Long-Term Debt and Credit Facilities (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Principal and Carrying Amounts of Debt

The principal and carrying values of the Company’s debt are presented in the table below.

Principal and Carrying Amounts of Long-Term Debt 

	As of December 31, 2022				As of December 31, 2021
	Principal		Carrying Value		Principal		Carrying Value
	(in millions)
AGUS 7% Senior Notes	$	200	$	198	$	200	$	197
AGUS 5% Senior Notes	330		329		330		329
AGUS 3.15% Senior Notes	500		495		500		495
AGUS 3.6% Senior Notes	400		395		400		395
AGUS Series A Enhanced Junior Subordinated Debentures	150		150		150		150
AGMH Junior Subordinated Debentures (1)	146		108		146		105
AGM Notes Payable	—		—		2		2
Total	$	1,726	$	1,675	$	1,728	$	1,673

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(1)    Carrying amounts are different than principal amounts primarily due to fair value adjustments at the date of the AGMH acquisition, which are accreted into interest expense over the remaining terms of these obligations. Net of AGMH’s long-term debt purchased by AGUS.

Expected Maturity Schedule of Debt

Debt Maturity Schedule (1)

As of December 31, 2022

Year	Principal
	(in millions)
2023	$	—
2024	330
2025	—
2026	—
2027	—
2028-2047	700
2048-2066	696
Total	$	1,726

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(1)    Includes eliminations of AGMH’s debt purchased by AGUS.

The Company’s interest expense was $81 million, $87 million and $85 million for the years ended December 31, 2022, 2021 and 2020, respectively.