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Schedule II - Condensed Financial Information of Registrant | 12 Months Ended
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Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract] |
Schedule II — Condensed Financial Information of Registrant | Schedule II — Condensed Financial Information of Registrant Statement of Operations
|  | Year Ended December 31,
($ in millions) |  | 2020 |  | 2019 |  | 2018
Revenues |  |  |  |  |  |
Investment income, less investment expense |  | $ | 12 |  |  | $ | 35 |  |  | $ | 25 |
Realized capital gains (losses) |  | 33 |  |  | 9 |  |  | (10) |
Other income |  | — |  |  | 41 |  |  | 3 |
Total revenues |  | 45 |  |  | 85 |  |  | 18 |
Expenses |  |  |  |  |  |
Interest expense |  | 328 |  |  | 355 |  |  | 337 |
Pension and other postretirement remeasurement (gains) losses |  | (73) |  |  | 103 |  |  | 454 |
Pension and other postretirement benefit |  | (168) |  |  | (122) |  |  | (116) |
Other operating expenses |  | 73 |  |  | 49 |  |  | 50 |
Total expenses |  | 160 |  |  | 385 |  |  | 725 |
Loss from operations before income tax benefit and equity in net income of subsidiaries |  | (115) |  |  | (300) |  |  | (707) |
Income tax benefit |  | (26) |  |  | (75) |  |  | (136) |
Loss before equity in net income of subsidiaries |  | (89) |  |  | (225) |  |  | (571) |
Equity in net income of subsidiaries |  | 5,665 |  |  | 5,072 |  |  | 2,731 |
Net income |  | 5,576 |  |  | 4,847 |  |  | 2,160 |
Preferred stock dividends |  | 115 |  |  | 169 |  |  | 148 |
Net income applicable to common shareholders |  | 5,461 |  |  | 4,678 |  |  | 2,012 |
Other comprehensive income (loss), after-tax |  |  |  |  |  |
Changes in: |  |  |  |  |  |
Unrealized net capital gains and losses |  | 1,293 |  |  | 1,889 |  |  | (754) |
Unrealized foreign currency translation adjustments |  | 52 |  |  | (10) |  |  | (48) |
Unamortized pension and other postretirement prior service credit |  | 9 |  |  | (47) |  |  | (59) |
Other comprehensive income (loss), after-tax |  | 1,354 |  |  | 1,832 |  |  | (861) |
Comprehensive income |  | $ | 6,930 |  |  | $ | 6,679 |  |  | $ | 1,299 |
See accompanying notes to condensed financial information and notes to consolidated financial statements. The Allstate Corporation and Subsidiaries Schedule II (Continued) — Condensed Financial Information of Registrant Statement of Financial Position
|  | December 31,
($ in millions, except par value data) |  | 2020 |  | 2019
Assets |  |  |  |
Investments in subsidiaries |  | $ | 35,603 |  |  | $ | 33,428 |
Fixed income securities, at fair value (amortized cost, net zero and $458) |  | — |  |  | 466 |
Short-term investments, at fair value (amortized cost, net $4,479 and $702) |  | 4,479 |  |  | 702 |
Cash |  | — |  |  | 2 |
Receivable from subsidiaries |  | 524 |  |  | 448 |
Deferred income taxes |  | 187 |  |  | 230 |
Other assets |  | 87 |  |  | 86 |
Total assets |  | $ | 40,880 |  |  | $ | 35,362 |
Liabilities |  |  |  |
Long-term debt |  | $ | 7,825 |  |  | $ | 6,631 |
Pension and other postretirement benefit obligations |  | 874 |  |  | 1,081 |
Deferred compensation |  | 351 |  |  | 327 |
Payable to subsidiaries |  | — |  |  | 14 |
Notes due to subsidiaries |  | 1,250 |  |  | 1,000 |
Dividends payable to shareholders |  | 201 |  |  | 199 |
Other liabilities |  | 162 |  |  | 112 |
Total liabilities |  | 10,663 |  |  | 9,364 |
Shareholders’ equity |  |  |  |
Preferred stock and additional capital paid-in, $1 par value, 25 million shares authorized, 81.0 thousand and 92.5 thousand shares issued and outstanding, $2,025 and $2,313 aggregate liquidation preference |  | 1,970 |  |  | 2,248 |
Common stock, $.01 par value, 2.0 billion shares authorized and 900 million issued, 304 million and 319 million shares outstanding |  | 9 |  |  | 9 |
Additional capital paid-in |  | 3,498 |  |  | 3,463 |
Retained income |  | 52,767 |  |  | 48,074 |
Treasury stock, at cost (596 million and 581 million shares) |  | (31,331) |  |  | (29,746) |
Accumulated other comprehensive income: |  |  |  |
Unrealized net capital gains and losses |  | 3,180 |  |  | 1,887 |
Unrealized foreign currency translation adjustments |  | (7) |  |  | (59) |
Unamortized pension and other postretirement prior service credit |  | 131 |  |  | 122 |
Total accumulated other comprehensive income |  | 3,304 |  |  | 1,950 |
Total shareholders’ equity |  | 30,217 |  |  | 25,998 |
Total liabilities and shareholders’ equity |  | $ | 40,880 |  |  | $ | 35,362 |
See accompanying notes to condensed financial information and notes to consolidated financial statements. The Allstate Corporation and Subsidiaries Schedule II (Continued) — Condensed Financial Information of Registrant Statement of Cash Flows
|  | Years Ended December 31,
($ in millions) |  | 2020 |  | 2019 |  | 2018
Cash flows from operating activities |  |  |  |  |  |
Net income |  | $ | 5,576 |  |  | $ | 4,847 |  |  | $ | 2,160 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |
Equity in net income of subsidiaries |  | (5,665) |  |  | (5,072) |  |  | (2,731) |
Dividends received from subsidiaries |  | 4,157 |  |  | 2,434 |  |  | 2,059 |
Realized capital (gains) losses |  | (33) |  |  | (9) |  |  | 10 |
Pension and other postretirement remeasurement (gains) losses |  | (73) |  |  | 103 |  |  | 454 |
Changes in: |  |  |  |  |  |
Pension and other postretirement benefits |  | (168) |  |  | (122) |  |  | (116) |
Income taxes |  | 54 |  |  | 13 |  |  | (28) |
Operating assets and liabilities |  | 110 |  |  | 111 |  |  | 160 |
Net cash provided by operating activities |  | 3,958 |  |  | 2,305 |  |  | 1,968 |
Cash flows from investing activities |  |  |  |  |  |
Proceeds from sales of investments |  | 1,251 |  |  | 1,094 |  |  | 1,370 |
Proceeds from sales of investments to subsidiaries |  | — |  |  | — |  |  | 390 |
Investment purchases |  | (402) |  |  | (892) |  |  | (1,037) |
Investment collections |  | 16 |  |  | 65 |  |  | 108 |
Capital contribution or return of capital from subsidiaries |  | 251 |  |  | 43 |  |  | (975) |
Change in short-term investments, net |  | (3,777) |  |  | (417) |  |  | (115) |
Net cash used in investing activities |  | (2,661) |  |  | (107) |  |  | (259) |
Cash flows from financing activities |  |  |  |  |  |
Proceeds from borrowings from subsidiaries |  | 1,250 |  |  | 1,000 |  |  | 1,250 |
Repayment of notes due to subsidiaries |  | (1,000) |  |  | (1,250) |  |  | (250) |
Proceeds from issuance of long-term debt |  | 1,189 |  |  | 491 |  |  | 498 |
Redemption of preferred stock |  | (288) |  |  | (1,132) |  |  | (385) |
Redemption and repayment of long-term debt |  | — |  |  | (317) |  |  | (400) |
Proceeds from issuance of preferred stock |  | — |  |  | 1,414 |  |  | 557 |
Dividends paid on common stock |  | (668) |  |  | (653) |  |  | (614) |
Dividends paid on preferred stock |  | (108) |  |  | (134) |  |  | (134) |
Treasury stock purchases |  | (1,737) |  |  | (1,735) |  |  | (2,303) |
Shares reissued under equity incentive plans, net |  | 63 |  |  | 120 |  |  | 73 |
Other |  | — |  |  | — |  |  | (1) |
Net cash used in financing activities |  | (1,299) |  |  | (2,196) |  |  | (1,709) |
Net (decrease) increase in cash |  | (2) |  |  | 2 |  |  | — |
Cash at beginning of year |  | 2 |  |  | — |  |  | — |
Cash at end of year |  | $ | — |  |  | $ | 2 |  |  | $ | — |
See accompanying notes to condensed financial information and notes to consolidated financial statements. The Allstate Corporation and Subsidiaries Schedule II (Continued) — Condensed Financial Information of Registrant Notes to Condensed Financial Information 1. General Pursuant to rules and regulations of the SEC, the unconsolidated condensed financial statements of the Parent Company do not reflect all of the information and notes normally included with financial statements prepared in accordance with GAAP. Therefore, these condensed financial statements of the Registrant should be read in conjunction with the consolidated financial statements and notes thereto included in Item 8. The long-term debt presented in Note 12 “Capital Structure” are direct obligations of the Registrant. A majority of the pension and other postretirement benefits plans presented in Note 17 “Benefit Plans” are direct obligations of the Registrant. Participating subsidiaries fund the pension plans contributions under a master services cost sharing agreement. In addition, as a result of joint and several pension liability rules under the Internal Revenue Code and the Employee Retirement Income Security Act of 1974, as amended, many liabilities that arise in connection with pension plans are joint and several across all members of a controlled group of entities. 2. Notes due to subsidiaries On June 18, 2020 and December 29, 2020, the Registrant issued $1.00 billion and $250 million notes, with rates of 0.43% and 0.33%, due on June 18, 2021 and December 29, 2021, respectively, to Kennett Capital Inc. The proceeds of these issuances were used for cash management purposes. On June 19, 2019, the Registrant issued a $1.00 billion note, with a rate of 2.63% due on June 19, 2020 to Kennett Capital Inc. The proceeds of this issuance were used for cash management purposes. On June 18, 2020, the Registrant repaid $1.00 billion to Kennett Capital Inc. 3. Supplemental Disclosures of Cash Flow Information The Registrant paid $311 million, $312 million and $330 million of interest on debt in 2020, 2019 and 2018, respectively.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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