Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Long-term debt

The Company’s long-term debt consists of notes and debentures including accrued interest as follows:

	As of December 31,
In millions	2023			2022
7.000% Debentures due 2025	$	45		$	45
7.150% Debentures due 2027		96			96
6.625% Debentures due 2028		112			112
5.700% Senior Notes due 2034 (1)		21			21
Surplus Notes due 2033 (2)		940			940
Accrued interest		1,378			1,222
Debt issuance costs		(7	)		(8	)
Total	$	2,585		$	2,428

(1) - Callable anytime at the greater of par or the present value of the remaining scheduled payments of principal and interest.

(2) - Contractual interest rate is based on three month LIBOR plus 11.26% until June 30, 2023. In connection with the Company's transition from LIBOR, effective July 1, 2023, the interest rate is based on three-month term Secured Overnight Financing Rate ("SOFR") plus 11.52161% at each future reset date.

Aggregate maturity of debt obligations

The aggregate maturities of principal payments of long-term debt obligations in each of the next five years ending December 31, and thereafter, are as follows:

In millions	2024		2025		2026		2027		2028		Thereafter		Total
Corporate debt	$	—	$	45	$	—	$	96	$	112	$	21	$	274
Surplus Notes due 2033		—		—		—		—		—		940		940
Total debt obligations due	$	—	$	45	$	—	$	96	$	112	$	961	$	1,214

Principal payments due under investment agreement obligations

	Principal
In millions	Amount
Maturity date:
2024	$	23
2025		35
2026		59
2027		29
2028		29
Thereafter (through 2037)		63
Total expected principal payments (1)	$	238
Less discount and other adjustments (2)		17
Total	$	221

(1)- Amounts reflect principal due at maturity for investment agreements issued at a discount.

(2)- Discount is net of carrying amount adjustment of $2 million and accrued interest adjustment of $4 million.

Principal payments due under medium-term note obligations based on contractual maturity

	Principal
In millions	Amount
Maturity date:
2024	$	34
2025		32
2026		—
2027		2
2028		30
Thereafter (through 2035)		572
Total expected principal payments (1)	$	670
Less discount and other adjustments (2)		173
Total	$	497

(1)- Amounts reflect principal due at maturity for notes issued at a discount.

(2)- Discount is net of carrying amount and market value adjustments of $12 million and accrued interest adjustment of $3 million.

Maturity of VIE notes, by segment

The following table provides the expected principal payments due under MBIA-insured consolidated VIE notes as of December 31, 2023, which are net of principal payments where the Company’s insured exposure has been fully offset by way of loss remediation transactions. For RMBS consolidated VIEs, principal amounts are based on the expected maturity dates and for all other consolidated VIEs, principal amounts are based on the contractual maturity dates.

	Insured
	Principal
In millions	Amount
Maturity date:
2024	$	43
2025		9
2026		8
2027		4
2028		5
Thereafter (through 2038)		27
Total	$	96