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Long-term Debt (Tables)
3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Schedule of principal maturities of long-term debt
Principal maturities of long-term debt (excluding projected repayments on securitizations and revolving conduit facilities by period) by type of debt at March 31, 2020 were as follows:
Senior Debt
(dollars in millions)SecuritizationsRevolving
Conduit
Facilities
Unsecured
Notes (a)
Junior
Subordinated
Debt (a)
Total
Interest rates (b)
1.50%-6.94%
1.51%-3.24%
5.38%-8.25%
3.58 %
Remainder of 2020$—  $—  $1,000  $—  $1,000  
2021—  —  646  —  646  
2022—  —  1,000  —  1,000  
2023—  —  1,175  —  1,175  
2024—  —  1,300  —  1,300  
2025-2067—  —  4,399  350  4,749  
Securitizations (c)7,396  —  —  —  7,396  
Revolving conduit facilities (c)—  3,500  —  —  3,500  
Total principal maturities$7,396  $3,500  $9,520  $350  $20,766  
Total carrying amount$7,364  $3,500  $9,407  $172  $20,443  
Debt issuance costs (d)(27) —  (81) —  (108) 
(a) Pursuant to the SFC Base Indenture, the SFC supplemental indentures and the SFC Guaranty Agreements, OMH agreed to fully and unconditionally guarantee, on a senior unsecured basis, payments of principal, premium and interest on the SFC Unsecured Senior Notes and Junior Subordinated Debenture. The OMH guarantees of SFC’s long-term debt are subject to customary release provisions.
(b) The interest rates shown are the range of contractual rates in effect at March 31, 2020.
(c) Securitizations and borrowings under revolving conduit facilities are not included in the above maturities by period due to their variable monthly repayments, which may result in pay-off prior to the stated maturity date. At March 31, 2020, an aggregate of $3.5 billion was drawn under our revolving conduit facilities. See Note 9 for further information on our long-term debt associated with securitizations and revolving conduit facilities.
(d) Debt issuance costs are reported as a direct deduction from long-term debt, with the exception of debt issuance costs associated with our revolving conduit facilities, which totaled $31 million at March 31, 2020 and are reported in “Other assets.”