Debt (Tables)

12 Months Ended

Dec. 31, 2022

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	2022		2021
7.000% Debentures due 2025	$	45	$	46
7.150% Debentures due 2027		96		99
6.625% Debentures due 2028		112		136
5.700% Senior Notes due 2034 (1)		21		21
Surplus Notes due 2033 (2)		940		940
Accrued interest		1,222		1,098
Debt issuance costs		(8)		(9)
Total	$	2,428	$	2,331

(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	2023		2024		2025		2026		2027		Thereafter		Total
Corporate debt	$	—	$	—	$	45	$	—	$	96	$	133	$	274
Surplus Notes due 2033		—		—		—		—		—		940		940
Total debt obligations due	$	—	$	—	$	45	$	—	$	96	$	1,073	$	1,214

Principal payments due under investment agreement obligations

In millions	Principal Amount
Maturity date:
2023	$	19
2024		23
2025		35
2026		58
2027		29
Thereafter (through 2037)		92
Total expected principal payments (1)	$	256
Less discount and other adjustments (2)		23
Total	$	233

(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 $5 million.

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

In millions	Principal Amount
Maturity date:
2023	$	12
2024		43
2025		31
2026		—
2027		2
Thereafter (through 2035)		599
Total expected principal payments (1)	$	687
Less discount and other adjustments (2)		186
Total	$	501

(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 $17 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, 2022, 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.

In millions	Insured Principal Amount
Maturity date:
2023	$	8
2024		11
2025		10
2026		11
2027		3
Thereafter (through 2038)		146
Total	$	189