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CORPORATE AND SUBSIDIARY BORROWINGS | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
CORPORATE AND SUBSIDIARY BORROWINGS | CORPORATE AND SUBSIDIARY BORROWINGS The Comp any has bilateral revolving credit facilities backed by third-party financial institutions. The total available amount on the credit facilities is $1.2 billion (December 31, 2023 – $750 million). The credit facilities bear interest at the specified SOFR, Prime, or bankers’ acceptance rate plus a spread and have maturity dates of June 2025 ($18 million) and June 2029 ($1.2 billion). As of June 30, 2024, $505 million was drawn on the bilateral credit facilities (December 31, 2023 – $430 million). The Company has a $1.0 billion 364-day revolving credit facility, for the purpose of temporarily warehousing investments that will ultimately be transferred into our insurance investment portfolios in the near term. The facility borrowings are secured by the underlying investments related to the credit facility drawings. As of June 30, 2024, the facility had $860 million of borrowings outstanding (December 31, 2023 – $776 million). In April 2022, the Company entered into a $1.0 billion 364-day secured facility. The Company repaid $500 million in April 2023 and $250 million in May 2024. The maturity date on the remaining $250 million was extended to April 2025. The Company also has a credit facility with Brookfield maturing in June 2025 that, as of June 30, 2024, permitted borrowings of up to $400 million under the Brookfield Credit Agreement. As of June 30, 2024 and December 31, 2023, there were no amounts drawn on the facility. Subsidiary borrowings of $2.8 billion relate to debt issued at ANGI and Argo. $1.9 billion matures in 2027 and the remaining $1.0 billion matures between 2032 and 2047. The above noted facilities require the Company and its subsidiaries to maintain minimum net worth covenants. As of June 30, 2024 and December 31, 2023, the Company was in compliance with its financial covenants. The following is the maturity by year on corporate and subsidiary borrowings:
|  | Payments due by year
AS OF JUN. 30, 2024 US$ MILLIONS |  | Total |  | Unamortized discount and issuance costs |  | Less than 1 year |  | 1 - 2 years |  | 2 -3 years |  | 3 - 4 years |  | 4 - 5 years |  | More than 5 years
Corporate borrowings |  | $ | 1,615 |  |  | — |  |  | 1,110 |  |  | — |  |  | — |  |  | — |  |  | 505 |  |  | — |
Subsidiary borrowings |  | $ | 2,846 |  |  | (62) |  |  | — |  |  | — |  |  | 1,900 |  |  | — |  |  | — |  |  | 1,008 |
|  | Payments due by year
AS OF DEC. 31, 2023 US$ MILLIONS |  | Total |  | Unamortized discount and issuance costs |  | Less than 1 year |  | 1 - 2 years |  | 2 -3 years |  | 3 - 4 years |  | 4 - 5 years |  | More than 5 years
Corporate borrowings |  | $ | 1,706 |  |  | — |  |  | 1,276 |  |  | — |  |  | — |  |  | — |  |  | 430 |  |  | — |
Subsidiary borrowings |  | $ | 1,863 |  |  | (46) |  |  | — |  |  | — |  |  | — |  |  | 1,000 |  |  | — |  |  | 909 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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