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Debt (Tables)

9 Months Ended

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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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Tabular disclosure of maturity and sinking fund requirement for long-term debt.

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