Short-Term Borrowings and Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Outstanding Short Term Borrowings and Long Term Debt

The following table represents outstanding short-term borrowings and long-term debt at December 31, 2021 and December 31, 2020:

				Carrying Value
(Dollars in millions)	Maturity	Principal value at December 31, 2021		December 31, 2021		December 31, 2020
Short-term borrowings:
Securities sold under agreement to repurchase	(1)	$	61	$	61	$	—
Other short-term borrowings	(2)	60		60		21
Total short-term borrowings				$	121	$	21
Long-term debt:
3.50% Senior Notes due 2025	January 29, 2025	$	350	$	349	$	349
3.125% Senior Notes due 2030	June 5, 2030	500		496		495
1.800% Senior Notes due 2031	February 2, 2031	500		494		—
2.100% Senior Notes due 2028	May 15, 2028	500		496		—
1.800% Senior Notes due 2026	October 28, 2026	650		645		—
Junior subordinated debentures	Various	100		90		—
Total long-term debt				$	2,570	$	844

(1)Securities sold under repurchase agreements are effectively short-term borrowings collateralized by U.S. Treasury securities and U.S. agency securities.

(2)Represents cash collateral received from certain counterparties in relation to market value exposures of derivative contracts in our favor.

Aggregate Annual Maturities of Long-Term Debt Obligations

The aggregate annual maturities of long-term debt obligations as of December 31, 2021 are as follows:

Year ended December 31, (Dollars in millions)	Amount
2022	$	—
2023	—
2024	—
2025	349
2026	645
2027 and thereafter	1,576
Total	$	2,570