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v2.3.0.11

Business Segments (Tables) | 6 Months Ended
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Jun. 30, 2011
Business Segments |
Summary of Company's Operations |
|  |  | 00000000 |  |  |  | 00000000 |  |  |  | 00000000 |  |  |  | 00000000 |  |  |  | 00000000 |  |  |  | 00000000 |  |  |  | 00000000 |
|  | Three Months Ended June 30, 2011 |
In millions |  | U.S. Public Finance Insurance |  |  | Structured Finance and International Insurance |  |  | Advisory Services |  |  | Corporate |  |  | Wind-down Operations |  |  | Eliminations |  |  | Consolidated |
Revenues(1) |  | $ | 143 |  |  | $ | 81 |  |  | $ | 7 |  |  | $ | - |  |  | $ | 24 |  |  | $ | - |  |  | $ | 255 |
Realized gains and other settlements on insured derivatives |  |  | 1 |  |  |  | (192) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (191) |
Unrealized gains (losses) on insured derivatives |  |  | - |  |  |  | 116 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 116 |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | 13 |  |  |  | - |  |  |  | - |  |  |  | 16 |  |  |  | (132) |  |  |  | - |  |  |  | (103) |
Net investment losses related to other-than-temporary impairments |  |  | - |  |  |  | (2) |  |  |  | - |  |  |  | - |  |  |  | (18) |  |  |  | - |  |  |  | (20) |
Net gains (losses) on extinguishment of debt |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Other net realized gains (losses) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Revenues of consolidated VIEs |  |  | - |  |  |  | 37 |  |  |  | - |  |  |  | - |  |  |  | 4 |  |  |  | - |  |  |  | 41 |
Inter-segment revenues(2) |  |  | 20 |  |  |  | 19 |  |  |  | 10 |  |  |  | 22 |  |  |  | (4) |  |  |  | (67) |  |  |  | - |
Total revenues |  |  | 177 |  |  |  | 59 |  |  |  | 17 |  |  |  | 38 |  |  |  | (126) |  |  |  | (67) |  |  |  | 98 |
Loss and loss adjustment expense |  |  | (8) |  |  |  | 58 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 50 |
Operating expenses |  |  | 14 |  |  |  | 45 |  |  |  | 18 |  |  |  | 21 |  |  |  | - |  |  |  | - |  |  |  | 98 |
Interest expense |  |  | - |  |  |  | 33 |  |  |  | - |  |  |  | 15 |  |  |  | 27 |  |  |  | - |  |  |  | 75 |
Expenses of consolidated VIEs |  |  | - |  |  |  | 17 |  |  |  | - |  |  |  | - |  |  |  | 5 |  |  |  | - |  |  |  | 22 |
Inter-segment expenses(2) |  |  | 27 |  |  |  | 31 |  |  |  | 2 |  |  |  | 3 |  |  |  | 9 |  |  |  | (72) |  |  |  | - |
Total expenses |  |  | 33 |  |  |  | 184 |  |  |  | 20 |  |  |  | 39 |  |  |  | 41 |  |  |  | (72) |  |  |  | 245 |
Income (loss) before income taxes |  | $ | 144 |  |  | $ | (125) |  |  | $ | (3) |  |  | $ | (1) |  |  | $ | (167) |  |  | $ | 5 |  |  | $ | (147) |
Identifiable assets |  | $ | 8,083 |  |  | $ | 23,592 |  |  | $ | 52 |  |  | $ | 671 |  |  | $ | 5,640 |  |  | $ | (6,370) | (3) |  | $ | 31,668 |
(1)- | Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements, investment management fees and other fees.
(2)- | Represents intercompany premium income and expense, intercompany asset management fees and expenses, and intercompany interest income and expense pertaining to intercompany receivables and payables.
(3)- | Consists of intercompany reinsurance balances, repurchase agreements and loans.
|  |  | 00000000 |  |  |  | 00000000 |  |  |  | 00000000 |  |  |  | 00000000 |  |  |  | 00000000 |  |  |  | 00000000 |  |  |  | 00000000 |
|  | Three Months Ended June 30, 2010 |
In millions |  | U.S. Public Finance Insurance |  |  | Structured Finance and International Insurance |  |  | Advisory Services |  |  | Corporate |  |  | Wind-down Operations |  |  | Eliminations |  |  | Consolidated |
Revenues(1) |  | $ | 153 |  |  | $ | 82 |  |  | $ | 8 |  |  | $ | 1 |  |  | $ | 30 |  |  | $ | - |  |  | $ | 274 |
Realized gains and other settlements on insured derivatives |  |  | 0 |  |  |  | (64) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (64) |
Unrealized gains (losses) on insured derivatives |  |  | 0 |  |  |  | 1,538 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,538 |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | 1 |  |  |  | (16) |  |  |  | 0 |  |  |  | 8 |  |  |  | 5 |  |  |  | - |  |  |  | (2) |
Net investment losses related to other-than-temporary impairments |  |  | - |  |  |  | (1) |  |  |  | - |  |  |  | - |  |  |  | (12) |  |  |  | - |  |  |  | (13) |
Net gains (losses) on extinguishment of debt |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 0 |  |  |  | 18 |  |  |  | - |  |  |  | 18 |
Other net realized gains (losses) |  |  | 0 |  |  |  | 19 |  |  |  | 0 |  |  |  | - |  |  |  | 0 |  |  |  | - |  |  |  | 19 |
Revenues of consolidated VIEs |  |  | - |  |  |  | 280 |  |  |  | - |  |  |  | - |  |  |  | 27 |  |  |  | - |  |  |  | 307 |
Inter-segment revenues(2) |  |  | 25 |  |  |  | 26 |  |  |  | 9 |  |  |  | 23 |  |  |  | (5) |  |  |  | (78) |  |  |  | - |
Total revenues |  |  | 179 |  |  |  | 1,864 |  |  |  | 17 |  |  |  | 32 |  |  |  | 63 |  |  |  | (78) |  |  |  | 2,077 |
Loss and loss adjustment expense |  |  | 11 |  |  |  | (84) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (73) |
Operating expenses |  |  | 11 |  |  |  | 33 |  |  |  | 16 |  |  |  | 21 |  |  |  | 2 |  |  |  | - |  |  |  | 83 |
Interest expense |  |  | - |  |  |  | 34 |  |  |  | - |  |  |  | 16 |  |  |  | 31 |  |  |  | - |  |  |  | 81 |
Expenses of consolidated VIEs |  |  | - |  |  |  | 15 |  |  |  | - |  |  |  | - |  |  |  | 3 |  |  |  | - |  |  |  | 18 |
Inter-segment expenses(2) |  |  | 29 |  |  |  | 38 |  |  |  | 1 |  |  |  | 4 |  |  |  | 16 |  |  |  | (88) |  |  |  | - |
Total expenses |  |  | 51 |  |  |  | 36 |  |  |  | 17 |  |  |  | 41 |  |  |  | 52 |  |  |  | (88) |  |  |  | 109 |
Income (loss) before income taxes |  | $ | 128 |  |  | $ | 1,828 |  |  | $ | - |  |  | $ | (9) |  |  | $ | 11 |  |  | $ | 10 |  |  | $ | 1,968 |
Identifiable assets |  | $ | 8,374 |  |  | $ | 24,342 |  |  | $ | 51 |  |  | $ | 1,317 |  |  | $ | 7,389 |  |  | $ | (8,009) | (3) |  | $ | 33,464 |
(1)- | Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements, investment management fees and other fees.
(2)- | Represents intercompany premium income and expense, intercompany asset management fees and expenses, and intercompany interest income and expense pertaining to intercompany receivables and payables.
(3)- | Consists of intercompany reinsurance balances, repurchase agreements and loans.
The following tables provide the Company's segment results for the six months ended June 30, 2011 and 2010:
|  | Six Months Ended June 30, 2011 |
In millions |  | U.S. Public Finance Insurance |  |  | Structured Finance and International Insurance |  |  | Advisory Services |  |  | Corporate |  |  | Wind-down Operations |  |  | Eliminations |  |  | Consolidated |
Revenues(1) |  | $ | 274 |  |  | $ | 183 |  |  | $ | 13 |  |  | $ | 1 |  |  | $ | 49 |  |  | $ | - |  |  | $ | 520 |
Realized gains and other settlements on insured derivatives |  |  | 1 |  |  |  | (547) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (546) |
Unrealized gains (losses) on insured derivatives |  |  | - |  |  |  | (1,307) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,307) |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | 17 |  |  |  | 33 |  |  |  | - |  |  |  | 39 |  |  |  | (216) |  |  |  | - |  |  |  | (127) |
Net investment losses related to other-than-temporary impairments |  |  | - |  |  |  | (4) |  |  |  | - |  |  |  | - |  |  |  | (29) |  |  |  | - |  |  |  | (33) |
Net gains (losses) on extinguishment of debt |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 24 |  |  |  | 2 |  |  |  | 26 |
Other net realized gains (losses) |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | 4 |  |  |  | - |  |  |  | 5 |
Revenues of consolidated VIEs |  |  | - |  |  |  | (67) |  |  |  | - |  |  |  | - |  |  |  | 19 |  |  |  | - |  |  |  | (48) |
Inter-segment revenues(2) |  |  | 37 |  |  |  | 30 |  |  |  | 19 |  |  |  | 44 |  |  |  | (8) |  |  |  | (122) |  |  |  | - |
Total revenues |  |  | 329 |  |  |  | (1,678) |  |  |  | 32 |  |  |  | 84 |  |  |  | (157) |  |  |  | (120) |  |  |  | (1,510) |
Loss and loss adjustment expense |  |  | (5) |  |  |  | 19 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 14 |
Operating expenses |  |  | 26 |  |  |  | 86 |  |  |  | 33 |  |  |  | 43 |  |  |  | 1 |  |  |  | - |  |  |  | 189 |
Interest expense |  |  | - |  |  |  | 66 |  |  |  | - |  |  |  | 30 |  |  |  | 54 |  |  |  | - |  |  |  | 150 |
Expenses of consolidated VIEs |  |  | - |  |  |  | 37 |  |  |  | - |  |  |  | - |  |  |  | 10 |  |  |  | - |  |  |  | 47 |
Inter-segment expenses(2) |  |  | 53 |  |  |  | 60 |  |  |  | 3 |  |  |  | 7 |  |  |  | 18 |  |  |  | (141) |  |  |  | - |
Total expenses |  |  | 74 |  |  |  | 268 |  |  |  | 36 |  |  |  | 80 |  |  |  | 83 |  |  |  | (141) |  |  |  | 400 |
Income (loss) before income taxes |  | $ | 255 |  |  | $ | (1,946) |  |  | $ | (4) |  |  | $ | 4 |  |  | $ | (240) |  |  | $ | 21 |  |  | $ | (1,910) |
Identifiable assets |  | $ | 8,083 |  |  | $ | 23,592 |  |  | $ | 52 |  |  | $ | 671 |  |  | $ | 5,640 |  |  | $ | (6,370) | (3) |  | $ | 31,668 |
(1)- | Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements, investment management fees and other fees.
(2)- | Represents intercompany premium income and expense, intercompany asset management fees and expenses, and intercompany interest income and expense pertaining to intercompany receivables and payables.
(3)- | Consists of intercompany reinsurance balances, repurchase agreements and loans.
|  | Six Months Ended June 30, 2010 |
In millions |  | U.S. Public Finance Insurance |  |  | Structured Finance and International Insurance |  |  | Advisory Services |  |  | Corporate |  |  | Wind-down Operations |  |  | Eliminations |  |  | Consolidated |
Revenues(1) |  | $ | 317 |  |  | $ | 280 |  |  | $ | 14 |  |  | $ | 2 |  |  | $ | 62 |  |  | $ | - |  |  | $ | 675 |
Realized gains and other settlements on insured derivatives |  |  | 0 |  |  |  | (98) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (98) |
Unrealized gains (losses) on insured derivatives |  |  | 0 |  |  |  | (674) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (674) |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | 3 |  |  |  | (14) |  |  |  | 1 |  |  |  | (18) |  |  |  | (20) |  |  |  | - |  |  |  | (48) |
Net investment losses related to other-than-temporary impairments |  |  | - |  |  |  | (4) |  |  |  | - |  |  |  | - |  |  |  | (39) |  |  |  | - |  |  |  | (43) |
Net gains (losses) on extinguishment of debt |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 0 |  |  |  | 18 |  |  |  | - |  |  |  | 18 |
Other net realized gains (losses) |  |  | 0 |  |  |  | 19 |  |  |  | 0 |  |  |  | - |  |  |  | 0 |  |  |  | - |  |  |  | 19 |
Revenues of consolidated VIEs |  |  | - |  |  |  | 330 |  |  |  | - |  |  |  | - |  |  |  | 42 |  |  |  | - |  |  |  | 372 |
Inter-segment revenues(2) |  |  | 52 |  |  |  | 51 |  |  |  | 19 |  |  |  | 50 |  |  |  | (10) |  |  |  | (162) |  |  |  | - |
Total revenues |  |  | 372 |  |  |  | (110) |  |  |  | 34 |  |  |  | 34 |  |  |  | 53 |  |  |  | (162) |  |  |  | 221 |
Loss and loss adjustment expense |  |  | 36 |  |  |  | 106 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 142 |
Operating expenses |  |  | 19 |  |  |  | 72 |  |  |  | 28 |  |  |  | 46 |  |  |  | 3 |  |  |  | - |  |  |  | 168 |
Interest expense |  |  | - |  |  |  | 68 |  |  |  | - |  |  |  | 33 |  |  |  | 64 |  |  |  | - |  |  |  | 165 |
Expenses of consolidated VIEs |  |  | - |  |  |  | 30 |  |  |  | - |  |  |  | - |  |  |  | 7 |  |  |  | - |  |  |  | 37 |
Inter-segment expenses(2) |  |  | 57 |  |  |  | 74 |  |  |  | 3 |  |  |  | 6 |  |  |  | 34 |  |  |  | (174) |  |  |  | - |
Total expenses |  |  | 112 |  |  |  | 350 |  |  |  | 31 |  |  |  | 85 |  |  |  | 108 |  |  |  | (174) |  |  |  | 512 |
Income (loss) before income taxes |  | $ | 260 |  |  | $ | (460) |  |  | $ | 3 |  |  | $ | (51) |  |  | $ | (55) |  |  | $ | 12 |  |  | $ | (291) |
Identifiable assets |  | $ | 8,374 |  |  | $ | 24,342 |  |  | $ | 51 |  |  | $ | 1,317 |  |  | $ | 7,389 |  |  | $ | (8,009) | (3) |  | $ | 33,464 |
(1)- | Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements, investment management fees and other fees.
(2)- | Represents intercompany premium income and expense, intercompany asset management fees and expenses, and intercompany interest income and expense pertaining to intercompany receivables and payables.
(3)- | Consists of intercompany reinsurance balances, repurchase agreements and loans.
Premiums Earned On Financial Guarantees And Insured Derivatives By Geographic Location Of Risk |
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
In millions |  | 2011 |  |  | 2010 |  |  | 2011 |  |  | 2010 |
Total premiums earned: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 130 |  |  | $ | 141 |  |  | $ | 252 |  |  | $ | 283 |
United Kingdom |  |  | 10 |  |  |  | 8 |  |  |  | 17 |  |  |  | 21 |
Europe (excluding United Kingdom) |  |  | 9 |  |  |  | 7 |  |  |  | 21 |  |  |  | 12 |
Internationally diversified |  |  | 9 |  |  |  | 9 |  |  |  | 18 |  |  |  | 18 |
Central and South America |  |  | 10 |  |  |  | 11 |  |  |  | 19 |  |  |  | 21 |
Asia |  |  | 5 |  |  |  | 3 |  |  |  | 12 |  |  |  | 7 |
Other |  |  | 3 |  |  |  | 3 |  |  |  | 6 |  |  |  | 6 |
Total |  | $ | 176 |  |  | $ | 182 |  |  | $ | 345 |  |  | $ | 368 |
Segment Reporting, Wind-down Operations |
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|  | Three Months Ended June 30, 2011 |
In millions |  | Asset / Liability Products |  |  | Conduits |  |  | Eliminations |  |  | Total Wind- down Operations |
Revenues(1) |  | $ | 23 |  |  | $ | 1 |  |  | $ | - |  |  | $ | 24 |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | (132) |  |  |  | - |  |  |  | - |  |  |  | (132) |
Net investment losses related to other-than-temporary impairments |  |  | (18) |  |  |  | - |  |  |  | - |  |  |  | (18) |
Revenues of consolidated VIEs |  |  | 1 |  |  |  | 3 |  |  |  | - |  |  |  | 4 |
Inter-segment revenues(2) |  |  | (3) |  |  |  | (1) |  |  |  | - |  |  |  | (4) |
Total revenues |  |  | (129) |  |  |  | 3 |  |  |  | - |  |  |  | (126) |
Operating expenses |  |  | 1 |  |  |  | (1) |  |  |  | - |  |  |  | - |
Interest expense |  |  | 28 |  |  |  | (1) |  |  |  | - |  |  |  | 27 |
Expenses of consolidated VIEs |  |  | - |  |  |  | 5 |  |  |  | - |  |  |  | 5 |
Inter-segment expenses(2) |  |  | 8 |  |  |  | 1 |  |  |  | - |  |  |  | 9 |
Total expenses |  |  | 37 |  |  |  | 4 |  |  |  | - |  |  |  | 41 |
Income (loss) before income taxes |  | $ | (166) |  |  | $ | (1) |  |  | $ | - |  |  | $ | (167) |
Identifiable assets |  | $ | 4,481 |  |  | $ | 1,564 |  |  | $ | (405) |  |  | $ | 5,640 |
(1) - Represents the sum of third-party interest income, investment management services fees and other fees. (2) - Represents intercompany asset management fees and expenses plus intercompany interest income and expense pertaining to intercompany debt.
|  | Three Months Ended June 30, 2010 |
In millions |  | Asset / Liability Products |  |  | Conduits |  |  | Eliminations |  |  | Total Wind- down Operations |
Revenues(1) |  | $ | 29 |  |  | $ | 1 |  |  | $ | - |  |  | $ | 30 |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | 5 |  |  |  | - |  |  |  | - |  |  |  | 5 |
Net investment losses related to other-than-temporary impairments |  |  | (12) |  |  |  | - |  |  |  | - |  |  |  | (12) |
Net gains (losses) on extinguishment of debt |  |  | 18 |  |  |  | - |  |  |  | - |  |  |  | 18 |
Other net realized gains (losses) |  |  | 0 |  |  |  | - |  |  |  | - |  |  |  | 0 |
Revenues of consolidated VIEs |  |  | 9 |  |  |  | 18 |  |  |  | - |  |  |  | 27 |
Inter-segment revenues(2) |  |  | (4) |  |  |  | (1) |  |  |  | 0 |  |  |  | (5) |
Total revenues |  |  | 45 |  |  |  | 18 |  |  |  | 0 |  |  |  | 63 |
Operating expenses |  |  | 2 |  |  |  | - |  |  |  | - |  |  |  | 2 |
Interest expense |  |  | 31 |  |  |  | - |  |  |  | - |  |  |  | 31 |
Expenses of consolidated VIEs |  |  | - |  |  |  | 3 |  |  |  | - |  |  |  | 3 |
Inter-segment expenses(2) |  |  | 14 |  |  |  | 2 |  |  |  | 0 |  |  |  | 16 |
Total expenses |  |  | 47 |  |  |  | 5 |  |  |  | 0 |  |  |  | 52 |
Income (loss) before income taxes |  | $ | (2) |  |  | $ | 13 |  |  | $ | - |  |  | $ | 11 |
Identifiable assets |  | $ | 5,740 |  |  | $ | 1,880 |  |  | $ | (231) |  |  | $ | 7,389 |
(1) - Represents the sum of third-party interest income, investment management services fees and other fees. (2) - Represents intercompany asset management fees and expenses plus intercompany interest income and expense pertaining to intercompany debt. The following tables summarize the segments within the wind-down operations for the six months ended June 30, 2011 and 2010:
|  | Six Months Ended June 30, 2011 |
In millions |  | Asset / Liability Products |  |  | Conduits |  |  | Eliminations |  |  | Total Wind- down Operations |
Revenues(1) |  | $ | 47 |  |  | $ | 2 |  |  | $ | - |  |  | $ | 49 |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | (216) |  |  |  | - |  |  |  | - |  |  |  | (216) |
Net investment losses related to other-than-temporary impairments |  |  | (29) |  |  |  | - |  |  |  | - |  |  |  | (29) |
Net gains (losses) on extinguishment of debt |  |  | 24 |  |  |  | - |  |  |  | - |  |  |  | 24 |
Other net realized gains (losses) |  |  | 4 |  |  |  | - |  |  |  | - |  |  |  | 4 |
Revenues of consolidated VIEs |  |  | 11 |  |  |  | 8 |  |  |  | - |  |  |  | 19 |
Inter-segment revenues(2) |  |  | (6) |  |  |  | (2) |  |  |  | - |  |  |  | (8) |
Total revenues |  |  | (165) |  |  |  | 8 |  |  |  | - |  |  |  | (157) |
Operating expenses |  |  | 2 |  |  |  | (1) |  |  |  | - |  |  |  | 1 |
Interest expense |  |  | 55 |  |  |  | (1) |  |  |  | - |  |  |  | 54 |
Expenses of consolidated VIEs |  |  | - |  |  |  | 10 |  |  |  | - |  |  |  | 10 |
Inter-segment expenses(2) |  |  | 16 |  |  |  | 2 |  |  |  | - |  |  |  | 18 |
Total expenses |  |  | 73 |  |  |  | 10 |  |  |  | - |  |  |  | 83 |
Income (loss) before income taxes |  | $ | (238) |  |  | $ | (2) |  |  | $ | - |  |  | $ | (240) |
Identifiable assets |  | $ | 4,481 |  |  | $ | 1,564 |  |  | $ | (405) |  |  | $ | 5,640 |
(1) - Represents the sum of third-party interest income, investment management services fees and other fees. (2) - Represents intercompany asset management fees and expenses plus intercompany interest income and expense pertaining to intercompany debt.
|  | Six Months Ended June 30, 2010 |
In millions |  | Asset / Liability Products |  |  | Conduits |  |  | Eliminations |  |  | Total Wind- down Operations |
Revenues(1) |  | $ | 60 |  |  | $ | 2 |  |  | $ | - |  |  | $ | 62 |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | (20) |  |  |  | - |  |  |  | - |  |  |  | (20) |
Net investment losses related to other-than-temporary impairments |  |  | (39) |  |  |  | - |  |  |  | - |  |  |  | (39) |
Net gains (losses) on extinguishment of debt |  |  | 18 |  |  |  | - |  |  |  | - |  |  |  | 18 |
Other net realized gains (losses) |  |  | 0 |  |  |  | - |  |  |  | - |  |  |  | 0 |
Revenues of consolidated VIEs |  |  | 21 |  |  |  | 21 |  |  |  | - |  |  |  | 42 |
Inter-segment revenues(2) |  |  | (7) |  |  |  | (2) |  |  |  | (1) |  |  |  | (10) |
Total revenues |  |  | 33 |  |  |  | 21 |  |  |  | (1) |  |  |  | 53 |
Operating expenses |  |  | 3 |  |  |  | 0 |  |  |  | - |  |  |  | 3 |
Interest expense |  |  | 64 |  |  |  | - |  |  |  | - |  |  |  | 64 |
Expenses of consolidated VIEs |  |  | - |  |  |  | 7 |  |  |  | - |  |  |  | 7 |
Inter-segment expenses(2) |  |  | 32 |  |  |  | 3 |  |  |  | (1) |  |  |  | 34 |
Total expenses |  |  | 99 |  |  |  | 10 |  |  |  | (1) |  |  |  | 108 |
Income (loss) before income taxes |  | $ | (66) |  |  | $ | 11 |  |  | $ | - |  |  | $ | (55) |
Identifiable assets |  | $ | 5,740 |  |  | $ | 1,880 |  |  | $ | (231) |  |  | $ | 7,389 |
(1) - Represents the sum of third-party interest income, investment management services fees and other fees. (2) - Represents intercompany asset management fees and expenses plus intercompany interest income and expense pertaining to intercompany debt.

X
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