Short-Term and Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2014

Notes to Financial Statements [Abstract]

Schedule of debt

	As of December 31,
	2014			2013
Short-Term Debt
Current maturities of long-term debt	$	250		$	500
Unamortized premiums (discounts)		-			1
Total short-term debt	$	250		$	501
Long-Term Debt, Excluding Current Portion
Senior notes:
4.30% notes, due 2015	$	-		$	250
LIBOR + 3 bps notes, due 2017 (2)		250			250
7.00% notes, due 2018		200			200
LIBOR + 110 bps loan, due 2018		250			250
8.75% notes, due 2019 (1)		487			487
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
6.15% notes, due 2036 (1)		498			498
6.30% notes, due 2037 (1)(2)		375			375
7.00% notes, due 2040 (1)(2)		500			500
Total senior notes		3,810			4,060
Capital securities:
7.00%, due 2066		722			722
6.05%, due 2067		491			491
Total capital securities		1,213			1,213
Unamortized premiums (discounts)		(12	)		(12	)
Fair value hedge – interest rate swap agreements		259			59
Total unamortized premiums (discounts) and fair value
hedge – interest rate swap agreements		247			47
Total long-term debt	$	5,270		$	5,320

⁽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.

Details underlying the recognition of gain on extinguishment of debt

	For the Years Ended December 31,
	2014		2013		2012
Principal balance outstanding prior to payoff (1)	$	-	$	-	$	15
Unamortized debt issuance costs and discounts prior to payoff		-		-		-
Amount paid to retire		-		-		(20	)
Gain (loss) on extinguishment of debt, pre-tax	$	-	$	-	$	(5	)

⁽¹⁾ During the fourth quarter of 2012, we repurchased $13 million of our 8.75% senior notes due 2019 and $2 million of our 6.15% senior notes due 2036. 

Future principal payments due on long-term debt

2015	$	250
2016		-
2017		250
2018		450
2019		487
Thereafter		3,836
Total	$	5,273

Credit facilities and letters of credit

		As of December 31, 2014
	Expiration	Maximum		LOCs
	Date	Available		Issued
Credit Facilities
Five-year revolving credit facility	May-2018	$	2,500	$	236
LOC facility	Dec-2019		350		350
LOC facility	Mar-2023		139		139
LOC facility	Mar-2023		906		906
LOC facility	Aug-2031		990		836
LOC facility	Oct-2031		1,021		1,012
Total		$	5,906	$	3,479