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Debt (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Debt
Short-term and Long-term Debt by Issuance
As of December 31,
20202019
Revolving Credit Facilities$— $— 
Senior Notes and Debentures  
5.5% Notes, due 2020
— 500 
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 
Junior Subordinated Debentures  
7.875% Notes, due 2042
600 600 
3 Month LIBOR + 2.125% Notes, due 2067 [1]
500 500 
8.125% Notes, due 2068
— — 
Total Notes and Debentures4,482 4,982 
Unamortized discount and debt issuance cost [2](130)(134)
Total Debt4,352 4,848 
Less: Current maturities— 500 
Long-Term Debt
$4,352 $4,348 
[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 $75 and $76 as of December 31, 2020 and 2019, respectively, on the 6.1% Notes, due 2041.
Schedule of Subordinated Borrowing
Junior Subordinated Debentures by Issuance as of December 31, 2020
Issue
7.875% Debentures
3 Month LIBOR + 2.125%
Face Value$600 $500 
Interest Rate [1]7.875 %[2]N/A[3]
Call DateApril 15,
2022		February 15,
2022		[4]
Interest Rate Subsequent to Call Date [2]
3 Month LIBOR + 5.596%
3 Month LIBOR + 2.125%
[5]
Final MaturityApril 15,
2042		February 12,
2067
[1]Interest rate in effect until call date.
[2]Payable quarterly in arrears.
[3]Debentures were issued on the original call date of February 15, 2017. The interest rate is variable and resets quarterly.
[4]Although the original call date was February 15, 2017, a Replacement Capital Covenant associated with the debenture prohibits the Company from redeeming all or any portion of the notes on or prior to February 15, 2022, unless consent from covered bondholders is obtained.
[5]In April 2017, the company entered into an interest rate swap agreement expiring February 15, 2027 to effectively convert the interest payments for the 3 Month LIBOR + 2.125% debenture into fixed interest payments of approximately 4.39%.
Long-Term Debt Maturities
Long-term Debt Maturities (at par value) as of December 31, 2020
2021 - Current maturities$— 
2022$— 
2023$— 
2024$— 
2025$— 
Thereafter$4,482