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Debt (Tables)

12 Months Ended

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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