Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Principal and Carrying Amounts of Debt

The principal and carrying values of the Company’s debt are presented in the table below.

Principal and Carrying Amounts of Debt 

	As of September 30, 2021				As of December 31, 2020
	Principal		Carrying Value		Principal		Carrying Value
	(in millions)
AGUS:
7% Senior Notes (1)	$	200	$	197	$	200	$	197
5% Senior Notes (1) (4)	330		329		500		498
3.15% Senior Notes (1)	500		494		—		—
3.6% Senior Notes (1)	400		395		—		—
Series A Enhanced Junior Subordinated Debentures (2)	150		150		150		150
AGUS - long-term debt	1,580		1,565		850		845
AGUS - Intercompany loans	280		280		280		280
Total AGUS	1,860		1,845		1,130		1,125
AGMH (3):
67/8% Quarterly Interest Bonds (1) (4)	—		—		100		71
6.25% Notes (1) (4)	—		—		230		145
5.6% Notes (1) (4)	—		—		100		58
Junior Subordinated Debentures (2)	300		213		300		209
Total AGMH - long-term debt	300		213		730		483
AGM (3):
AGM Notes Payable	2		2		3		3
Total AGM - notes payable	2		2		3		3
AGMH's long-term debt purchased by AGUS	(154)		(109)		(154)		(107)
Elimination of intercompany loans payable	(280)		(280)		(280)		(280)
Total	$	1,728	$	1,671	$	1,429	$	1,224

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(1)    AGL fully and unconditionally guarantees these obligations.

(2)    Guaranteed by AGL on a junior subordinated basis.

(3)     Carrying amounts are different than principal amounts primarily due to fair value adjustments at the date of the AGMH acquisition, which are accreted or amortized into interest expense over the remaining terms of these obligations.

(4)    Redeemed or partially redeemed in Third Quarter 2021.