Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Long-term debt

	As of December 31,
In millions	2019			2018
6.400% Senior Notes due 2022(1)	$	115		$	265
7.000% Debentures due 2025		46			46
7.150% Debentures due 2027		100			100
6.625% Debentures due 2028		141			141
5.700% Senior Notes due 2034(2)		21			21
Surplus Notes due 2033(3)		940			940
Accrued interest		877			751
Debt issuance costs		(12	)		(15	)
Total	$	2,228		$	2,249

(1)—Callable on or after August 15, 2006 at par.

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

(3)—Contractual interest rate is based on three month LIBOR plus 11.26%.  

Aggregate maturity of debt obligations

In millions	2020		2021		2022		2023		2024		Thereafter		Total
Corporate debt	$	—	$	—	$	115	$	—	$	—	$	308	$	423
Surplus Notes due 2033		—		—		—		—		—		940		940
Total debt obligations due	$	—	$	—	$	115	$	—	$	—	$	1,248	$	1,363

Principal payments due under investment agreement obligations

In millions	Principal Amount
Maturity date:
2020	$	36
2021		2
2022		2
2023		20
2024		26
Thereafter (through 2037)		262
Total expected principal payments(1)	$	348
Less discount and other adjustments(2)		44
Total	$	304

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

(2)—Discount is net of carrying amount adjustment of $3 million and accrued interest adjustment of $5 million.    

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

In millions	Principal Amount
Maturity date:
2020	$	—
2021		—
2022		57
2023		12
2024		113
Thereafter (through 2036)		705
Total expected principal payments(1)	$	887
Less discount and other adjustments(2)		207
Total	$	680

(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 $43 million and accrued interest adjustment of $4 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, 2019. 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.

In millions	Insured Principal Amount
Maturity date:
2020	$	59
2021		64
2022		291
2023		12
2024		12
Thereafter (through 2052)		1,174
Total	$	1,612