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Income Taxes (Tables)

9 Months Ended

Sep. 30, 2013

Income Tax Disclosure [Abstract]

Major Jurisdictions

The following are the major jurisdictions in which Ambac and its affiliates operate and the earliest tax years subject to examination:

Jurisdiction		Tax Year
United States			2010
New York State			2008
New York City			2011
United Kingdom			2006
Italy			2007

Significant Portions of Deferred Tax Liabilities and Deferred Tax Assets

The tax effects of temporary differences that give rise to significant portions of the deferred tax liabilities and deferred tax assets at September 30, 2013 and December 31, 2012 are presented below:

		Successor Ambac – September 30, 2013						Predecessor Ambac – December 31, 2012
Deferred tax liabilities:
Insurance intangible		$	567,333					$	—
Variable interest entities			21,755						22,015
Deferred acquisition costs			—						57,262
Unearned premiums and credit fees			8,453						22,714
Unrealized gains on investments			12,823						—
Other			1,955						17,251
Total deferred tax liabilities			612,319						119,242
Deferred tax assets:
Unrealized losses & impairments on investments			—						12,605
Net operating loss and capital carryforward			2,110,938						2,857,926
Loss reserves			777,991						490,677
Compensation			8,030						7,184
Other			3,422						5,687
Sub-total deferred tax assets			2,900,381						3,374,079
Valuation allowance			2,289,673						3,256,423
Total deferred tax assets			610,708						117,656
Net deferred tax liability		$	(1,611	)				$	(1,586	)

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- 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://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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- Definition

Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 55

-Paragraph 217

-URI http://asc.fasb.org/extlink&oid=32707879&loc=d3e36027-109320



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 15

-Subparagraph (c),(d)(2)-(3)

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

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