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Capital Structure (Tables)
 12 Months Ended
Dec. 31, 2021
Capital Structure  
Total debt outstanding
Total debt outstanding
 As of December 31,
($ in millions)20212020
Floating Rate Senior Notes, due 2021$— $250 
Floating Rate Senior Notes, due 2023 (1)
250 250 
3.150% Senior Notes, due 2023 (2)
500 500 
6.750% Senior Notes due 2024 (2) (3)
350 — 
0.750% Senior Notes, due 2025 (2)
600 600 
3.280% Senior Notes, due 2026 (2)
550 550 
Due after one year through five years2,250 2,150 
1.450% Senior Notes, due 2030 (2)
600 600 
Due after five years through ten years
600 600 
6.125% Senior Notes, due 2032 (2)
159 159 
5.350% Senior Notes due 2033 (2)
323 323 
5.550% Senior Notes due 2035 (2)
546 546 
5.950% Senior Notes, due 2036 (2)
386 386 
6.900% Senior Debentures, due 2038
165 165 
5.200% Senior Notes, due 2042 (2)
62 62 
4.500% Senior Notes, due 2043 (2)
500 500 
4.200% Senior Notes, due 2046 (2)
700 700 
3.850% Senior Notes, due 2049 (2)
500 500 
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 5,141 
Long-term debt total principal7,991 7,891 
Fair value adjustments (3)
45 — 
Debt issuance costs(60)(66)
Total long-term debt7,976 7,825 
Short-term debt (4)
— — 
Total debt$7,976 $7,825 
(1)2023 Floating Rate Senior Notes are not redeemable prior to the applicable maturity dates and bear interest at a floating rate equal to three-month LIBOR, reset quarterly on each interest reset date, plus 0.63% per year.
(2)Senior Notes are subject to redemption at the Company’s option in whole or in part at any time at the greater of either 100% of the principal amount plus accrued and unpaid interest to the redemption date or the discounted sum of the present values of the remaining scheduled payments of principal and interest and accrued and unpaid interest to the redemption date.
(3)Debt acquired as part of the National General acquisition completed on January 4, 2021.
(4)The Company classifies any borrowings which have a maturity of twelve months or less at inception as short-term debt.
Schedule of debt maturities for each of the next five years and thereafter
Debt maturities for each of the next five years
and thereafter
($ in millions)
2022$— 
2023750 
2024350 
2025600 
2026550 
Thereafter5,741 
Total long-term debt principal$7,991 
Schedule of noncumulative outstanding preferred stock
Total preferred stock outstanding
As of December 31,
Aggregate liquidation preference
($ in millions)
Dividend per depository share (1)
Aggregate dividend payment ($ in millions)
2021202020212020Dividend rate202120202019202120202019
Series A— — $— $— 5.625 %$— $— $1.41 $— $4 
(2)
$16 
Series D— — — — 6.625 %— — 1.66 — — 9 
(2)
Series E— — — — 6.625 %— — 1.66 — — 49 
(2)
Series F— — — — 6.250 %— — 1.56 — — 16 
(2)
Series G23,000 23,000 575.0 575.0 5.625 %1.41 1.41 1.41 32 32 32 
Series H46,000 46,000 1,150.0 1,150.0 5.100 %1.28 1.28 1.28 59 59 12 
Series I12,000 12,000 300.0 300.0 4.750 %1.19 1.19 1.19 14 13 — 
National General Series (3)
9— — 
Total81,000 81,000 $2,025 $2,025 $114 $108 $134 
(2)
(1)Each depositary share represents a 1/1,000th interest in a share of preferred stock.
(2)Excludes $10 million and $37 million in 2020 and 2019, 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.
(3)On February 2, 2021 and July 15, 2021, the Company redeemed all outstanding shares of National General Preferred Stock Series A, B and D, and National General Preferred Stock Series C, respectively.