Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2022

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Credit Derivatives Sold

$ in millions	As of December 31, 2022
Credit Derivatives Sold	Weighted Average Remaining Expected Maturity		AAA		AA		A		BBB		Below Investment Grade		Total Notional		Fair Value Asset (Liability)
Insured swaps		13.7 Years	$	—	$	50	$	1,013	$	227	$	60	$	1,350	$	—
Total fair value			$	—	$	—	$	—	$	—	$	—			$	—

$ in millions	As of December 31, 2021
Credit Derivatives Sold	Weighted Average Remaining Expected Maturity		AAA		AA		A		BBB		Below Investment Grade		Total Notional		Fair Value Asset (Liability)
Insured swaps		14.1 Years	$	—	$	61	$	1,136	$	292	$	—	$	1,489	$	(1)
Total fair value			$	—	$	—	$	(1)	$	—	$	—			$	(1)

Total Fair Value Of Company's Derivative Assets And Liabilities By Instrument And Balance Sheet Location, Before Counterparty Netting

	December 31, 2022
In millions			Derivative Assets (1)				Derivative Liabilities (1)
Derivative Instruments	Notional Amount Outstanding		Balance Sheet Location		Fair Value		Balance Sheet Location		Fair Value
Not designated as hedging instruments:
Insured swaps	$	1,350		Other assets	$	—		Derivative liabilities	$	—
Interest rate swaps		380		Other assets		—		Derivative liabilities		(49)
Interest rate swaps-embedded		194		Medium-term notes		1		Medium-term notes		(2)
Currency swaps-VIE		36		Other assets-VIE		—		Derivative liabilities-VIE		(6)
Total non-designated derivatives	$	1,960			$	1			$	(57)

(1)—In accordance with the accounting guidance for derivative instruments and hedging activities, the balance sheet location of the Company’s embedded derivative instruments is determined by the location of the related host contract.

	December 31, 2021
In millions			Derivative Assets (1)				Derivative Liabilities (1)
Derivative Instruments	Notional Amount Outstanding		Balance Sheet Location		Fair Value		Balance Sheet Location		Fair Value
Not designated as hedging instruments:
Insured swaps	$	1,489		Other assets	$	—		Derivative liabilities	$	(1)
Interest rate swaps		399		Other assets		1		Derivative liabilities		(130)
Interest rate swaps-embedded		206		Medium-term notes		—		Medium-term notes		(9)
Currency swaps-VIE		50		Other assets-VIE		9		Derivative liabilities-VIE		—
Total non-designated derivatives	$	2,144			$	10			$	(140)

(1)—In accordance with the accounting guidance for derivative instruments and hedging activities, the balance sheet location of the Company’s embedded derivative instruments is determined by the location of the related host contract.

Effect Of Derivative Instruments On Consolidated Statements Of Operations

The following table presents the effect of derivative instruments on the consolidated statements of operations for the years ended December 31, 2022, 2021 and 2020:

In millions		Years Ended December 31,
Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivative
		2022		2021		2020
Insured credit default swaps	Net gains (losses) on financial instruments at fair value and foreign exchange	$	—	$	—	$	6
Insured swaps	Net gains (losses) on financial instruments at fair value and foreign exchange		1		—		—
Interest rate swaps	Net gains (losses) on financial instruments at fair value and foreign exchange		79		18		(42)
Currency swaps-VIE	Net gains (losses) on financial instruments at fair value and foreign exchange-VIE		(15)		3		(2)
All other	Net gains (losses) on financial instruments at fair value and foreign exchange		—		—		(15)
Total		$	65	$	21	$	(53)