Capital Structure (Tables)

9 Months Ended

Sep. 30, 2023

Capital Structure

Schedule of Interest Rates for LIBOR-Linked Debt

Both Subordinated Debentures replaced the three-month LIBOR with the CME Term SOFR Reference Rate published for a three-month tenor plus a spread adjustment of 0.26161% effective for interest paid under the terms of each of the Subordinated Debentures after June 30, 2023, as shown in the table below.

Interest rates for LIBOR-linked debt
($ in millions)	5.100% Subordinated Debentures, due 2053		5.750% Subordinated Debentures, due 2053
Debt outstanding	$	500	$	800
Dividend accrual date (1)	July 15, 2023		August 15, 2023
Rate following commencement date	3-month SOFR + 3.165% + .26161%		3-month SOFR + 2.938% + .26161%

(1)First dividend accrual date following the last published three-month LIBOR rate on June 30, 2023.