XML 35 R28.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Business Segments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
Text Block [Abstract] |
Summary of company's segment results | The following tables provide the Company’s segment results for the three months ended March 31, 2024 and 2023:
|  |  |  | Three Months Ended March 31, 2024 |
|  |  |  | U.S. |  |  |  |  |  | International |  |  |  |  |  |  |
|  |  |  | Public |  |  |  |  |  | and Structured |  |  |  |  |  |  |
|  |  |  | Finance |  |  |  |  |  | Finance |  |  |  |  |  |  |
In millions |  | Insurance |  |  | Corporate |  |  | Insurance |  |  | Eliminations |  |  | Consolidated |
Revenues (1) |  | $ | 19 |  |  | $ | 7 |  |  | $ | 7 |  |  | $ | - |  |  | $ | 33 |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | 1 |  |  |  | 8 |  |  |  | (5 | ) |  |  | - |  |  |  | 4 |
Net gains (losses) on extinguishment of debt |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | 1 |
Revenues of consolidated VIEs |  |  | - |  |  |  | - |  |  |  | (25 | ) |  |  | - |  |  |  | (25 | )
Inter-segment revenues (2) |  |  | 6 |  |  |  | 15 |  |  |  | 1 |  |  |  | (22 | ) |  |  | - |
|  | Total revenues |  |  | 26 |  |  |  | 31 |  |  |  | (22 | ) |  |  | (22 | ) |  |  | 13 |
Losses and loss adjustment |  |  | 22 |  |  |  | - |  |  |  | (4 | ) |  |  | - |  |  |  | 18 |
Amortization of deferred acquisition costs and operating |  |  | 2 |  |  |  | 21 |  |  |  | 2 |  |  |  | 1 |  |  |  | 26 |
Interest |  |  | - |  |  |  | 13 |  |  |  | 39 |  |  |  | - |  |  |  | 52 |
Expenses of consolidated VIEs |  |  | - |  |  |  | - |  |  |  | 4 |  |  |  | - |  |  |  | 4 |
Inter-segment expenses (2) |  |  | 11 |  |  |  | 6 |  |  |  | 6 |  |  |  | (23 | ) |  |  | - |
|  | Total expenses |  |  | 35 |  |  |  | 40 |  |  |  | 47 |  |  |  | (22 | ) |  |  | 100 |
Income (loss) from continuing operations before income taxes |  | $ | (9 | ) |  | $ | (9 | ) |  | $ | (69 | ) |  | $ | - |  |  | $ | (87 | )
Identifiable assets per segment |  | $ | 1,720 |  |  | $ | 710 |  |  | $ | 928 |  |  | $ | (944 | ) | (3) | $ | 2,414 |
Assets held for sale |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 74 |
Total identifiable assets |  | $ | 1,720 |  |  | $ | 710 |  |  | $ | 928 |  |  | $ | (944 | ) |  | $ | 2,488 |
(1) - Consists of net premiums earned, net investment income, net realized investment gains (losses) and other net realized gains (losses). (2) - Primarily represents intercompany service charges and intercompany net investment income and expenses. (3) - Consists principally of intercompany reinsurance balances.
|  |  |  | Three Months Ended March 31, 2023 |
In millions |  | U.S. Public Finance Insurance |  |  | Corporate |  |  | International and Structured Finance Insurance |  |  | Eliminations |  |  | Consolidated |
Revenues (1) |  | $ | 22 |  |  | $ | 5 |  |  | $ | 6 |  |  | $ | - |  |  | $ | 33 |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | 2 |  |  |  | (12 | ) |  |  | (3 | ) |  |  | - |  |  |  | (13 | )
Revenues of consolidated VIEs |  |  | - |  |  |  | - |  |  |  | (18 | ) |  |  | - |  |  |  | (18 | )
Inter-segment revenues (2) |  |  | 7 |  |  |  | 14 |  |  |  | 2 |  |  |  | (23 | ) |  |  | - |
|  | Total revenues |  |  | 31 |  |  |  | 7 |  |  |  | (13 | ) |  |  | (23 | ) |  |  | 2 |
Losses and loss adjustment |  |  | - |  |  |  | - |  |  |  | 6 |  |  |  | - |  |  |  | 6 |
Amortization of deferred acquisition costs and operating |  |  | 2 |  |  |  | 18 |  |  |  | 3 |  |  |  | 1 |  |  |  | 24 |
Interest |  |  | - |  |  |  | 14 |  |  |  | 37 |  |  |  | - |  |  |  | 51 |
Expenses of consolidated VIEs |  |  | - |  |  |  | - |  |  |  | 4 |  |  |  | - |  |  |  | 4 |
Inter-segment expenses (2) |  |  | 12 |  |  |  | 6 |  |  |  | 6 |  |  |  | (24 | ) |  |  | - |
|  | Total expenses |  |  | 14 |  |  |  | 38 |  |  |  | 56 |  |  |  | (23 | ) |  |  | 85 |
Income (loss) from continuing operations before income taxes |  | $ | 17 |  |  | $ | (31 | ) |  | $ | (69 | ) |  | $ | - |  |  | $ | (83 | )
(1) - Consists of net premiums earned, net investment income, net realized investment gains (losses) and other net realized gains (losses). (2) - Primarily represents intercompany service charges and intercompany net investment income and expenses.

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 -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
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