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Income Taxes (Tables) | 9 Months Ended
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Sep. 30, 2016
Income Tax Disclosure [Abstract] |
Major Jurisdictions | The following are the major jurisdictions in which Ambac and its subsidiaries operate and the earliest tax years subject to examination:
Jurisdiction | Tax Year
United States | 2010
New York State | 2012
New York City | 2012
United Kingdom | 2012
Italy | 2010
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, 2016 and December 31, 2015 are presented below:
| September 30, 2016 |  | December 31, 2015
Deferred tax liabilities: |  |  |
Insurance intangible | $ | 358,003 |  |  | $ | 424,239 |
Variable interest entities | 51,358 |  |  | 10,053 |
Investments | 168,627 |  |  | 66,278 |
Unearned premiums and credit fees | 91,250 |  |  | 98,945 |
Unremitted foreign earnings | 23,296 |  |  | — |
Other | 33,705 |  |  | 34,025 |
Total deferred tax liabilities | 726,239 |  |  | 633,540 |
Deferred tax assets: |  |  |
Net operating loss and capital carryforward | 1,438,595 |  |  | 1,504,569 |
Loss reserves | 143,401 |  |  | 122,635 |
Compensation | 6,279 |  |  | 2,839 |
AMT Credits | 29,963 |  |  | 27,252 |
Other | 9,912 |  |  | 9,913 |
Subtotal deferred tax assets | 1,628,150 |  |  | 1,667,208 |
Valuation allowance | 903,647 |  |  | 1,035,873 |
Total deferred tax assets | 724,503 |  |  | 631,335 |
Net deferred tax (liability) | $ | (1,736 | ) |  | $ | (2,205 | )
Schedule of Net Operating Loss And Tax Credit Carryovers | Pursuant to an intercompany tax sharing agreement, to the extent Ambac Assurance generates taxable income after September 30, 2011, which is offset with "Allocated NOLs" of $3,650,000, it is obligated to make payments (“Tolling Payments”), subject to certain credits, to Ambac in accordance with the following NOL usage table, where the “Applicable Percentage” is applied to the aggregate amount of federal income tax liability that would have been paid if the Allocated NOLs were not available. NOL Usage Table
NOL Usage Tier | Allocated NOLs |  | Applicable Percentage
A | The first | $479,000 |  | 15%
B | The next | $1,057,000 | after Tier A | 40%
C | The next | $1,057,000 | after Tier B | 10%
D | The next | $1,057,000 | after Tier C | 15%

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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=51663037&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 + Details
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