Unum 2015 Annual Report Download - page 137
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Unum 2015 Annual Report
As of December 31, 2015 and 2014, we had no net operating loss carryforward for U.S. income taxes. We record a valuation allowance
to reduce deferred tax assets to the amount that is more likely than not to be realized. During 2015, we recorded a valuation allowance of
$1.3 million related to unrealized tax losses on buildings which we own and occupy in the U.K. We had no valuation allowance at
December 31, 2014.
Total income taxes paid net of refunds during 2015, 2014, and 2013 were $189.1 million, $155.7 million, and $398.1 million, respectively.
Note 8. Debt
Debt consists of the following:
December 31
(in millions of dollars) Interest Rates Maturities 2015 2014
Long-term Debt
Senior Secured Notes issued 2007 Variable 2037 $ 324.0 $ 398.4
Senior Notes issued 1998 7.000% 2018 200.0 200.0
Senior Notes issued 1998 6.750 –7.250% 2028 365.8 365.8
Senior Notes issued 2002 7.375% 2032 39.5 39.5
Senior Notes issued 2009 7.125% 2016 — 350.0
Senior Notes issued 2010 5.625% 2020 399.8 399.7
Senior Notes issued 2012 5.750% 2042 248.7 248.7
Senior Notes issued 2014 4.000% 2024 349.5 349.5
Senior Notes issued 2015 3.875% 2025 273.2 —
Medium-term Notes issued 1990 –1996 7.000 –7.190% 2023–2028 50.8 50.8
Junior Subordinated Debt Securities issued 1998 7.405% 2038 226.5 226.5
Fair Value Hedges Adjustment (2.7) (0.2)
Total Long-term Debt 2,475.1 2,628.7
Short-term Debt
Senior Notes issued 2005 6.850% 2015 — 151.9
Senior Notes issued 2009 7.125% 2016 350.0 —
Fair Value Hedges Adjustment 2.4 —
Total Short-term Debt 352.4 151.9
Total Debt $2,827.5 $2,780.6
Collateralized debt is comprised of our senior secured notes and ranks highest in priority, followed by unsecured notes, which consist
of senior notes and medium-term notes, followed by junior subordinated debt securities. The senior notes due 2018 and medium-term
notes are non-callable and the junior subordinated debt securities are callable under limited, specified circumstances. The remaining
debt is callable and may be redeemed, in whole or in part, at any time.
The aggregate contractual principal maturities are $350.0 million in 2016, $200.0 million in 2018, $400.0 million in 2020, and
$1,881.6 million thereafter.
Senior Secured Notes
In 2007, Northwind Holdings, LLC (Northwind Holdings), a wholly-owned subsidiary of Unum Group, issued $800.0 million of insured,
senior secured notes (the Northwind notes) in a private offering. The Northwind notes bear interest at a floating rate equal to the three-
month LIBOR plus 0.78%.