XML 86 R20.htm IDEA: XBRL DOCUMENT v2.4.0.8
Debt
6 Months Ended
Jun. 30, 2014
Debt Disclosure [Abstract]  
Debt Disclosure
Debt

At June 30, 2014, short-term debt consisted entirely of securities lending agreements. We had no amount outstanding on our revolving credit facility at June 30, 2014.

In May 2014, we purchased and retired $145.0 million principal of our outstanding 6.85% notes, including a make-whole amount of $13.2 million, for a total cost of $158.2 million. In conjunction with this retirement, we reclassified $13.1 million of the deferred gain on previously terminated derivatives associated with the hedge of this debt from accumulated other comprehensive income to realized investment gain in our consolidated statements of income. The principal amount outstanding on these notes at June 30, 2014 was $151.8 million.

In March 2014, we issued $350.0 million of unsecured 10-year senior notes in a public offering. The notes have an annual coupon rate of 4.00%.

During the six months ended June 30, 2014, we made principal payments of $30.0 million on our senior secured non-recourse
notes issued by Northwind Holdings, LLC.

In January 2013, we purchased and retired the outstanding principal of $62.5 million on our senior secured non-recourse notes issued by Tailwind Holdings, LLC, resulting in a before-tax gain of $4.0 million.