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Debt (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Schedule of Debt | Long-term Debt by Issuance
| As of December 31, |
| 2022 | 2021 |
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 |  | 600 |  |
Junior Subordinated Debentures |  |  |
7.875% Notes, due 2042 | — |  | 600 |  |
3 Month LIBOR + 2.125% Notes, due 2067 [1] | 500 |  | 500 |  |
Total Notes and Debentures | 4,482 |  | 5,082 |  |
Unamortized discount and debt issuance cost [2] | (125) |  | (138) |  |
Total Debt | 4,357 |  | 4,944 |  |
Less: Current maturities | — |  | — |  |
Long-Term Debt | $ | 4,357 |  | $ | 4,944 |  |
[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 $72 and $74 as of December 31, 2022 and 2021, respectively, on the 6.1% Notes, due 2041.
Schedule of Subordinated Borrowing | Junior Subordinated Debentures by Issuance as of December 31, 2022
Issue |  | 3 Month LIBOR + 2.125%
Face Value |  | $ | 500 |  |
Interest Rate [1] |  |  | 3 Month LIBOR + 2.125% | [2]
Call Date |  | February 15, 2022 | [3]
Final Maturity |  | February 12, 2067 |
[1]Payable quarterly in arrears. [2]Debentures were issued on the original call date of February 15, 2017. The interest rate is variable and resets quarterly. 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%. [3]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.
Long-Term Debt Maturities | Long-term Debt Maturities (at par value) as of December 31, 2022
2023 - Current maturities | $ | — |
2024 | $ | — |
2025 | $ | — |
2026 | $ | — |
2027 | $ | — |
Thereafter | $ | 4,482 |

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