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Debt (Tables) | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Long-term debt |
|  | As of December 31, |
In millions |  | 2019 |  |  | 2018 |
6.400% Senior Notes due 2022 (1) |  | $ | 115 |  |  | $ | 265 |
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 (2) |  |  | 21 |  |  |  | 21 |
Surplus Notes due 2033 (3) |  |  | 940 |  |  |  | 940 |
Accrued interest |  |  | 877 |  |  |  | 751 |
Debt issuance costs |  |  | (12 | ) |  |  | (15 | )
Total |  | $ | 2,228 |  |  | $ | 2,249 |
(1)—Callable on or after August 15, 2006 at par. (2)—Callable anytime at the greater of par or the present value of the remaining scheduled payments of principal and interest. (3)—Contractual interest rate is based on three month LIBOR plus 11.26%.
Aggregate maturity of debt obligations |
In millions |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  | Thereafter |  |  | Total |
Corporate debt |  | $ | — |  |  | $ | — |  |  | $ | 115 |  |  | $ | — |  |  | $ | — |  |  | $ | 308 |  |  | $ | 423 |
Surplus Notes due 2033 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 940 |  |  |  | 940 |
Total debt obligations due |  | $ | — |  |  | $ | — |  |  | $ | 115 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,248 |  |  | $ | 1,363 |
Principal payments due under investment agreement obligations |
In millions |  | Principal Amount |
Maturity date: |  |  |  |
2020 |  | $ | 36 |
2021 |  |  | 2 |
2022 |  |  | 2 |
2023 |  |  | 20 |
2024 |  |  | 26 |
Thereafter (through 2037) |  |  | 262 |
Total expected principal payments (1) |  | $ | 348 |
Less discount and other adjustments (2) |  |  | 44 |
Total |  | $ | 304 |
(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 $5 million.
Principal payments due under medium-term note obligations based on contractual maturity |
In millions |  | Principal Amount |
Maturity date: |  |  |  |
2020 |  | $ | — |
2021 |  |  | — |
2022 |  |  | 57 |
2023 |  |  | 12 |
2024 |  |  | 113 |
Thereafter (through 2036) |  |  | 705 |
Total expected principal payments (1) |  | $ | 887 |
Less discount and other adjustments (2) |  |  | 207 |
Total |  | $ | 680 |
(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 $43 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, 2019. 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: |  |  |  |
2020 |  | $ | 59 |
2021 |  |  | 64 |
2022 |  |  | 291 |
2023 |  |  | 12 |
2024 |  |  | 12 |
Thereafter (through 2052 ) |  |  | 1,174 |
Total |  | $ | 1,612 |

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