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Income Taxes (Tables)

9 Months Ended

Sep. 30, 2021

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			2013
New York City			2017
United Kingdom			2017
Italy			2016

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

U.S. and foreign components of pre-tax income (loss) were as follows:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2021						2020						2021						2020
U.S.			$	8					$	(106)					$	(2)					$	(412)
Foreign			11						(2)						23						(15)
Total			$	19					$	(108)					$	21					$	(427)

Schedule of Components of Income Tax Expense (Benefit)

The components of the provision for income taxes were as follows:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2021						2020						2021						2020
Current taxes
U. S. federal			$	—					$	—					$	—					$	—
U.S. state and local			—						—						1						—
Foreign			2						(1)						7						—
Total Current taxes			2						(1)						9						1
Deferred taxes
Foreign			—						1						6						(5)
Total Deferred taxes			—						1						6						(5)
Provision for income taxes			$	2					$	—					$	15					$	(5)

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
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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.

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