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116 UNUM • 2014 ANNUAL REPORT
Notes To Consolidated Financial Statements
A summary of our troubled debt restructurings is as follows:
Year Ended December 31
(in millions of dollars) 2014 2013 2012
Foreclosure
Carrying Amount $18.1 $4.3 $17.3
Number of Loans 1 1 3
We had no realized losses on loan foreclosures for the years ended December 31, 2014, 2013, and 2012 other than the initial
impairment losses recognized prior to foreclosure. During 2014, we modified the terms of a mortgage loan with a carrying value
of $18.1 million, recognized a $3.0 million realized loss on the troubled debt restructuring, and foreclosed on the property in a subsequent
quarter of 2014.
At December 31, 2014 and 2013, we held no mortgage loans that were on nonaccrual status or past due regarding principal and/or
interest payments.
There have been no changes to our accounting policies or methodology from the prior period regarding estimating the allowance for
credit losses on our mortgage loans. The activity in the allowance for credit losses is as follows:
Year Ended December 31
(in millions of dollars) 2014 2013 2012
Balance at Beginning of Year $ 1.5 $1.5 $ 1.5
Provision 3.0 — 1.8
Charge-offs, Net of Recoveries (3.0) — (1.8)
Balance at End of Year $ 1.5 $1.5 $ 1.5
As of December 31, 2014 and 2013 we held one impaired mortgage loan with an unpaid principal balance of $14.6 million, a related
allowance for credit losses of $1.5 million, and a carrying value of $13.1 million.
Our average investment in impaired mortgage loans was $26.7 million, $14.9 million, and $19.1 million for the years ended
December 31, 2014, 2013, and 2012, respectively. For the years ended December 31, 2014, 2013, and 2012, we recognized $1.0 million,
$0.8 million, and $0.8 million, respectively, of interest income on mortgage loans subsequent to impairment.
At December 31, 2014, we had non-binding commitments of $49.3 million to fund certain commercial mortgage loans, the amount
of which may or may not be funded.