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Short-Term and Long-Term Debt (Tables) | 12 Months Ended
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Dec. 31, 2021
Short-Term and Long-Term Debt [Abstract] |
Schedule Of Changes In Debt | As of December 31, 2021 2020 Short-Term Debt Current maturities of long-term debt$300 $ - Total short-term debt$ 300 $ - Long-Term Debt, Excluding Current Portion Senior notes: 4.20% notes, due 2022 (1)$ - $ 300 4.00% notes, due 2023 (1) 500 500 3.35% notes, due 2025 (1) 300 300 3.625% notes, due 2026 (1) 400 400 3.80% notes, due 2028 (1) 500 500 3.05% notes, due 2030 (1) 500 500 3.40% notes, due 2031 (1) 500 500 6.15% notes, due 2036 (1) 243 243 6.30% notes, due 2037 (1)(2) 375 375 7.00% notes, due 2040 (1)(2) 500 500 4.35% notes, due 2048 (1) 450 450 4.375% notes, due 2050 (1) 300 300 Total senior notes 4,568 4,868 Term loans: LIBOR + 87.5 bps loan, due 2024 250 250 Total term loans 250 250 Subordinated notes: LIBOR + 236 bps, due 2066 (3) 562 - LIBOR + 204 bps, due 2067 (3) 433 - Total subordinated notes 995 - Capital securities: LIBOR + 236 bps, due 2066 (3) 160 722 LIBOR + 204 bps, due 2067 (3) 58 491 Total capital securities 218 1,213 Unamortized premiums (discounts) (6) (6) Unamortized debt issuance costs (35) (38) Unamortized adjustments from discontinued hedges 356 370 Fair value hedge on interest rate swap agreements (21) 25 Total long-term debt$ 6,325 $ 6,682 (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 primarily used as a long-term structured solution to reduce the strain on increasing statutory reserves associated with secondary guarantee UL and term policies.(3)To hedge the variability in rates, we purchased interest rate swaps to lock in a fixed rate of approximately 5% over the remaining terms of the subordinated notes and capital securities.
Schedule Of Extinguishment Of Debt | For the Years Ended December 31, 2021 2020 2019 Principal balance outstanding prior to modification or payoff (1)$ 995 $ 796 $ 109 Unamortized debt issuance costs and discounts - (2) (1)Amount exchanged or paid to modify or retire debt (1,003) (809) (150)Gain (loss) on modification or early extinguishment of debt, pre-tax$ (8)$ (15)$ (42) (1)During the third quarter of 2021, we completed the exchange of a portion of our outstanding capital securities for newly issued subordinated notes. In connection with the exchange offer, we solicited and received the requisite number of consents to amend the indentures governing the remaining outstanding capital securities to eliminate various terms and conditions and other provisions, including the covenant that required us to make interest payments in accordance with an alternative coupon satisfaction mechanism upon the occurrence of certain trigger events. During 2020, we redeemed our $296 million outstanding principal amount of 4.85% senior notes due 2021 and repaid our $500 million LIBOR + 150 bps term loan due 2022. During 2019, we repurchased $105 million of our 6.15% senior notes due 2036 and $4 million of our 4.85% senior notes due 2021.
Future Principal Payments | 2022$ 300 2023 500 2024 250 2025 300 2026 400 Thereafter 4,581 Total$ 6,331
Credit facilities and letters of credit | As of December 31, 2021 Expiration Maximum LOCs Date Available Issued Credit Facilities Five-year revolving credit facilityJune 19, 2026 $ 2,500 $ 15 LOC facility (1)August 26, 2031 983 926 LOC facility (1)October 1, 2031 920 920 Total $ 4,403 $ 1,861 (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://fasb.org/us-gaap/role/ref/legacyRef -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=120391452&loc=d3e13212-122682 + Details
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