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Senior Notes and Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Summary of Senior Notes Outstanding A summary of Senior Notes outstanding at December 31, 2022 and 2021 is presented in the following table.
TABLE 89: SENIOR NOTES
DECEMBER 31,
($ In Millions)RATE20222021
Corporation-Senior Notes
Fixed Rate Due Aug. 2022(1)
2.375 %$— $499.8 
Fixed Rate Due May 2027(2)
4.00 995.0 — 
Fixed Rate Due Aug. 2028(3)(4)
3.65 476.6 548.5 
Fixed Rate Due May 2029(3)(4)
3.15 460.3 533.9 
Fixed Rate Due May 2030(3)(4)
1.95 792.3 923.3 
Total Senior Notes$2,724.2 $2,505.5 
(1) Not redeemable prior to maturity.
(2) Redeemable within one month of maturity.
(3) Redeemable within three months of maturity.
(4) Interest rate swap contracts were entered into to modify the interest expense from fixed rates to floating rates. The swaps are recorded as fair value hedges and (decreases) increases in the carrying values of senior notes outstanding of $(264.7) million and $12.5 million were recorded as of December 31, 2022 and 2021, respectively. See further detail in Note 26, “Derivative Financial Instruments.”
Summary of Long-Term Debt Outstanding
A summary of Long-Term Debt outstanding at December 31, 2022 and 2021 is presented in the following table.
TABLE 90: LONG-TERM DEBT
DECEMBER 31,
($ In Millions)RATE20222021
Corporation-Subordinated Debt
Fixed Rate Notes due October 2025(1)(2)
3.95 %$720.1 $796.2 
Fixed-to-Floating Rate Notes due May 2032(3)
3.375 349.7 349.5 
Fixed Rate Notes due November 2032(4)
6.125 996.4 — 
Total Long-Term Debt$2,066.2 $1,145.7 
Long-Term Debt Qualifying as Risk-Based Capital$1,648.5 $799.8 
(1) Not redeemable prior to maturity.
(2) Interest rate swap contracts were entered into to modify the interest expense from fixed rates to floating rates. The swaps are recorded as fair value hedges and (decreases) increases in the carrying values of the subordinated notes outstanding of $(29.3) million and $46.9 million were recorded as of December 31, 2022 and 2021, respectively. See further detail in Note 26, “Derivative Financial Instruments.”
(3) The subordinated notes will bear interest from the date they were issued to, but excluding, May 8, 2027, at an annual rate of 3.375%, payable semi-annually in arrears. Effective February 27, 2023, the Board of Governors of the Federal Reserve adopted a final rule to implement the Adjustable Interest Rate (LIBOR) Act (the “LIBOR Act”). The final rule establishes benchmark replacements for contracts governed by U.S. law that reference certain tenors of U.S. dollar LIBOR after June 30, 2023. Pursuant to the final rule, three-month LIBOR will be replaced by the three-month CME Term SOFR Reference Rate, as administered by CME Group Benchmark Administration, Ltd. (“three-month CME Term SOFR”) plus the statutory spread adjustment of 0.26161% as set forth in the final rule. As a result, from, and including, May 8, 2027, the subordinated notes will bear interest at an annual rate equal to three-month CME Term SOFR plus 0.26161% plus 1.131%, payable quarterly in arrears. The subordinated notes are unsecured and may be redeemed, in whole but not in part, on, and only on, May 8, 2027, at a redemption price equal to 100% of the principal amount of the subordinated notes to be redeemed, plus accrued and unpaid interest, if any, up to but excluding the redemption date.
(4) Redeemable within three months of maturity.