XML 61 R8.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Premiums, fees and reimbursements received $ 47 $ 86 $ 61
Investment income received 176 205 248
Insured derivative commutations and losses paid (11) (56) (52)
Financial guarantee losses and loss adjustment expenses paid (489) (385) (768)
Proceeds from recoveries and reinsurance 155 61 170
Operating and employee related expenses paid (77) (83) (130)
Interest paid, net of interest converted to principal (180) (146) (177)
Income taxes (paid) received 11 (1) (4)
Net cash provided (used) by operating activities (368) (319) (652)
Cash flows from investing activities:      
Purchases of available-for-sale investments (2,140) (2,265) (1,811)
Sales of available-for-sale investments 2,195 2,117 2,256
Paydowns and maturities of available-for-sale investments 857 329 568
Purchases of investments at fair value (151) (189) (263)
Sales, paydowns and maturities of investments at fair value 617 212 326
Sales, paydowns and maturities (purchases) of short-term investments, net (157) 420 (67)
Paydowns and maturities of loans receivable and other instruments at fair value 74 614 259
Consolidation of variable interest entities 72 0 18
Deconsolidation of variable interest entities (2) (7) 0
(Payments) proceeds for derivative settlements (98) (24) (64)
Collateral (to) from counterparties 0 0 4
Capital expenditures 0 (1) (1)
Other investing 0 0 (23)
Net cash provided (used) by investing activities 1,267 1,206 1,202
Cash flows from financing activities:      
Proceeds from investment agreements 15 12 17
Principal paydowns of investment agreements (25) (37) (75)
Principal paydowns of medium-term notes (57) (85) (157)
Proceeds from the MBIA Corp. Financing Facility 0 0 328
Principal paydowns of variable interest entity notes (765) (598) (368)
Principal paydowns of long-term dept (150) 0 0
Purchases of treasury stock (106) (44) (330)
Other financing (8) 0 (4)
Net cash provided (used) by financing activities (1,096) (752) (589)
Effect of exchange rate changes on cash and cash equivalents 0 (1) (2)
Net increase (decrease) in cash and cash equivalents (197) 134 (41)
Cash and cash equivalents - beginning of year 280 146 187
Cash and cash equivalents - end of year 83 280 146
Reconciliation of net income (loss) to net cash provided (used) by operating activities:      
Net income (loss) (359) (296) (1,605)
Change in:      
Premiums receivable 62 60 49
Deferred acquisition costs 12 21 22
Accrued investment income 20 8 11
Unearned premium revenue (105) (165) (206)
Loss and loss adjustment expense reserves 0 (46) 778
Insurance loss recoverable (99) (213) (681)
Accrued interest payable 106 157 116
Accrued expenses 12 (9) (29)
Net investment losses related to other-than-temporary impairments 67 5 106
Unrealized (gains) losses on insured derivatives (25) (31) 0
Net (gains) losses on financial instruments at fair value and foreign exchange (157) (8) (106)
Other net realized (gains) losses 58 171 (59)
Deferred income tax provision (benefit) 13 0 940
Interest on variable interest entities, net (3) 17 35
Other operating 30 10 (23)
Total adjustments to net income (loss) (9) (23) 953
Net cash provided (used) by operating activities (368) (319) (652)
Supplementary Disclosure of Consolidated Cash Flow Information      
Non-cash consideration received from the sale of MBIA UK Insurance Limited $ 0 $ 0 $ 332