XML 66 R46.htm IDEA: XBRL DOCUMENT v3.25.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Major Jurisdictions

The following are the major jurisdictions in which Ambac and its subsidiaries, including it foreign subsidiaries, operate and the earliest tax years subject to examination:

Jurisdiction			Tax Year
United States			2010
New York State			2015
New York City			2018
United Kingdom			2020

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 December 31, 2024 and 2023, are presented below:

December 31,			2024						2023
Deferred tax liabilities:
Amortizable intangible			$	71,414					$	—
Outside basis difference			105,630						—
Deferred acquisition costs			9,474						7,531
Investments			3,568						—
Other			787						139
Total deferred tax liabilities			190,873						7,670
Deferred tax assets:
Net operating loss carryforward			349,931						341,886
Unearned premium reserves			9,138						3,590
Loss reserves			1,102						162
State capital loss carryforward			3,096						7,650
Compensation			1,423						1,423
Investments			—						1,072
Other			429						1,625
Subtotal deferred tax assets			365,119						357,408
Valuation allowance			244,381						349,738
Total deferred tax assets			120,738						7,670
Net deferred tax liability			$	70,135					$	—

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

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

Year Ended December 31,			2024						2023						2022
U.S.			$	(58,014)					$	(24,221)					$	(35,706)
Foreign			(1,831)						—						—
Total			$	(59,845)					$	(24,221)					$	(35,706)

Schedule of Components of Income Tax Expense (Benefit)

The components of the provision (benefit) for income taxes from continuing operations were as follows:

Year Ended December 31,			2024						2023						2022
Current taxes
U.S. state and local			$	100					$	431					$	(453)
Foreign			2,193						—						—
Total current taxes			2,197						431						(453)
Deferred taxes
Domestic			—						(1,420)						(9)
Foreign			(3,121)						—						—
Total deferred taxes			$	(3,121)					$	(1,420)					$	(9)
Provision for income taxes			$	(924)					$	(989)					$	(462)

Schedule Of Income Taxes Charged Credited Directly To Equity

The total effect of income taxes on net income and stockholders’ equity for the years ended December 31, 2024, 2023 and 2022 is as follows:

Year Ended December 31,			2024						2023						2022
Total income taxes charged to net income			$	(924)					$	(989)					$	(462)
Income taxes charged (credited) to stockholders’ equity:
Unrealized gains (losses) on investment securities, including foreign exchange			144						918						335
Unrealized gains (losses) on foreign currency translations			(1,922)						—						—
Valuation allowance to equity			1,778						(918)						(335)
Total charged to stockholders’ equity:			—						—						—
Total effect of income taxes			$	(924)					$	(989)					$	(462)

Schedule of Effective Income Tax Rate Reconciliation

Year Ended December 31,			2024						2023						2022
Total income taxes charged to net income			$	(924)					$	(989)					$	(462)
Income taxes charged (credited) to stockholders’ equity:
Unrealized gains (losses) on investment securities, including foreign exchange			144						918						335
Unrealized gains (losses) on foreign currency translations			(1,922)						—						—
Valuation allowance to equity			1,778						(918)						(335)
Total charged to stockholders’ equity:			—						—						—
Total effect of income taxes			$	(924)					$	(989)					$	(462)

Reconciliation of U.S. Federal Statutory Income Tax Rate to Actual Income Tax Rate

The tax provisions for continuing operations in the accompanying Consolidated Statements of Total Comprehensive Income (Loss) reflect effective tax rates differing from prevailing Federal corporate income tax rates. The following is a reconciliation of these differences:

Year Ended December 31,			2024												2023												2022
Tax on income (loss) at statutory rate			$	(12,567)					21		%				$	(5,086)					21		%				$	(7,498)					21		%
Changes in expected tax resulting from:
State only DTA and tax rate change			4,554						(8)		%				—						—		%				(1,003)						3		%
Tax-exempt interest			(4)						—		%				(5)						—		%				(14)						—		%
Foreign taxes			787						(1)		%				—						—		%				—						—		%
State Income Taxes			79						—		%				411						(2)		%				367						(1)		%
Outside tax basis difference			105,630						(177)		%				—						—		%				—						—		%
Acquisition costs			2,017						(3)		%				1,497						(6)		%				—						—		%
Valuation allowance			(101,598)						170		%				1,602						(7)		%				8,379						(24)		%
Other, net			178						—		%				592						(2)		%				(693)						2		%
Tax expense on income (loss)			$	(924)					2		%				$	(989)					1		%				$	(462)					(2)		%

Schedule of Net Operating Loss And Tax Credit Carryovers

As of December 31, 2024, the Company has $1,663,087 of US NOLs if not utilized will begin expiring in 2030. Of the total NOLs $158,663 carry forward indefinitely.

X

- Definition

Schedule Of Income Taxes Charged Credited Directly To Equity [Table Text Block]

+ References

No definition available.

+ Details

Name:	ambc_ScheduleOfIncomeTaxesChargedCreditedDirectlyToEquityTableTextBlock
Namespace Prefix:	ambc_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Schedule of Net Operating Loss And Tax Credit Carryovers [Table Text Block]

+ References

No definition available.

+ Details

Name:	ambc_ScheduleOfNetOperatingLossAndTaxCreditCarryoversTextBlock
Namespace Prefix:	ambc_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-15

+ Details

Name:	us-gaap_SummaryOfIncomeTaxExaminationsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration