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Debt (Tables) | 9 Months Ended
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Sep. 30, 2021
Debt Disclosure [Abstract] |
Schedule of Maturities of Long-term Debt | Aggregated annual maturities of non-VIE long-term debt obligations (based on scheduled maturity dates as further discussed below) are as follows:
2022 |  | $ | 780 |  | (1)
2023 |  | — |  |
2024 |  | — |  |
2025 |  | — |  |
2026 |  | 1,175 |  |
Thereafter |  | 366 |  |
Total |  | $ | 2,322 |  |
(1) Surplus Notes issued had a scheduled maturity date of June 7, 2020. OCI declined the request of Ambac Assurance to pay the principal amount of the surplus notes, plus all accrued and unpaid interest thereon, on June 7, 2020, and June 7, 2021. As a result, the payment date for principal of the surplus notes shall be extended until OCI grants approval to make the payment. Interest will accrue, compounded on each anniversary of the original scheduled payment date or scheduled maturity date, on any unpaid principal or interest through the actual date of payment at 5.1% per annum. Included in the table above is the potential payment at the next scheduled payment date of June 7, 2022.
Schedule of Long-term Debt Instruments | Long-term debt outstanding, excluding VIE long-term debt, was as follows:
|  |  |  | September 30, 2021 |  | December 31, 2020
|  |  |  | Par Value |  | Unamortized Discount |  | Carrying Value |  | Par Value |  | Unamortized Discount |  | Carrying Value
Ambac Assurance: |  |  |  |  |  |  |  |  |  |  |  |  |  |
5.1% Surplus Notes |  |  |  | $ | 780 |  |  | $ | (58) |  |  | $ | 722 |  |  | $ | 531 |  |  | $ | — |  |  | $ | 531 |
5.1% Junior Surplus Notes |  |  |  | — |  |  | — |  |  | — |  |  | 365 |  |  | (118) |  |  | 247 |
LSNI Ambac Note |  |  |  | — |  |  | — |  |  | — |  |  | 1,641 |  |  | — |  |  | 1,641 |
Sitka AAC Note |  |  |  | 1,175 |  |  | (23) |  |  | 1,152 |  |  | — |  |  | — |  |  | — |
Tier 2 Notes |  |  |  | 326 |  |  | — |  |  | 326 |  |  | 306 |  |  | — |  |  | 306 |
Ambac UK Debt |  |  |  | 41 |  |  | (26) |  |  | 14 |  |  | 41 |  |  | (27) |  |  | 14 |
Long-Term Debt |  |  |  | $ | 2,322 |  |  | $ | (107) |  |  | $ | 2,215 |  |  | $ | 2,884 |  |  | $ | (145) |  |  | $ | 2,739 |

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