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Income Taxes | 6 Months Ended
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Jun. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | 12. INCOME TAXES AFG files a consolidated U.S. Federal income tax return with its 80% or more owned domestic subsidiaries ("Consolidated Tax Subsidiaries"). Beat's US subsidiaries file separate U.S. Federal income tax returns as they are not 80% owned by AFG for tax purposes. AFG and its Consolidated Tax 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, including its 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 | 2021
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 June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
U.S. | $ | (14,424) |  |  | $ | (14,749) |  |  | $ | (25,577) |  |  | $ | (17,988) |
Foreign | (8,550) |  |  | — |  |  | (12,504) |  |  | — |
Total | $ | (22,974) |  |  | $ | (14,749) |  |  | $ | (38,081) |  |  | $ | (17,988) |
Provision (Benefit) for Income Taxes The components of the provision for income taxes were as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2024 |  | 2023
Current taxes |  |  |  |  |  |  |
U.S. state and local | $ | — |  |  | $ | — |  |  | — |  |  | 100 |
Foreign | 1,622 |  |  | — |  |  | 2,776 |  |  | — |
Total Current taxes | 1,622 |  |  | — |  |  | 2,776 |  |  | 100 |
Deferred taxes |  |  |  |  |  |  |
U.S.federal | (1,111) |  |  | (30) |  |  | (2,153) |  |  | — |
Foreign | (2,683) |  |  | — |  |  | (3,412) |  |  | — |
Total Deferred taxes | (3,794) |  |  | (30) |  |  | (5,565) |  |  | — |
Provision (benefit) for income taxes | $ | (2,172) |  |  | $ | (30) |  |  | $ | (2,789) |  |  | $ | 100 |

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