Debt (Tables)

12 Months Ended

Dec. 31, 2021

Long-term Debt by Issuance


	As of December 31,
	2021		2020
Revolving Credit Facilities	$	—	$	—
Senior Notes and Debentures






2.8% Notes, due 2029	600		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
4.3% Notes, due 2043	300		300
4.4% Notes, due 2048	500		500
3.6% Notes, due 2049	800		800
2.9% Notes, due 2051	600		—
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	5,082		4,482
Unamortized discount and debt issuance cost [2]	(138)		(130)
Total Debt	4,944		4,352
Less: Current maturities	—		—
Long-Term Debt	$	4,944	$	4,352

[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 $74 and $75 as of December 31, 2021 and 2020, respectively, on the 6.1% Notes, due 2041.

Schedule of Subordinated Borrowing

Junior Subordinated Debentures by Issuance as of December 31, 2021

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 the original call date of February 15, 2017. The interest rate is variable and resets quarterly.

[4]Although the original call date was February 15, 2017, a 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, 2021


2022 - Current maturities	$	—
2023	$	—
2024	$	—
2025	$	—
2026	$	—
Thereafter	$	5,082