Basis of Presentation and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2013

The reorganization items in the Consolidated Statements of Total Comprehensive Income consisted of the following items:


	Successor Ambac		Predecessor Ambac
	Eight Months Ended December 31, 2013		Four Months Ended April 30, 2013			Year Ended December 31, 2012
U.S. Trustee fees	$	33	$	23		$	50
Professional fees		460		4,483			7,165
Gain from cancellation and satisfaction of Predecessor Ambac debt		—		(1,521,435	)		—
Fresh start reporting adjustments		—		(1,228,251	)		—

Total reorganization items	$	493	($	2,745,180	)	$	7,215

The liabilities subject to compromise at December 31, 2012 consisted of the following:


	Predecessor Ambac – December 31, 2012
Debt obligations and accrued interest payable	$	1,690,312
Other		14,592	⁽¹⁾

Consolidated liabilities subject to compromise	$	1,704,904

(1)	Primarily comprises an allowed general unsecured claim of $14,007 provided to Ambac’s landlord in connection with a settlement agreement relating to claims under its headquarters lease.

The following is a summary of activity in goodwill for the Financial Guarantee reporting unit:


	Successor Ambac		Predecessor Ambac
	Period from May 1 through December 31, 2013		Period from January 1 through April 30, 2013		Period from January 1 through December 31, 2012
Beginning balance	$	—	$	—	$	—
Goodwill recorded in connection with emergence from Chapter 11		514,511		—		—
Accumulated impairment loss		—		—		—

Ending balance	$	514,511	$	—	$	—