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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-Publisher FASB
-Name Accounting Standards Codification
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
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