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Short-Term and Long-Term Debt (Tables) | 12 Months Ended
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Dec. 31, 2022
Short-Term and Long-Term Debt [Abstract] |
Schedule Of Changes In Debt |
| As of December 31, |  |
| 2022 |  | 2021 |  |
Short-Term Debt |  |  |  |  |  |  |
Current maturities of long-term debt | $ | 500 |  | $ | 300 |  |
Total short-term debt | $ | 500 |  | $ | 300 |  |
Long-Term Debt, Excluding Current Portion |  |  |  |  |  |  |
Senior notes: |  |  |  |  |  |  |
4.00% notes, due 2023 (1) | $ | - |  | $ | 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 |  |
3.40% notes, due 2032 (1) |  | 300 |  |  | - |  |
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 |  | 4,368 |  |  | 4,568 |  |
Term loan due 2024 (3) |  | 250 |  |  | 250 |  |
Subordinated notes: |  |  |  |  |  |  |
LIBOR + 236 bps, due 2066 (4) |  | 562 |  |  | 562 |  |
LIBOR + 204 bps, due 2067 (4) |  | 433 |  |  | 433 |  |
Total subordinated notes |  | 995 |  |  | 995 |  |
Capital securities: |  |  |  |  |  |  |
LIBOR + 236 bps, due 2066 (4) |  | 160 |  |  | 160 |  |
LIBOR + 204 bps, due 2067 (4) |  | 58 |  |  | 58 |  |
Total capital securities |  | 218 |  |  | 218 |  |
Unamortized premiums (discounts) |  | (6 | ) |  | (6 | ) |
Unamortized debt issuance costs |  | (34 | ) |  | (35 | ) |
Unamortized adjustments from discontinued hedges |  | 341 |  |  | 356 |  |
Fair value hedge on interest rate swap agreements |  | (177 | ) |  | (21 | ) |
Total long-term debt | $ | 5,955 |  | $ | 6,325 |  |
(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)The term loan bears interest at LIBOR plus an applicable margin. The applicable margin changed from 87.5 basis points to 112.5 basis points on November 3, 2022. (4)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, |
| 2022 |  | 2021 |  | 2020 |
Principal balance outstanding prior to modification |  |  |  |  |  |  |  |  |
or payoff (1) | $ | - |  | $ | 995 |  | $ | 796 |
Unamortized debt issuance costs and discounts |  | - |  |  | - |  |  | (2 | )
Amount exchanged or paid to modify or retire debt |  | - |  |  | (1,003 | ) |  | (809 | )
Gain (loss) on modification or early |  |  |  |  |  |  |  |  |
extinguishment of debt, pre-tax | $ | - |  | $ | (8 | ) | $ | (15 | )
(1)During 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.
Future Principal Payments |
2023 | $ | 500 |  |
2024 |  | 250 |  |
2025 |  | 300 |  |
2026 |  | 400 |  |
2027 |  | - |  |
Thereafter |  | 4,881 |  |
Total | $ | 6,331 |  |
Credit facilities and letters of credit |
|  |  | As of December 31, 2022 |
| Expiration |  | Maximum |  | LOCs |
| Date |  | Available |  | Issued |
Credit Facilities |  |  |  |  |  |  |  |
Five-year revolving credit facility | June 19, 2026 |  | $ | 2,500 |  | $ | 1,641 |
LOC facility (1) | August 26, 2031 |  |  | 979 |  |  | 948 |
LOC facility (1) | October 1, 2031 |  |  | 891 |  |  | 891 |
Total |  |  | $ | 4,370 |  | $ | 3,480 |
(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 https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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