Short-Term and Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2020

Short-Term and Long-Term Debt [Abstract]



	As of December 31,
	2020			2019
Short-Term Debt
Current maturities of long-term debt	$	-		$	300
Total short-term debt	$	-		$	300

Long-Term Debt, Excluding Current Portion
Senior notes:
4.85% notes, due 2021 ⁽¹⁾	$	-		$	296
4.20% notes, due 2022 ⁽¹⁾		300			300
4.00% notes, due 2023 ⁽¹⁾		500			500
3.35% notes, due 2025 ⁽¹⁾		300			300
3.625% notes, due 2026 ⁽¹⁾		400			400
3.80% notes, due 2028 ⁽¹⁾		500			500
3.05% notes, due 2030 ⁽¹⁾		500			500
3.40% notes, due 2031 ⁽¹⁾		500			-
6.15% notes, due 2036 ⁽¹⁾		243			243
6.30% notes, due 2037 ⁽¹⁾⁽²⁾		375			375
7.00% notes, due 2040 ⁽¹⁾⁽²⁾		500			500
4.35% notes, due 2048 ⁽¹⁾		450			450
4.375% notes, due 2050 ⁽¹⁾		300			-
Total senior notes		4,868			4,364
Term loans:
LIBOR + 87.5 bps loan, due 2024		250			250
Total term loans		250			250
Capital securities:
LIBOR + 236 bps, due 2066⁽³⁾		722			722
LIBOR + 204 bps, due 2067 ⁽³⁾		491			491
Total capital securities		1,213			1,213
Unamortized premiums (discounts)		(6	)		(4	)
Unamortized debt issuance costs		(38	)		(34	)
Unamortized adjustments from discontinued hedges		370			118
Fair value hedge on interest rate swap agreements		25			160
Total long-term debt	$	6,682		$	6,067

⁽¹⁾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.

⁽²⁾Categorized as operating debt for leverage ratio calculations as the proceeds were primarily used as a long-term structured solution to reduce the strain on increasing statutory reserves associated with secondary guarantee UL and term policies.

⁽³⁾To hedge the variability in rates, we purchased interest rate swaps to lock in a fixed rate of approximately 5% over the remaining terms of the capital securities.

Schedule Of Extinguishment Of Debt



	For the Years Ended December 31,
	2020			2019			2018
Principal balance outstanding prior to payoff ⁽¹⁾	$	796		$	109		$	287
Unamortized debt issuance costs and discounts		(2	)		(1	)		(1	)
Amount paid to retire debt		(809	)		(150	)		(309	)
Gain (loss) on early extinguishment of debt, pre-tax	$	(15	)	$	(42	)	$	(23	)

⁽¹⁾During the second quarter of 2020, we redeemed our $296 million outstanding principal amount of 4.85% senior notes due 2021 and repaid our $500 million LIBOR + 150 bps term loan due 2022 that was issued in the first quarter of 2020. During 2019, we repurchased $105 million of our 6.15% senior notes due 2036 and $4 million of our 4.85% senior notes due 2021. During 2018, we repurchased $287 million of our 8.75% senior notes due 2019.

Future Principal Payments



2021	$	-
2022		300
2023		500
2024		250
2025		300
Thereafter		4,981
Total	$	6,331

Credit facilities and letters of credit



		As of December 31, 2020
	Expiration	Maximum		LOCs
	Date	Available		Issued
Credit Facilities
Five-year revolving credit facility	July 31, 2024	$	2,250	$	219
LOC facility⁽¹⁾	August 26, 2031		990		943
LOC facility⁽¹⁾	October 1, 2031		954		954
Total		$	4,194	$	2,116

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