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Capital Structure (Tables)

12 Months Ended

Dec. 31, 2017

Capital Structure

Total debt outstanding



Total debt outstanding
		As of December 31,
($ in millions)		2017				2016
6.75% Senior Debentures, due 2018		$	176			$	176
7.45% Senior Notes, due 2019 ⁽¹⁾		317				317
Due after one year through five years		493				493
3.15% Senior Notes, due 2023 ⁽¹⁾		500				500
3.28% Senior Notes, due 2026 ⁽¹⁾		550				550
Due after five years through ten years		1,050				1,050
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				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				224
6.50% Junior Subordinated Debentures, due 2067		500				500
Due after ten years		4,865				4,865

Long-term debt total principal		6,408				6,408
Debt issuance costs		(58		)		(61		)
Total long-term debt		6,350				6,347
Short-term debt ⁽²⁾		—				—
Total debt		$	6,350			$	6,347


⁽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
($ in millions)
2018		$	176
2019		317
2020		—
2021		—
2022		—
Thereafter		5,915
Total long-term debt principal		$	6,408

Schedule of noncumulative outstanding preferred stock



Outstanding preferred stock as of December 31, 2017
					Aggregate liquidation preference							Dividend per share												Aggregate dividend payment ($ in millions)
		Shares			Aggregate liquidation preference				Dividend rate			2017				2016				2015				2017				2016				2015
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				1.66				9				9				9
Series E		29,900			747.5				6.625	%		1.66				1.66				1.66				49				49				49
Series F		10,000			250.0				6.250	%		1.56				1.56				1.56				16				16				16
Total		72,200			$	1,805																		$	116			$	116			$	116