DEBT

12 Months Ended

Dec. 31, 2021

DEBT

DEBT

14. Debt

Our long-term debt is denominated in various currencies, with both fixed and variable interest rates. Long-term debt is carried at the principal amount borrowed, including unamortized discounts, hedge accounting valuation adjustments and fair value adjustments, when applicable.

The following table lists our total debt outstanding at December 31, 2021 and 2020. The interest rates presented in the following table are the range of contractual rates in effect at December 31, 2021, including fixed and variable-rates:

				Balance at		Balance at
At December 31, 2021	Range of	Maturity		December 31,		December 31,
(in millions)	Interest Rate(s)	Date(s)			2021		2020
Debt issued or guaranteed by AIG:
AIG general borrowings:
Notes and bonds payable	0% - 8.13%		2022 - 2055	$	19,633	$	23,068
Junior subordinated debt	4.88% - 8.18%		2037 - 2058		1,164		1,561
AIG Japan Holdings Kabushiki Kaisha	0.20% - 0.35%		2023 - 2025		333		361
AIGLH notes and bonds payable	6.63% - 7.50%		2025 - 2029		199		282
AIGLH junior subordinated debt	7.57% - 8.50%		2030 - 2046		227		361
Validus notes and bonds payable	8.88%		2040		293		348
Total AIG general borrowings					21,849		25,981
AIG borrowings supported by assets:(a)
Series AIGFP matched notes and bonds payable	0.175% - 0.18%		2046		18		21
GIAs, at fair value	0.00% - 7.15%		2022 - 2047		1,803		2,033
Notes and bonds payable, at fair value	0.50% - 10.37%		2030 - 2037		68		64
Total AIG borrowings supported by assets					1,889		2,118
Total debt issued or guaranteed by AIG					23,738		28,099
Other subsidiaries notes, bonds, loans and mortgages
payable - not guaranteed by AIG	2.76% - 5.70%		2022 - 2024		3		4
Total long-term debt					23,741		28,103
Debt of consolidated investment entities - not guaranteed by AIG(b)	0% - 7.95%		2022 - 2051		6,422		9,431
Total debt				$	30,163	$	37,534

(a) AIG Parent guarantees all such debt, except for Series AIGFP matched notes and bonds payable, which are direct obligations of AIG Parent. Collateral posted to third parties was $1.4 billion at both December 31, 2021 and December 31, 2020, respectively. This collateral primarily consists of securities of the U.S. government and government sponsored entities and generally cannot be repledged or resold by the counterparties.

(b)At December 31, 2021, includes debt of consolidated investment entities primarily related to real estate investments of $1.9 billion and other securitization vehicles of $4.5 billion. At December 31, 2020, includes debt of consolidated investment entities related to real estate investments of $3.1 billion, affordable housing partnership investments of $2.3 billion and other securitization vehicles of $4.0 billion.

The following table presents maturities of long-term debt (including unamortized original issue discount, hedge accounting valuation adjustments and fair value adjustments, when applicable):

December 31, 2021			Year Ending
(in millions)		Total		2022		2023		2024		2025		2026		Thereafter
Debt issued or guaranteed by AIG:
AIG general borrowings:
Notes and bonds payable	$	19,633	$	17	$	1,614	$	999	$	2,752	$	1,543	$	12,708
Junior subordinated debt		1,164		-		-		-		-		-		1,164
AIG Japan Holdings Kabushiki Kaisha		333		-		218		-		115		-		-
AIGLH notes and bonds payable		199		-		-		-		101		-		98
AIGLH junior subordinated debt		227		-		-		-		-		-		227
Validus notes and bonds payable		293		-		-		-		-		-		293
Total AIG general borrowings		21,849		17		1,832		999		2,968		1,543		14,490
AIG borrowings supported by assets:
Series AIGFP matched notes and
bonds payable		18		-		-		-		-		-		18
GIAs, at fair value		1,803		50		124		146		571		100		812
Notes and bonds payable, at fair value		68		-		-		-		-		-		68
Total AIG borrowings supported by assets		1,889		50		124		146		571		100		898
Total debt issued or guaranteed by AIG		23,738		67		1,956		1,145		3,539		1,643		15,388
Debt not guaranteed by AIG:
Other subsidiaries notes, bonds, loans
and mortgages payable		3		1		2		-		-		-		-
Total debt not guaranteed by AIG		3		1		2		-		-		-		-
Total*	$	23,741	$	68	$	1,958	$	1,145	$	3,539	$	1,643	$	15,388

*Does not reflect $6.4 billion of notes issued by consolidated investment entities, for which recourse is limited to the assets of the respective investment entities and for which there is no recourse to the general credit of AIG.

Uncollateralized and collateralized notes, bonds, loans and mortgages payable consisted of the following:

		Uncollateralized		Collateralized
At December 31, 2021		Notes/Bonds/Loans		Loans and
(in millions)		Payable		Mortgages Payable		Total
AIG general borrowings	$	333	$	-	$	333
Other subsidiaries notes, bonds, loans and mortgages payable*		-		3		3
Total	$	333	$	3	$	336

*AIG does not guarantee any of these borrowings.

AIGLH Junior Subordinated Debentures

In connection with our acquisition of AIG Life Holdings, Inc. (AIGLH) in 2001, we entered into arrangements with AIGLH with respect to outstanding AIGLH capital securities. In 1996, AIGLH issued capital securities through a trust to institutional investors and funded the trust with AIGLH junior subordinated debentures issued to the trust with the same terms as the capital securities.

On July 11, 2013, the AIGLH junior subordinated debentures were distributed to holders of the capital securities, the capital securities were cancelled and the trusts were dissolved. At December 31, 2021, the junior subordinated debentures outstanding consisted of $54 million of 8.5 percent junior subordinated debentures due July 2030, $142 million of 8.125 percent junior subordinated debentures due March 2046 and $31 million of 7.57 percent junior subordinated debentures due December 2045, each guaranteed by AIG Parent.

DEBT CASH TENDER OFFERS AND REDEMPTIONS

In 2021, we repurchased, through cash tender offers, and redeemed $4.0 billion aggregate principal amount of certain notes and debentures issued or guaranteed by AIG, for an aggregate purchase price of $4.4 billion, resulting in a total loss on extinguishment of debt of $408 million. This included the following:

 redeemed $1.5 billion aggregate principal amount of our 3.300% Notes Due 2021 for a redemption price of 100 percent of the principal amount, plus accrued and unpaid interest;

 repurchased, through cash tender offers, $945 million aggregate principal amount of certain notes and debentures issued or guaranteed by AIG for an aggregate purchase price of approximately $1.3 billion; and

 redeemed $1.5 billion aggregate principal amount of our 4.875% Notes Due 2022 for a redemption price of 103.156 percent of the principal amount, plus accrued and unpaid interest.

Credit Facilities

On November 19, 2021, we entered into a credit agreement, which provides for a committed, revolving syndicated credit facility (the Facility) as a potential source of liquidity for general corporate purposes. The Facility provides for aggregate commitments by the bank syndicate to provide unsecured revolving loans and/or standby letters of credit of up to $4.5 billion without any limits on the type of borrowings and is scheduled to expire in November 2026. Under circumstances described in the credit agreement, the aggregate commitments may be increased by up to $500 million, for a total commitment of up to $5 billion.

In connection with our entry into the aforementioned credit agreement, we terminated our prior $4.5 billion credit facility, which we previously entered into on June 27, 2017. No amounts were outstanding under this credit agreement at the time of its termination.

At December 31, 2021				Available		Effective
(in millions)		Size		Amount	Expiration	Date
Syndicated Credit Facility	$	4,500	$	4,500	November 2026	11/19/2021

We also maintain revolving credit facilities that can be utilized exclusively by certain consolidated investment entities to acquire assets related to securitizations. Draws under those credit facilities cannot be utilized for general corporate purposes. Prior to the pricing of the related securitizations, these credit facilities have combined limits of up to $636 million. Subsequent to pricing of the related securitizations, the combined limits are expected to increase to up to approximately $1.4 billion. As of December 31, 2021, we have drawn $57 million under the credit facilities. These credit facilities have maturity dates ranging from one to ten years.