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Business Segments (Tables) | 12 Months Ended
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Dec. 31, 2019
Text Block [Abstract] |
Summary of company's segment results | The following tables provide the Company’s segment results for the years ended December 31, 2019, 2018 and 2017:
|  | Year Ended December 31, 2019 |
|  | U.S. |  |  |  |  |  | International |  |  |  |  |  |  |
|  | Public |  |  |  |  |  | and Structured |  |  |  |  |  |  |
|  | Finance |  |  |  |  |  | Finance |  |  |  |  |  |  |
In millions |  | Insurance |  |  | Corporate |  |  | Insurance |  |  | Eliminations |  |  | Consolidated |
Revenues (1) |  | $ | 139 |  |  | $ | 27 |  |  | $ | 34 |  |  | $ | — |  |  | $ | 200 |
Net change in fair value of insured derivatives |  |  | — |  |  |  | — |  |  |  | 15 |  |  |  | — |  |  |  | 15 |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | 139 |  |  |  | (54 | ) |  |  | (33 | ) |  |  | — |  |  |  | 52 |
Net investment losses related to other-than-temporary impairments |  |  | (67 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (67 | )
Net gains (losses) on extinguishment of debt |  |  | — |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | (1 | )
Other net realized gains (losses) |  |  | 2 |  |  |  | (2 | ) |  |  | 4 |  |  |  | — |  |  |  | 4 |
Revenues of consolidated VIEs |  |  | 21 |  |  |  | 1 |  |  |  | 55 |  |  |  | — |  |  |  | 77 |
Inter-segment revenues (2) |  |  | 28 |  |  |  | 62 |  |  |  | 21 |  |  |  | (111 | ) |  |  | — |
Total revenues |  |  | 262 |  |  |  | 33 |  |  |  | 96 |  |  |  | (111 | ) |  |  | 280 |
Losses and loss adjustment |  |  | 53 |  |  |  | — |  |  |  | 189 |  |  |  | — |  |  |  | 242 |
Operating |  |  | 13 |  |  |  | 69 |  |  |  | 21 |  |  |  | — |  |  |  | 103 |
Interest |  |  | — |  |  |  | 73 |  |  |  | 128 |  |  |  | — |  |  |  | 201 |
Expenses of consolidated VIEs |  |  | — |  |  |  | — |  |  |  | 91 |  |  |  | — |  |  |  | 91 |
Inter-segment expenses (2) |  |  | 52 |  |  |  | 23 |  |  |  | 36 |  |  |  | (111 | ) |  |  | — |
Total expenses |  |  | 118 |  |  |  | 165 |  |  |  | 465 |  |  |  | (111 | ) |  |  | 637 |
Income (loss) before income taxes |  | $ | 144 |  |  | $ | (132 | ) |  | $ | (369 | ) |  | $ | — |  |  | $ | (357 | )
Identifiable assets |  | $ | 4,019 |  |  | $ | 1,041 |  |  | $ | 4,504 |  |  | $ | (2,280 | ) (3) |  | $ | 7,284 |
(1)— Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements and other fees. (2)— Represents intercompany premium income and expense and intercompany interest income and expense pertaining to intercompany receivables and payables. (3)— Consists primarily of intercompany reinsurance balances and repurchase agreements.
|  | Year Ended December 31, 2018 |
In millions |  | U.S. Public Finance Insurance |  |  | Corporate |  |  | International and Structured Finance Insurance |  |  | Eliminations |  |  | Consolidated |
Revenues (1) |  | $ | 178 |  |  | $ | 31 |  |  | $ | 108 |  |  | $ | — |  |  | $ | 317 |
Net change in fair value of insured derivatives |  |  | — |  |  |  | — |  |  |  | (25 | ) |  |  | — |  |  |  | (25 | )
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | (20 | ) |  |  | 22 |  |  |  | (19 | ) |  |  | — |  |  |  | (17 | )
Net investment losses related to other-than-temporary impairments |  |  | (5 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (5 | )
Net gains (losses) on extinguishment of debt |  |  | — |  |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | 3 |
Other net realized gains (losses) |  |  | — |  |  |  | (2 | ) |  |  | 2 |  |  |  | — |  |  |  | — |
Revenues of consolidated VIEs |  |  | — |  |  |  | — |  |  |  | (111 | ) |  |  | — |  |  |  | (111 | )
Inter-segment revenues (2) |  |  | 29 |  |  |  | 45 |  |  |  | 24 |  |  |  | (98 | ) |  |  | — |
Total revenues |  |  | 182 |  |  |  | 99 |  |  |  | (21 | ) |  |  | (98 | ) |  |  | 162 |
Losses and loss adjustment |  |  | 91 |  |  |  | — |  |  |  | (28 | ) |  |  | — |  |  |  | 63 |
Operating |  |  | 18 |  |  |  | 47 |  |  |  | 26 |  |  |  | — |  |  |  | 91 |
Interest |  |  | — |  |  |  | 78 |  |  |  | 128 |  |  |  | — |  |  |  | 206 |
Expenses of consolidated VIEs |  |  | — |  |  |  | — |  |  |  | 98 |  |  |  | — |  |  |  | 98 |
Inter-segment expenses (2) |  |  | 44 |  |  |  | 20 |  |  |  | 33 |  |  |  | (97 | ) |  |  | — |
Total expenses |  |  | 153 |  |  |  | 145 |  |  |  | 257 |  |  |  | (97 | ) |  |  | 458 |
Income (loss) before income taxes |  | $ | 29 |  |  | $ | (46 | ) |  | $ | (278 | ) |  | $ | (1 | ) |  | $ | (296 | )
Identifiable assets |  | $ | 4,203 |  |  | $ | 1,192 |  |  | $ | 4,773 |  |  | $ | (2,061 | ) (3) |  | $ | 8,107 |
(1)—Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements and other fees. (2)—Represents intercompany premium income and expense and intercompany interest income and expense pertaining to intercompany receivables and payables. (3)—Consists primarily of intercompany reinsurance balances and repurchase agreements.
|  | Year Ended December 31, 2017 |
|  | U.S. |  |  |  |  |  | International |  |  |  |  |  |  |
|  | Public |  |  |  |  |  | and Structured |  |  |  |  |  |  |
|  | Finance |  |  |  |  |  | Finance |  |  |  |  |  |  |
In millions |  | Insurance |  |  | Corporate |  |  | Insurance |  |  | Eliminations |  |  | Consolidated |
Revenues (1) |  | $ | 262 |  |  | $ | 30 |  |  | $ | 78 |  |  | $ | — |  |  | $ | 370 |
Net change in fair value of insured derivatives |  |  | — |  |  |  | — |  |  |  | (51 | ) |  |  | — |  |  |  | (51 | )
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | 25 |  |  |  | (32 | ) |  |  | (17 | ) |  |  | — |  |  |  | (24 | )
Net investment losses related to other-than-temporary impairments |  |  | (106 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (106 | )
Net gains (losses) on extinguishment of debt |  |  | — |  |  |  | 28 |  |  |  | — |  |  |  | — |  |  |  | 28 |
Other net realized gains (losses) |  |  | (4 | ) |  |  | (4 | ) |  |  | 39 |  |  |  | — |  |  |  | 31 |
Revenues of consolidated VIEs |  |  | — |  |  |  | — |  |  |  | 185 |  |  |  | — |  |  |  | 185 |
Inter-segment revenues (2) |  |  | 23 |  |  |  | 60 |  |  |  | 44 |  |  |  | (127 | ) |  |  | — |
Total revenues |  |  | 200 |  |  |  | 82 |  |  |  | 278 |  |  |  | (127 | ) |  |  | 433 |
Losses and loss adjustment |  |  | 499 |  |  |  | — |  |  |  | 184 |  |  |  | — |  |  |  | 683 |
Operating |  |  | 36 |  |  |  | 59 |  |  |  | 34 |  |  |  | — |  |  |  | 129 |
Interest |  |  | — |  |  |  | 81 |  |  |  | 116 |  |  |  | — |  |  |  | 197 |
Expenses of consolidated VIEs |  |  | — |  |  |  | — |  |  |  | 85 |  |  |  | — |  |  |  | 85 |
Inter-segment expenses (2) |  |  | 72 |  |  |  | 11 |  |  |  | 47 |  |  |  | (130 | ) |  |  | — |
Total expenses |  |  | 607 |  |  |  | 151 |  |  |  | 466 |  |  |  | (130 | ) |  |  | 1,094 |
Income (loss) before income taxes |  | $ | (407 | ) |  | $ | (69 | ) |  | $ | (188 | ) |  | $ | 3 |  |  | $ | (661 | )
(1)—Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements and other fees. (2)—Represents intercompany premium income and expense and intercompany interest income and expense pertaining to intercompany receivables and payables. (3)—Consists of intercompany deferred income taxes, reinsurance balances and repurchase agreements.
Summary Of premiums earned on financial guarantees and insured derivatives by geographic location of risk |
|  | Years Ended December 31, |
In millions |  | 2019 |  |  | 201 8 |  |  | 201 7 |
Total premiums earned: |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 63 |  |  | $ | 94 |  |  | $ | 169 |
Other Americas |  |  | 17 |  |  |  | 68 |  |  |  | 25 |
Other |  |  | 5 |  |  |  | — |  |  |  | 8 |
Total |  | $ | 85 |  |  | $ | 162 |  |  | $ | 202 |

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