Debt (Tables)

12 Months Ended

Dec. 31, 2020

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	2020		2019
6.400% Senior Notes due 2022	$	—	$	115
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(1)		21		21
Surplus Notes due 2033 (2)		940		940
Accrued interest		991		877
Debt issuance costs		(10)		(12)
Total	$	2,229	$	2,228

(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%.

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	2021		2022		2023		2024		2025		Thereafter		Total
Corporate debt	$	—	$	—	$	—	$	—	$	46	$	262	$	308
Surplus Notes due 2033		—		—		—		—		—		940		940
Total debt obligations due	$	—	$	—	$	—	$	—	$	46	$	1,202	$	1,248

Principal payments due under investment agreement obligations

In millions	Principal Amount
Maturity date:
2021	$	2
2022		3
2023		19
2024		23
2025		35
Thereafter (through 2037)		225
Total expected principal payments(1)	$	307
Less discount and other adjustments(2)		38
Total	$	269

(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 $4 million.

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

In millions	Principal Amount
Maturity date:
2021	$	—
2022		62
2023		12
2024		123
2025		61
Thereafter (through 2036)		659
Total expected principal payments (1)	$	917
Less discount and other adjustments (2)		207
Total	$	710

(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 $29 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, 2020. 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:
2021	$	42
2022		308
2023		28
2024		14
2025		24
Thereafter (through 2038)		306
Total	$	722