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Short-Term and Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Changes in Debt
Details underlying short-term and long-term debt (in millions) were as follows:

As of December 31,
20252024
Short-Term Debt
Current maturities of long-term debt$400 $300 
Total short-term debt$400 $300 
Long-Term Debt, Excluding Current Portion
Senior notes:
3.625% notes, due 2026 (1)
$– $400 
3.80% notes, due 2028 (1)
500 500 
3.05% notes, due 2030 (1)
466 500 
2.330% notes, due 2030 (1)
500 – 
3.40% notes, due 2031 (1)
500 500 
3.40% notes, due 2032 (1)
300 300 
5.852% notes, due 2034 (1)
350 350 
5.350% notes, due 2035 (1)
500 – 
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)
321 450 
4.375% notes, due 2050 (1)
164 300 
Total senior notes4,719 4,418 
Term loans:
Variable rate, due 2027 (3)
150 150 
Total term loans150 150 
Subordinated notes:
Variable rate, due 2066 (4)
465 562 
Variable rate, due 2067 (5)
336 433 
Total subordinated notes801 995 
Capital securities:
Variable rate, due 2066 (6)
139 160 
Variable rate, due 2067 (7)
53 58 
Total capital securities192 218 
Unamortized premiums (discounts)(77)(6)
Unamortized debt issuance costs(32)(30)
Unamortized adjustments from discontinued hedges278 310 
Fair value hedge on interest rate swap agreements(165)(199)
Total long-term debt$5,866 $5,856 
(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) Secured Overnight Financing Rate (“SOFR”)-based interest rates, plus an applicable transition spread of 10 basis points and credit spread of 137.5 basis points as of December 31, 2025 and 2024.
(4) 3-Month ISDA SOFR-based interest rates, plus a credit spread of 236 basis points.
(5) 3-Month ISDA SOFR-based interest rates, plus a credit spread of 204 basis points.
(6) 3-Month Term SOFR-based interest rates, plus a transition spread of 26.161 basis points and a credit spread of 236 basis points.
(7) 3-Month Term SOFR-based interest rates, plus a transition spread of 26.161 basis points and a credit spread of 204 basis points.
Schedule of Extinguishment of Debt
Details underlying the recognition of a gain (loss) on the early extinguishment of debt (in millions) reported within interest expense on
our Consolidated Statements of Comprehensive Income (Loss) were as follows:

For the Years Ended December 31,
202520242023
Principal balance outstanding prior to repurchase (1)
$519 $– $– 
Unamortized debt issuance costs and discounts(4)– – 
Amount paid to repurchase debt(421)– – 
Gain (loss) on early extinguishment of debt, pre-tax$94 $– $– 

(1) In May 2025, pursuant to a tender offer, we repurchased $34 million of our 3.05% Senior Notes due 2030, $129 million of our 4.35% Senior Notes due 2048, $136 million of our 4.375% Senior Notes due 2050, $97 million of our Subordinated Notes due 2066, $97 million of our Subordinated Notes due 2067, $21 million of our Capital Securities due 2066 and $5 million of our Capital Securities due 2067.
Future Principal Payments
Future principal payments due on long-term debt (in millions) as of December 31, 2025, were as follows:

2026$400 
2027150 
2028500 
2029– 
2030966 
Thereafter4,246 
Total$6,262