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Business Segments (Tables) | 6 Months Ended
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Jun. 30, 2021
Text Block [Abstract] |
Summary of company's segment results | The following tables provide the Company’s segment results for the three months ended June 30, 2021 and 2020:
|  | Three Months Ended June 30, 2021
|  | U.S. |  |  |  | International |  |  |  |
|  | Public |  |  |  | and Structured |  |  |  |
|  | Finance |  |  |  | Finance |  |  |  |
In millions |  | Insurance |  | Corporate |  | Insurance |  | Eliminations |  | Consolidated
Revenues (1) |  | $ | 21 |  |  | $ | 2 |  |  | $ | 6 |  |  | $ | - |  |  | $ | 29 |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | 3 |  |  |  | (18 | ) |  |  | (5 | ) |  |  | - |  |  |  | (20 | )
Net gains (losses) on extinguishment of debt |  |  | - |  |  |  | 14 |  |  |  | - |  |  |  | - |  |  |  | 14 |
Revenues of consolidated VIEs |  |  | - |  |  |  | - |  |  |  | (5 | ) |  |  | - |  |  |  | (5 | )
Inter-segment revenues (2) |  |  | 6 |  |  |  | 18 |  |  |  | 4 |  |  |  | (28 | ) |  |  | - |
Total revenues |  |  | 30 |  |  |  | 16 |  |  |  | - |  |  |  | (28 | ) |  |  | 18 |
Losses and loss adjustmen t |  |  | (42 | ) |  |  | - |  |  |  | 51 |  |  |  | - |  |  |  | 9 |
Operating |  |  | 4 |  |  |  | 17 |  |  |  | 3 |  |  |  | - |  |  |  | 24 |
Interest |  |  | - |  |  |  | 14 |  |  |  | 27 |  |  |  | - |  |  |  | 41 |
Expenses of consolidated VIEs |  |  | - |  |  |  | - |  |  |  | 5 |  |  |  | - |  |  |  | 5 |
Inter-segment expenses (2) |  |  | 11 |  |  |  | 4 |  |  |  | 11 |  |  |  | (26 | ) |  |  | - |
Total expenses |  |  | (27 | ) |  |  | 35 |  |  |  | 97 |  |  |  | (26 | ) |  |  | 79 |
Income (loss) before income taxes |  | $ | 57 |  |  | $ | (19 | ) |  | $ | (97 | ) |  | $ | (2 | ) |  | $ | (61 | )
Identifiable assets |  | $ | 3,593 |  |  | $ | 852 |  |  | $ | 3,346 |  |  | $ | (2,539 | ) (3) |  | $ | 5,252 |
(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 principally of intercompany reinsurance balances.
|  | Three Months Ended June 30, 2020
|  | U.S. |  |  |  | International |  |  |  |
|  | Public |  |  |  | and Structured |  |  |  |
|  | Finance |  |  |  | Finance |  |  |  |
In millions |  | Insurance |  | Corporate |  | Insurance |  | Eliminations |  | Consolidated
Revenues (1) |  | $ | 26 |  |  | $ | 5 |  |  | $ | 8 |  |  | $ | - |  |  | $ | 39 |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | 25 |  |  |  | - |  |  |  | (1 | ) |  |  | - |  |  |  | 24 |
Revenues of consolidated VIEs |  |  | - |  |  |  | - |  |  |  | 51 |  |  |  | - |  |  |  | 51 |
Inter-segment revenues (2) |  |  | 8 |  |  |  | 17 |  |  |  | 3 |  |  |  | (28 | ) |  |  | - |
Total revenues |  |  | 59 |  |  |  | 22 |  |  |  | 61 |  |  |  | (28 | ) |  |  | 114 |
Losses and loss adjustment |  |  | 72 |  |  |  | - |  |  |  | 64 |  |  |  | - |  |  |  | 136 |
Operating |  |  | 3 |  |  |  | 19 |  |  |  | 3 |  |  |  | - |  |  |  | 25 |
Interest |  |  | - |  |  |  | 16 |  |  |  | 29 |  |  |  | - |  |  |  | 45 |
Expenses of consolidated VIEs |  |  | - |  |  |  | - |  |  |  | 14 |  |  |  | - |  |  |  | 14 |
Inter-segment expenses (2) |  |  | 11 |  |  |  | 6 |  |  |  | 11 |  |  |  | (28 | ) |  |  | - |
Total expenses |  |  | 86 |  |  |  | 41 |  |  |  | 121 |  |  |  | (28 | ) |  |  | 220 |
Income (loss) before income taxes |  | $ | (27 | ) |  | $ | (19 | ) |  | $ | (60 | ) |  | $ | - |  |  | $ | (106 | )
(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.
The following tables provide the Company’s segment results for the six months ended June 30, 2021 and 2020:
|  | Six Months Ended June 30, 2021
|  | U.S. |  |  |  | International |  |  |  |
|  | Public |  |  |  | and Structured |  |  |  |
|  | Finance |  |  |  | Finance |  |  |  |
In millions |  | Insurance |  | Corporate |  | Insurance |  | Eliminations |  | Consolidated
Revenues (1) |  | $ | 44 |  |  | $ | 7 |  |  | $ | 13 |  |  | $ | - |  |  | $ | 64 |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | - |  |  |  | 37 |  |  |  | (6 | ) |  |  | - |  |  |  | 31 |
Net gains (losses) on extinguishment of debt |  |  | - |  |  |  | 14 |  |  |  | - |  |  |  | - |  |  |  | 14 |
Revenues of consolidated VIEs |  |  | - |  |  |  | - |  |  |  | (19 | ) |  |  | - |  |  |  | (19 | )
Inter-segment revenues (2) |  |  | 14 |  |  |  | 36 |  |  |  | 8 |  |  |  | (58 | ) |  |  | - |
Total revenues |  |  | 58 |  |  |  | 94 |  |  |  | (4 | ) |  |  | (58 | ) |  |  | 90 |
Losses and loss adjustment |  |  | 67 |  |  |  | - |  |  |  | 40 |  |  |  | - |  |  |  | 107 |
Operating |  |  | 8 |  |  |  | 38 |  |  |  | 6 |  |  |  | - |  |  |  | 52 |
Interest |  |  | - |  |  |  | 28 |  |  |  | 54 |  |  |  | - |  |  |  | 82 |
Expenses of consolidated VIEs |  |  | - |  |  |  | - |  |  |  | 16 |  |  |  | - |  |  |  | 16 |
Inter-segment expenses (2) |  |  | 25 |  |  |  | 10 |  |  |  | 21 |  |  |  | (56 | ) |  |  | - |
Total expenses |  |  | 100 |  |  |  | 76 |  |  |  | 137 |  |  |  | (56 | ) |  |  | 257 |
Income (loss) before income taxe s |  | $ | (42 | ) |  | $ | 18 |  |  | $ | (141 | ) |  | $ | (2 | ) |  | $ | (167 | )
Identifiable assets |  | $ | 3,593 |  |  | $ | 852 |  |  | $ | 3,346 |  |  | $ | (2,539 | ) (3) |  | $ | 5,252 |
(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 | principally of intercompany reinsurance balances.
|  | Six Months Ended June 30, 2020
|  | U.S. |  |  |  | International |  |  |  |
|  | Public |  |  |  | and Structured |  |  |  |
|  | Finance |  |  |  | Finance |  |  |  |
In millions |  | Insurance |  | Corporate |  | Insurance |  | Eliminations |  | Consolidated
Revenues (1) |  | $ | 57 |  |  | $ | 11 |  |  | $ | 14 |  |  | $ | - |  |  | $ | 82 |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | 7 |  |  |  | (56 | ) |  |  | 10 |  |  |  | - |  |  |  | (39 | )
Revenues of consolidated VIEs |  |  | - |  |  |  | - |  |  |  | 65 |  |  |  | - |  |  |  | 65 |
Inter-segment revenues (2) |  |  | 14 |  |  |  | 35 |  |  |  | 8 |  |  |  | (57 | ) |  |  | - |
Total revenues |  |  | 78 |  |  |  | (10 | ) |  |  | 97 |  |  |  | (57 | ) |  |  | 108 |
Losses and loss adjustment |  |  | 120 |  |  |  | - |  |  |  | 259 |  |  |  | - |  |  |  | 379 |
Operating |  |  | 5 |  |  |  | 34 |  |  |  | 6 |  |  |  | - |  |  |  | 45 |
Interest |  |  | - |  |  |  | 32 |  |  |  | 60 |  |  |  | - |  |  |  | 92 |
Expenses of consolidated VIEs |  |  | - |  |  |  | - |  |  |  | 31 |  |  |  | - |  |  |  | 31 |
Inter-segment expenses (2) |  |  | 25 |  |  |  | 11 |  |  |  | 21 |  |  |  | (57 | ) |  |  | - |
Total expenses |  |  | 150 |  |  |  | 77 |  |  |  | 377 |  |  |  | (57 | ) |  |  | 547 |
Income (loss) before income taxes |  | $ | (72 | ) |  | $ | (87 | ) |  | $ | (280 | ) |  | $ | - |  |  | $ | (439 | )
(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=120311839&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=120311839&loc=d3e8906-108599 + Details
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