Allstate 2015 Annual Report Download - page 237

The Allstate Corporation 2015 Annual Report 231
12. Capital Structure
Debt
Total debt outstanding as of December31 consisted of the following:
($ in millions) 2015 2014
6.75% Senior Debentures, due 2018 $ 176 $ 176
7.45% Senior Notes, due 2019 (1) 317 317
3.15% Senior Notes, due 2023 (1) 500 500
6.125% Senior Notes, due 2032 (1) 159 159
5.35% Senior Notes due 2033 (1) 323 323
5.55% Senior Notes due 2035 (1) 546 546
5.95% Senior Notes, due 2036 (1) 386 386
6.90% Senior Debentures, due 2038 165 165
5.20% Senior Notes, due 2042 (1) 62 62
4.50% Senior Notes, due 2043 (1) 500 500
5.10% Subordinated Debentures, due 2053 500 500
5.75% Subordinated Debentures, due 2053 800 800
6.125% Junior Subordinated Debentures, due 2067 241 252
6.50% Junior Subordinated Debentures, due 2067 500 500
Federal Home Loan Bank (“FHLB”) advances, due 2018 — 8
Long‑term debt total principal 5,175 5,194
Debt issuance costs (51) (54)
Total long‑term debt 5,124 5,140
Short‑term debt (2) — —
Total debt $ 5,124 $ 5,140
(1) 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.
(2) The Company classifies any borrowings which have a maturity of twelve months or less at inception as short-term debt.
Debt maturities for each of the next five years and thereafter as of December31, 2015 are as follows:
($ in millions)
2016 $ —
2017 —
2018 176
2019 317
2020 —
Thereafter 4,682
Total long‑term debt principal $ 5,175
During 2015 and 2014, the Company repurchased principal debt amounts of $11 million and $10 million, respectively.
The Company recognized a loss on extinguishment of $1 million, pre-tax, in 2014, representing the excess of the
repurchase price over the principal repaid, the write-off of the unamortized debt issuance costs and other costs related
to the repurchase transactions.
The Subordinated Debentures may be redeemed (i) in whole at any time or in part from time to time on or after
January15, 2023 for the 5.10% Subordinated Debentures and August15, 2023 for the 5.75% Subordinated Debentures
at their principal amount plus accrued and unpaid interest to, but excluding, the date of redemption; provided that if
the Subordinated Debentures are not redeemed in whole, at least $25 million aggregate principal amount must remain
outstanding, or (ii) in whole, but not in part, prior to January 15, 2023 for the 5.10% Subordinated Debentures and
August15, 2023 for the 5.75% Subordinated Debentures, within 90days after the occurrence of certain tax and rating
agency events, at their principal amount or, if greater, a make-whole redemption price, plus accrued and unpaid interest
to, but excluding, the date of redemption. The 5.75% Subordinated Debentures have this make-whole redemption price
provision only when a reduction of equity credit assigned by a rating agency has occurred.