Short-Term and Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Schedule of debt

	As of December 31,
	2015			2014
Short-Term Debt
Current maturities of long-term debt	$	-		$	250
Total short-term debt	$	-		$	250
Long-Term Debt, Excluding Current Portion
Senior notes:
LIBOR + 3 bps notes, due 2017 (1)	$	250		$	250
7.00% notes, due 2018		200			200
LIBOR + 110 bps loan, due 2018		250			250
8.75% notes, due 2019 (2)		487			487
6.25% notes, due 2020 (2)		300			300
4.85% notes, due 2021 (2)		300			300
4.20% notes, due 2022 (2)		300			300
4.00% notes, due 2023 (2)		350			350
3.35% notes, due 2025 (2)		300			-
6.15% notes, due 2036 (2)		498			498
6.30% notes, due 2037 (1)(2)		375			375
7.00% notes, due 2040 (1)(2)		500			500
Total senior notes		4,110			3,810
Capital securities:
7.00%, due 2066		722			722
6.05%, due 2067		491			491
Total capital securities		1,213			1,213
Unamortized premiums (discounts)		(12	)		(12	)
Fair value hedge – interest rate swap agreements		271			259
Total unamortized premiums (discounts) and fair value
hedge – interest rate swap agreements		259			247
Total long-term debt	$	5,582		$	5,270

⁽¹⁾ Categorized as operating debt for leverage ratio calculations as the proceeds were used as a long-term structured solution to reduce the strain on increasing statutory reserves associated with secondary guarantee UL and term policies.

⁽²⁾ We have the option to repurchase the outstanding notes by paying the greater of 100% of the principal amount of the notes to be redeemed or the make-whole amount (as defined in each note agreement), plus in each case any accrued and unpaid interest as of the date of redemption.

Future principal payments due on long-term debt

2016	$	-
2017		250
2018		450
2019		487
2020		300
Thereafter		3,836
Total	$	5,323

Credit facilities and letters of credit

		As of December 31, 2015
	Expiration	Maximum		LOCs
	Date	Available		Issued
Credit Facilities
Five-year revolving credit facility	May-2018	$	2,500	$	451
LOC facility (1)	Dec-2019		350		350
LOC facility (2)	Mar-2023		125		125
LOC facility (1)	Mar-2023		920		920
LOC facility (1)	Aug-2031		990		884
LOC facility (1)	Oct-2031		1,034		1,031
Total		$	5,919	$	3,761

⁽¹⁾ Our wholly-owned subsidiaries entered into irrevocable LOC facility agreements with third-party lenders supporting inter-company reinsurance agreements.

⁽²⁾ We entered into an irrevocable LOC facility agreement with a third-party lender supporting certain fees owed to another third-party lender that automatically renews on an annual basis, unless not extended by the third-party upon 30 days’ notice.