XML 56 R40.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Business Segments (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Text Block [Abstract] |
Summary of company's segment results | The following tables provide the Company’s segment results for the years ended December 31, 2021, 2020 and 2019:
|  | Year Ended December 31, 2021 |
In millions |  | U.S. Public Finance Insurance |  |  | Corporate |  |  | International and Structured Finance Insurance |  |  | Eliminations |  |  | Consolidated |
Revenues (1) |  | $ | 85 |  |  | $ | 20 |  |  | $ | 43 |  |  | $ | — |  |  | $ | 148 |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | (2) |  |  |  | 56 |  |  |  | (14) |  |  |  | — |  |  |  | 40 |
Net gains (losses) on extinguishment of debt |  |  | — |  |  |  | 30 |  |  |  | — |  |  |  | — |  |  |  | 30 |
Other net realized gains (losses) |  |  | — |  |  |  | (7) |  |  |  | 1 |  |  |  | — |  |  |  | (6) |
Revenues of consolidated VIEs |  |  | — |  |  |  | — |  |  |  | (23) |  |  |  | — |  |  |  | (23) |
Inter-segment revenues (2) |  |  | 27 |  |  |  | 67 |  |  |  | 12 |  |  |  | (106) |  |  |  | — |
Total revenues |  |  | 110 |  |  |  | 166 |  |  |  | 19 |  |  |  | (106) |  |  |  | 189 |
Losses and loss adjustment |  |  | 227 |  |  |  | — |  |  |  | 123 |  |  |  | — |  |  |  | 350 |
Amortization of deferred acquisition costs and operating |  |  | 17 |  |  |  | 71 |  |  |  | 9 |  |  |  | — |  |  |  | 97 |
Interest |  |  | — |  |  |  | 56 |  |  |  | 107 |  |  |  | — |  |  |  | 163 |
Expenses of consolidated VIEs |  |  | — |  |  |  | — |  |  |  | 24 |  |  |  | — |  |  |  | 24 |
Inter-segment expenses (2) |  |  | 45 |  |  |  | 22 |  |  |  | 38 |  |  |  | (105) |  |  |  | — |
Total expenses |  |  | 289 |  |  |  | 149 |  |  |  | 301 |  |  |  | (105) |  |  |  | 634 |
Income (loss) before income taxes |  | $ | (179) |  |  | $ | 17 |  |  | $ | (282) |  |  | $ | (1) |  |  | $ | (445) |
Identifiable assets |  | $ | 3,313 |  |  | $ | 873 |  |  | $ | 2,800 |  |  | $ | (2,290) | (3) |  | $ | 4,696 |
(1)—Consists of net premiums earned, net investment income, net realized investment gains (losses), insurance-related fees and reimbursements and other fees. (2)—Primarily represents intercompany service charges and intercompany net investment income and expense. (3)—Consists principally of intercompany reinsurance balances.
|  | Year Ended December 31, 2020 |
In millions |  | U.S. Public Finance Insurance |  |  | Corporate |  |  | International and Structured Finance Insurance |  |  | Eliminations |  |  | Consolidated |
Revenues (1) |  | $ | 139 |  |  | $ | 31 |  |  | $ | 29 |  |  | $ | — |  |  | $ | 199 |
Net change in fair value of insured derivatives |  |  | — |  |  |  | — |  |  |  | 6 |  |  |  | — |  |  |  | 6 |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | 2 |  |  |  | (74) |  |  |  | (14) |  |  |  | — |  |  |  | (86) |
Other net realized gains (losses) |  |  | (1) |  |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | — |
Revenues of consolidated VIEs |  |  | — |  |  |  | — |  |  |  | 163 |  |  |  | — |  |  |  | 163 |
Inter-segment revenues (2) |  |  | 28 |  |  |  | 66 |  |  |  | 12 |  |  |  | (106) |  |  |  | — |
Total revenues |  |  | 168 |  |  |  | 23 |  |  |  | 197 |  |  |  | (106) |  |  |  | 282 |
Losses and loss adjustment |  |  | 163 |  |  |  | — |  |  |  | 367 |  |  |  | — |  |  |  | 530 |
Amortization of deferred acquisition costs and operating |  |  | 14 |  |  |  | 69 |  |  |  | 14 |  |  |  | — |  |  |  | 97 |
Interest |  |  | — |  |  |  | 65 |  |  |  | 113 |  |  |  | — |  |  |  | 178 |
Expenses of consolidated VIEs |  |  | — |  |  |  | — |  |  |  | 55 |  |  |  | — |  |  |  | 55 |
Inter-segment expenses (2) |  |  | 45 |  |  |  | 22 |  |  |  | 39 |  |  |  | (106) |  |  |  | — |
Total expenses |  |  | 222 |  |  |  | 156 |  |  |  | 588 |  |  |  | (106) |  |  |  | 860 |
Income (loss) before income taxes |  | $ | (54) |  |  | $ | (133) |  |  | $ | (391) |  |  | $ | — |  |  | $ | (578) |
Identifiable assets |  | $ | 3,644 |  |  | $ | 954 |  |  | $ | 3,671 |  |  | $ | (2,518) | (3) |  | $ | 5,751 |
(1)—Consists of net premiums earned, net investment income, net realized investment gains (losses), insurance-related fees and reimbursements and other fees. (2)—Primarily represents intercompany service charges and intercompany net investment income and expense. (3)—Consists primarily of intercompany reinsurance balances.
|  | Year Ended December 31, 2019 |
In millions |  | U.S. Public Finance Insurance |  |  | Corporate |  |  | International and Structured Finance Insurance |  |  | Eliminations |  |  | Consolidated |
Revenues (1) |  | $ | 263 |  |  | $ | 32 |  |  | $ | 35 |  |  | $ | — |  |  | $ | 330 |
Net change in fair value of insured derivatives |  |  | — |  |  |  | — |  |  |  | 15 |  |  |  | — |  |  |  | 15 |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | 15 |  |  |  | (59) |  |  |  | (34) |  |  |  | — |  |  |  | (78) |
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 |
Amortization of deferred acquisition costs and 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) |
(1)—Consists of net premiums earned, net investment income, net realized investment gains (losses), insurance-related fees and reimbursements and other fees. (2)—Primarily represents intercompany service charges and intercompany net investment income and expense.
Summary Of premiums earned on financial guarantees and insured derivatives by geographic location of risk |
|  | Years Ended December 31, |
In millions |  | 2021 |  |  | 2020 |  |  | 2019 |
Total premiums earned: |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 45 |  |  | $ | 55 |  |  | $ | 63 |
Other Americas |  |  | 29 |  |  |  | 16 |  |  |  | 17 |
Other |  |  | 1 |  |  |  | 2 |  |  |  | 5 |
Total |  | $ | 75 |  |  | $ | 73 |  |  | $ | 85 |

X
- 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=123359005&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=123359005&loc=d3e8906-108599 + Details
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the names of foreign countries from which revenue is material and the amount of revenue from external customers attributed to those countries. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 + Details
Name: | us-gaap_ScheduleOfRevenueFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_TextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration