Short-Term and Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2019

Short-Term and Long-Term Debt [Abstract]



	As of December 31,
	2019			2018
Short-Term Debt
Current maturities of long-term debt	$	300		$	-
Total short-term debt	$	300		$	-

Long-Term Debt, Excluding Current Portion
Senior notes:
6.25% notes, due 2020 ⁽¹⁾	$	-		$	300
4.85% notes, due 2021 ⁽¹⁾		296			300
4.20% notes, due 2022 ⁽¹⁾		300			300
LIBOR + 100 bps loan, due 2023		-			200
4.00% notes, due 2023 ⁽¹⁾		500			500
LIBOR + 87.5 bps loan, due 2024		250			-
3.35% notes, due 2025 ⁽¹⁾		300			300
3.63% notes, due 2026 ⁽¹⁾		400			400
3.80% notes, due 2028 ⁽¹⁾		500			500
3.05% notes, due 2030 ⁽¹⁾		500			-
6.15% notes, due 2036 ⁽¹⁾		243			348
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
Total senior notes		4,614			4,473

Capital securities:
LIBOR + 236 bps, due 2066⁽³⁾		722			722
LIBOR + 204 bps, due 2067 ⁽³⁾		491			491
Total capital securities		1,213			1,213
Unamortized premiums (discounts)		(4	)		(3	)
Unamortized debt issuance costs		(34	)		(33	)
Unamortized adjustments from discontinued hedges		118			123
Fair value hedge on interest rate swap agreements		160			66
Total long-term debt	$	6,067		$	5,839

⁽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 capital securities.

Schedule Of Extinguishment Of Debt



	For the Years Ended December 31,
	2019			2018			2017
Principal balance outstanding prior to payoff ⁽¹⁾	$	109		$	287		$	-
Unamortized debt issuance costs and discounts		(1	)		(1	)		5
Amount paid to retire debt		(150	)		(309	)		-
Gain (loss) on early extinguishment of debt, pre-tax	$	(42	)	$	(23	)	$	5

⁽¹⁾During the third quarter of 2019, we repurchased $105 million of our 6.15% senior notes due 2036 and $4 million of our 4.85% senior notes due 2021. During the first quarter of 2018, we repurchased $287 million of our 8.75% senior notes due 2019.

Future Principal Payments



2020	$	300
2021		296
2022		300
2023		500
2024		250
Thereafter		4,481
Total	$	6,127

Credit facilities and letters of credit



		As of December 31, 2019
	Expiration	Maximum		LOCs
	Date	Available		Issued
Credit Facilities
Five-year revolving credit facility	July 31, 2024	$	2,250	$	346
LOC facility⁽¹⁾	August 26, 2031		990		965
LOC facility⁽¹⁾	October 1, 2031		982		982
Total		$	4,222	$	2,293

⁽¹⁾Our wholly-owned subsidiaries entered into irrevocable LOC facility agreements with third-party lenders supporting inter-company reinsurance agreements.