Short-Term and Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

Details underlying short-term and long-term debt (in millions) were as follows:

	As of December 31,
	2023		2022
Short-Term Debt
Current maturities of long-term debt	$	50	$	—
Short-term debt (1)	790		562
Total short-term debt	$	840	$	562
Long-Term Debt, Excluding Current Portion
9.76% surplus note, due 2024	$	—	$	50
6.03% surplus note, due 2028	750		750
6.56% surplus note, due 2028	500		500
SOFR + 111 bps surplus note, due 2028	71		71
SOFR + 226 bps surplus note, due 2028	544		568
SOFR + 200 bps surplus note, due 2035	30		30
SOFR + 155 bps surplus note, due 2037	25		25
4.20% surplus note, due 2037	50		50
SOFR + 100 bps surplus note, due 2037	154		154
4.225% surplus note, due 2037	28		28
4.00% surplus note, due 2037	30		30
4.50% surplus note, due 2038	13		13
Total long-term debt	$	2,195	$	2,269

(1) The short-term debt represents short-term notes payable to LNC.

Future Principal Payments

Future principal payments due on long-term debt (in millions) as of December 31, 2023, were as follows:

2024	$	50
2025	–
2026	–
2027	–
2028	1,865
Thereafter	330
Total	$	2,245

Schedule of Line of Credit Facilities

Credit facilities, which allow for borrowing or issuances of letters of credit (“LOCs”), (in millions) were as follows:

		As of December 31, 2023
	Expiration Date	Maximum Available		LOCs Issued
Credit Facilities
Five-year revolving credit facility	December 21, 2028	$	2,000	$	116
LOC facility (1)	August 26, 2031	976		917
LOC facility (1)	October 1, 2031	859		859
Total		$	3,835	$	1,892

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