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Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Premiums, fees and reimbursements received $ 12 $ 17
Investment income received 77 68
Financial guarantee losses and loss adjustment expenses paid (210) (481)
Proceeds from recoveries and reinsurance, net of salvage paid to reinsurers 11 647
Operating expenses paid and other operating (55) (79)
Other proceeds from consolidated variable interest entities 28 0
Interest paid, net of interest converted to principal (49) (35)
Cash (used) provided by discontinued operations (7) 3
Net cash provided (used) by operating activities (193) 140
Cash flows from investing activities:    
Purchases of available-for-sale investments (352) (836)
Sales of available-for-sale investments 380 859
Paydowns, maturities and other proceeds of available-for-sale investments 187 325
Purchases of investments at fair value (61) (121)
Sales, paydowns, maturities and other proceeds of investments at fair value 251 189
Sales, paydowns and maturities (purchases) of short-term investments, net (86) (371)
Paydowns and maturities of loans receivable 7 7
Consolidation of variable interest entities 0 2
Deconsolidation of variable interest entities (2) 0
(Payments) proceeds for derivative settlements (8) (9)
Proceeds (payments) from discontinued operations (9) 10
Net cash provided (used) by investing activities 307 55
Cash flows from financing activities:    
Proceeds from investment agreements 6 6
Principal paydowns of investment agreements (4) (9)
Principal paydowns of medium-term notes (10) (74)
Proceeds from variable interest entity debt 62 2
Principal paydowns/redemptions of variable interest entity debt (141) (122)
Principal paydowns of long-term debt 0 (29)
Purchases of treasury stock (35) (3)
Cash provided (used) by discontinued operations 5 0
Net cash provided (used) by financing activities (117) (229)
Effect of exchange rate changes on cash and cash equivalents 0 (2)
Net increase (decrease) in cash and cash equivalents (3) (36)
Cash and cash equivalents - beginning of period 78 160
Cash and cash equivalents - end of period 75 124
Reconciliation of net income (loss) to net cash provided (used) by operating activities:    
Net income (loss) (348) (143)
Income (loss) from discontinued operations, net of income taxes (2) 1
Income (loss) from continuing operations (346) (144)
Change in:    
Unearned premium revenue (26) (35)
Loss and loss adjustment expense reserves 1 145
Insurance loss recoverable (40) 106
Accrued interest payable 100 86
Other liabilities 10 (49)
Net realized investment gains (losses) 23 37
Net (gains) losses on financial instruments at fair value and foreign exchange 27 (35)
Other net realized (gains) losses 30 13
Other operating 28 16
Total adjustments to income (loss) from continuing operations 153 284
Net cash provided (used) by operating activities (193) 140
Non-cash investing and finanacing activities:    
Loans receivable disposed of a variable interest entity 28 0
Other investments, received from sale of net assets held for sale 3 0
Fixed-maturity securities held as available-for-sale, received as salvage 0 459
Investments carried at fair value, received as salvage 0 277
Variable interest entity notes disposed of upon deconsolidation $ 22 $ 0