Capital Structure (Tables)

12 Months Ended

Dec. 31, 2016

Total debt outstanding as of December 31 consisted of the following:



($ in millions)	2016			2015
6.75% Senior Debentures, due 2018	$	176		$	176
7.45% Senior Notes, due 2019 ⁽¹⁾	317			317
3.15% Senior Notes, due 2023 ⁽¹⁾	500			500
3.28% Senior Notes, due 2026 ⁽¹⁾	550			—
6.125% Senior Notes, due 2032 ⁽¹⁾	159			159
5.35% Senior Notes due 2033 ⁽¹⁾	323			323
5.55% Senior Notes due 2035 ⁽¹⁾	546			546
5.95% Senior Notes, due 2036 ⁽¹⁾	386			386
6.90% Senior Debentures, due 2038	165			165
5.20% Senior Notes, due 2042 ⁽¹⁾	62			62
4.50% Senior Notes, due 2043 ⁽¹⁾	500			500
4.20% Senior Notes, due 2046 ⁽¹⁾	700			—
5.10% Subordinated Debentures, due 2053	500			500
5.75% Subordinated Debentures, due 2053	800			800
6.125% Junior Subordinated Debentures, due 2067	224			241
6.50% Junior Subordinated Debentures, due 2067	500			500
Long-term debt total principal	6,408			5,175
Debt issuance costs	(61		)	(51		)
Total long-term debt	6,347			5,124
Short-term debt ⁽²⁾	—			—
Total debt	$	6,347		$	5,124

______________________________


⁽¹⁾	Senior Notes are subject to redemption at the Company’s option in whole or in part at any time at the greater of either 100% of the principal amount plus accrued and unpaid interest to the redemption date or the discounted sum of the present values of the remaining scheduled payments of principal and interest and accrued and unpaid interest to the redemption date.


⁽²⁾	The Company classifies any borrowings which have a maturity of twelve months or less at inception as short-term debt.

Schedule of debt maturities for each of the next five years and thereafter

Debt maturities for each of the next five years and thereafter as of December 31, 2016 are as follows:



($ in millions)
2017	$	—
2018	176
2019	317
2020	—
2021	—
Thereafter	5,915
Total long-term debt principal	$	6,408

Schedule of noncumulative outstanding preferred stock

The following table summarizes the Company’s outstanding preferred stock as of December 31, 2016. All represent noncumulative perpetual preferred stock with a $1.00 par value per share and a liquidation preference of $25,000 per share.



($ in millions, except per share data)		Aggregate liquidation preference				Dividend Per Share						Aggregate Dividend Payment
	Shares	Aggregate liquidation preference		Dividend rate		2016		2015		2014		2016		2015		2014
Series A	11,500	$	287.5	5.625	%	$	1.41	$	1.41	$	1.41	$	16	$	16	$	16
Series C	15,400	385.0		6.750	%	1.69		1.69		1.69		26		26		26
Series D	5,400	135.0		6.625	%	1.66		1.66		1.79		9		9		10
Series E	29,900	747.5		6.625	%	1.66		1.66		1.44		49		49		43
Series F	10,000	250.0		6.250	%	1.56		1.56		0.92		16		16		9
Total	72,200	$	1,805									$	116	$	116	$	104