Debt (Tables)

12 Months Ended

Dec. 31, 2019

Short-term and Long-term Debt by Issuance



	As of December 31,
	2019			2018
Revolving Credit Facilities	$	—		$	—
Senior Notes and Debentures
6.0% Notes, due 2019	—			413
5.5% Notes, due 2020	500			500
5.125% Notes, due 2022	—			800
2.8% Notes, due 2029	600			—
5.95% Notes, due 2036	300			300
6.625% Notes, due 2040	295			295
6.1% Notes, due 2041	409			409
6.625% Notes, due 2042	178			178
4.4% Notes, due 2048	500			500
3.6% Notes, due 2049	800			—
4.3% Notes, due 2043	300			300
Junior Subordinated Debentures
7.875% Notes, due 2042	600			600
3 Month LIBOR + 2.125% Notes, due 2067 [1]	500			500
Total Notes and Debentures	4,982			4,795
Unamortized discount and debt issuance cost [2]	(134		)	(117		)
Total Debt	4,848			4,678
Less: Current maturities	500			413
Long-Term Debt	$	4,348		$	4,265


[1]	In April 2017, the Company entered into an interest rate swap agreement expiring February 15, 2027 to effectively convert the variable interest payments for this debenture into fixed interest payments of approximately 4.39%.

[2]

This amount includes unamortized discount of $76 and $78 as of December 31, 2019 and 2018, respectively, on the 6.1% Notes, due 2041.

Schedule of Subordinated Borrowing

Junior Subordinated Debentures by Issuance as of December 31, 2019



Issue	7.875% Debentures				3 Month LIBOR + 2.125%
Face Value	$	600			$	500
Interest Rate [1]	7.875		%	[2]	N/A		[3]
Call Date	April 15, 2022				February 15, 2022		[4]
Interest Rate Subsequent to Call Date [2]	3 Month LIBOR + 5.596%				3 Month LIBOR + 2.125%		[5]
Final Maturity	April 15, 2042				February 12, 2067


[1]	Interest rate in effect until call date.


[2]	Payable quarterly in arrears.


[3]	Debentures were issued on call date.


[4]	The original call date was February 15, 2017. Replacement Capital Covenant associated with the debenture prohibits the Company from redeeming all or any portion of the notes on or prior to February 15, 2022, unless consent from covered bondholders is obtained.

[5]

In April 2017, the company entered into an interest rate swap agreement expiring February 15, 2027 to effectively convert the interest payments for the 3 Month LIBOR + 2.125% debenture into fixed interest payments of approximately 4.39%.

Long-Term Debt Maturities

Long-term Debt Maturities (at par value) as of December 31, 2019



2020 - Current maturities	$	500
2021	$	—
2022	$	—
2023	$	—
2024	$	—
Thereafter	$	4,482