $140.0 million. We may also request that the lenders' commitment termination dates be extended by one year. The credit facility provides for the issuance of letters of credit subject to certain terms and limitations. At December 31, 2020, there have been no letters of credit issued from the credit facility and there were no borrowed amounts outstanding.

Borrowings under the credit facilities are for general corporate uses and are subject to financial covenants, negative covenants, and events of default that are customary. The two primary financial covenants include limitations based on our leverage ratio and consolidated net worth. We are also subject to covenants that limit subsidiary indebtedness. The credit facilities provide for borrowings at an interest rate based either on the prime rate or LIBOR.