XML 53 R39.htm IDEA: XBRL DOCUMENT
v3.23.3

Income Taxes (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2023
Income Tax Disclosure [Abstract] |
Schedule of Deferred Tax Assets and Liabilities | Deferred and Current Tax Assets (Liabilities)
| As of
| September 30, 2023 |  | December 31, 2022
| (in millions)
Net deferred tax assets (liabilities) | $ | 82 |  |  | $ | 114 |
Net current tax assets (liabilities) | 34 |  |  | 63 |
Effective Tax Rate Reconciliation | A reconciliation of the difference between the provision for income taxes and the expected tax provision at statutory rates in taxable jurisdictions is presented below. Effective Tax Rate Reconciliation
| Third Quarter |  | Nine Months
| 2023 |  | 2022 |  | 2023 |  | 2022
| (in millions)
Expected tax provision (benefit) | $ | 45 |  |  | $ | (6) |  |  | $ | 88 |  |  | $ | 6 |
Tax-exempt interest | (3) |  |  | (3) |  |  | (9) |  |  | (10) |
NCI | (1) |  |  | 1 |  |  | (4) |  |  | (5) |
Return to provision adjustment | (6) |  |  | (20) |  |  | (6) |  |  | (20) |
State taxes | 1 |  |  | 2 |  |  | 8 |  |  | 10 |
Foreign taxes | 7 |  |  | (1) |  |  | 8 |  |  | 9 |
Taxes on reinsurance | (1) |  |  | — |  |  | (1) |  |  | (1) |
Stock based compensation | 2 |  |  | — |  |  | 2 |  |  | 4 |
Other | (1) |  |  | — |  |  | (2) |  |  | 1 |
Total provision (benefit) for income taxes | $ | 43 |  |  | $ | (27) |  |  | $ | 84 |  |  | $ | (6) |
Effective tax rate | 21.4 | % |  | 123.5 | % |  | 18.1 | % |  | (12.1) | %
Pretax Income (Loss) by Tax Jurisdiction | The following tables present pre-tax income and revenue by jurisdiction. Pre-tax Income (Loss) by Tax Jurisdiction
| Third Quarter |  | Nine Months
| 2023 |  | 2022 |  | 2023 |  | 2022
| (in millions)
U.S. | $ | 233 |  |  | $ | 3 |  |  | $ | 458 |  |  | $ | 112 |
Bermuda | (17) |  |  | 10 |  |  | 41 |  |  | 27 |
U.K. | (10) |  |  | (30) |  |  | (25) |  |  | (75) |
Other | (4) |  |  | (5) |  |  | (8) |  |  | (15) |
Total | $ | 202 |  |  | $ | (22) |  |  | $ | 466 |  |  | $ | 49 |
Revenue by Tax Jurisdiction | Revenue by Tax Jurisdiction
| Third Quarter |  | Nine Months
| 2023 |  | 2022 |  | 2023 |  | 2022
| (in millions)
U.S. | $ | 373 |  |  | $ | 60 |  |  | $ | 901 |  |  | $ | 435 |
Bermuda | 30 |  |  | 4 |  |  | 123 |  |  | 43 |
U.K. | 1 |  |  | (21) |  |  | 22 |  |  | (39) |
Other | (1) |  |  | (2) |  |  | — |  |  | (8) |
Total | $ | 403 |  |  | $ | 41 |  |  | $ | 1,046 |  |  | $ | 431 |

X
- Definition Tabular disclosure of revenue between domestic and foreign jurisdictions. + References No definition available. + Details
Name: | ago_ScheduleOfRevenueDomesticAndForeignTableTextBlock
Namespace Prefix: | ago_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration