Capital Structure (Tables)

12 Months Ended

Dec. 31, 2019



Total debt outstanding
	As of December 31,
($ in millions)	2019			2018
7.450% Senior Notes, due 2019 ⁽¹⁾	$	—		$	317
Floating Rate Senior Notes, due 2021⁽¹⁾	250			250
Floating Rate Senior Notes, due 2023 ⁽¹⁾	250			250
3.150% Senior Notes, due 2023 ⁽¹⁾	500			500
Due after one year through five years	1,000			1,317
3.280% Senior Notes, due 2026 ⁽¹⁾	550			550
Due after five years through ten years	550			550
6.125% Senior Notes, due 2032 ⁽¹⁾	159			159
5.350% Senior Notes due 2033 ⁽¹⁾	323			323
5.550% Senior Notes due 2035 ⁽¹⁾	546			546
5.950% Senior Notes, due 2036 ⁽¹⁾	386			386
6.900% Senior Debentures, due 2038	165			165
5.200% Senior Notes, due 2042 ⁽¹⁾	62			62
4.500% Senior Notes, due 2043 ⁽¹⁾	500			500
4.200% Senior Notes, due 2046 ⁽¹⁾	700			700
3.850% Senior Notes, due 2049	500			—
5.100% Subordinated Debentures, due 2053	500			500
5.750% Subordinated Debentures, due 2053	800			800
6.500% Junior Subordinated Debentures, due 2067	500			500
Due after ten years	5,141			4,641

Long-term debt total principal	6,691			6,508
Debt issuance costs	(60		)	(57		)
Total long-term debt	6,631			6,451
Short-term debt ⁽²⁾	—			—
Total debt	$	6,631		$	6,451

⁽¹⁾

Senior Notes, with the exception of Senior Floating Notes (as defined below), 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)
2020	$	—
2021	250
2022	—
2023	750
2024	—
Thereafter	5,691
Total long-term debt principal	$	6,691

Schedule of noncumulative outstanding preferred stock



Total preferred stock outstanding
	As of December 31,		Aggregate liquidation preference ($ in millions)						Dividend per depository share ⁽¹⁾						Aggregate dividend payment ($ in millions)
	2019	2018	2019		2018		Dividend rate		2019		2018		2017		2019			2018			2017
Series A	11,500	11,500	$	287.5	$	287.5	5.625	%	$	1.41	$	1.41	$	1.41	$	16		$	16		$	16
Series C	—	—	—		—		6.750	%	—		1.69		1.69		—			26		⁽²⁾	26
Series D	—	5,400	—		135.0		6.625	%	1.66		1.66		1.66		9		⁽²⁾	9			9
Series E	—	29,900	—		747.5		6.625	%	1.66		1.66		1.66		49		⁽²⁾	49			49
Series F	—	10,000	—		250.0		6.250	%	1.56		1.56		1.56		16		⁽²⁾	16			16
Series G	23,000	23,000	575.0		575.0		5.625	%	1.41		1.41		—		32			18			—
Series H	46,000	—	1,150.0		—		5.100	%	1.28		—		—		12			—			—
Series I	12,000	—	300.0		—		4.750	%	1.19		—		—		—			—			—
Total	92,500	79,800	$	2,313	$	1,995									$	134	⁽²⁾	$	134	⁽²⁾	$	116


⁽¹⁾	Each depositary share represents a 1/1,000^th interest in a share of preferred stock.

⁽²⁾

Excludes $37 million and $13 million in 2019 and 2018, respectively, related to original issuance costs in preferred stock dividends on the Consolidated Statements of Operations and Consolidated Statements of Shareholders’ Equity as a result of the preferred stock redemptions.