Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt outstanding was as follows:


(at December 31, in millions)	2020		2019
Short-term:
Commercial paper	$	100	$	100
3.90% Senior notes due November 1, 2020	—		500
Total short-term debt	100		600
Long-term:
7.75% Senior notes due April 15, 2026	200		200
7.625% Junior subordinated debentures due December 15, 2027	125		125
6.375% Senior notes due March 15, 2033	500		500
6.75% Senior notes due June 20, 2036	400		400
6.25% Senior notes due June 15, 2037	800		800
5.35% Senior notes due November 1, 2040	750		750
4.60% Senior notes due August 1, 2043	500		500
4.30% Senior notes due August 25, 2045	400		400
8.50% Junior subordinated debentures due December 15, 2045	56		56
3.75% Senior notes due May 15, 2046	500		500
8.312% Junior subordinated debentures due July 1, 2046	73		73
4.00% Senior notes due May 30, 2047	700		700
4.05% Senior notes due March 7, 2048	500		500
4.10% Senior notes due March 4, 2049	500		500
2.55% Senior notes due April 27, 2050	500		—
Total long-term debt	6,504		6,004
Total debt principal	6,604		6,604
Unamortized fair value adjustment	41		43
Unamortized debt issuance costs	(95)		(89)
Total debt	$	6,550	$	6,558

The following table presents merger-related unamortized fair value adjustments and the related effective interest rate:


				Unamortized Fair Value Purchase Adjustment at December 31,				Effective Interest Rate to Maturity
(in millions)	Issue Rate		Maturity Date	2020		2019
Junior subordinated debentures	7.625	%	Dec. 2027	$	10	$	11	6.147	%
	8.500	%	Dec. 2045	14		14		6.362	%
	8.312	%	Jul. 2046	17		18		6.362	%
Total				$	41	$	43