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Debt | 12 Months Ended
--- | ---
Dec. 31, 2024
Debt Disclosure [Abstract] |
Debt | Debt Debt is composed of the following long-term obligations.
December 31 |  |  |
(In millions) | 2024 |  | 2023
Short-term debt: |  |  |
Senior notes of CNAF: 3.950%, face amount of $550, due May 15, 2024 | $ | — |  |  | $ | 550 |
Long-term debt: |  |  |
Senior notes of CNAF: |  |  |
4.500%, face amount of $500, due March 1, 2026 | 500 |  |  | 500 |
3.450%, face amount of $500, due August 15, 2027 | 498 |  |  | 498 |
3.900%, face amount of $500, due May 1, 2029 | 498 |  |  | 497 |
2.050%, face amount of $500, due August 15, 2030 | 497 |  |  | 496 |
5.500%, face amount of $500, due June 15, 2033 | 491 |  |  | 490 |
5.125%, face amount of $500, due February 15, 2034 | 489 |  |  | — |
Total long-term debt | 2,973 |  |  | 2,481 |
Total debt | $ | 2,973 |  |  | $ | 3,031 |
CCC is a member of the Federal Home Loan Bank of Chicago (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, 2024 giving it immediate access to approximately $108 million of additional liquidity. As of December 31, 2024 and 2023, CCC had no outstanding borrowings from the FHLBC. During 2023, the Company amended and restated its existing credit agreement with a syndicate of banks. The agreement provides a five-year $250 million senior unsecured revolving credit facility which is intended to be used for general corporate purposes. At the Company's election, the commitments under the agreement may be increased from time to time up to an additional aggregate amount of $100 million, and two one-year extensions are available prior to any anniversary of the closing date, each subject to applicable consents. Under the agreement, the Company is required to pay a facility fee which would adjust in the event of a change in the Company's ratio of consolidated indebtedness to consolidated total capitalization, calculated in accordance with the agreement. The agreement includes several covenants, including maintenance of a minimum consolidated net worth and a specified ratio of consolidated indebtedness to consolidated total capitalization. The minimum consolidated net worth, as defined, at December 31, 2024, was $8.7 billion. The calculation of minimum consolidated net worth excludes AOCI. As of December 31, 2024 and 2023, the Company had no outstanding borrowings under the credit agreement. 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, 2024 and 2023. The combined aggregate maturities for debt as of December 31, 2024 are presented in the following table.
(In millions) |
2025 | $ | — |
2026 | 500 |
2027 | 500 |
2028 | — |
2029 | 500 |
Thereafter | 1,500 |
Less: discount | (27) |
Total | $ | 2,973 |

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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 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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