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Debt (Tables) | 12 Months Ended
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Dec. 31, 2024
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 |  | 2024 |  |  | 2023 |
7.000% Debentures due 2025 |  | $ | 45 |  |  | $ | 45 |
7.150% Debentures due 2027 |  |  | 95 |  |  |  | 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 |  |  | 1,535 |  |  |  | 1,378 |
Debt issuance costs |  |  | (7 | ) |  |  | (7 | )
Total |  | $ | 2,741 |  |  | $ | 2,585 |
(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 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 |  | 2025 |  |  | 2026 |  |  | 2027 |  |  | 2028 |  |  | 2029 |  |  | Thereafter |  |  | Total |
Corporate debt |  | $ | 45 |  |  | $ | — |  |  | $ | 95 |  |  | $ | 112 |  |  | $ | — |  |  | $ | 21 |  |  | $ | 273 |
Surplus Notes due 2033 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 940 |  |  |  | 940 |
Total debt obligations due |  | $ | 45 |  |  | $ | — |  |  | $ | 95 |  |  | $ | 112 |  |  | $ | — |  |  | $ | 961 |  |  | $ | 1,213 |
Principal payments due under investment agreement obligations |
|  | Principal |
In millions |  | Amount |
Maturity date: |  |  |
2025 |  | $ | 35 |
2026 |  |  | 58 |
2027 |  |  | 29 |
2028 |  |  | 29 |
2029 |  |  | — |
Thereafter (through 2037) |  |  | 63 |
Total expected principal payments (1) |  | $ | 214 |
Less discount and other adjustments (2) |  |  | 10 |
Total |  | $ | 204 |
(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: |  |  |
2025 |  | $ | — |
2026 |  |  | — |
2027 |  |  | 2 |
2028 |  |  | 30 |
2029 |  |  | — |
Thereafter (through 2035) |  |  | 567 |
Total expected principal payments (1) |  | $ | 599 |
Less discount and other adjustments (2) |  |  | 159 |
Total |  | $ | 440 |
(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 $9 million and accrued interest adjustment of $3 million.
Maturity of VIE notes, by segment | Expected principal payments due under MBIA-insured consolidated VIE notes in each of the next five years ending December 31, and thereafter, based upon expected contractual maturity dates, are as follows:
|  | Insured |
|  | Principal |
In millions |  | Amount |
Maturity date: |  |  |
2025 |  | $ | 10 |
2026 |  |  | 8 |
2027 |  |  | 8 |
2028 |  |  | 4 |
2029 |  |  | 2 |
Thereafter (through 2035) |  |  | 4 |
Total |  | $ | 36 |

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