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Schedule II - Condensed Financial Information of Registrant (Parent Company Only) [Schedule] (Notes) | 12 Months Ended
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Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Condensed Financial Information of Parent Company Only Disclosure | AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES SCHEDULE II— CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY ONLY) Condensed Balance Sheets
| December 31,
($ in Thousands, except share data) | 2015 |  | 2014
Assets: |  |  |
Fixed income securities, at fair value (amortized cost: 2015—$203,709 and 2014—$234,294) | $ | 187,979 |  |  | $ | 234,310 |
Short-term investments, at cost (approximates fair value) | 48,079 |  |  | 22,936 |
Other investments | 25,339 |  |  | 21,003 |
Total investments | 261,397 |  |  | 278,249 |
Cash | 25 |  |  | 141 |
Investment in subsidiaries | 1,349,483 |  |  | 1,116,044 |
Investment income due and accrued | 123 |  |  | 54 |
Current taxes (1) | 70,848 |  |  | — |
Other assets | 4,778 |  |  | 5,770 |
Total assets | $ | 1,686,654 |  |  | $ | 1,400,258 |
Liabilities and Stockholders' Equity: |  |  |
Liabilities: |  |  |
Current taxes | — |  |  | 221 |
Accounts payable and other liabilities | 1,855 |  |  | 932 |
Total liabilities | 1,855 |  |  | 1,153 |
Stockholders’ equity: |  |  |
Preferred stock, par value $0.01 per share; 20,000,000 shares authorized shares; issued and outstanding shares—none | — |  |  | — |
Common stock, par value $0.01 per share; 130,000,000 shares authorized, issued and outstanding shares; 45,044,222 and 45,005,932 | 450 |  |  | 450 |
Additional paid-in capital | 190,813 |  |  | 189,138 |
Accumulated other comprehensive income | 15,215 |  |  | 220,283 |
Retained earnings | 1,478,439 |  |  | 989,290 |
Treasury stock, shares at cost: 8,202 and 2,459 | (118 | ) |  | (56 | )
Total Ambac Financial Group, Inc. stockholders’ equity | 1,684,799 |  |  | 1,399,105 |
Total liabilities and stockholders’ equity | $ | 1,686,654 |  |  | $ | 1,400,258 |
(1) | Of this amount, $70,911 is receivable from the Registrant's wholly-owned subsidiary, Ambac Assurance Corporation, pursuant to the Amended TSA.
The condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto and the accompanying notes. AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES SCHEDULE II— CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY ONLY) Condensed Statement of Comprehensive Income (Loss)
| Successor Ambac |  |  | Predecessor Ambac
|  |  |  |  | Period from May 1 |  |  | Period from Jan 1
| Year Ended December 31, |  | through |  |  | through
($ in Thousands) | 2015 |  | 2014 |  | December 31, 2013 |  |  | April 30, 2013
Revenues: |  |  |  |  |  |  |  |
Investment income | $ | 9,826 |  |  | $ | 25,147 |  |  | $ | 22,227 |  |  |  | $ | 39 |
Other income | — |  |  | — |  |  | 197,122 |  |  |  | — |
Other than temporary impairments | (155 | ) |  | — |  |  | — |  |  |  | — |
Net realized gains (losses) | (27 | ) |  | (46 | ) |  | 2 |  |  |  | — |
Total revenues | 9,644 |  |  | 25,101 |  |  | 219,351 |  |  |  | 39 |
Expenses: |  |  |  |  |  |  |  |
Operating expenses | 8,922 |  |  | 6,458 |  |  | 3,018 |  |  |  | 539 |
Total expenses | 8,922 |  |  | 6,458 |  |  | 3,018 |  |  |  | 539 |
Income (loss) before income taxes, reorganization costs and equity in undistributed net loss of subsidiaries | 722 |  |  | 18,643 |  |  | 216,333 |  |  |  | (500 | )
Reorganization items | — |  |  | 211 |  |  | 493 |  |  |  | (2,745,180 | )
Income (loss) before income taxes and equity in undistributed net loss of subsidiaries | 722 |  |  | 18,432 |  |  | 215,840 |  |  |  | 2,744,680 |
Federal income tax provision (benefit) | (70,811 | ) |  | 221 |  |  | — |  |  |  | (703 | )
Income before equity in undistributed net income of subsidiaries | 71,533 |  |  | 18,211 |  |  | 215,840 |  |  |  | 2,745,383 |
Equity in undistributed net income of subsidiaries | 421,870 |  |  | 465,860 |  |  | 289,379 |  |  |  | 603,666 |
Net income | $ | 493,403 |  |  | $ | 484,071 |  |  | $ | 505,219 |  |  |  | $ | 3,349,049 |
Other comprehensive income, after tax: |  |  |  |  |  |  |  |
Net income | $ | 493,403 |  |  | $ | 484,071 |  |  | $ | 505,219 |  |  |  | $ | 3,349,049 |
Unrealized gains (losses) on securities, net of deferred income taxes of $0 | (159,730 | ) |  | 252,603 |  |  | (41,910 | ) |  |  | 175,347 |
Gain (loss) on foreign currency translation, net of deferred income taxes of $0. | (44,651 | ) |  | (43,165 | ) |  | 42,724 |  |  |  | (657 | )
Changes to postretirement benefit, net of tax | (687 | ) |  | (816 | ) |  | 10,847 |  |  |  | 185 |
Total other comprehensive income (loss) | (205,068 | ) |  | 208,622 |  |  | 11,661 |  |  |  | 174,875 |
Total comprehensive income attributable to Ambac Financial Group, Inc. | $ | 288,335 |  |  | $ | 692,693 |  |  | $ | 516,880 |  |  |  | $ | 3,523,924 |
The condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto and the accompanying notes. AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES SCHEDULE II— CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY ONLY) Condensed Statement of Stockholders' Equity
($ in Thousands) | Total |  | Retained Earnings |  | Accumulated Other Comprehensive Income |  | Preferred Stock |  | Common Stock |  | Additional Paid-in Capital |  | Common Stock Held in Treasury, at Cost
Successor Ambac |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1, 2015 | $ | 1,399,105 |  |  | $ | 989,290 |  |  | $ | 220,283 |  |  | $ | — |  |  | $ | 450 |  |  | $ | 189,138 |  |  | $ | (56 | )
Total comprehensive income | 288,335 |  |  | 493,403 |  |  | (205,068 | ) |  | — |  |  | — |  |  | — |  |  | — |
Stock-based compensation | 3,105 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,105 |  |  | — |
Cost of shares (acquired) issued under equity plan | (374 | ) |  | (312 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (62 | )
Cost of warrants acquired | (5,375 | ) |  | (3,942 | ) |  | — |  |  | — |  |  | — |  |  | (1,433 | ) |  | — |
Warrants exercised | 3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | — |
Balance at December 31, 2015 | $ | 1,684,799 |  |  | $ | 1,478,439 |  |  | $ | 15,215 |  |  | $ | — |  |  | $ | 450 |  |  | $ | 190,813 |  |  | $ | (118 | )
Successor Ambac |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1, 2014 | $ | 702,983 |  |  | $ | 505,219 |  |  | $ | 11,661 |  |  | $ | — |  |  | $ | 450 |  |  | $ | 185,672 |  |  | $ | (19 | )
Total comprehensive income | 692,693 |  |  | 484,071 |  |  | 208,622 |  |  | — |  |  | — |  |  | — |  |  | — |
Stock based compensation | 3,450 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,450 |  |  | — |
Shares issued under equity plan | (37 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (37 | )
Warrants exercised | 16 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 16 |  |  | — |
Balance at December 31, 2014 | $ | 1,399,105 |  |  | $ | 989,290 |  |  | $ | 220,283 |  |  | $ | — |  |  | $ | 450 |  |  | $ | 189,138 |  |  | $ | (56 | )
Successor Ambac |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at May 1, 2013 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Issuance of new equity in connection with emergence from Chapter 11 | 185,000 |  |  | — |  |  | — |  |  | — |  |  | 450 |  |  | 184,550 |  |  | — |
Balance at May 1, 2013 | 185,000 |  |  | — |  |  | — |  |  | — |  |  | 450 |  |  | 184,550 |  |  | — |
Total comprehensive income | 516,880 |  |  | 505,219 |  |  | 11,661 |  |  | — |  |  | — |  |  | — |  |  | — |
Stock based compensation | 1,106 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,106 |  |  | — |
Cost of shares acquired | (19 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (19 | )
Warrants exercised | 16 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 16 |  |  | — |
Balance at December 31, 2013 | $ | 702,983 |  |  | $ | 505,219 |  |  | $ | 11,661 |  |  | $ | — |  |  | $ | 450 |  |  | $ | 185,672 |  |  | $ | (19 | )
Predecessor Ambac |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1, 2013 | $ | (3,907,527 | ) |  | $ | (6,297,264 | ) |  | $ | 625,385 |  |  | $ | — |  |  | $ | 3,080 |  |  | $ | 2,172,027 |  |  | $ | (410,755 | )
Total comprehensive income | 3,523,924 |  |  | 3,349,049 |  |  | 174,875 |  |  | — |  |  | — |  |  | — |  |  | — |
Stock-based compensation | (60 | ) |  | (60 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Shares issued under equity plans | 60 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 60 |
Elimination of Predecessor Ambac Shareholder equity accounts | 383,603 |  |  | 2,948,275 |  |  | (800,260 | ) |  | — |  |  | (3,080 | ) |  | (2,172,027 | ) |  | 410,695 |
Balance at April 30, 2013 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
The condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto and the accompanying notes. AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES SCHEDULE II— CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY ONLY) Condensed Statements of Cash Flow
| Successor Ambac |  |  | Predecessor Ambac
|  |  |  |  | Period from May 1 |  |  | Period from Jan 1
| Year Ended December 31, |  | through |  |  | through
($ in Thousands) | 2015 |  | 2014 |  | December 31, 2013 |  |  | April 30, 2013
Cash flows from operating activities: |  |  |  |  |  |  |  |
Net income (loss) | $ | 493,403 |  |  | $ | 484,071 |  |  | $ | 505,219 |  |  |  | $ | 3,349,049 |
Adjustments to reconcile net income loss to net cash used in operating activities: |  |  |  |  |  |  |  |
Equity in undistributed net (income) loss of non-debtor subsidiaries | (421,870 | ) |  | (465,860 | ) |  | (289,379 | ) |  |  | (603,666 | )
Amortization of bond premium and discount | (4,690 | ) |  | 4 |  |  | — |  |  |  | — |
Reorganization items | — |  |  | 211 |  |  | 493 |  |  |  | (2,745,180 | )
Junior surplus notes received from Ambac Assurance Corporation Segregated Account | — |  |  | — |  |  | (167,020 | ) |  |  | — |
Other-than-temporary impairment charges | 155 |  |  | — |  |  | — |  |  |  | — |
Net realized gains (losses) | 27 |  |  | 46 |  |  | (2 | ) |  |  | — |
Increase (decrease) in current income taxes payable | (71,069 | ) |  | 221 |  |  | — |  |  |  | (1,900 | )
Share-based compensation | 3,105 |  |  | 3,450 |  |  | 1,106 |  |  |  | — |
Investment income due and accrued | (69 | ) |  | 11,905 |  |  | (11,942 | ) |  |  | (6 | )
(Increase) decrease in other assets | 992 |  |  | (834 | ) |  | (1,677 | ) |  |  | 3,182 |
Other, net | (4,705 | ) |  | (36,628 | ) |  | (28,030 | ) |  |  | (4,107 | )
Net cash provided by (used in) operating activities | (4,721 | ) |  | (3,414 | ) |  | 8,768 |  |  |  | (2,628 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |
Proceeds from matured bonds | 347,539 |  |  | 65,032 |  |  | 14,355 |  |  |  | — |
Purchases of bonds | (312,419 | ) |  | (271,181 | ) |  | (42,506 | ) |  |  | — |
Change in short-term investments | (25,143 | ) |  | (14,617 | ) |  | 19,360 |  |  |  | 2,637 |
Net cash provided by (used in) investing activities | 9,977 |  |  | (220,766 | ) |  | (8,791 | ) |  |  | 2,637 |
Cash flows from financing activities: |  |  |  |  |  |  |  |
Proceeds from the sale of Junior Surplus Notes of the Segregated Account | — |  |  | 224,262 |  |  | — |  |  |  | — |
Cost of warrants acquired | (5,375 | ) |  | — |  |  | — |  |  |  | — |
Proceeds from warrant exercise | 3 |  |  | 16 |  |  | 16 |  |  |  | — |
Net cash provided by financing activities | (5,372 | ) |  | 224,278 |  |  | 16 |  |  |  | — |
Net cash flow | (116 | ) |  | 98 |  |  | (7 | ) |  |  | 9 |
Cash at beginning of period | 141 |  |  | 43 |  |  | 50 |  |  |  | 41 |
Cash at end of period | $ | 25 |  |  | $ | 141 |  |  | $ | 43 |  |  |  | $ | 50 |
Supplemental disclosure of cash flow information: |  |  |  |  |  |  |  |
Cash paid during the period for: |  |  |  |  |  |  |  |
Income taxes | $ | 394 |  |  | $ | — |  |  | $ | — |  |  |  | $ | 1,900 |
Cash payments related to reorganization items: |  |  |  |  |  |  |  |
Professional fees paid for services rendered in connection with the Chapter 11 proceeding | $ | — |  |  | $ | 272 |  |  | $ | 15,546 |  |  |  | $ | 3,860 |
The condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto and the accompanying notes. AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES SCHEDULE II— CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY ONLY) Notes to Condensed Financial Information (Dollar Amounts in Thousands) The condensed financial information of Ambac Financial Group, Inc. (“Ambac” or the “Registrant”) as of December 31, 2015 and 2014 and for the years ended December 31, 2015 and 2014, eight month period ended December 31, 2013 (Successor Company), and the four month period ended April 30, 2013 (Predecessor Company), should be read in conjunction with the consolidated financial statements of Ambac Financial Group, Inc. and Subsidiaries and the notes thereto included in the Registrants 2015 Annual Report on Form 10-K for the year ended December 31, 2015 ("2015 Annual Report on Form 10-K") filed with the Securities and Exchange Commission on February 29, 2016. Investments in subsidiaries are accounted for using the equity method of accounting. Ambac, headquartered in New York City, is a financial services holding company incorporated in the state of Delaware on April 29, 1991. On May 1, 2013 (the “Effective Date”), Ambac emerged from Chapter 11 bankruptcy protection when the Second Modified Fifth Amended Plan of Reorganization of Ambac Financial Group, Inc. (the “Reorganization Plan”) became effective. On December 26, 2013, the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) entered an order of final decree closing Ambac’s Chapter 11 case. Ambac filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the Bankruptcy Court on November 8, 2010 as a result of losses incurred since the beginning of the financial crisis in 2007. Chapter 11 Reorganization of Ambac: See Note 1. Background and Business Description — Chapter 11 Reorganization of Ambac included in Part II, Item 8 in this Form 10-K for a discussion of the Chapter 11 Reorganization of Ambac. . Income Taxes Ambac files a consolidated Federal income tax return with its subsidiaries. Ambac and its subsidiaries also file separate or combined income tax returns in various states, local and foreign jurisdictions. As of December 31, 2015 Ambac had loss carryforwards totaling $4,298,770. This includes carryforwards of $129,048 relating to U.S. capital losses, $14,936 of Ambac UK loss carryforwards, and an ordinary U. S. federal net operating tax carryforward of approximately $4,154,786, which, if not utilized, will begin expiring in 2029, and will fully expire in 2034. As discussed more fully in Note 1. Background and Business Description — Chapter 11 Reorganization of Ambac, under the Amended Plan Settlement, the Registrant, Ambac Assurance and certain affiliates entered into an amended and restated tax sharing agreement (the “Amended TSA”). Pursuant to the Amended TSA, to the extent Ambac Assurance generated taxable income after September 30, 2011, which offset the allocated $3,650,000 of NOLs, (or the proportionate amount of AMT NOL (as defined)), it is obligated to make payments (“Tolling Payments”), subject to certain credits, to the Registrant in accordance with a four Tier, A through D, NOL usage table. NOLs in excess of the allocated $3,650,000 may be utilized beginning in 2016, subject to the Registrant's consent, not to be unreasonably withheld, for a payment of 25% of the benefit received. Ambac Assurance has utilized all of its current post determination date NOLs generated from September 30, 2011 through December 31, 2015 (post determination date NOLs); however, additional post determination date NOLs may be generated in the future. During this time period, Ambac Assurance's cumulative net taxable income was approximately $877,313, which utilized all of the $479,000 allocated Tier A NOL and $398,313 of the $1,057,000 allocated Tier B NOL and resulted in accrued Tolling Payments, net of applicable credits, of $70,911 payable to Ambac no later than forty-five days after March 15, 2016 (subject to review by the Rehabilitator). Of the bankruptcy related credits available to offset the first $5,000 of payments due under each of the NOL usage Tiers A, B, and C, Ambac Assurance has fully utilized the combined $10,000 of Tier A and Tier B credits. The NOL allocable to AFG as of December 31, 2015 is $1,382,109.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=51664549&loc=d3e5283-111683 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 9 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 + Details
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