Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt

Debt

Debt is composed of the following long term obligations.

December 31
(In millions)	2021		2020
Senior notes of CNAF:
3.950%, face amount of $550, due May 15, 2024	549		548
4.500%, face amount of $500, due March 1, 2026	499		499
3.450%, face amount of $500, due August 15, 2027	497		496
3.900%, face amount of $500, due May 1, 2029	496		496
2.050%, face amount of $500, due August 15, 2030	495		495
Debenture of CNAF, 7.250%, face amount of $243, due November 15, 2023	243		242
Total	$	2,779	$	2,776

CCC is a member of the Federal Home Loan Bank of Chicago (FHLBC). FHLBC membership provides participants with access to additional sources of liquidity through various programs and services. As a requirement of membership in the FHLBC, CCC held $5 million of FHLBC stock as of December 31, 2021 giving it immediate access to approximately $106 million of additional liquidity. As of December 31, 2021 and 2020, CCC had no outstanding borrowings from the FHLBC.

During 2019, the Company amended and restated its existing credit agreement with a syndicate of banks. The agreement provides a five-year $250 million senior unsecured revolving credit facility which is intended to be used for general corporate purposes. At the Company's election, the commitments under the agreement may be increased from time to time up to an additional aggregate amount of $100 million, and two one-year extensions are available prior to any anniversary of the closing date, each subject to applicable consents. Under the agreement, the Company is required to pay a facility fee which will adjust automatically in the event of a change in the Company's financial ratings. The agreement includes several covenants, including maintenance of a minimum consolidated net worth and a specified ratio of consolidated indebtedness to consolidated total capitalization. The minimum consolidated net worth, as defined, at December 31, 2021, was $8.7 billion.  As of December 31, 2021 and 2020, the Company had no outstanding borrowings under the credit agreement.

The Company's debt obligations contain customary covenants for investment grade issuers. The Company was in compliance with all covenants as of and for the years ended December 31, 2021 and 2020.

The combined aggregate maturities for debt as of December 31, 2021 are presented in the following table.

(In millions)
2022	$	—
2023	243
2024	550
2025	—
2026	500
Thereafter	1,500
Less: discount	(14)
Total	$	2,779