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Income Taxes | 3 Months Ended
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Mar. 31, 2021
Income Tax Disclosure [Abstract] |
Income Taxes | 11. INCOME TAXES AFG files a consolidated Federal income tax return with its subsidiaries. AFG and its subsidiaries also file separate or combined income tax returns in various states, local and foreign 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 | 2013
New York City | 2016
United Kingdom | 2017
Italy | 2016
In accordance with the Income Tax Topic of the ASC, a valuation allowance is recognized if, based on the weight of available evidence, it is more-likely-than-not that some, or all, of the deferred tax asset will not be realized. As a result of the risks and uncertainties associated with future operating results, management believes it is more likely than not that the Company will not generate sufficient U.S. federal, state and/or local taxable income to recover its deferred tax operating assets and therefore maintains a full valuation allowance. Consolidated Pretax Income (Loss) U.S. and foreign components of pre-tax income (loss) were as follows:
Three Months Ended March 31, | 2021 |  | 2020 |  |  |  |
U.S. | $ | 17 |  |  | $ | (257) |  |  |  |  |
Foreign | 2 |  |  | (30) |  |  |  |  |
Total | $ | 19 |  |  | $ | (287) |  |  |  |  |
Provision (Benefit) for Income Taxes The components of the provision for income taxes were as follows:
Three Months Ended March 31, | 2021 |  | 2020 |  |  |  |
Current taxes |  |  |  |  |  |  |
U. S. federal | $ | — |  |  | $ | — |  |  |  |  |
U.S. state and local | 2 |  |  | — |  |  |  |  |
Foreign | 3 |  |  | (2) |  |  |  |  |
Current taxes | 5 |  |  | (2) |  |  |  |  |
Deferred taxes |  |  |  |  |  |  |
Foreign | (3) |  |  | (5) |  |  |  |  |
Deferred taxes | (3) |  |  | (5) |  |  |  |  |
Provision for income taxes | $ | 2 |  |  | $ | (7) |  |  |  |  |

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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