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Debt (Tables) | 12 Months Ended
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Dec. 31, 2023
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 |  | 2023 |  |  | 2022 |
7.000% Debentures due 2025 |  | $ | 45 |  |  | $ | 45 |
7.150% Debentures due 2027 |  |  | 96 |  |  |  | 96 |
6.625% Debentures due 2028 |  |  | 112 |  |  |  | 112 |
5.700% Senior Notes due 2034 (1) |  |  | 21 |  |  |  | 21 |
Surplus Notes due 2033 (2) |  |  | 940 |  |  |  | 940 |
Accrued interest |  |  | 1,378 |  |  |  | 1,222 |
Debt issuance costs |  |  | (7 | ) |  |  | (8 | )
Total |  | $ | 2,585 |  |  | $ | 2,428 |
(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% until June 30, 2023. In connection with the Company's transition from LIBOR, effective July 1, 2023, the interest rate is based on three-month term Secured Overnight Financing Rate ("SOFR") plus 11.52161% at each future reset date.
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 |  | 2024 |  |  | 2025 |  |  | 2026 |  |  | 2027 |  |  | 2028 |  |  | Thereafter |  |  | Total |
Corporate debt |  | $ | — |  |  | $ | 45 |  |  | $ | — |  |  | $ | 96 |  |  | $ | 112 |  |  | $ | 21 |  |  | $ | 274 |
Surplus Notes due 2033 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 940 |  |  |  | 940 |
Total debt obligations due |  | $ | — |  |  | $ | 45 |  |  | $ | — |  |  | $ | 96 |  |  | $ | 112 |  |  | $ | 961 |  |  | $ | 1,214 |
Principal payments due under investment agreement obligations |
|  | Principal |
In millions |  | Amount |
Maturity date: |  |  |
2024 |  | $ | 23 |
2025 |  |  | 35 |
2026 |  |  | 59 |
2027 |  |  | 29 |
2028 |  |  | 29 |
Thereafter (through 2037) |  |  | 63 |
Total expected principal payments (1) |  | $ | 238 |
Less discount and other adjustments (2) |  |  | 17 |
Total |  | $ | 221 |
(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 $4 million.
Principal payments due under medium-term note obligations based on contractual maturity |
|  | Principal |
In millions |  | Amount |
Maturity date: |  |  |
2024 |  | $ | 34 |
2025 |  |  | 32 |
2026 |  |  | — |
2027 |  |  | 2 |
2028 |  |  | 30 |
Thereafter (through 2035) |  |  | 572 |
Total expected principal payments (1) |  | $ | 670 |
Less discount and other adjustments (2) |  |  | 173 |
Total |  | $ | 497 |
(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 $12 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, 2023, 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.
|  | Insured |
|  | Principal |
In millions |  | Amount |
Maturity date: |  |  |
2024 |  | $ | 43 |
2025 |  |  | 9 |
2026 |  |  | 8 |
2027 |  |  | 4 |
2028 |  |  | 5 |
Thereafter (through 2038) |  |  | 27 |
Total |  | $ | 96 |

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