Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

Debt

Debt is composed of the following long-term obligations.

December 31
(In millions)	2023		2022
Short-term debt:
Debenture of CNAF, 7.250%, face amount of $243, due November 15, 2023	$	—	$	243
Senior notes of CNAF:
3.950%, face amount of $550, due May 15, 2024	550		—
Total short-term debt	550		243
Long-term debt:
Senior notes of CNAF:
3.950%, face amount of $550, due May 15, 2024	—		549
4.500%, face amount of $500, due March 1, 2026	500		499
3.450%, face amount of $500, due August 15, 2027	498		497
3.900%, face amount of $500, due May 1, 2029	497		497
2.050%, face amount of $500, due August 15, 2030	496		496
5.500%, face amount of $500, due June 15, 2033	490		—
Total long-term debt	2,481		2,538
Total debt	$	3,031	$	2,781

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, 2023 giving it immediate access to approximately $106 million of additional liquidity. As of December 31, 2023 and 2022, CCC had no outstanding borrowings from the FHLBC.

During 2023, 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 would adjust in the event of a change in the Company's ratio of consolidated indebtedness to consolidated total capitalization, calculated in accordance with the agreement. 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, 2023, was $8.7 billion.  The calculation of minimum consolidated net worth excludes AOCI. As of December 31, 2023 and 2022, 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, 2023 and 2022.

The combined aggregate maturities for debt as of December 31, 2023 are presented in the following table.

(In millions)
2024	$	550
2025	—
2026	500
2027	500
2028	—
Thereafter	1,500
Less: discount	(19)
Total	$	3,031