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Fair Value of Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2022
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Quantitative Information Regarding The Significant Unobservable Inputs For Certain Assets And Liabilities Measured At Fair Value On A Recurring Basis | The following tables provide quantitative information regarding the significant unobservable inputs used by the Company for assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 and 2021:
In millions |  | Fair Value as of December 31, 2022 |  |  | Valuation Techniques |  | Unobservable Input |  | Range (Weighted Average)
Assets: |  |  |  |  |  |  |  |  |  |
Equity Investments |  | $ | 115 |  |  | Discounted cash flow Sum of the parts |  | EBITDA multiples (1) Discount rate (1) Hard asset values (1) Type certificate values (1) |  |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |
Loans receivable at fair value |  |  | 78 |  |  | Market prices of similar liabilities or internal cash flow models adjusted for financial guarantees provided to VIE obligations |  | Impact of financial guarantee |  | 12%—88% (52%) (2)
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |
Variable interest entity notes |  |  | 172 |  |  | Market prices of VIE assets adjusted for financial guarantees provided or market prices of similar liabilities |  | Impact of financial guarantee |  | 34%—82% (68%) (2)
(1)—Range for EBITDA multiples, discount rate, hard asset values and type certificate values reflects their potential variability. (2)—Weighted average represents the total MBIA guarantees as a percentage of total instrument fair value.
In millions |  | Fair Value as of December 31, 2021 |  |  | Valuation Techniques |  | Unobservable Input |  | Range (Weighted Average)
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |
Loans receivable at fair value |  | $ | 77 |  |  | Market prices of similar liabilities adjusted for financial guarantees provided to VIE obligations |  | Impact of financial guarantee |  | 23%—72% (55%) (1)
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |
Variable interest entity notes |  |  | 291 |  |  | Market prices of VIE assets adjusted for financial guarantees provided or market prices of similar liabilities |  | Impact of financial guarantee |  | 33%—73% (59%) (1)
(1)—Weighted average represents the total MBIA guarantees as a percentage of total instrument fair value.
Company's Assets And Liabilities Measured At Fair Value On Recurring Basis | The following tables present the fair value of the Company’s assets (including short-term investments) and liabilities measured and reported at fair value on a recurring basis as of December 31, 2022 and 2021:
|  | Fair Value Measurements at Reporting Date Using |  |  |  |
In millions |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Balance as of December 31, 2022 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agency |  | $ | 463 |  |  | $ | 54 |  |  | $ | — |  |  | $ | 517 |
State and municipal bonds |  |  | — |  |  |  | 323 |  |  |  | — |  |  |  | 323 |
Foreign governments |  |  | — |  |  |  | 21 |  |  |  | — |  |  |  | 21 |
Corporate obligations |  |  | — |  |  |  | 797 |  |  |  | — |  |  |  | 797 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed agency |  |  | — |  |  |  | 207 |  |  |  | — |  |  |  | 207 |
Residential mortgage-backed non-agency |  |  | — |  |  |  | 95 |  |  |  | — |  |  |  | 95 |
Commercial mortgage-backed |  |  | — |  |  |  | 24 |  |  |  | — |  |  |  | 24 |
Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized debt obligations |  |  | — |  |  |  | 159 |  |  |  | — |  |  |  | 159 |
Other asset-backed |  |  | — |  |  |  | 127 |  |  |  | — |  |  |  | 127 |
Total fixed-maturity investments |  |  | 463 |  |  |  | 1,807 |  |  |  | — |  |  |  | 2,270 |
Money market securities |  |  | 234 |  |  |  | — |  |  |  | — |  |  |  | 234 |
Equity investments |  |  | 38 |  |  |  | 19 |  |  |  | 115 |  |  |  | 172 |
Cash and cash equivalents |  |  | 50 |  |  |  | — |  |  |  | — |  |  |  | 50 |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  |  | — |  |  |  | 4 |  |  |  | — |  |  |  | 4 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed non-agency |  |  | — |  |  |  | 22 |  |  |  | — |  |  |  | 22 |
Commercial mortgage-backed |  |  | — |  |  |  | 9 |  |  |  | — |  |  |  | 9 |
Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized debt obligations |  |  | — |  |  |  | 5 |  |  |  | — |  |  |  | 5 |
Other asset-backed |  |  | — |  |  |  | 7 |  |  |  | — |  |  |  | 7 |
Cash |  |  | 16 |  |  |  | — |  |  |  | — |  |  |  | 16 |
Loans receivable at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential loans receivable |  |  | — |  |  |  | — |  |  |  | 78 |  |  |  | 78 |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other |  |  | — |  |  |  | — |  |  |  | 23 |  |  |  | 23 |
Total assets |  | $ | 801 |  |  | $ | 1,873 |  |  | $ | 216 |  |  | $ | 2,890 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | — |  |  | $ | — |  |  | $ | 41 |  |  | $ | 41 |
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-insured interest rate derivatives |  |  | — |  |  |  | 49 |  |  |  | — |  |  |  | 49 |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Variable interest entity notes |  |  | — |  |  |  | — |  |  |  | 172 |  |  |  | 172 |
Currency derivatives |  |  | — |  |  |  | — |  |  |  | 6 |  |  |  | 6 |
Total liabilities |  | $ | — |  |  | $ | 49 |  |  | $ | 219 |  |  | $ | 268 |
|  | Fair Value Measurements at Reporting Date Using |  |  |  |
In millions |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Balance as of December 31, 2021 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agency |  | $ | 750 |  |  | $ | 95 |  |  | $ | — |  |  | $ | 845 |
State and municipal bonds |  |  | — |  |  |  | 168 |  |  |  | — |  |  |  | 168 |
Foreign governments |  |  | — |  |  |  | 17 |  |  |  | — |  |  |  | 17 |
Corporate obligations |  |  | — |  |  |  | 1,050 |  |  |  | — |  |  |  | 1,050 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed agency |  |  | — |  |  |  | 198 |  |  |  | — |  |  |  | 198 |
Residential mortgage-backed non-agency |  |  | — |  |  |  | 98 |  |  |  | — |  |  |  | 98 |
Commercial mortgage-backed |  |  | — |  |  |  | 13 |  |  |  | — |  |  |  | 13 |
Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized debt obligations |  |  | — |  |  |  | 150 |  |  |  | — |  |  |  | 150 |
Other asset-backed |  |  | — |  |  |  | 106 |  |  |  | — |  |  |  | 106 |
Total fixed-maturity investments |  |  | 750 |  |  |  | 1,895 |  |  |  | — |  |  |  | 2,645 |
Money market securities |  |  | 78 |  |  |  | — |  |  |  | — |  |  |  | 78 |
Equity investments |  |  | 47 |  |  |  | 23 |  |  |  | — |  |  |  | 70 |
Cash and cash equivalents |  |  | 151 |  |  |  | — |  |  |  | — |  |  |  | 151 |
Derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-insured interest rate derivatives |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | 1 |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  |  | — |  |  |  | 5 |  |  |  | — |  |  |  | 5 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed non-agency |  |  | — |  |  |  | 27 |  |  |  | — |  |  |  | 27 |
Commercial mortgage-backed |  |  | — |  |  |  | 10 |  |  |  | — |  |  |  | 10 |
Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized debt obligations |  |  | — |  |  |  | 6 |  |  |  | 4 |  |  |  | 10 |
Other asset-backed |  |  | — |  |  |  | 8 |  |  |  | — |  |  |  | 8 |
Cash |  |  | 9 |  |  |  | — |  |  |  | — |  |  |  | 9 |
Loans receivable at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential loans receivable |  |  | — |  |  |  | — |  |  |  | 77 |  |  |  | 77 |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Currency derivatives |  |  | — |  |  |  | — |  |  |  | 9 |  |  |  | 9 |
Other |  |  | — |  |  |  | — |  |  |  | 14 |  |  |  | 14 |
Total assets |  | $ | 1,035 |  |  | $ | 1,975 |  |  | $ | 104 |  |  | $ | 3,114 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | — |  |  | $ | — |  |  | $ | 98 |  |  | $ | 98 |
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insured credit derivatives |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | 1 |
Non-insured interest rate derivatives |  |  | — |  |  |  | 130 |  |  |  | — |  |  |  | 130 |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Variable interest entity notes |  |  | — |  |  |  | — |  |  |  | 291 |  |  |  | 291 |
Total liabilities |  | $ | — |  |  | $ | 131 |  |  | $ | 389 |  |  | $ | 520 |
Fair Value Hierarchy Table Presents The Company's Assets And Liabilities Not Recorded At Fair Value On The Company's Consolidated Balance Sheet | The following tables present the fair values and carrying values of the Company’s assets and liabilities that are disclosed at fair value but not reported at fair value on the Company’s consolidated balance sheets as of December 31, 2022 and 2021. The majority of the financial assets and liabilities that the Company requires fair value reporting or disclosures are valued based on the Company’s or a third-party’s estimate of discounted cash flow model estimates, or quoted market values for identical or similar products.
|  | Fair Value Measurements at Reporting Date Using |  |  |  |  |  |  |
In millions |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Fair Value Balance as of December 31, 2022 |  |  | Carry Value Balance as of December 31, 2022 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt |  | $ | — |  |  | $ | 330 |  |  | $ | — |  |  | $ | 330 |  |  | $ | 2,428 |
Medium-term notes |  |  | — |  |  |  | — |  |  |  | 310 |  |  |  | 310 |  |  |  | 458 |
Investment agreements |  |  | — |  |  |  | — |  |  |  | 257 |  |  |  | 257 |  |  |  | 233 |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Variable interest entity loans payable |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | 2 |  |  |  | 2 |
Total liabilities |  | $ | — |  |  | $ | 330 |  |  | $ | 569 |  |  | $ | 899 |  |  | $ | 3,121 |
Financial Guarantees: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross liability (recoverable) |  | $ | — |  |  | $ | — |  |  | $ | 864 |  |  | $ | 864 |  |  | $ | 568 |
Ceded recoverable (liability) |  |  | — |  |  |  | — |  |  |  | 21 |  |  |  | 21 |  |  |  | 15 |
|  | Fair Value Measurements at Reporting Date Using |  |  |  |  |  |  |
In millions |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Fair Value Balance as of December 31, 2021 |  |  | Carry Value Balance as of December 31, 2021 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt |  | $ | — |  |  | $ | 433 |  |  | $ | — |  |  | $ | 433 |  |  | $ | 2,331 |
Medium-term notes |  |  | — |  |  |  | — |  |  |  | 322 |  |  |  | 322 |  |  |  | 490 |
Investment agreements |  |  | — |  |  |  | — |  |  |  | 355 |  |  |  | 355 |  |  |  | 274 |
Total liabilities |  | $ | — |  |  | $ | 433 |  |  | $ | 677 |  |  | $ | 1,110 |  |  | $ | 3,095 |
Financial Guarantees: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross liability (recoverable) |  | $ | — |  |  | $ | — |  |  | $ | 848 |  |  | $ | 848 |  |  | $ | (80) |
Ceded recoverable (liability) |  |  | — |  |  |  | — |  |  |  | 30 |  |  |  | 30 |  |  |  | (42) |
Changes In Level 3 Assets Measured At Fair Value On A Recurring Basis |
In millions |  | Balance, Beginning of Year |  |  | Total Gains / (Losses) Included in Earnings |  |  | Unrealized Gains / (Losses) Included in OCI (1) |  |  | Purchases |  |  | Issuances |  |  | Settlements |  |  | Sales |  |  | Transfers into Level 3 |  |  | Transfers out of Level 3 |  |  | Ending Balance |  |  | Change in Unrealized Gains (Losses) for the Period Included in Earnings for Assets still held as of December 31, 2022 |  |  | Change in Unrealized Gains (Losses) for the Period Included in OCI for Assets still held as of December 31, 2022 (1) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage- backed non-agency |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 59 |  |  | $ | — |  |  | $ | (11) |  |  | $ | (50) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Equity investments |  |  | — |  |  |  | 14 |  |  |  | — |  |  |  | 101 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 115 |  |  |  | — |  |  |  | — |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized debt obligations |  |  | 4 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (4) |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Loans receivable -residential |  |  | 77 |  |  |  | 10 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (9) |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 78 |  |  |  | 5 |  |  |  | — |
Currency derivatives |  |  | 9 |  |  |  | (9) |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (9) |  |  |  | — |
Other |  |  | 14 |  |  |  | 9 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 23 |  |  |  | 9 |  |  |  | — |
Total assets |  | $ | 104 |  |  | $ | 26 |  |  | $ | — |  |  | $ | 160 |  |  | $ | — |  |  | $ | (24) |  |  | $ | (50) |  |  | $ | — |  |  | $ | — |  |  | $ | 216 |  |  | $ | 5 |  |  | $ | — |
In millions |  | Balance, Beginning of Year |  |  | Total Gains / (Losses) Included in Earnings |  |  | Unrealized Gains / (Losses) Included in OCI (1) |  |  | Purchases |  |  | Issuances |  |  | Settlements |  |  | Sales |  |  | Transfers into Level 3 |  |  | Transfers out of Level 3 |  |  | Ending Balance |  |  | Change in Unrealized Gains (Losses) for the Period Included in Earnings for Assets still held as of December 31, 2021 |  |  | Change in Unrealized Gains (Losses) for the Period Included in Earnings for Assets still held as of December 31, 2021 (1) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (4) |  |  | $ | — |  |  | $ | 4 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Collateralized debt obligations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4 |  |  |  | — |  |  |  | 4 |  |  |  | — |  |  |  | — |
Loans receivable - residential |  |  | 120 |  |  |  | 32 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (15) |  |  |  | (60) |  |  |  | — |  |  |  | — |  |  |  | 77 |  |  |  | 21 |  |  |  | — |
Loan repurchase commitments |  |  | 604 |  |  |  | (4) |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (600) |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Currency derivatives |  |  | 6 |  |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9 |  |  |  | 3 |  |  |  | — |
Other |  |  | 14 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 14 |  |  |  | — |  |  |  | — |
Total assets |  | $ | 744 |  |  | $ | 31 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (619) |  |  | $ | (60) |  |  | $ | 8 |  |  | $ | — |  |  | $ | 104 |  |  | $ | 24 |  |  | $ | — |
(1)—Reported | within the “Unrealized gains (losses) on available-for-sale securities” on MBIA’s Consolidated Statement of Comprehensive Income/Loss.
(2)—Reported | within the “Instrument-specific credit risk of liabilities measured at fair value” on MBIA’s Consolidated Statement of Comprehensive Income/Loss.
Changes In Level 3 Liabilities Measured At Fair Value On A Recurring Basis |
In millions |  | Balance, Beginning of Year |  |  | Total (Gains) / Losses Included in Earnings |  |  | Unrealized (Gains) / Losses Included in Credit Risk in OCI (2) |  |  | Purchases |  |  | Issuances |  |  | Settlements |  |  | Sales |  |  | Transfers into Level 3 |  |  | Transfers out of Level 3 |  |  | Ending Balance |  |  | Change in Unrealized (Gains) Losses for the Period Included in Earnings for Liabilities still held as of December 31, 2022 |  |  | Change in Unrealized (Gains) Losses for the Period Included in OCI for Liabilities still held as of December 31, 2022 (2) |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | 98 |  |  | $ | (24) |  |  | $ | 16 |  |  | $ | — |  |  | $ | — |  |  | $ | (49) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 41 |  |  | $ | (23) |  |  | $ | 17 |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VIE notes |  |  | 291 |  |  |  | 14 |  |  |  | (2) |  |  |  | — |  |  |  | — |  |  |  | (131) |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 172 |  |  |  | (10) |  |  |  | 14 |
Currency derivatives |  |  | — |  |  |  | 6 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6 |  |  |  | 6 |  |  |  | — |
Total liabilities |  | $ | 389 |  |  | $ | (4) |  |  | $ | 14 |  |  | $ | — |  |  | $ | — |  |  | $ | (180) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 219 |  |  | $ | (27) |  |  | $ | 31 |
In millions |  | Balance, Beginning of Year |  |  | Total (Gains) / Losses Included in Earnings |  |  | Unrealized (Gains) / Losses Included in OCI (2) |  |  | Purchases |  |  | Issuances |  |  | Settlements |  |  | Sales |  |  | Transfers into Level 3 |  |  | Transfers out of Level 3 |  |  | Ending Balance |  |  | Change in Unrealized (Gains) Losses for the Period Included in Earnings for Liabilities still held as of December 31, 2021 |  |  | Change in Unrealized (Gains) Losses for the Period Included in OCI for Liabilities still held as of December 31, 2021 (2) |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | 110 |  |  | $ | (17) |  |  | $ | 10 |  |  | $ | — |  |  | $ | — |  |  | $ | (5) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 98 |  |  | $ | (17) |  |  | $ | 10 |
Other derivatives |  |  | 49 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (49) |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VIE notes |  |  | 303 |  |  |  | 46 |  |  |  | (15) |  |  |  | — |  |  |  | — |  |  |  | (38) |  |  |  | (5) |  |  |  | — |  |  |  | — |  |  |  | 291 |  |  |  | 24 |  |  |  | 5 |
Total liabilities |  | $ | 462 |  |  | $ | 29 |  |  | $ | (5) |  |  | $ | — |  |  | $ | — |  |  | $ | (92) |  |  | $ | (5) |  |  | $ | — |  |  | $ | — |  |  | $ | 389 |  |  | $ | 7 |  |  | $ | 15 |
(1)—Reported | within the “Unrealized gains (losses) on available-for-sale securities” on MBIA’s Consolidated Statement of Comprehensive Income/Loss.
(2)—Reported | within the “Instrument-specific credit risk of liabilities measured at fair value” on MBIA’s Consolidated Statement of Comprehensive Income/Loss.
Gains And Losses (Realized And Unrealized) Included In Earnings Pertaining To Level 3 Assets And Liabilities |
In millions |  | Total Gains (Losses) Included in Earnings |  |  | Change in Unrealized Gains (Losses) for the Period Included in Earnings for Assets and Liabilities still held as of December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2022 |  |  | 2021 |  |  | 2020 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net gains (losses) on financial instruments at fair value and foreign exchange |  | $ | 40 |  |  | $ | 17 |  |  | $ | (24) |  |  | $ | 23 |  |  | $ | 17 |  |  | $ | (30) |
Revenues of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | (10) |  |  |  | (15) |  |  |  | 101 |  |  |  | 9 |  |  |  | — |  |  |  | 103 |
Total |  | $ | 30 |  |  | $ | 2 |  |  | $ | 77 |  |  | $ | 32 |  |  | $ | 17 |  |  | $ | 73 |
Changes In Fair Value Included In The Company's Consolidated Statements Of Operations |
|  | Years Ended December 31, |
In millions |  | 2022 |  |  | 2021 |  |  | 2020 |
Investments carried at fair value (1) |  | $ | (17) |  |  | $ | 3 |  |  | $ | 2 |
Fixed-maturity securities held at fair value-VIE (2) |  |  | (5) |  |  |  | 4 |  |  |  | 4 |
Loans receivable and other instruments at fair value: |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage loans (2) |  |  | 10 |  |  |  | 32 |  |  |  | — |
Loan repurchase commitments (2) |  |  | — |  |  |  | (4) |  |  |  | 118 |
Other assets-VIE (2) |  |  | 9 |  |  |  | — |  |  |  | (4) |
Medium-term notes (1) |  |  | 24 |  |  |  | 17 |  |  |  | (15) |
Variable interest entity notes (2) |  |  | (20) |  |  |  | (50) |  |  |  | (12) |
(1)—Reported within “Net gains (losses) on financial instruments at fair value and foreign exchange” on MBIA’s consolidated statements of operations. (2)—Reported within “Net gains (losses) on financial instruments at fair value and foreign exchange-VIE” on MBIA’s consolidated statements of operations.
Difference Between Aggregate Fair Value And The Aggregate Remaining Contractual Principal Balance Outstanding |
|  | As of December 31, 2022 |  |  | As of December 31, 2021 |
In millions |  | Contractual Outstanding Principal |  |  | Fair Value |  |  | Difference |  |  | Contractual Outstanding Principal |  |  | Fair Value |  |  | Difference |
Loans receivable at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage loans—current |  | $ | 39 |  |  | $ | 39 |  |  | $ | — |  |  | $ | 40 |  |  | $ | 40 |  |  | $ | — |
Residential mortgage loans (90 days or more past due) |  |  | 149 |  |  |  | 39 |  |  |  | 110 |  |  |  | 141 |  |  |  | 37 |  |  |  | 104 |
Total loans receivable and other instruments at fair value |  | $ | 188 |  |  | $ | 78 |  |  | $ | 110 |  |  | $ | 181 |  |  | $ | 77 |  |  | $ | 104 |
Variable interest entity notes |  | $ | 780 |  |  | $ | 172 |  |  | $ | 608 |  |  | $ | 922 |  |  | $ | 291 |  |  | $ | 631 |
Medium-term notes |  | $ | 53 |  |  | $ | 41 |  |  | $ | 12 |  |  | $ | 108 |  |  | $ | 98 |  |  | $ | 10 |

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