v3.24.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Debt
Company debt consisted of the following:

December 31, 2023December 31, 2022
(In millions, except percentages)Maturity DateOutstanding BalanceFair ValueOutstanding BalanceFair Value
Asset Management
4.00% 2024 Senior Notes1,2
May 30, 2024$499 $496 
4
$499 $486 
4
4.40% 2026 Senior Notes1,2
May 27, 2026498 490 
4
498 476 
4
4.87% 2029 Senior Notes1,2
February 15, 2029675 664 
4
675 639 
4
2.65% 2030 Senior Notes1,2
June 5, 2030496 432 
4
495 407 
4
6.38% 2033 Senior Notes1,2
November 15, 2033492 539 
4
— — 
5.00% 2048 Senior Notes1,2
March 15, 2048297 275 
4
297 262 
4
4.95% 2050 Subordinated Notes1,2
January 14, 2050297 283 
4
297 252 
4
7.63% 2053 Subordinated Notes1,2
September 15, 2053584 652 
5
— — 
1.70% Secured Borrowing II
April 15, 203214 14 
4
18 17 
4
1.30% 2016 AMI Term Facility I
January 15, 202519 19 
3
18 18 
3
2.00% 2016 AMI Term Facility II
October 18, 202412 12 
3
17 17 
3
3,883 3,876 2,814 2,574 
Retirement Services
4.13% 2028 Notes1
January 12, 20281,066 956 1,081 921 
6.15% 2030 Notes1
April 3, 2030593 516 606 508 
3.50% 2031 Notes1
January 15, 2031523 442 526 413 
6.65% 2033 Notes1
February 1, 2033395 427 395 398 
5.88% 2034 Notes1
January 15, 2034583 607 — — 
3.95% 2051 Notes1
May 25, 2051545 375 546 342 
3.45% 2052 Notes1
May 15, 2052504 337 504 311 
4,209 3,660 3,658 2,893 
Total Debt$8,092 $7,536 $6,472 $5,467 
1 Interest rate is calculated as weighted average annualized.
2 Includes amortization of note discount, as applicable, totaling $34 million and $16 million as of December 31, 2023 and December 31, 2022, respectively. Outstanding balance is presented net of unamortized debt issuance costs.
3 Fair value is based on a discounted cash flow method. These notes are classified as a Level 3 liability within the fair value hierarchy.
4 Fair value is based on broker quotes. These notes are valued using Level 2 inputs based on the number and quality of broker quotes obtained, the standard deviations of the observed broker quotes and the percentage deviation from external pricing services.
5 Fair value is based on quoted market prices. These notes are classified as a Level 1 liability within the fair value hierarchy.
Schedule of Credit and Liquidity Facilities
The following table represents the Company’s credit and liquidity facilities as of December 31, 2023:

Instrument/FacilityBorrowing DateMaturity DateAdministrative AgentKey terms
Asset Management -
2022 AMH credit facility
N/AOctober 12, 2027Citibank
The commitment fee on the $1.0 billion undrawn 2022 AMH credit facility as of December 31, 2023 was 0.08%.
Retirement Services -
AHL credit facility
N/AJune 30, 2028Citibank
The borrowing capacity under the AHL credit facility is $1.25 billion, subject to being increased up to $1.75 billion in total.
Retirement Services -
AHL liquidity facility
N/AJune 28, 2024Wells Fargo Bank
The borrowing capacity under the AHL liquidity facility is $2.6 billion, subject to being increased up to $3.1 billion in total.
Schedule of Interest Expense
The following table presents the interest expense incurred related to the Company’s debt:

Years ended December 31,
(In millions)202320222021
Asset Management$145 $124 $138 
Retirement Services1
123 98 — 
Total Interest Expense$268 $222 $138 
Note: Debt issuance costs incurred are amortized into interest expense over the term of the debt arrangement, as applicable.
1 Interest expense for Retirement Services is included in policy and other operating expenses on the consolidated statements of operations.
Schedule of Maturities of Long-Term Debt
The table below presents the contractual maturities for the Company's debt arrangements as of December 31, 2023:

(In millions)2024
2025 - 2026
2027 - 2028
2029 and ThereafterTotal
Asset Management
Debt obligations$512 $519 $— $2,889 $3,920 
Retirement Services
Debt obligations— — 1,000 3,000 4,000 
Total Obligations as of December 31, 2023
$512 $519 $1,000 $5,889 $7,920