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Business Segments (Tables)
 9 Months Ended
Sep. 30, 2021
Text Block [Abstract]  
Summary of company's segment results
The following tables provide the Company’s segment results for the three months ended September 30, 2021 and 2020:
 
                                                                                      
    
Three Months Ended September 30, 2021
In millions
   
U.S.

Public
Finance
Insurance
  
Corporate
   
International
and Structured
Finance
Insurance
  
Eliminations
  
Consolidated
Revenues
(1)
   
$
20
 
  
$
6
 
   
$
24
 
  
$
-
 
  
$
50
 
Net gains (losses) on financial instruments at fair value and foreign exchange
   
 
1
 
  
 
13
 
   
 
(3
) 
  
 
-
 
  
 
11
 
Net gains (losses) on extinguishment of debt
   
 
-
 
  
 
16
 
   
 
-
 
  
 
-
 
  
 
16
 
Revenues of consolidated VIEs
   
 
-
 
  
 
-
 
   
 
(5
) 
  
 
-
 
  
 
(5
) 
Inter-segment revenues
(2)
   
 
8
 
  
 
14
 
   
 
2
 
  
 
(24
) 
  
 
-
 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
Total revenues
   
 
29
 
  
 
49
 
   
 
18
 
  
 
(24
) 
  
 
72
 
Losses and loss adjustment
   
 
68
 
  
 
-
 
   
 
57
 
  
 
-
 
  
 
125
 
Operating
   
 
6
 
  
 
16
 
   
 
1
 
  
 
-
 
  
 
23
 
Interest
   
 
-
 
  
 
14
 
   
 
26
 
  
 
-
 
  
 
40
 
Expenses of consolidated VIEs
   
 
-
 
  
 
-
 
   
 
7
 
  
 
-
 
  
 
7
 
Inter-segment expenses
(2)
   
 
11
 
  
 
4
 
   
 
9
 
  
 
(24
) 
  
 
-
 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
Total expense
s
   
 
85
 
  
 
34
 
   
 
100
 
  
 
(24
) 
  
 
195
 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
Income (loss) before income taxes
   
$
(56
) 
  
$
15
 
   
$
(82
) 
  
$
-
 
  
$
(123
) 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
Identifiable assets
   
$
3,448
 
  
$
826
 
   
$
3,034
 
  
$
(2,492
)
(3)
 
  
$
4,816
 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
 
(1) -
 Represents the sum of third-party financial guarantee net premiums earned, net investment income, 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.
 
                                                                                      
    
Three Months Ended September 30, 2020
In millions
   
U.S.
Public
Finance
Insurance
   
Corporate
  
International
and Structured
Finance
Insurance
  
Eliminations
  
Consolidated
Revenues
(1)
   
$
21
 
   
$
4
 
  
$
9
 
  
$
-
 
  
$
34
 
Net gains (losses) on financial instruments at fair value and foreign exchange
   
 
23
 
   
 
(6
) 
  
 
(4
) 
  
 
-
 
  
 
13
 
Revenues of consolidated VIEs
   
 
-
 
   
 
-
 
  
 
24
 
  
 
-
 
  
 
24
 
Inter-segment revenues
(2)
   
 
7
 
   
 
16
 
  
 
(1
) 
  
 
(22
) 
  
 
-
 
    
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total revenues
   
 
51
 
   
 
14
 
  
 
28
 
  
 
(22
) 
  
 
71
 
Losses and loss adjustment
   
 
14
 
   
 
-
 
  
 
34
 
  
 
-
 
  
 
48
 
Operating
   
 
3
 
   
 
16
 
  
 
4
 
  
 
-
 
  
 
23
 
Interest
   
 
-
 
   
 
16
 
  
 
27
 
  
 
-
 
  
 
43
 
Expenses of consolidated VIEs
   
 
-
 
   
 
-
 
  
 
15
 
  
 
-
 
  
 
15
 
Inter-segment expenses
(2)
   
 
9
 
   
 
6
 
  
 
7
 
  
 
(22
) 
  
 
-
 
    
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total expenses
   
 
26
 
   
 
38
 
  
 
87
 
  
 
(22
) 
  
 
129
 
    
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Income (loss) before income taxes
   
$
25
 
   
$
(24
) 
  
$
(59
) 
  
$
-
 
  
$
(58
) 
    
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(1) -
 Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements and other fees.
(2) -
 Primarily represents intercompany service charges and intercompany net investment income and expense.
The following tables provide the Company’s segment results for the nine months ended September 30, 2021 and 2020:
 
                                                                                      
    
Nine Months Ended September 30, 2021
In millions
   
U.S.
Public
Finance
Insurance
  
Corporate
   
International
and Structured
Finance
Insurance
  
Eliminations
  
Consolidated
Revenues
(1)
   
$
64
 
  
$
13
 
   
$
37
 
  
$
-
 
  
$
114
 
Net gains (losses) on financial instruments at fair value and foreign exchange
   
 
1
 
  
 
50
 
   
 
(9
) 
  
 
-
 
  
 
42
 
Net gains (losses) on extinguishment of debt
   
 
-
 
  
 
30
 
   
 
-
 
  
 
-
 
  
 
30
 
Revenues of consolidated VIEs
   
 
-
 
  
 
-
 
   
 
(24
) 
  
 
-
 
  
 
(24
) 
Inter-segment revenues
(2)
   
 
22
 
  
 
50
 
   
 
10
 
  
 
(82
) 
  
 
-
 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
Total revenues
   
 
87
 
  
 
143
 
   
 
14
 
  
 
(82
) 
  
 
162
 
Losses and loss adjustment
   
 
135
 
  
 
-
 
   
 
97
 
  
 
-
 
  
 
232
 
Operating
   
 
14
 
  
 
54
 
   
 
7
 
  
 
-
 
  
 
75
 
Interest
   
 
-
 
  
 
42
 
   
 
80
 
  
 
-
 
  
 
122
 
Expenses of consolidated VIEs
   
 
-
 
  
 
-
 
   
 
23
 
  
 
-
 
  
 
23
 
Inter-segment expenses
(2)
   
 
36
 
  
 
14
 
   
 
30
 
  
 
(80
) 
  
 
-
 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
Total expense
s
   
 
185
 
  
 
110
 
   
 
237
 
  
 
(80
) 
  
 
452
 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
Income (loss) before income taxes
   
$
(98
) 
  
$
33
 
   
$
(223
) 
  
$
(2
) 
  
$
(290
) 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
Identifiable assets
   
$
3,448
 
  
$
826
 
   
$
3,034
 
  
$
(2,492
)
(3)
 
  
$
4,816
 
    
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
 
(1) -
 Represents the sum of third-party financial guarantee net premiums earned, net investment income, 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.
 
                                                      
    
Nine Months Ended September 30, 2020
In millions
   
U.S.
Public
Finance
Insurance
  
Corporate
  
International
and Structured
Finance
Insurance
  
Eliminations
  
Consolidated
Revenues
(1)
   
$
78
 
  
$
15
 
  
$
23
 
  
$
-
 
  
$
116
 
Net gains (losses) on financial instruments at fair value and foreign exchange
   
 
30
 
  
 
(62
) 
  
 
6
 
  
 
-
 
  
 
(26
) 
Revenues of consolidated VIEs
   
 
-
 
  
 
-
 
  
 
89
 
  
 
-
 
  
 
89
 
Inter-segment revenues
(2)
   
 
21
 
  
 
51
 
  
 
7
 
  
 
(79
) 
  
 
-
 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total revenues
   
 
129
 
  
 
4
 
  
 
125
 
  
 
(79
) 
  
 
179
 
Losses and loss adjustment
   
 
134
 
  
 
-
 
  
 
293
 
  
 
-
 
  
 
427
 
Operating
   
 
8
 
  
 
50
 
  
 
10
 
  
 
-
 
  
 
68
 
Interest
   
 
-
 
  
 
48
 
  
 
87
 
  
 
-
 
  
 
135
 
Expenses of consolidated VIEs
   
 
-
 
  
 
-
 
  
 
46
 
  
 
-
 
  
 
46
 
Inter-segment expenses
(2)
   
 
34
 
  
 
17
 
  
 
28
 
  
 
(79
) 
  
 
-
 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total expenses
   
 
176
 
  
 
115
 
  
 
464
 
  
 
(79
) 
  
 
676
 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Income (loss) before income taxes
   
$
(47
) 
  
$
(111
) 
  
$
(339
) 
  
$
-
 
  
$
(497
) 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(1) -
 Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements and other fees.
(2) -
 Primarily represents intercompany service charges and intercompany net investment income and expense.