2018 Q4 Form 10-Q Financial Statement
#000087450118000134 Filed on November 07, 2018
Income Statement
| Concept | 2018 Q4 | 2018 Q3 |
|---|---|---|
| Revenue | $37.00M | $134.0M |
| YoY Change | -65.44% | 53.73% |
| Cost Of Revenue | ||
| YoY Change | ||
| Gross Profit | ||
| YoY Change | ||
| Gross Profit Margin | ||
| Selling, General & Admin | ||
| YoY Change | ||
| % of Gross Profit | ||
| Research & Development | ||
| YoY Change | ||
| % of Gross Profit | ||
| Depreciation & Amortization | $29.20M | $26.50M |
| YoY Change | -15.12% | -42.39% |
| % of Gross Profit | ||
| Operating Expenses | $8.000M | $88.30M |
| YoY Change | -95.16% | -69.51% |
| Operating Profit | ||
| YoY Change | ||
| Interest Expense | -$66.10M | -$65.70M |
| YoY Change | 113.23% | 125.77% |
| % of Operating Profit | ||
| Other Income/Expense, Net | ||
| YoY Change | ||
| Pretax Income | -$22.00M | -$39.83M |
| YoY Change | 218.06% | -78.52% |
| Income Tax | -$1.700M | $2.211M |
| % Of Pretax Income | ||
| Net Earnings | -$20.00M | -$104.0M |
| YoY Change | 2.67% | -45.52% |
| Net Earnings / Revenue | -54.05% | -77.6% |
| Basic Earnings Per Share | -$0.45 | -$2.27 |
| Diluted Earnings Per Share | -$0.45 | -$2.27 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 45.34M shares | 45.75M shares |
| Diluted Shares Outstanding | 45.75M shares |
Balance Sheet
| Concept | 2018 Q4 | 2018 Q3 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | ||
| YoY Change | ||
| Cash & Equivalents | $63.00M | $52.51M |
| Short-Term Investments | ||
| Other Short-Term Assets | ||
| YoY Change | ||
| Inventory | ||
| Prepaid Expenses | ||
| Receivables | ||
| Other Receivables | ||
| Total Short-Term Assets | ||
| YoY Change | ||
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | ||
| YoY Change | ||
| Goodwill | ||
| YoY Change | ||
| Intangibles | $719.0M | |
| YoY Change | -15.11% | |
| Long-Term Investments | $40.00M | $38.83M |
| YoY Change | 14.48% | 15.3% |
| Other Assets | $20.00M | $1.000M |
| YoY Change | 1900.0% | -97.37% |
| Total Long-Term Assets | ||
| YoY Change | ||
| TOTAL ASSETS | ||
| Total Short-Term Assets | ||
| Total Long-Term Assets | ||
| Total Assets | $14.59B | $15.09B |
| YoY Change | -37.1% | -35.2% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | ||
| YoY Change | ||
| Accrued Expenses | $376.0M | $360.0M |
| YoY Change | -14.16% | -14.49% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $378.0M | $391.0M |
| YoY Change | -14.09% | -21.01% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $8.198B | $8.524B |
| YoY Change | -37.67% | -35.51% |
| Other Long-Term Liabilities | $1.851B | $1.780B |
| YoY Change | -21.43% | -20.75% |
| Total Long-Term Liabilities | $10.05B | $10.30B |
| YoY Change | -35.2% | -33.37% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $378.0M | $391.0M |
| Total Long-Term Liabilities | $10.05B | $10.30B |
| Total Liabilities | $12.96B | $13.34B |
| YoY Change | -39.87% | -38.78% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | $1.421B | |
| YoY Change | 15.17% | |
| Common Stock | $0.00 | |
| YoY Change | -100.0% | |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | $0.00 | |
| YoY Change | -100.0% | |
| Treasury Stock Shares | 28.89K shares | |
| Shareholders Equity | $1.592B | $1.758B |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $14.59B | $15.09B |
| YoY Change | -37.1% | -35.2% |
Cashflow Statement
| Concept | 2018 Q4 | 2018 Q3 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$20.00M | -$104.0M |
| YoY Change | 2.67% | -45.52% |
| Depreciation, Depletion And Amortization | $29.20M | $26.50M |
| YoY Change | -15.12% | -42.39% |
| Cash From Operating Activities | -$125.4M | -$106.3M |
| YoY Change | -318.47% | -6.1% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | ||
| YoY Change | ||
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $338.5M | $234.0M |
| YoY Change | -50.89% | 300.0% |
| Cash From Investing Activities | $338.5M | $234.0M |
| YoY Change | -50.89% | 300.0% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | -183.5M | -119.4M |
| YoY Change | -21.72% | -210.76% |
| NET CHANGE | ||
| Cash From Operating Activities | -125.4M | -106.3M |
| Cash From Investing Activities | 338.5M | 234.0M |
| Cash From Financing Activities | -183.5M | -119.4M |
| Net Change In Cash | 29.60M | 8.300M |
| YoY Change | -94.22% | -84.37% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | -$125.4M | -$106.3M |
| Capital Expenditures | ||
| Free Cash Flow | ||
| YoY Change |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| dei |
Document Period End Date
DocumentPeriodEndDate
|
2018-09-30 | ||
| dei |
Entity Central Index Key
EntityCentralIndexKey
|
0000874501 | ||
| ambc |
Fair Value Measurement Process Description For Credit Derivatives Hypothetical Incremental Fee
FairValueMeasurementProcessDescriptionForCreditDerivativesHypotheticalIncrementalFee
|
0.0005 | ||
| ambc |
Fair Value Measurement Process Description For Credit Derivatives Hypothetical Incremental Fee With Credit Deterioration
FairValueMeasurementProcessDescriptionForCreditDerivativesHypotheticalIncrementalFeeWithCreditDeterioration
|
0.0015 | ||
| dei |
Amendment Flag
AmendmentFlag
|
false | ||
| dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | ||
| dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q3 | ||
| dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2018 | ||
| dei |
Entity Current Reporting Status
EntityCurrentReportingStatus
|
Yes | ||
| dei |
Entity Filer Category
EntityFilerCategory
|
Large Accelerated Filer | ||
| dei |
Trading Symbol
TradingSymbol
|
AMBC | ||
| CY2017Q4 | us-gaap |
Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
|
0 | USD |
| dei |
Document Type
DocumentType
|
10-Q | ||
| dei |
Entity Registrant Name
EntityRegistrantName
|
AMBAC FINANCIAL GROUP INC | ||
| CY2018Q4 | dei |
Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
45336278 | shares |
| CY2018Q3 | dei |
Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
|
1991-04-29 | |
| CY2018Q1 | ambc |
Satisfaction And Discharge Of Segregated Account Deferred Amounts
SatisfactionAndDischargeOfSegregatedAccountDeferredAmounts
|
3856992000 | USD |
| CY2018Q1 | ambc |
Cancellationof Surplus Notes Principal
CancellationofSurplusNotesPrincipal
|
552320000 | USD |
| CY2018Q1 | ambc |
Cancellationof Surplus Notes Accrued Interest
CancellationofSurplusNotesAccruedInterest
|
257200000 | USD |
| CY2018Q2 | us-gaap |
Gain Contingency Unrecorded Amount
GainContingencyUnrecordedAmount
|
1400000000 | USD |
| CY2018Q3 | ambc |
Market Valueof Secured Note Collateral
MarketValueofSecuredNoteCollateral
|
221676000 | USD |
| CY2018Q1 | ambc |
Tier2 Notes
Tier2Notes
|
240000000 | USD |
| CY2018Q1 | ambc |
Tier2 Note Securityin Rmbs Litigation Settlement Proceeds
Tier2NoteSecurityinRMBSLitigationSettlementProceeds
|
1600000000 | USD |
| CY2018Q1 | ambc |
One Time Interest Paymenton Surplus Notes
OneTimeInterestPaymentonSurplusNotes
|
13501000 | USD |
| CY2018Q3 | ambc |
Amps Liquidation Preference Value Per Share
AMPSLiquidationPreferenceValuePerShare
|
25000 | USD |
| CY2018Q3 | ambc |
Amps Exchange Surplus Notes Issued Per Share
AMPSExchangeSurplusNotesIssuedPerShare
|
13875 | USD |
| CY2018Q3 | ambc |
Amps Exchange Shares Tendered
AMPSExchangeSharesTendered
|
22096 | shares |
| CY2018Q3 | ambc |
Amps Exchange Cash Paid Per Share
AMPSExchangeCashPaidPerShare
|
500 | USD |
| CY2018Q3 | ambc |
Amps Exchange Warrants Issued Per Share
AMPSExchangeWarrantsIssuedPerShare
|
37.3076 | |
| CY2018Q3 | ambc |
Amps Exchange Percent Acquired
AMPSExchangePercentAcquired
|
0.844 | |
| CY2018Q3 | ambc |
Amps Exchange Shares Acquired
AMPSExchangeSharesAcquired
|
22296 | shares |
| CY2018Q3 | ambc |
Amps Exchange Aggregate Liquidation Preference
AMPSExchangeAggregateLiquidationPreference
|
557400000 | USD |
| CY2018Q3 | ambc |
Amps Exchange Nominal Discount
AMPSExchangeNominalDiscount
|
227000000 | USD |
| CY2018Q3 | ambc |
Amps Exchange Nominal Discountat Fair Value
AMPSExchangeNominalDiscountatFairValue
|
253000000 | USD |
| CY2018Q3 | ambc |
Amps Exchange Aggregate Liquidation Preference
AMPSExchangeAggregateLiquidationPreference
|
557400000 | USD |
| CY2018Q3 | ambc |
Amps Exchange Total Surplus Notes Issued
AMPSExchangeTotalSurplusNotesIssued
|
212740000 | USD |
| CY2018Q3 | ambc |
Amps Exchange Interest Includedin Surplus Notes Issued
AMPSExchangeInterestIncludedinSurplusNotesIssued
|
98366000 | USD |
| CY2018Q3 | ambc |
Amps Exchange Total Warrants Issued
AMPSExchangeTotalWarrantsIssued
|
824307 | |
| CY2018Q2 | ambc |
Amps Exchange Supporting Holder Percentof Total Outstanding
AMPSExchangeSupportingHolderPercentofTotalOutstanding
|
0.89 | |
| CY2018Q2 | ambc |
Amps Exchange Supporting Holder Minimum Tender Commitment
AMPSExchangeSupportingHolderMinimumTenderCommitment
|
0.80 | |
| us-gaap |
Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
|
Reclassifications:Reclassifications have been made to prior years' amounts to conform to the current year's presentation. Such reclassifications are primarily the result of certain new standards discussed in the Recently Adopted Accounting Standards section below. | ||
| us-gaap |
Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
|
Future Application of Accounting Standards:<div style="line-height:120%;padding-bottom:4px;text-align:justify;padding-left:0px;text-indent:0px;font-size:9pt;"><span style="font-family:inherit;font-size:9pt;color:#000000;font-style:italic;font-weight:bold;">Cloud Computing Arrangement Service Contracts</span></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;padding-left:0px;text-indent:0px;font-size:9pt;"><span style="font-family:inherit;font-size:9pt;color:#000000;">In August 2018, the FASB issued ASU 2018-15,</span><span style="font-family:inherit;font-size:9pt;color:#000000;font-style:italic;"> Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40) - Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. </span><span style="font-family:inherit;font-size:9pt;color:#000000;">The new guidance requires a customer in a cloud computing arrangement that is a service contract to capitalize certain implementation costs as if the arrangement was an internal-use software project. The internal-use software guidance requires the capitalization of certain costs incurred only during the application development stage (e.g., costs of integration with on-premises software, coding, configuration, customization). That guidance also requires entities to expense costs during the preliminary project and post-implementation stages (e.g., costs of project planning, training, maintenance after implementation, data conversion) as they are incurred. ASU 2018-15 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The ASU may be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. Ambac will adopt this ASU on January 1, 2020. The ASU is not expected to have a consequential impact on Ambac's financial statements.</span></div><div style="line-height:120%;padding-bottom:4px;text-align:justify;padding-left:0px;text-indent:0px;font-size:9pt;"><span style="font-family:inherit;font-size:9pt;color:#000000;font-style:italic;font-weight:bold;">Defined Benefit and Other Postretirement Plans Disclosures</span></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;padding-left:0px;text-indent:0px;font-size:9pt;"><span style="font-family:inherit;font-size:9pt;color:#000000;">In August 2018, the FASB issued ASU 2018-14, </span><span style="font-family:inherit;font-size:9pt;color:#000000;font-style:italic;">Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20) - Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans</span><span style="font-family:inherit;font-size:9pt;color:#000000;">. The ASU modifies various disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. Relevant disclosures that will be removed are: i) amounts in accumulated other comprehensive income expected to be recognized as net periodic benefit cost over the next fiscal year, and ii) the effects of a one percentage point change in assumed health care cost trend rates on the (a) aggregate of the service and interest cost components of the net periodic pension cost and (b) benefit obligation for postretirement healthcare benefits. Relevant disclosures that will be added are an explanation of the reasons for significant gains and losses related to changes in the benefit obligations for the period. ASU 2018-14 is effective for fiscal years ending after December 15, 2020, with early adoption permitted. The modified disclosures must be applied on a retrospective basis for all periods presented. Ambac has not determined whether it will early adopt this ASU. The ASU is not expected to have a consequential impact on Ambac's financial statements.</span></div><div style="line-height:120%;padding-bottom:4px;text-align:justify;padding-left:0px;text-indent:0px;font-size:9pt;"><span style="font-family:inherit;font-size:9pt;color:#000000;font-style:italic;font-weight:bold;">Fair Value Measurement Disclosures</span></div><div style="line-height:120%;padding-bottom:4px;text-align:justify;padding-left:0px;text-indent:0px;font-size:9pt;"><span style="font-family:inherit;font-size:9pt;color:#000000;">In August 2018, the FASB issued ASU 2018-13, </span><span style="font-family:inherit;font-size:9pt;color:#000000;font-style:italic;">Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement</span><span style="font-family:inherit;font-size:9pt;color:#000000;">. The ASU modifies various disclosure requirements on fair value measurements. Relevant disclosures that will be removed, modified and added are as follows:</span></div><table cellpadding="0" cellspacing="0" style="padding-bottom:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:9pt;padding-left:12px;"><span style="font-family:inherit;font-size:9pt;color:#000000;">•</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:9pt;"><span style="font-family:inherit;font-size:9pt;color:#000000;text-decoration:underline;">Removals</span><span style="font-family:inherit;font-size:9pt;color:#000000;">: 1) Amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, 2) Policy for timing of transfers between levels, and 3) Valuation processes for Level 3 fair value measurements. </span></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:9pt;padding-left:12px;"><span style="font-family:inherit;font-size:9pt;color:#000000;">•</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:9pt;"><span style="font-family:inherit;font-size:9pt;color:#000000;text-decoration:underline;">Modifications</span><span style="font-family:inherit;font-size:9pt;color:#000000;">: 1) For investments in certain entities that calculate net asset value, disclosures are only required for the timing of liquidation of an investee's assets and the date when restrictions from redemption might lapse, only if the investee has communicated the timing to the reporting entity or publicly announced it, and 2) Clarification that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date and not possible future changes.</span></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:9pt;padding-left:12px;"><span style="font-family:inherit;font-size:9pt;color:#000000;">•</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:9pt;"><span style="font-family:inherit;font-size:9pt;color:#000000;text-decoration:underline;">Additions</span><span style="font-family:inherit;font-size:9pt;color:#000000;">: 1) Changes in unrealized gains and losses for the period included in other comprehensive income ("OCI") for recurring Level 3 fair value measurements held at the end of the reporting period and 2) Range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. Alternatively, an entity may disclose other quantitative information (such as the median or arithmetic average) if it determines that it is a more reasonable and rational method to reflect the distribution of unobservable inputs used.</span></div></td></tr></table><div style="line-height:120%;padding-bottom:12px;text-align:justify;padding-left:0px;text-indent:0px;font-size:9pt;"><span style="font-family:inherit;font-size:9pt;color:#000000;">ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. Disclosure amendments related to changes in unrealized gains and losses included in OCI for level 3 instruments, the range and weighted average of significant unobservable inputs, and the narrative description of measurement uncertainty should be applied prospectively only for the most recent interim or annual period presented. All other disclosure amendments should be applied retrospectively to all periods presented. Ambac has not determined whether it will early adopt this ASU. The ASU is not expected to have a consequential impact on Ambac's financial statements.</span></div><div style="line-height:120%;padding-bottom:4px;text-align:justify;padding-left:0px;text-indent:0px;font-size:9pt;"><span style="font-family:inherit;font-size:9pt;color:#000000;font-style:italic;font-weight:bold;">Equity-linked Instruments with Down Round Features</span></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;padding-left:0px;text-indent:0px;font-size:9pt;"><span style="font-family:inherit;font-size:9pt;color:#000000;">In July 2017, the FASB issued ASU 2017-11, </span><span style="font-family:inherit;font-size:9pt;color:#000000;font-style:italic;">Earnings Per Share (Topic 260) and Derivatives and Hedging (Topic 815) - Accounting for Certain Financial Instruments with Down Round Features</span><span style="font-family:inherit;font-size:9pt;color:#000000;">. Equity-linked instruments, such as warrants and convertible instruments may contain down round features that result in the strike price being reduced on the basis of the pricing of future equity offerings. Under the ASU, a down round feature will no longer require a freestanding equity-linked instrument (or embedded conversion option) to be classified as a liability that is remeasured at fair value through the income statement (i.e. marked-to-market). However, other features of the equity-linked instrument (or embedded conversion option) must still be evaluated to determine whether liability or equity classification is appropriate. Equity classified instruments are not marked-to-market. For earnings per share ("EPS") reporting, the ASU requires companies to recognize the effect of the down round feature only when it is triggered by treating it as a dividend and as a reduction of income available to common stockholders in basic EPS. The amendments in this ASU are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December </span></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;padding-left:0px;font-size:9pt;"><span style="font-family:inherit;font-size:9pt;color:#000000;">15, 2018. Early adoption is permitted, including adoption in any interim period. Ambac will adopt this ASU on January 1, 2019 and it is not expected to have a consequential impact on Ambac's financial statements.</span></div><div style="line-height:120%;padding-bottom:4px;text-align:justify;padding-left:0px;text-indent:0px;font-size:9pt;"><span style="font-family:inherit;font-size:9pt;color:#000000;font-style:italic;font-weight:bold;">Premium Amortization on Callable Debt Securities</span></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;padding-left:0px;text-indent:0px;font-size:9pt;"><span style="font-family:inherit;font-size:9pt;color:#000000;">In March 2017, the FASB issued ASU 2017-08, </span><span style="font-family:inherit;font-size:9pt;color:#000000;font-style:italic;">Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20) - Premium Amortization on Purchased Callable Debt Securities</span><span style="font-family:inherit;font-size:9pt;color:#000000;">. The ASU shortens the amortization period for the premium on callable debt securities to the earliest call date. Under current GAAP, a reporting entity generally amortizes the premium as a yield adjustment over the contractual life (i.e. maturity) of the debt security and if that debt security is called, the entity would record a loss equal to the unamortized premium. The ASU does not change the accounting for callable debt securities held at a discount, which will continue to be amortized to maturity. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, with early adoption permitted. The ASU must be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Ambac will adopt this ASU on January 1, 2019 and it is not expected to have a consequential impact on Ambac's financial statements.</span></div><div style="line-height:120%;padding-bottom:4px;text-align:justify;padding-left:0px;text-indent:0px;font-size:9pt;"><span style="font-family:inherit;font-size:9pt;color:#000000;font-style:italic;font-weight:bold;">Measurement of Credit Losses on Financial Instruments</span></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;padding-left:0px;text-indent:0px;font-size:9pt;"><span style="font-family:inherit;font-size:9pt;color:#000000;">In June 2016, the FASB issued ASU 2016-13, </span><span style="font-family:inherit;font-size:9pt;color:#000000;font-style:italic;">Financial Instruments-Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments</span><span style="font-family:inherit;font-size:9pt;color:#000000;">. This ASU significantly affects how reporting entities will measure credit losses for financial assets that are not accounted for at fair value through net income, which include loans, debt securities, trade receivables, net investments in leases, and certain off-balance sheet credit exposures. For financial assets measured at amortized cost, the ASU replaces the "incurred loss" model, which generally delayed recognition of the full amount of credit losses until the loss was probable of occurring, with an "expected loss" model, which reflects an entity's current estimate of all expected credit losses. Expected credit losses for amortized cost assets will be recorded as a valuation allowance, with subsequent increases or decreases in the allowance reflected in the income statement each period. For available-for-sale debt securities, credit losses under the ASU will be measured similarly to current GAAP. However, under the ASU, credit losses for available-for-sale securities will be recorded as a valuation allowance (similar to the amortized cost assets approach described above), rather than as a direct write-down of the security as is required under current GAAP. As a result, improvements to estimated credit losses for available-for-sale debt securities will be recognized immediately in the income statement rather than as interest income over time. The ASU is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted. Ambac will adopt this ASU on January 1, 2020 and we are currently evaluating its impact on Ambac's financial statements. The significant implementation matters to be addressed include identifying the inventory of financial assets that will be affected by this standard, identifying new data requirements and data sources for implementing the expected loss model for those instruments not already using this model and identifying and documenting accounting process changes, including related controls.</span></div><div style="line-height:120%;padding-bottom:4px;text-align:justify;padding-left:0px;text-indent:0px;font-size:9pt;"><span style="font-family:inherit;font-size:9pt;color:#000000;font-style:italic;font-weight:bold;">Leases</span></div><span style="font-family:inherit;font-size:9pt;color:#000000;">In February 2016, the FASB issued ASU 2016-02, </span><span style="font-family:inherit;font-size:9pt;color:#000000;font-style:italic;">Leases (Topic 842)</span>. The main difference between current U.S. GAAP and this ASU is the recognition of lease assets and lease liabilities for those leases classified as operating leases. For operating leases, a lessee is required to: 1) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the balance sheet, 2) recognize a single lease cost, calculated so that the cost is allocated over the lease term generally on a straight-line basis and 3) classify all cash payment within operating activities in the statement of cash flows. The ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The transition guidance requires lessees to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach which include a number of optional practical expedients. We will adopt ASU 2015-02 on January 1, 2019. We are evaluating the impact of this ASU, including the transitional practical expedients, on Ambac's financial statements. We believe Ambac's office leases will be the most significantly impacted by this ASU. We have identified the preliminary inventory of leases that will be affected by this standard. Other significant implementation matters to be addressed are identifying and documenting accounting process changes, including related controls. | ||
| CY2018Q3 | us-gaap |
Variable Interest Entity Consolidated Carrying Amount Assets
VariableInterestEntityConsolidatedCarryingAmountAssets
|
7347422000 | USD |
| CY2018Q3 | us-gaap |
Variable Interest Entity Consolidated Carrying Amount Liabilities
VariableInterestEntityConsolidatedCarryingAmountLiabilities
|
7245870000 | USD |
| CY2017Q4 | us-gaap |
Variable Interest Entity Consolidated Carrying Amount Assets
VariableInterestEntityConsolidatedCarryingAmountAssets
|
14500507000 | USD |
| CY2017Q4 | us-gaap |
Variable Interest Entity Consolidated Carrying Amount Liabilities
VariableInterestEntityConsolidatedCarryingAmountLiabilities
|
14366434000 | USD |
| CY2015Q3 | ambc |
Numberof Rmbs Sold
NumberofRMBSSold
|
17 | |
| CY2015Q3 | ambc |
Cash Received From Delaware Trust
CashReceivedFromDelawareTrust
|
146000000 | USD |
| CY2015Q3 | ambc |
Securities Issuedby Delaware Trust
SecuritiesIssuedbyDelawareTrust
|
146000000 | USD |
| CY2018Q3 | us-gaap |
Secured Debt
SecuredDebt
|
0 | USD |
| CY2017Q4 | us-gaap |
Secured Debt
SecuredDebt
|
73993000 | USD |
| CY2018Q3 | us-gaap |
Equity Method Investments
EquityMethodInvestments
|
38830000 | USD |
| CY2017Q4 | us-gaap |
Equity Method Investments
EquityMethodInvestments
|
34941000 | USD |
| ambc |
Warrants Repurchased Average Costper Warrant
WarrantsRepurchasedAverageCostperWarrant
|
8.21 | ||
| CY2018Q3 | ambc |
Remaining Warrant Buy Back Authorized Dollars
RemainingWarrantBuyBackAuthorizedDollars
|
11939000 | USD |
| CY2018Q3 | ambc |
Amps Exchange Total Warrants Issued
AMPSExchangeTotalWarrantsIssued
|
824307 | |
| CY2018Q3 | ambc |
Estimated Future Premium Payments Weighted Average Discounted Rate
EstimatedFuturePremiumPaymentsWeightedAverageDiscountedRate
|
0.028 | |
| CY2017Q4 | ambc |
Estimated Future Premium Payments Weighted Average Discounted Rate
EstimatedFuturePremiumPaymentsWeightedAverageDiscountedRate
|
0.025 | |
| us-gaap |
Financial Guarantee Insurance Contracts Premium Received Over Contract Period Premium Receivable Weighted Average Collection Period1
FinancialGuaranteeInsuranceContractsPremiumReceivedOverContractPeriodPremiumReceivableWeightedAverageCollectionPeriod1
|
P8Y8M12D | ||
| CY2017 | us-gaap |
Financial Guarantee Insurance Contracts Premium Received Over Contract Period Premium Receivable Weighted Average Collection Period1
FinancialGuaranteeInsuranceContractsPremiumReceivedOverContractPeriodPremiumReceivableWeightedAverageCollectionPeriod1
|
P9Y9M18D | |
| us-gaap |
Schedule Of Liability For Unpaid Claims And Claims Adjustment Expense
ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
|
Below is the loss and loss expense reserve roll-forward, net of subrogation recoverable and reinsurance, for the affected periods:<div style="line-height:120%;padding-bottom:4px;padding-top:0px;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:99.80506822612085%;border-collapse:collapse;text-align:left;"><tr><td colspan="8"/></tr><tr><td style="width:73%;"/><td style="width:1%;"/><td style="width:11%;"/><td style="width:1%;"/><td style="width:1%;"/><td style="width:1%;"/><td style="width:11%;"/><td style="width:1%;"/></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:center;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;font-weight:bold;">Nine Months Ended September 30,</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;font-weight:bold;">Beginning gross loss and loss expense reserves</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;color:#2a1aff;font-weight:bold;">$</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;color:#2a1aff;font-weight:bold;"><span>4,113,802</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;font-weight:bold;">$</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;font-weight:bold;"><span>3,696,038</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;">Reinsurance recoverable</span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;color:#2a1aff;font-weight:bold;"><span>40,658</span></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;"><span>30,767</span></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;">Beginning balance of net loss and loss expense reserves</span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;color:#2a1aff;font-weight:bold;"><span>4,073,144</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;"><span>3,665,271</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;font-weight:bold;">Losses and loss expenses (benefit):</span></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;">Current year</span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;color:#2a1aff;font-weight:bold;"><span>976</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;"><span>5,328</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;padding-left:6px;text-indent:-6px;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;">Prior years</span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;color:#2a1aff;font-weight:bold;"><span>(182,291</span></span></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;color:#2a1aff;font-weight:bold;">)</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;"><span>405,589</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;padding-left:6px;text-indent:-6px;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;">Total </span><span style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1) (2) (3)</sup></span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;color:#2a1aff;font-weight:bold;"><span>(181,315</span></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;color:#2a1aff;font-weight:bold;">)</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;"><span>410,917</span></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;padding-left:6px;text-indent:-6px;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;font-weight:bold;">Loss and loss expenses paid (recovered):</span></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;">Current year</span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;color:#2a1aff;font-weight:bold;"><span>143</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;"><span>330</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;">Prior years </span><span style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(3)</sup></span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;color:#2a1aff;font-weight:bold;"><span>3,937,561</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;"><span>148,082</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;padding-left:6px;text-indent:-6px;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;">Total</span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;color:#2a1aff;font-weight:bold;"><span>3,937,704</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;"><span>148,412</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;padding-left:6px;text-indent:-6px;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;">Foreign exchange effect</span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;color:#2a1aff;font-weight:bold;"><span>(9,578</span></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;color:#2a1aff;font-weight:bold;">)</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;"><span>26,556</span></span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;padding-left:6px;text-indent:-6px;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;">Ending net loss and loss expense reserves </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;color:#2a1aff;font-weight:bold;"><span>(55,453</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;color:#2a1aff;font-weight:bold;">)</span></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;"><span>3,954,332</span></span></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;">Reinsurance recoverable </span><span style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(4)</sup></span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;color:#2a1aff;font-weight:bold;"><span>25,326</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;"><span>46,023</span></span></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="font-size:8pt;"><span style="font-family:inherit;font-size:8pt;font-weight:bold;">Ending gross loss and loss expense reserves</span><span style="font-family:inherit;font-size:8pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:5pt"> (5)</sup></span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;color:#2a1aff;font-weight:bold;">$</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;color:#2a1aff;font-weight:bold;"><span>(30,127</span></span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;color:#2a1aff;font-weight:bold;">)</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;font-weight:bold;">$</span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;font-weight:bold;"><span>4,000,355</span></span></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr></table></div><span style="font-family:inherit;font-size:9pt;"><br/></span></div><table cellpadding="0" cellspacing="0" style="padding-top:0px;padding-bottom:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><span style="font-family:Times New Roman;font-size:8pt;color:#000000;">(1)</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:8pt;"><span style="font-family:Times New Roman;font-size:8pt;color:#000000;">Total losses and loss expenses (benefit) includes </span><span style="font-family:Times New Roman;font-size:8pt;color:#000000;"><span>$(123)</span></span><span style="font-family:Times New Roman;font-size:8pt;color:#000000;"> and </span><span style="font-family:Times New Roman;font-size:8pt;color:#000000;"><span>$(21,189)</span></span><span style="font-family:Times New Roman;font-size:8pt;color:#000000;"> for the </span><span style="font-family:Times New Roman;font-size:8pt;color:#000000;">nine months ended September 30, 2018 and 2017</span><span style="font-family:Times New Roman;font-size:8pt;color:#000000;">, respectively, related to ceded reinsurance.</span></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:0px;padding-bottom:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><span style="font-family:Times New Roman;font-size:8pt;color:#000000;">(2)</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:8pt;"><span style="font-family:Times New Roman;font-size:8pt;color:#000000;">Ambac records the impact of estimated recoveries related to securitized loans in RMBS transactions that breached certain R&Ws within losses and loss expenses (benefit). The losses and loss expense (benefit) incurred associated with changes in estimated representation and warranties for the </span><span style="font-family:Times New Roman;font-size:8pt;color:#000000;">nine months ended September 30, 2018 and 2017</span><span style="font-family:Times New Roman;font-size:8pt;color:#000000;"> was </span><span style="font-family:Times New Roman;font-size:8pt;color:#000000;"><span>$56,928</span></span><span style="font-family:Times New Roman;font-size:8pt;color:#000000;"> and </span><span style="font-family:Times New Roman;font-size:8pt;color:#000000;"><span>$62,451</span></span><span style="font-family:Times New Roman;font-size:8pt;color:#000000;">, respectively.</span></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:0px;padding-bottom:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><span style="font-family:Times New Roman;font-size:8pt;color:#000000;">(3)</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:8pt;"><span style="font-family:Times New Roman;font-size:8pt;color:#000000;">On February 12, 2018, Deferred Amounts and Interest Accrued on Deferred Amounts in the amount of </span><span style="font-family:Times New Roman;font-size:8pt;color:#000000;"><span>$3,000,158</span></span><span style="font-family:Times New Roman;font-size:8pt;color:#000000;"> and </span><span style="font-family:Times New Roman;font-size:8pt;color:#000000;"><span>$856,834</span></span><span style="font-family:Times New Roman;font-size:8pt;color:#000000;">, respectively were settled in connection with the Rehabilitation Exit Transactions. 2018 includes a </span><span style="font-family:Times New Roman;font-size:8pt;color:#000000;"><span>$288,204</span></span><span style="font-family:Times New Roman;font-size:8pt;color:#000000;"> loss and loss expense benefit on these settled Deferred Amounts.</span></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:0px;padding-bottom:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><span style="font-family:Times New Roman;font-size:8pt;color:#000000;">(4)</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:8pt;"><span style="font-family:Times New Roman;font-size:8pt;color:#000000;">Represents reinsurance recoverable on future loss and loss expenses. Additionally, the Balance Sheet line "Reinsurance recoverable on paid and unpaid losses" includes reinsurance recoverables (payables) of </span><span style="font-family:Times New Roman;font-size:8pt;color:#000000;"><span>$185</span></span><span style="font-family:Times New Roman;font-size:8pt;color:#000000;"> and </span><span style="font-family:Times New Roman;font-size:8pt;color:#000000;"><span>$(47)</span></span><span style="font-family:Times New Roman;font-size:8pt;color:#000000;"> as of </span><span style="font-family:Times New Roman;font-size:8pt;color:#000000;">September 30, 2018 and 2017</span><span style="font-family:Times New Roman;font-size:8pt;color:#000000;">, respectively, related to previously presented loss and loss expenses and subrogation.</span></div></td></tr></table><div style="line-height:120%;font-size:8pt;padding-left:0px;"><span style="font-family:inherit;font-size:8pt;color:#000000;">(5)</span></div><span style="font-family:inherit;font-size:8pt;color:#000000;">Includes Euro denominated gross loss and loss expense reserves of </span><span style="font-family:inherit;font-size:8pt;color:#000000;"><span>$2,475</span></span><span style="font-family:inherit;font-size:8pt;color:#000000;"> (</span><span style="font-family:inherit;font-size:8pt;color:#000000;"><span>€2,131</span></span><span style="font-family:inherit;font-size:8pt;color:#000000;">) and </span><span style="font-family:inherit;font-size:8pt;color:#000000;"><span>$21,142</span></span><span style="font-family:inherit;font-size:8pt;color:#000000;"> (</span><span style="font-family:inherit;font-size:8pt;color:#000000;"><span>€17,891</span></span><span style="font-family:inherit;font-size:8pt;color:#000000;">) at </span><span style="font-family:inherit;font-size:8pt;color:#000000;">September 30, 2018 and 2017</span>, respectively. | ||
| CY2018Q3 | ambc |
Possible Increasein Domestic Public Finance Loss Reserves
PossibleIncreaseinDomesticPublicFinanceLossReserves
|
1190000000 | USD |
| CY2018Q3 | ambc |
Balance Of Rmbs Subrogation Recoveries Net Of Reinsurance
BalanceOfRmbsSubrogationRecoveriesNetOfReinsurance
|
-1749808000 | USD |
| CY2017Q4 | ambc |
Balance Of Rmbs Subrogation Recoveries Net Of Reinsurance
BalanceOfRmbsSubrogationRecoveriesNetOfReinsurance
|
-1806736000 | USD |
| CY2018Q3 | ambc |
Fair Value Of Securities Deposited With Governmental Authorities
FairValueOfSecuritiesDepositedWithGovernmentalAuthorities
|
5893000 | USD |
| CY2017Q4 | ambc |
Fair Value Of Securities Deposited With Governmental Authorities
FairValueOfSecuritiesDepositedWithGovernmentalAuthorities
|
5974000 | USD |
| CY2018Q3 | ambc |
Fair Valueof Securities Placedin Trust
FairValueofSecuritiesPlacedinTrust
|
0 | USD |
| CY2017Q4 | ambc |
Fair Valueof Securities Placedin Trust
FairValueofSecuritiesPlacedinTrust
|
346212000 | USD |
| CY2018Q3 | ambc |
Market Valueof Secured Note Collateral
MarketValueofSecuredNoteCollateral
|
221676000 | USD |
| CY2018Q3 | us-gaap |
Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
|
0 | USD |
| CY2018Q3 | us-gaap |
Derivative Net Liability Position Aggregate Fair Value
DerivativeNetLiabilityPositionAggregateFairValue
|
58935000 | USD |
| CY2017Q4 | us-gaap |
Derivative Net Liability Position Aggregate Fair Value
DerivativeNetLiabilityPositionAggregateFairValue
|
79912000 | USD |
| CY2018Q3 | us-gaap |
Collateral Already Posted Aggregate Fair Value
CollateralAlreadyPostedAggregateFairValue
|
84926000 | USD |
| CY2017Q4 | us-gaap |
Collateral Already Posted Aggregate Fair Value
CollateralAlreadyPostedAggregateFairValue
|
111391000 | USD |
| CY2018Q3 | ambc |
Amps Exchange Total Surplus Notes Issued
AMPSExchangeTotalSurplusNotesIssued
|
212740000 | USD |
| CY2018Q1 | ambc |
One Time Interest Paymenton Surplus Notes
OneTimeInterestPaymentonSurplusNotes
|
13501000 | USD |
| CY2013Q2 | ambc |
Ambc Junior Surplus Notes Issued
Ambc_JuniorSurplusNotesIssued
|
350000000 | USD |
| CY2011Q3 | us-gaap |
Operating Loss Carryforwards
OperatingLossCarryforwards
|
3650000000 | USD |
| CY2018Q3 | ambc |
Tier C Tolling Payments Payableto Irs
TierCTollingPaymentsPayabletoIRS
|
0.125 | |
| CY2018Q3 | ambc |
Tier D Tolling Payments Payableto Irs
TierDTollingPaymentsPayabletoIRS
|
0.175 | |
| CY2017Q4 | ambc |
Tolling Payment Payableto Afg
TollingPaymentPayabletoAFG
|
30496000 | USD |
| CY2018Q3 | ambc |
Tolling Payment Payableto Afg
TollingPaymentPayabletoAFG
|
11021000 | USD |
