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Commitments, Contingencies and Off-Balance Sheet Arrangements | 3 Months Ended
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Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract] |
Commitments, Contingencies and Off-Balance Sheet Arrangements | Commitments, Contingencies and Off-Balance Sheet Arrangements In connection with our investing and operating activities, we have entered into certain contractual obligations and commitments. Our future minimum cash payments, including interest, associated with our contractual obligations pursuant to the Senior Notes, Note Purchase Agreements, Credit Agreement, Premium Financing Debt Facility, operating leases and purchase obligations at March 31, 2026 were as follows (in millions):
|  | Payments Due by Period
Contractual Obligations |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 |  | Thereafter |  | Total
Senior Notes |  | $ | — |  |  | $ | 750 |  |  | $ | — |  |  | $ | 750 |  |  | $ | — |  |  | $ | 8,050 |  |  | $ | 9,550 |
Note Purchase Agreements |  | 325 |  |  | 478 |  |  | 200 |  |  | 350 |  |  | 466 |  |  | 1,189 |  |  | 3,008 |
Credit Agreement |  | 285 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 285 |
Premium Financing Debt Facility |  | 156 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 156 |
Interest on debt |  | 386 |  |  | 593 |  |  | 539 |  |  | 528 |  |  | 473 |  |  | 6,117 |  |  | 8,636 |
Total debt obligations |  | 1,152 |  |  | 1,821 |  |  | 739 |  |  | 1,628 |  |  | 939 |  |  | 15,356 |  |  | 21,635 |
Operating lease obligations |  | 120 |  |  | 148 |  |  | 113 |  |  | 88 |  |  | 77 |  |  | 191 |  |  | 737 |
Less sublease arrangements |  | (3) |  |  | (2) |  |  | (2) |  |  | (1) |  |  | — |  |  | — |  |  | (8) |
Outstanding purchase obligations |  | 233 |  |  | 246 |  |  | 94 |  |  | 66 |  |  | 34 |  |  | 65 |  |  | 738 |
Total contractual obligations |  | $ | 1,502 |  |  | $ | 2,213 |  |  | $ | 944 |  |  | $ | 1,781 |  |  | $ | 1,050 |  |  | $ | 15,612 |  |  | $ | 23,102 |
The amounts presented in the table above may not necessarily reflect our actual future cash funding requirements, because the actual timing of the future payments made may vary from the stated contractual obligation. For details on the nature of Commitments, Contingencies and Off-Balance Sheet Arrangements please refer to Note 15 of our Annual Report on Form 10-K for the year ended December 31, 2025. Off-Balance Sheet Commitments - Our total unrecorded commitments associated with outstanding letters of credit, financial guarantees and funding commitments as of March 31, 2026 were as follows (in millions):
|  | Amount of Commitment Expiration by Period |  | Total Amounts Committed
Off-Balance Sheet Commitments |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 |  | Thereafter |
Letters of credit |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 14 |  |  | $ | 14 |
Financial guarantees |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 49 |  |  | 49 |
Total commitments |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 63 |  |  | $ | 63 |
Litigation, Regulatory and Taxation Matters - We routinely are involved in legal proceedings, claims, disputes, regulatory matters and governmental inspections or investigations arising in the ordinary course of or incidental to our business, including E&O claims and those noted below in this section. We record accruals in the unaudited consolidated financial statements for pending litigation when we determine that an unfavorable outcome is probable and the amount of the loss can be reasonably estimated. For the matters we disclose that do not include an estimate of the amount of loss or range of losses, such an estimate is not possible or is immaterial, and we may be unable to estimate the possible loss or range of losses that could potentially result from the application of non-monetary remedies, unless disclosed below. We currently believe that the ultimate outcome of these proceedings, individually and in the aggregate, will not materially harm our financial position, results of operations or cash flows. However, legal proceedings and government investigations are subject to inherent uncertainties, and unfavorable rulings or other adverse events could occur, including the payment of substantial monetary damages or an injunction or other order prohibiting us from selling one or more products at all or in particular ways, precluding particular business practices or requiring other remedies, which may result in a material adverse impact on our business, results of operations or financial position. As previously disclosed, our IRC 831(b) (or “micro-captive”) advisory services business has been under a promoter investigation by the IRS since 2013. Among other matters, the IRS is investigating whether we have been acting as a tax shelter promoter in connection with these operations. Additionally, the IRS is conducting a criminal investigation related to IRC 831(b) micro-captive underwriting enterprises. We have been advised that we are not a target of the criminal investigation. We are fully cooperating with both matters. Contingent Liabilities - The contingent liabilities at March 31, 2026 are not material and have not changed materially since the filing of the Annual Report on Form 10-K for the year ended December 31, 2025.

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