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Short-Term and Long-Term Debt (Tables) | 12 Months Ended
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Dec. 31, 2017
Short-Term and Long-Term Debt [Abstract] |
Schedule of Debt |
﻿ |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |
﻿ | As of December 31, |  |
﻿ | 2017 |  | 2016 |  |
﻿Short-Term Debt |  |  |  |  |  |  |
﻿Current maturities of long-term debt | $ | 450 |  | $ | - |  |
﻿Total short-term debt | $ | 450 |  | $ | - |  |
﻿ |  |  |  |  |  |  |
﻿Long-Term Debt, Excluding Current Portion |  |  |  |  |  |  |
﻿Senior notes: |  |  |  |  |  |  |
﻿7.00% notes, due 2018 | $ | - |  | $ | 200 |  |
﻿LIBOR + 110 bps loan, due 2018 |  | - |  |  | 250 |  |
﻿8.75% notes, due 2019 (1) |  | 287 |  |  | 287 |  |
﻿6.25% notes, due 2020 (1) |  | 300 |  |  | 300 |  |
﻿4.85% notes, due 2021 (1) |  | 300 |  |  | 300 |  |
﻿4.20% notes, due 2022 (1) |  | 300 |  |  | 300 |  |
﻿4.00% notes, due 2023 (1) |  | 350 |  |  | 350 |  |
﻿3.35% notes, due 2025 (1) |  | 300 |  |  | 300 |  |
﻿3.63% notes, due 2026 (1) |  | 400 |  |  | 400 |  |
﻿6.15% notes, due 2036 (1) |  | 348 |  |  | 348 |  |
﻿6.30% notes, due 2037 (1)(2) |  | 375 |  |  | 375 |  |
﻿7.00% notes, due 2040 (1)(2) |  | 500 |  |  | 500 |  |
﻿Total senior notes |  | 3,460 |  |  | 3,910 |  |
﻿ |  |  |  |  |  |  |
﻿Capital securities: |  |  |  |  |  |  |
﻿LIBOR + 236 bps, due 2066 (3) |  | 722 |  |  | 722 |  |
﻿LIBOR + 204 bps, due 2067 (3) |  | 491 |  |  | 491 |  |
﻿Total capital securities |  | 1,213 |  |  | 1,213 |  |
﻿Unamortized premiums (discounts) |  | (8 | ) |  | (9 | ) |
﻿Unamortized debt issuance costs |  | (25 | ) |  | (27 | ) |
﻿Fair value hedge – interest rate swap agreements |  | 254 |  |  | 258 |  |
﻿Total unamortized premiums (discounts), unamortized debt |  |  |  |  |  |  |
﻿issuance costs and fair value hedge on interest rate swap agreements |  | 221 |  |  | 222 |  |
﻿Total long-term debt | $ | 4,894 |  | $ | 5,345 |  |
﻿
| (1) |  | We have the option to repurchase the outstanding notes by paying the greater of 100% of the principal amount of the notes to be redeemed or the make-whole amount (as defined in each note agreement), plus in each case any accrued and unpaid interest as of the date of redemption.
| (2) |  | Categorized as operating debt for leverage ratio calculations as the proceeds were used as a long-term structured solution to reduce the strain on increasing statutory reserves associated with secondary guarantee UL and term policies.
| (3) |  | In May 2016, the capital securities due 2066 changed from a 7.00% fixed rate to a floating rate of LIBOR + 236 bps. In April 2017, the capital securities due 2067 changed from a 6.05% fixed rate to a floating rate of LIBOR + 204 bps. To hedge the variability in rates, we purchased forward starting swaps to lock in a fixed rate of approximately 5% over the remaining terms of the capital securities, respectively.
Details underlying the recognition of gain on extinguishment of debt |
﻿ |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |
﻿ | For the Years Ended December 31, |
﻿ | 2017 |  | 2016 |  | 2015 |
﻿Principal balance outstanding prior to payoff (1) | $ | - |  | $ | 350 |  | $ | - |
﻿Unamortized debt issuance costs and discounts prior to payoff |  | 5 |  |  | (3 | ) |  | - |
﻿Amount paid to retire debt |  | - |  |  | (410 | ) |  | - |
﻿Gain (loss) on early extinguishment of debt, pre-tax | $ | 5 |  | $ | (63 | ) | $ | - |
﻿
| (1) |  | During the fourth quarter of 2016, we repurchased $200 million of our 8.75% s enior notes due 2019 and $150 million of our 6.15% senior notes due 2036.
Future principal payments due on long-term debt |
﻿ |  |  |  |
﻿ |  |  |  |
﻿2018 | $ | 450 |  |
﻿2019 |  | 287 |  |
﻿2020 |  | 300 |  |
﻿2021 |  | 300 |  |
﻿2022 |  | 300 |  |
﻿Thereafter |  | 3,486 |  |
﻿Total | $ | 5,123 |  |
﻿
Credit facilities and letters of credit |
﻿ |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |
﻿ |  |  | As of December 31, 2017 |
﻿ | Expiration |  | Maximum |  | LOCs |
﻿ | Date |  | Available |  | Issued |
﻿Credit Facilities |  |  |  |  |  |  |  |
﻿Five-year revolving credit facility | Jun-2021 |  | $ | 2,500 |  | $ | 281 |
﻿LOC facility (1) | Dec-2019 |  |  | 350 |  |  | 350 |
﻿LOC facility (1) | Aug-2031 |  |  | 990 |  |  | 945 |
﻿LOC facility (1) | Oct-2031 |  |  | 1,023 |  |  | 1,020 |
﻿Total |  |  | $ | 4,863 |  | $ | 2,596 |
﻿
| (1) |  | Our wholly-owned subsidiaries entered into irrevocable LOC facility agreements with third-party lenders supporting inter-company reinsurance agreements.
﻿

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- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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