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Debt | 12 Months Ended
--- | ---
Dec. 31, 2017
Debt Disclosure [Abstract] |
Debt | Debt Debt is composed of the following obligations.
December 31 |  |  |
(In millions) | 2017 |  | 2016
Short term debt: |  |  |
Senior notes of CNAF, 6.950%, face amount of $150, due January 15, 2018 | $ | 150 |  |  | $ | — |
Long term debt: |  |  |
Senior notes of CNAF: |  |  |
6.950%, face amount of $150, due January 15, 2018 | — |  |  | 150 |
7.350%, face amount of $350, due November 15, 2019 | — |  |  | 349 |
5.875%, face amount of $500, due August 15, 2020 | 498 |  |  | 498 |
5.750%, face amount of $400, due August 15, 2021 | 398 |  |  | 398 |
3.950%, face amount of $550, due May 15, 2024 | 547 |  |  | 546 |
4.500%, face amount of $500, due March 1, 2026 | 498 |  |  | 498 |
3.450%, face amount of $500, due August 15, 2027 | 495 |  |  | — |
Debenture of CNAF, 7.250%, face amount of $243, due November 15, 2023 | 242 |  |  | 241 |
Subordinated variable rate debt of Hardy, face amount of $30, due September 15, 2036 | 30 |  |  | 30 |
Total long term debt | 2,708 |  |  | 2,710 |
Total debt | $ | 2,858 |  |  | $ | 2,710 |
CCC is a member of the FHLBC. FHLBC membership provides participants with access to additional sources of liquidity through various programs and services. As a requirement of membership in the FHLBC, CCC held $5 million of FHLBC stock as of December 31, 2017 giving it immediate access to approximately $111 million of additional liquidity. As of December 31, 2017 and 2016, CCC had no outstanding borrowings from the FHLBC. During 2015, the Company entered into a five-year $250 million senior unsecured revolving credit facility with a syndicate of banks which may be used for general corporate purposes. At the Company's election, the commitments under the credit agreement may be increased from time to time up to an additional aggregate amount of $100 million. The credit agreement includes several covenants, including maintenance of a minimum consolidated net worth and a defined ratio of consolidated indebtedness to consolidated total capitalization. The minimum consolidated net worth, as defined as of December 31, 2017, was $8.7 billion. As of December 31, 2017 and 2016, the Company had no outstanding borrowings under the credit agreements. The Company's debt obligations contain customary covenants for investment grade issuers. The Company was in compliance with all covenants as of and for the years ended December 31, 2017 and 2016. The combined aggregate maturities for debt as of December 31, 2017 are presented in the following table.
(In millions) |
2018 | $ | 150 |
2019 | — |
2020 | 500 |
2021 | 400 |
2022 | — |
Thereafter | 1,823 |
Less discount | (15 | )
Total | $ | 2,858 |

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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