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SHORT-TERM AND LONG-TERM DEBT | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
SHORT-TERM AND LONG-TERM DEBT | SHORT-TERM AND LONG-TERM DEBT Borrowings Our financial strategy going forward will remain subject to market conditions and other factors. For example, we may from time to time enter into additional bank or other financing arrangements, including public or private debt, structured facilities and contingent capital arrangements, under which we could incur additional indebtedness. The following table sets forth the Company’s total consolidated borrowings. Short-term and long-term debt consists of the following:
| June 30, |  | December 31,
| 2025 |  | 2024
| (in millions)
Short-term debt: |  |  |
Total short-term debt | $ | — |  |  | $ | — |
Long-term debt: |  |  |
Senior Debenture due 2028 | 250 |  |  | 250 |
Senior Note due 2028 | 1,495 |  |  | 1,494 |
Senior Note due 2029 | 305 |  |  | 303 |
Senior Note due 2033 | 497 |  |  | 497 |
Senior Note due 2048 | 1,290 |  |  | 1,289 |
Junior Sub Debt Securities due 2055 | 495 |  |  | — |
Total long-term debt | 4,332 |  |  | 3,833 |
Total short and long-term debt | $ | 4,332 |  |  | $ | 3,833 |
Junior Subordinated Debt Securities On March 26, 2025, Holdings issued $500 million aggregate principal amount of 6.7% Fixed-to-Fixed Reset Rate Junior Subordinated Debt Securities due 2055 (the “Junior Subordinated Debt Securities”). These amounts were recorded net of the underwriting discount and issuance costs of $6 million. Interest will be paid (i) from, and including, March 26, 2025 to, but excluding, March 28, 2035 at the rate of 6.7% per annum and (ii) from, and including, March 28, 2035, during each interest period, at a rate per annum equal to the five-year Treasury rate as of the most recent reset interest determination date, in each case to be reset on each interest reset date, plus 2.4%, payable semi-annually in arrears on March 28 and September 28 of each year, beginning on September 28, 2025, and on the maturity date.

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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 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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