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Business Segments (Tables) | 3 Months Ended
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Mar. 31, 2020
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Summary of company's segment results | The following tables provide the Company’s segment results for the three months ended March 31, 2020 and 2019:
|  | Three Months Ended March 31, 2020 |
In millions |  | U.S. Public Finance Insurance |  |  | Corporate |  |  | International and Structured Finance Insurance |  |  | Eliminations |  |  | Consolidated |
Revenues (1) |  | $ | 30 |  |  | $ | 6 |  |  | $ | 7 |  |  | $ | - |  |  | $ | 43 |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | (18) |  |  |  | (56) |  |  |  | 11 |  |  |  | - |  |  |  | (63) |
Revenues of consolidated VIEs |  |  | - |  |  |  | - |  |  |  | 14 |  |  |  | - |  |  |  | 14 |
Inter-segment revenues (2) |  |  | 7 |  |  |  | 18 |  |  |  | 4 |  |  |  | (29) |  |  |  | - |
Total revenues |  |  | 19 |  |  |  | (32) |  |  |  | 36 |  |  |  | (29) |  |  |  | (6) |
Losses and loss adjustment |  |  | 48 |  |  |  | - |  |  |  | 195 |  |  |  | - |  |  |  | 243 |
Operating |  |  | 2 |  |  |  | 14 |  |  |  | 4 |  |  |  | - |  |  |  | 20 |
Interest |  |  | - |  |  |  | 16 |  |  |  | 31 |  |  |  | - |  |  |  | 47 |
Expenses of consolidated VIEs |  |  | - |  |  |  | - |  |  |  | 17 |  |  |  | - |  |  |  | 17 |
Inter-segment expenses (2) |  |  | 14 |  |  |  | 6 |  |  |  | 9 |  |  |  | (29) |  |  |  | - |
Total expenses |  |  | 64 |  |  |  | 36 |  |  |  | 256 |  |  |  | (29) |  |  |  | 327 |
Income (loss) before income taxes |  | $ | (45) |  |  | $ | (68) |  |  | $ | (220) |  |  | $ | - |  |  | $ | (333) |
Identifiable assets |  | $ | 3,867 |  |  | $ | 1,000 |  |  | $ | 4,051 |  |  | $ | (2,286) | (3) |  | $ | 6,632 |
(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.
|  | Three Months Ended March 31, 2019 |
In millions |  | U.S. Public Finance Insurance |  |  | Corporate |  |  | International and Structured Finance Insurance |  |  | Eliminations |  |  | Consolidated |
Revenues (1) |  | $ | 38 |  |  | $ | 7 |  |  | $ | 10 |  |  | $ | - |  |  | $ | 55 |
Net change in fair value of insured derivatives |  |  | - |  |  |  | - |  |  |  | 14 |  |  |  | - |  |  |  | 14 |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | 40 |  |  |  | (18) |  |  |  | - |  |  |  | - |  |  |  | 22 |
Net investment losses related to other-than-temporary impairments |  |  | (28) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (28) |
Other net realized gains (losses) |  |  | 1 |  |  |  | (1) |  |  |  | 1 |  |  |  | - |  |  |  | 1 |
Revenues of consolidated VIEs |  |  | (14) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (14) |
Inter-segment revenues (2) |  |  | 7 |  |  |  | 19 |  |  |  | 3 |  |  |  | (29) |  |  |  | - |
Total revenues |  |  | 44 |  |  |  | 7 |  |  |  | 28 |  |  |  | (29) |  |  |  | 50 |
Losses and loss adjustment |  |  | (50) |  |  |  | - |  |  |  | 12 |  |  |  | - |  |  |  | (38) |
Operating |  |  | 2 |  |  |  | 22 |  |  |  | 6 |  |  |  | - |  |  |  | 30 |
Interest |  |  | - |  |  |  | 19 |  |  |  | 33 |  |  |  | - |  |  |  | 52 |
Expenses of consolidated VIEs |  |  | - |  |  |  | - |  |  |  | 25 |  |  |  | - |  |  |  | 25 |
Inter-segment expenses (2) |  |  | 15 |  |  |  | 6 |  |  |  | 8 |  |  |  | (29) |  |  |  | - |
Total expenses |  |  | (33) |  |  |  | 47 |  |  |  | 84 |  |  |  | (29) |  |  |  | 69 |
Income (loss) before income taxes |  | $ | 77 |  |  | $ | (40) |  |  | $ | (56) |  |  | $ | - |  |  | $ | (19) |
(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.

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8924-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599 + Details
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