2017 Q1 Form 10-Q Financial Statement
#000119312517166023 Filed on May 10, 2017
Income Statement
| Concept | 2017 Q1 | 2016 Q1 |
|---|---|---|
| Revenue | $77.00M | $32.00M |
| YoY Change | 140.63% | -85.39% |
| Cost Of Revenue | $94.00M | $22.00M |
| YoY Change | 327.27% | -466.67% |
| Gross Profit | -$17.00M | $10.00M |
| YoY Change | -270.0% | -95.56% |
| Gross Profit Margin | -22.08% | 31.25% |
| Selling, General & Admin | $36.00M | $45.00M |
| YoY Change | -20.0% | -6.25% |
| % of Gross Profit | 450.0% | |
| Research & Development | ||
| YoY Change | ||
| % of Gross Profit | ||
| Depreciation & Amortization | ||
| YoY Change | ||
| % of Gross Profit | ||
| Operating Expenses | $36.00M | $45.00M |
| YoY Change | -20.0% | -6.25% |
| Operating Profit | -$53.00M | -$35.00M |
| YoY Change | 51.43% | -119.77% |
| Interest Expense | $48.00M | $50.00M |
| YoY Change | -4.0% | 0.0% |
| % of Operating Profit | ||
| Other Income/Expense, Net | ||
| YoY Change | ||
| Pretax Income | -$120.0M | -$101.0M |
| YoY Change | 18.81% | -189.38% |
| Income Tax | -$48.00M | -$23.00M |
| % Of Pretax Income | ||
| Net Earnings | -$72.00M | -$78.00M |
| YoY Change | -7.69% | -213.04% |
| Net Earnings / Revenue | -93.51% | -243.75% |
| Basic Earnings Per Share | -$0.55 | -$0.58 |
| Diluted Earnings Per Share | -$0.55 | -$0.58 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 131.4M shares | 135.8M shares |
| Diluted Shares Outstanding | 131.4M shares | 135.8M shares |
Balance Sheet
| Concept | 2017 Q1 | 2016 Q1 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | ||
| YoY Change | ||
| Cash & Equivalents | $152.0M | $332.0M |
| 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 | ||
| YoY Change | ||
| Long-Term Investments | $8.653B | $10.01B |
| YoY Change | -13.57% | -19.79% |
| Other Assets | $1.019B | $939.0M |
| YoY Change | 8.52% | -5.25% |
| Total Long-Term Assets | ||
| YoY Change | ||
| TOTAL ASSETS | ||
| Total Short-Term Assets | ||
| Total Long-Term Assets | ||
| Total Assets | $9.767B | $12.75B |
| YoY Change | -23.4% | -19.78% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | ||
| YoY Change | ||
| Accrued Expenses | ||
| YoY Change | ||
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | ||
| YoY Change | ||
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $5.756B | $6.508B |
| YoY Change | -11.56% | -26.5% |
| Other Long-Term Liabilities | $563.0M | $569.0M |
| YoY Change | -1.05% | -23.83% |
| Total Long-Term Liabilities | $6.319B | $7.077B |
| YoY Change | -10.71% | -26.3% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | ||
| Total Long-Term Liabilities | $6.319B | $7.077B |
| Total Liabilities | $7.791B | $9.112B |
| YoY Change | -14.5% | -23.91% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | $2.628B | $2.960B |
| YoY Change | -11.22% | 1.13% |
| Common Stock | $284.0M | $283.0M |
| YoY Change | 0.35% | 0.35% |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | $2.833B | $2.768B |
| YoY Change | 2.35% | 13.63% |
| Treasury Stock Shares | 153.9M shares | 146.1M shares |
| Shareholders Equity | $3.214B | $3.627B |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $11.02B | $12.75B |
| YoY Change | -13.6% | -19.88% |
Cashflow Statement
| Concept | 2017 Q1 | 2016 Q1 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$72.00M | -$78.00M |
| YoY Change | -7.69% | -213.04% |
| Depreciation, Depletion And Amortization | ||
| YoY Change | ||
| Cash From Operating Activities | -$486.0M | $39.00M |
| YoY Change | -1346.15% | -533.33% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | $0.00 | |
| YoY Change | -100.0% | |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $23.00M | $4.000M |
| YoY Change | 475.0% | -116.67% |
| Cash From Investing Activities | $311.0M | $1.814B |
| YoY Change | -82.86% | 1411.67% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | $31.00M | $98.00M |
| YoY Change | -68.37% | 30.67% |
| Debt Paid & Issued, Net | $0.00 | |
| YoY Change | -100.0% | |
| Cash From Financing Activities | $139.0M | -2.046B |
| YoY Change | -106.79% | 699.22% |
| NET CHANGE | ||
| Cash From Operating Activities | -$486.0M | 39.00M |
| Cash From Investing Activities | $311.0M | 1.814B |
| Cash From Financing Activities | $139.0M | -2.046B |
| Net Change In Cash | -$36.00M | -193.0M |
| YoY Change | -81.35% | 33.1% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | -$486.0M | $39.00M |
| Capital Expenditures | $0.00 | |
| Free Cash Flow | $39.00M | |
| YoY Change | -490.0% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2017Q1 | mbi |
Available For Sale Cumulative Other Than Temporary Impairment Of Securities
AvailableForSaleCumulativeOtherThanTemporaryImpairmentOfSecurities
|
64000000 | USD |
| CY2017Q1 | mbi |
Number Of Policies
NumberOfPolicies
|
423 | |
| CY2017Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
10000000 | shares |
| CY2017Q1 | us-gaap |
Schedule Of Insured Financial Obligations With Credit Deterioration Reductions Of Gross Claim Liability Net Discount
ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationReductionsOfGrossClaimLiabilityNetDiscount
|
-35000000 | USD |
| CY2016Q1 | us-gaap |
Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
|
2000000 | USD |
| CY2017Q1 | us-gaap |
Benefits Losses And Expenses
BenefitsLossesAndExpenses
|
197000000 | USD |
| CY2016Q1 | us-gaap |
Interest Expense
InterestExpense
|
50000000 | USD |
| CY2017Q1 | us-gaap |
Schedule Of Insured Financial Obligations With Credit Deterioration Number Of Contracts Issued And Outstanding
ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationNumberOfContractsIssuedAndOutstanding
|
146 | |
| CY2016Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
11137000000 | USD |
| CY2017Q1 | dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2017 | |
| CY2016Q4 | us-gaap |
Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
|
62000000 | USD |
| CY2016Q4 | mbi |
Number Of Policies
NumberOfPolicies
|
430 | |
| CY2017Q1 | dei |
Entity Registrant Name
EntityRegistrantName
|
MBIA INC | |
| CY2017Q1 | mbi |
Fair Value Of Securities On Deposit With Various Regulatory Authorities
FairValueOfSecuritiesOnDepositWithVariousRegulatoryAuthorities
|
10000000 | USD |
| CY2017Q1 | mbi |
Impact Of Non Performance Risk On Insured Derivative Liability
ImpactOfNonPerformanceRiskOnInsuredDerivativeLiability
|
12000000 | USD |
| CY2017Q1 | us-gaap |
Security Owned And Pledged As Collateral Fair Value
SecurityOwnedAndPledgedAsCollateralFairValue
|
415000000 | USD |
| CY2017Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
131402465 | shares |
| CY2017Q1 | us-gaap |
Number Of Operating Segments
NumberOfOperatingSegments
|
3 | segments |
| CY2017Q1 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0000814585 | |
| CY2017Q1 | us-gaap |
Schedule Of Insured Financial Obligations With Credit Deterioration Reductions Of Gross Claim Liability Gross Potential Recoveries
ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationReductionsOfGrossClaimLiabilityGrossPotentialRecoveries
|
704000000 | USD |
| CY2017Q1 | us-gaap |
Schedule Of Insured Financial Obligations With Credit Deterioration Gross Claim Liability
ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationGrossClaimLiability
|
721000000 | USD |
| CY2016Q1 | us-gaap |
Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
|
3000000 | USD |
| CY2017Q1 | mbi |
Number Of Other Lawsuits
NumberOfOtherLawsuits
|
0 | Lawsuits |
| CY2017Q1 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
400000000 | shares |
| CY2016Q4 | us-gaap |
Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
|
129000000 | USD |
| CY2017Q1 | us-gaap |
Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
|
139000000 | USD |
| CY2017Q1 | us-gaap |
Interest Expense
InterestExpense
|
48000000 | USD |
| CY2016Q1 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
|
123000000 | USD |
| CY2016Q1 | us-gaap |
Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
|
-77000000 | USD |
| CY2017Q1 | mbi |
Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale And For Writedown Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAociForSaleAndForWritedownOfSecuritiesTax
|
-1000000 | USD |
| CY2016Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
187000000 | USD |
| CY2016Q4 | us-gaap |
Treasury Stock Value
TreasuryStockValue
|
2789000000 | USD |
| CY2016Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
10000000 | shares |
| CY2016Q4 | us-gaap |
Schedule Of Insured Financial Obligations With Credit Deterioration Insured Contractual Payments Outstanding
ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstanding
|
15968000000 | USD |
| CY2017Q1 | us-gaap |
Treasury Stock Value
TreasuryStockValue
|
2833000000 | USD |
| CY2017Q1 | dei |
Entity Filer Category
EntityFilerCategory
|
Large Accelerated Filer | |
| CY2016Q1 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
45000000 | USD |
| CY2017Q1 | dei |
Document Type
DocumentType
|
10-Q | |
| CY2017Q1 | us-gaap |
Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
|
2088000000 | USD |
| CY2017Q1 | us-gaap |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
|
235000000 | USD |
| CY2017Q1 | dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q1 | |
| CY2017Q1 | us-gaap |
Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
|
-31000000 | USD |
| CY2017Q1 | mbi |
Net Gains Losses On Financial Instruments At Fair Value And Foreign Exchange
NetGainsLossesOnFinancialInstrumentsAtFairValueAndForeignExchange
|
17000000 | USD |
| CY2017Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0pt;' >Note 1: Business Developments and Risks and Uncertainties</font></p><p style='text-align:left;margin-top:13pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;margin-left:0pt;' >Summary</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >MBIA Inc., together with its consolidated subsidiaries, (collectively, “MBIA” or the “Company”) operates one of the largest financial guarantee insurance businesses in the industry. MBIA manages three operating segments: 1) United </font><font style='font-family:Times New Roman;font-size:10pt;' >States (“U.S.”) public finance insurance; 2) corporate; and 3) international and structured finance insurance.</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >The Company’s U.S. public finance insurance business is primarily operated through National Public Finance Guarantee Corporation (“National”) and</font><font style='font-family:Times New Roman;font-size:10pt;' > its international and structured finance insurance business is primarily operated through MBIA Insurance Corporation and its subsidiaries (“MBIA Corp.”). </font><font style='font-family:Times New Roman;font-size:10pt;' >Effective </font><font style='font-family:Times New Roman;font-size:10pt;' >on </font><font style='font-family:Times New Roman;font-size:10pt;' >January </font><font style='font-family:Times New Roman;font-size:10pt;' >10, </font><font style='font-family:Times New Roman;font-size:10pt;' >2017, MBIA Corp.’s wholly</font><font style='font-family:Times New Roman;font-size:10pt;' >-</font><font style='font-family:Times New Roman;font-size:10pt;' >owned subsidiary, MBIA UK (Holdings) Limited (“MBI</font><font style='font-family:Times New Roman;font-size:10pt;' >A UK Holdings”), sold its operating subsidiary, </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA UK Insurance Limited (“MBIA UK”)</font><font style='font-family:Times New Roman;font-size:10pt;' >, to Assured Guaranty Corp. (“Assured”), a subsidiary of Assured Guaranty Ltd. </font><font style='font-family:Times New Roman;font-size:10pt;' >Refer below for a further discussion of the sale of MBIA UK. </font><font style='font-family:Times New Roman;font-size:10pt;' >Unless otherwise indicated or t</font><font style='font-family:Times New Roman;font-size:10pt;' >he context </font><font style='font-family:Times New Roman;font-size:10pt;' >otherwise requires, references to “MBIA Corp.” are </font><font style='font-family:Times New Roman;font-size:10pt;' >(i) for any references relating to the period ended January 10, </font><font style='font-family:Times New Roman;font-size:10pt;' >2</font><font style='font-family:Times New Roman;font-size:10pt;' >017, to MBIA Insurance Corporation, together with its subsidiaries, MBIA UK</font><font style='font-family:Times New Roman;font-size:10pt;' >, and MBIA Mexico S.A. d</font><font style='font-family:Times New Roman;font-size:10pt;' >e C.V</font><font style='font-family:Times New Roman;font-size:10pt;' >.</font><font style='font-family:Times New Roman;font-size:10pt;' > (“MBIA Mexico”) and (ii) for any references relating to the period after January 10, </font><font style='font-family:Times New Roman;font-size:10pt;' >2</font><font style='font-family:Times New Roman;font-size:10pt;' >017, to MBIA Insurance Corporation together </font><font style='font-family:Times New Roman;font-size:10pt;' >with </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA Mexico.</font><font style='font-family:Times New Roman;font-size:10pt;' > </font></p><p style='text-align:left;margin-top:0pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >Refer to “Note 12: Business Segments” for further i</font><font style='font-family:Times New Roman;font-size:10pt;' >nformation about the Company’s operating segments. </font></p><p style='text-align:left;margin-top:9pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;margin-left:0pt;' >Business Developments</font></p><p style='text-align:left;margin-top:4.5pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0pt;' >Sale of MBIA UK </font></p><p style='text-align:left;margin-top:4.5pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >On January 10, 2017, MBIA UK Hol</font><font style='font-family:Times New Roman;font-size:10pt;' >dings sold its operating subsidiary, MBIA UK, and made a cash payment of $</font><font style='font-family:Times New Roman;font-size:10pt;' >23</font><font style='font-family:Times New Roman;font-size:10pt;' > million, to Assured in exchange for the receipt by MBIA UK Holdings of certain notes (“Zohar II Notes”) owned by Assured that were issued by Zohar II 2005-1, Limited (“Zohar II”) </font><font style='font-family:Times New Roman;font-size:10pt;' >with an aggregate outstanding principal amount of $</font><font style='font-family:Times New Roman;font-size:10pt;' >347</font><font style='font-family:Times New Roman;font-size:10pt;' > million as of </font><font style='font-family:Times New Roman;font-size:10pt;' >January </font><font style='font-family:Times New Roman;font-size:10pt;' >1</font><font style='font-family:Times New Roman;font-size:10pt;' >0</font><font style='font-family:Times New Roman;font-size:10pt;' >, 201</font><font style='font-family:Times New Roman;font-size:10pt;' >7</font><font style='font-family:Times New Roman;font-size:10pt;' > (the “Sale Transaction”). </font><font style='font-family:Times New Roman;font-size:10pt;' >For the three months ended March 31, 2017, </font><font style='font-family:Times New Roman;font-size:10pt;' >the Company </font><font style='font-family:Times New Roman;font-size:10pt;' >recorded a </font><font style='font-family:Times New Roman;font-size:10pt;' >gain </font><font style='font-family:Times New Roman;font-size:10pt;' >of $</font><font style='font-family:Times New Roman;font-size:10pt;' >5</font><font style='font-family:Times New Roman;font-size:10pt;' > million </font><font style='font-family:Times New Roman;font-size:10pt;' >to </font><font style='font-family:Times New Roman;font-size:10pt;' >adjust the </font><font style='font-family:Times New Roman;font-size:10pt;' >carrying value of MBIA UK to its fair value less costs to sell </font><font style='font-family:Times New Roman;font-size:10pt;' >as of the sale date. This gain was reflected </font><font style='font-family:Times New Roman;font-size:10pt;' >in the results of </font><font style='font-family:Times New Roman;font-size:10pt;' >the Company’s international and structured finance</font><font style='font-family:Times New Roman;font-size:10pt;' > insurance segment and included in “Other net realized gains (losses)” on the Company’s </font><font style='font-family:Times New Roman;font-size:10pt;' >consolidated</font><font style='font-family:Times New Roman;font-size:10pt;' > statement of operations.</font></p></div><p style='line-height:20pt;' /><div><p style='text-align:left;margin-top:4.5pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0pt;' >Held for Sale Classification</font></p><p style='text-align:left;margin-top:4.5pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >The assets and liabilities of MBIA UK were classified as held for sale as of December 31, 2016 and presented within “Assets held for sale” and “Liabilities held for </font><font style='font-family:Times New Roman;font-size:10pt;' >sale” on the Company’s consolidated balance sheet. Income </font><font style='font-family:Times New Roman;font-size:10pt;' >before income taxes for MBIA UK was </font><font style='font-family:Times New Roman;font-size:10pt;' >$</font><font style='font-family:Times New Roman;font-size:10pt;' >9</font><font style='font-family:Times New Roman;font-size:10pt;' > million for the </font><font style='font-family:Times New Roman;font-size:10pt;' >three months ended March </font><font style='font-family:Times New Roman;font-size:10pt;' >31, 2016. The following table summarizes the components of assets and liabilities held for sale as of December 31</font><font style='font-family:Times New Roman;font-size:10pt;' >, 2016:</font></p><p style='text-align:left;line-height:12pt;' ></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:9.9pt;' ><td style='width:49.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;color:#000000;' ></font></td><td style='width:16.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:16.5pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;color:#000000;' ></font></td><td style='width:15.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:15.75pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;color:#000000;' ></font></td><td style='width:226.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:226.5pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;color:#000000;' ></font></td><td style='width:15pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:105pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:105pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;font-weight:bold;color:#000000;' >As of </font></td><td style='width:49.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:9.9pt;' ><td style='width:49.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;color:#000000;' ></font></td><td colspan='3' rowspan='1' style='width:258.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:258.75pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;font-weight:bold;color:#000000;' >In millions</font></td><td style='width:15pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:105pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:105pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;font-weight:bold;color:#000000;' >December 31, 2016</font></td><td style='width:49.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12pt;' ><td style='width:49.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td colspan='3' rowspan='1' style='width:258.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:258.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;color:#000000;' >Assets</font></td><td style='width:15pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:97.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:97.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:49.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12pt;' ><td style='width:49.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:16.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:16.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:242.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:242.25pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >Investments </font></td><td style='width:15pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >$</font></td><td style='width:97.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:97.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >466</font></td><td style='width:49.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12pt;' ><td style='width:49.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:16.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:16.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:242.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:242.25pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >Cash and cash equivalents</font></td><td style='width:15pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:97.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:97.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >73</font></td><td style='width:49.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12pt;' ><td style='width:49.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:16.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:16.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:242.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:242.25pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >Premiums receivable </font></td><td style='width:15pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:97.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:97.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >267</font></td><td style='width:49.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12pt;' ><td style='width:49.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:16.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:16.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:242.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:242.25pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >Other assets</font></td><td style='width:15pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:97.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:97.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >19</font></td><td style='width:49.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12pt;' ><td style='width:49.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:16.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:16.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:242.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:242.25pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >Valuation allowance</font></td><td style='width:15pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:97.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:97.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >(270)</font></td><td style='width:49.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12pt;' ><td style='width:49.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:16.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:16.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:242.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:242.25pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;color:#000000;' > Total assets held for sale</font></td><td style='width:15pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >$</font></td><td style='width:97.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:97.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >555</font></td><td style='width:49.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:5.25pt;' ><td style='width:49.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:16.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:16.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:15.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:15.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:226.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:226.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:15pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:97.5pt;border-top-style:double;border-top-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:97.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:49.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12pt;' ><td style='width:49.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td colspan='3' rowspan='1' style='width:258.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:258.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;color:#000000;' >Liabilities</font></td><td style='width:15pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:97.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:97.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:49.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12pt;' ><td style='width:49.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:16.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:16.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:242.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:242.25pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >Unearned premium revenue</font></td><td style='width:15pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >$</font></td><td style='width:97.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:97.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >304</font></td><td style='width:49.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12pt;' ><td style='width:49.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:16.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:16.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:242.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:242.25pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >Other liabilities </font></td><td style='width:15pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:97.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:97.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >42</font></td><td style='width:49.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12pt;' ><td style='width:49.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:16.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:16.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:242.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:242.25pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;color:#000000;' > Total liabilities held for sale</font></td><td style='width:15pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >$</font></td><td style='width:97.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:97.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >346</font></td><td style='width:49.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:49.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' ></font></td></tr></table></div><p style='line-height:20pt;' /><div><p style='text-align:left;margin-top:9pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0pt;' >MBIA Corp. Financing </font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >Facility</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >On January 10, 2017, </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA Corp. consummated a financing facility (the “Facility”) with affiliates of certain holders of </font><font style='font-family:Times New Roman;font-size:10pt;' >14</font><font style='font-family:Times New Roman;font-size:10pt;' >% Fixed-to-Floating Rate Surplus Notes of MBIA Corp. (collectively, the “Senior Lenders”), and with </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA Inc., pursuant to which the Senior Lenders have provided $</font><font style='font-family:Times New Roman;font-size:10pt;' >325</font><font style='font-family:Times New Roman;font-size:10pt;' > million of senior financing and MBIA Inc. has provide</font><font style='font-family:Times New Roman;font-size:10pt;' >d</font><font style='font-family:Times New Roman;font-size:10pt;' > $</font><font style='font-family:Times New Roman;font-size:10pt;' >38</font><font style='font-family:Times New Roman;font-size:10pt;' > million of subordinated financing to MZ Funding LLC (“MZ Funding”), a newly formed wholly-owned subsidiary of the Company, which i</font><font style='font-family:Times New Roman;font-size:10pt;' >n turn lent the proceeds of such financing to MBIA Corp. MBIA Corp. issued financial guarantee insurance policies insuring MZ Funding’s obligations to the Senior Lender and MBIA Inc. under the Facility. </font><font style='font-family:Times New Roman;font-size:10pt;' >Refer to “</font><font style='font-family:Times New Roman;font-size:10pt;' >Note 9: Debt</font><font style='font-family:Times New Roman;font-size:10pt;' >” for further information about th</font><font style='font-family:Times New Roman;font-size:10pt;' >e Facility.</font></p><p style='text-align:left;margin-top:9pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;margin-left:0pt;' >Risks and Uncertainties</font></p><p style='text-align:left;margin-top:4.5pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >The Company’s financial statements include estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. The outcome of certain significant risks and uncertainties could cause </font><font style='font-family:Times New Roman;font-size:10pt;' >the Company to revise its estimates and assumptions or could cause actual results to differ from the Company’s estimates. The discussion below highlights the significant risks and uncertainties that could have a material effect on the Company’s financial s</font><font style='font-family:Times New Roman;font-size:10pt;' >tatements and business objectives in future periods. </font></p><p style='text-align:left;margin-top:9pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0pt;' >U.S. Public Finance Market Conditions</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >National’s insured portfolio continued to perform satisfactorily against a backdrop of strengthening domestic economic activity. While a stable or growing economy </font><font style='font-family:Times New Roman;font-size:10pt;' >will generally benefit tax revenues and fees charged for essential municipal services which secure National’s insured bond portfolio, some state and local governments and territory obligors National insures remain under financial and budgetary stress. This</font><font style='font-family:Times New Roman;font-size:10pt;' > could lead to an increase in defaults by such entities on the payment of their obligations and losses or impairments on a greater number of the Company’s insured transactions. The Company monitors and analyzes these situations and other stressed credits c</font><font style='font-family:Times New Roman;font-size:10pt;' >losely, and the overall extent and duration of this stress is uncertain. </font></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >In particular, the Commonwealth of </font><font style='font-family:Times New Roman;font-size:10pt;' >Puerto Rico </font><font style='font-family:Times New Roman;font-size:10pt;' >and certain of its instrumentalities (“Puerto Rico”) </font><font style='font-family:Times New Roman;font-size:10pt;' >is experiencing </font><font style='font-family:Times New Roman;font-size:10pt;' >significant </font><font style='font-family:Times New Roman;font-size:10pt;' >fiscal stress and constrained liquidity due to, among</font><font style='font-family:Times New Roman;font-size:10pt;' > other things, Puerto Rico’s structural budget imbalance, limited access to the capital markets, a stagnating local economy, net migration of people out of Puerto Rico and a high debt burden</font><font style='font-family:Times New Roman;font-size:10pt;' >. Although Puerto Rico has tried to address its challenges through</font><font style='font-family:Times New Roman;font-size:10pt;' > various fiscal policies, it continues to experience significant fiscal stress. </font><font style='font-family:Times New Roman;font-size:10pt;' >On January 1, 2017, Puerto Rico also defaulted on a scheduled debt service for National insured bonds and National paid gross claims in the aggregate of $</font><font style='font-family:Times New Roman;font-size:10pt;' >24</font><font style='font-family:Times New Roman;font-size:10pt;' > million as a result</font><font style='font-family:Times New Roman;font-size:10pt;' >. </font><font style='font-family:Times New Roman;font-size:10pt;' >The Company </font><font style='font-family:Times New Roman;font-size:10pt;' >continue</font><font style='font-family:Times New Roman;font-size:10pt;' >s</font><font style='font-family:Times New Roman;font-size:10pt;' > to believe, based on </font><font style='font-family:Times New Roman;font-size:10pt;' >its</font><font style='font-family:Times New Roman;font-size:10pt;' > analysis of Puerto Rico’s fiscal and structural circumstances, the details of </font><font style='font-family:Times New Roman;font-size:10pt;' >its</font><font style='font-family:Times New Roman;font-size:10pt;' > insured exposures, and </font><font style='font-family:Times New Roman;font-size:10pt;' >its </font><font style='font-family:Times New Roman;font-size:10pt;' >legal and contractual rights, that all of </font><font style='font-family:Times New Roman;font-size:10pt;' >National’s </font><font style='font-family:Times New Roman;font-size:10pt;' >insured Puerto Rico related debt</font><font style='font-family:Times New Roman;font-size:10pt;' >, and any cla</font><font style='font-family:Times New Roman;font-size:10pt;' >ims National has made thereon, </font><font style='font-family:Times New Roman;font-size:10pt;' >will ultimately be substantially repaid. </font></p><p style='text-align:left;margin-top:9pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0pt;' >MBIA Corp. </font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >Insured Portfolio</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' > </font></p><p style='text-align:left;margin-top:0pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >MBIA Corp.’s primary objectives are to satisfy claims of its policyholders, and to maximize future recoveries, if any, for its Senior Lenders and surplus</font><font style='font-family:Times New Roman;font-size:10pt;' > note holders and, thereafter, its preferred stock holders. MBIA Corp. is executing this strategy by pursuing various actions focused on maximizing the collection of recoveries and by reducing potential losses on its insurance exposures. </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA Corp.’s insur</font><font style='font-family:Times New Roman;font-size:10pt;' >ed portfolio could deteriorate and result in additional significant loss reserves and claim payments. </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA Corp.’s ability to meet its obligations is limited by available liquidity and its ability to </font><font style='font-family:Times New Roman;font-size:10pt;' >secure</font><font style='font-family:Times New Roman;font-size:10pt;' > additional </font><font style='font-family:Times New Roman;font-size:10pt;' >liquidity </font><font style='font-family:Times New Roman;font-size:10pt;' >through financing and other </font><font style='font-family:Times New Roman;font-size:10pt;' >transactions. There can be no assurance that MBIA Corp. will be successful in generating sufficient cash to meet its obligations. </font></p><p style='text-align:left;margin-top:4.5pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >On January 20, 2017, </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA Corp. was presented with and fully satisfied a claim </font><font style='font-family:Times New Roman;font-size:10pt;' >of $</font><font style='font-family:Times New Roman;font-size:10pt;' >770</font><font style='font-family:Times New Roman;font-size:10pt;' > million (</font><font style='font-family:Times New Roman;font-size:10pt;' >the “Zohar II Claim”)</font><font style='font-family:Times New Roman;font-size:10pt;' > on an </font><font style='font-family:Times New Roman;font-size:10pt;' >insurance policy it had written insuring certain notes (the “Zohar II Notes”) issued by Zohar II</font><font style='font-family:Times New Roman;font-size:10pt;' > 2005-1, Limited (“Zohar II”).</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA Corp. was able to satisfy the </font><font style='font-family:Times New Roman;font-size:10pt;' >Zohar II Claim </font><font style='font-family:Times New Roman;font-size:10pt;' >as a result of having completed the Sale Transactio</font><font style='font-family:Times New Roman;font-size:10pt;' >n and by borrowing from the Facility</font><font style='font-family:Times New Roman;font-size:10pt;' >, as described above, together with </font><font style='font-family:Times New Roman;font-size:10pt;' >using </font><font style='font-family:Times New Roman;font-size:10pt;' >approximately </font><font style='font-family:Times New Roman;font-size:10pt;' >$</font><font style='font-family:Times New Roman;font-size:10pt;' >60</font><font style='font-family:Times New Roman;font-size:10pt;' > million from </font><font style='font-family:Times New Roman;font-size:10pt;' >its own </font><font style='font-family:Times New Roman;font-size:10pt;' >resources. </font><font style='font-family:Times New Roman;font-size:10pt;' >Refer to </font><font style='font-family:Times New Roman;font-size:10pt;' >“</font><font style='font-family:Times New Roman;font-size:10pt;' >Note 1: Business Developments and Risks and Uncertainties</font><font style='font-family:Times New Roman;font-size:10pt;' >” in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K fo</font><font style='font-family:Times New Roman;font-size:10pt;' >r the year ended </font><font style='font-family:Times New Roman;font-size:10pt;' >December 31,</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >2016</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >for information about </font><font style='font-family:Times New Roman;font-size:10pt;' >these transactions. </font></p><p style='text-align:left;margin-top:4.5pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;text-decoration:underline;margin-left:0pt;' >RMBS Recoveries</font></p><p style='text-align:left;margin-top:4.5pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >The amount and timing of projected collections from excess spread from residential mortgage-backed securities (“RMBS”) and the put-back recoverable from Credit</font><font style='font-family:Times New Roman;font-size:10pt;' > Suisse are uncertain. </font></p><p style='text-align:left;margin-top:9pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;text-decoration:underline;margin-left:0pt;' >Zohar Recoveries</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >Payment of a claim in November of 2015 on MBIA Corp.’s policy insuring the class A-1 and A-2 notes issued by Zohar CDO 2003-1, Limited (“Zohar I”) and satisfying the Zohar II Claim entitles MBIA Corp. to reimbursem</font><font style='font-family:Times New Roman;font-size:10pt;' >ent of such amounts plus interest and expenses and/or to exercise certain rights and remedies to seek recovery of such amounts. There can be no assurance, however, that the value of the Zohar assets will be sufficient to permit MBIA Corp. to recover all or</font><font style='font-family:Times New Roman;font-size:10pt;' > substantially all of the payments it made on Zohar I and Zohar II.</font></p><p style='text-align:left;margin-top:4.5pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >Refer to “</font><font style='font-family:Times New Roman;font-size:10pt;' >Note 5: Loss and Loss Adjustment Expense Reserves</font><font style='font-family:Times New Roman;font-size:10pt;' >” for information about MBIA Corp.’s </font><font style='font-family:Times New Roman;font-size:10pt;' >r</font><font style='font-family:Times New Roman;font-size:10pt;' >ecoveries. </font></p><p style='text-align:left;line-height:12pt;' ></p><p style='text-align:left;line-height:12pt;' ></p><p style='text-align:left;margin-top:9pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0pt;' >Corporate Liquidity </font></p><p style='text-align:left;margin-top:0pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >Based on the Company’s projections of National’s dividends, </font><font style='font-family:Times New Roman;font-size:10pt;' >additional anticipated releases </font><font style='font-family:Times New Roman;font-size:10pt;' >under its tax sharing agreement and related tax escrow account (“</font><font style='font-family:Times New Roman;font-size:10pt;' >Tax Escrow Account</font><font style='font-family:Times New Roman;font-size:10pt;' >”)</font><font style='font-family:Times New Roman;font-size:10pt;' >, and other cash inflows, the Company expects that MBIA Inc. will have sufficient cash to satisfy its debt service and general corporate needs. However, MBIA Inc. continue</font><font style='font-family:Times New Roman;font-size:10pt;' >s to have liquidity risk which could be triggered by deterioration in the performance of invested assets, interruption of or reduction in dividends or tax payments received from operating subsidiaries, impaired access to the capital markets, as well as oth</font><font style='font-family:Times New Roman;font-size:10pt;' >er factors which cannot be anticipated at this time. Furthermore, failure by MBIA Inc. to settle liabilities that are also insured by MBIA Corp. could result in claims on MBIA Corp.</font></p></div> | |
| CY2016Q4 | us-gaap |
Assets Fair Value Disclosure Recurring
AssetsFairValueDisclosureRecurring
|
7564000000 | USD |
| CY2016Q4 | us-gaap |
Available For Sale Securities Continuous Unrealized Loss Position Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss
|
148000000 | USD |
| CY2017Q1 | mbi |
Insurance Loss Recoverable And Changes In Recoveries Of Unpaid Losses Change In Discount Rate
InsuranceLossRecoverableAndChangesInRecoveriesOfUnpaidLossesChangeInDiscountRate
|
4000000 | USD |
| CY2016Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
400000000 | shares |
| CY2017Q1 | us-gaap |
Revenue Other Financial Services
RevenueOtherFinancialServices
|
103000000 | USD |
| CY2017Q1 | mbi |
Insurance Loss Recoverable And Changes In Recoveries Of Unpaid Losses
InsuranceLossRecoverableAndChangesInRecoveriesOfUnpaidLosses
|
537000000 | USD |
| CY2016Q1 | mbi |
Premiums Earned Net Financial Guarantee Insurance Contracts And Insured Derivatives
PremiumsEarnedNetFinancialGuaranteeInsuranceContractsAndInsuredDerivatives
|
76000000 | USD |
| CY2016 | us-gaap |
Insured Financial Obligations With Credit Deterioration Remaining Weighted Average Contract Period
InsuredFinancialObligationsWithCreditDeteriorationRemainingWeightedAverageContractPeriod
|
P7Y1M6D | |
| CY2016Q4 | us-gaap |
Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
|
5450000000 | USD |
| CY2017Q1 | us-gaap |
Revenues
Revenues
|
77000000 | USD |
| CY2016Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.58 | |
| CY2017Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.55 | |
| CY2016Q1 | us-gaap |
Benefits Losses And Expenses
BenefitsLossesAndExpenses
|
133000000 | USD |
| CY2016Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-78000000 | USD |
| CY2017Q1 | us-gaap |
Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
|
<div><p style='text-align:left;margin-top:0pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;margin-left:0pt;' >Recent </font><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;' >Accounting Developments</font><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;' > </font></p><p style='text-align:left;margin-top:0pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0pt;' >Revenue from Contracts with Customers </font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >(Topic 606) (ASU 2014-09)</font><font style='font-family:Times New Roman;font-size:10pt;' > and </font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >Deferral of the Effective Date</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >(ASU 201</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >5</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >-</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >14</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >)</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >In May of 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 amends the accounting guidance for recognizing revenue for the transfer</font><font style='font-family:Times New Roman;font-size:10pt;' > of goods or services from contracts with customers unless those contracts are within the scope of other accounting standards. ASU 2014-09 does not apply to financial guarantee insurance contracts within the scope of Topic 944, “Financial Services </font><font style='font-family:Times New Roman;font-size:10pt;' >— </font><font style='font-family:Times New Roman;font-size:10pt;' >Insura</font><font style='font-family:Times New Roman;font-size:10pt;' >nce.” </font><font style='font-family:Times New Roman;font-size:10pt;' >ASU 2014-09 applies to certain fees and reimbursements, and is not expected to materially impact revenue recogni</font><font style='font-family:Times New Roman;font-size:10pt;' >tion</font><font style='font-family:Times New Roman;font-size:10pt;' > of these fees and reimbursements.</font><font style='font-family:Times New Roman;font-size:10pt;' > In August of 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606)</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >— Deferral of the Effective Date.</font><font style='font-family:Times New Roman;font-size:10pt;' >” ASU 2015-14 defers the effective date of ASU 2014-09 to interim and annual periods beginning January 1, 2018, and is applied on a retrospective or modified retrospective basis. The adoption of ASU 2014-09 is not expected </font><font style='font-family:Times New Roman;font-size:10pt;' >to materially impact the Company’s consolidated financial statements.</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:4.5pt;line-height:13.8pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0pt;' >Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (ASU 2016-01)</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >In January of 2016, the FASB issued ASU 2016-01, </font><font style='font-family:Times New Roman;font-size:10pt;' >“Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 requires certain equity investments other than those accounted for under the equity method of accounting or result in </font><font style='font-family:Times New Roman;font-size:10pt;' >consolidation of the investee to be measured at fair value with changes in fair value recognized in net income, and permits an entity to measure equity investments that do not have readily determinable fair values at cost less any impairment plus or minus </font><font style='font-family:Times New Roman;font-size:10pt;' >adjustments for certain changes in observable prices. An entity is also required to evaluate the need for a valuation allowance on a deferred tax asset related to </font><font style='font-family:Times New Roman;font-size:10pt;' >available-for-sale (“AFS”)</font><font style='font-family:Times New Roman;font-size:10pt;' > debt securities in combination with the entity’s other deferred tax assets. ASU 2016-01 requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability that results from a change in t</font><font style='font-family:Times New Roman;font-size:10pt;' >he instrument-specific credit risk for financial liabilities that the entity has elected to measure at fair value in accordance with the fair value option for financial instruments. ASU 2016-01 is effective for interim and annual periods beginning January </font><font style='font-family:Times New Roman;font-size:10pt;' >1, 2018, and is applied on a modified retrospective basis. Early adoption is not permitted with the exception of early application of the guidance that requires separate presentation in other comprehensive income of the change in the instrument-specific cr</font><font style='font-family:Times New Roman;font-size:10pt;' >edit risk for financial liabilities measured at fair value in accordance with the fair value option</font><font style='font-family:Times New Roman;font-size:10pt;' >. </font><font style='font-family:Times New Roman;font-size:10pt;' >Upon adoption of ASU 2016-01, the Company does not expect there to be a material impact to the Company’s consolidated financial statements. Based on the fa</font><font style='font-family:Times New Roman;font-size:10pt;' >ir values as of March 31, 2017 of financial liabilities measured at fair value in accordance with the fair value option, the cumulative-effect adjustment, net of tax, related to the instrument-specific credit risk portion of such financial liabilities was </font><font style='font-family:Times New Roman;font-size:10pt;' >a gain of </font><font style='font-family:Times New Roman;font-size:10pt;' >approximately $</font><font style='font-family:Times New Roman;font-size:10pt;' >100</font><font style='font-family:Times New Roman;font-size:10pt;' > million</font><font style='font-family:Times New Roman;font-size:10pt;' >, which represents the amount that would have been reclassed from retained earnings to accumulated other comprehensive income (loss) had the Company adopted ASU 2016-01 on March 31, 2017. In addition, based on fair value</font><font style='font-family:Times New Roman;font-size:10pt;' >s as of March 31, 2017 of equity investments, the cumulative-effect adjustment, net of tax, related to net unrealized gains of such investments was approximately $</font><font style='font-family:Times New Roman;font-size:10pt;' >0.3</font><font style='font-family:Times New Roman;font-size:10pt;' > million, which represents the amount that would have been reclassed from accumulated othe</font><font style='font-family:Times New Roman;font-size:10pt;' >r comprehensive income (loss) to retained earnings had the Company adopted ASU 2016-01 on March 31, 2017. The Company plans to adopt ASU 2016-01 in its entirety on January 1, 2018. The amounts provided as of March 31, 2017 are subject to change when the Co</font><font style='font-family:Times New Roman;font-size:10pt;' >mpany adopts ASU 2016-01.   </font></p><p style='text-align:left;margin-top:9pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0pt;' >Leases (Topic 842) (ASU 2016-02)</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >In February of 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” that amends the accounting guidance for leasing transactions. ASU 2016-02 requires a lessee to classify lease contracts as </font><font style='font-family:Times New Roman;font-size:10pt;' >finance or operating leases, and to recognize assets and liabilities for the rights and obligations created by leasing transactions with lease terms more than twelve months. ASU 2016-02 substantially retains the criteria for classifying leasing transaction</font><font style='font-family:Times New Roman;font-size:10pt;' >s as finance or operating leases. For finance leases, a lessee recognizes a right-of-use asset and a lease liability initially measured at the present value of the lease payments, and recognizes interest expense on the lease liability separately from the a</font><font style='font-family:Times New Roman;font-size:10pt;' >mortization of the right-of-use asset. For operating leases, a lessee recognizes a right-of-use asset and a lease liability initially measured at the present value of the lease payments, and recognizes lease expense on a straight-line basis. ASU 2016-02 is</font><font style='font-family:Times New Roman;font-size:10pt;' > effective for interim and annual periods beginning January 1, 2019 with early adoption permitted, and is applied on a modified retrospective basis. The adoption of ASU 2016-02 is not expected to materially impact the Company’s consolidated financial state</font><font style='font-family:Times New Roman;font-size:10pt;' >ments.</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:4.5pt;line-height:13.8pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0pt;' >Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13)</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >In June of 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Fina</font><font style='font-family:Times New Roman;font-size:10pt;' >ncial Instruments.” ASU 2016-13 requires financing receivables and other financial assets measured at amortized cost basis to be presented at the net amount expected to be collected by recording an allowance for credit losses with changes in the allowance </font><font style='font-family:Times New Roman;font-size:10pt;' >recorded as credit loss expense or reversal of credit loss expense based on management’s current estimate of expected credit losses </font><font style='font-family:Times New Roman;font-size:10pt;' >each period. ASU 2016-13 does not apply to credit losses on financial guarantee insurance contracts within the scope of Topi</font><font style='font-family:Times New Roman;font-size:10pt;' >c 944, “Financial Services-Insurance.” ASU 2016-13 also requires impairment relating to credit losses on </font><font style='font-family:Times New Roman;font-size:10pt;' >AFS</font><font style='font-family:Times New Roman;font-size:10pt;' > debt securities to be presented through an allowance for credit losses with changes in the allowance recorded in the period of the change as credit</font><font style='font-family:Times New Roman;font-size:10pt;' > loss expense or reversal of credit loss expense. Any impairment amount not recorded through an allowance for credit losses on </font><font style='font-family:Times New Roman;font-size:10pt;' >AFS</font><font style='font-family:Times New Roman;font-size:10pt;' > debt securities is recorded through other comprehensive income. ASU 2016-13 is effective for interim and annual periods begin</font><font style='font-family:Times New Roman;font-size:10pt;' >ning January 1, 2020 with early adoption permitted beginning January 1, 2019. ASU 2016-13 is applied on a modified retrospective basis except that prospective application is applied to </font><font style='font-family:Times New Roman;font-size:10pt;' >AFS</font><font style='font-family:Times New Roman;font-size:10pt;' > debt securities with other-than-temporary impairments </font><font style='font-family:Times New Roman;font-size:10pt;' >(“OTTI”) </font><font style='font-family:Times New Roman;font-size:10pt;' >reco</font><font style='font-family:Times New Roman;font-size:10pt;' >gnized before the date of adoption. The Company is evaluating the impact of adopting ASU 2016-13.</font></p><p style='text-align:left;line-height:12pt;' ></p></div> | |
| CY2017Q1 | us-gaap |
Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
|
0 | USD |
| CY2016Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
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CommonStockSharesIssued
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Derivative Collateral Right To Reclaim Securities
DerivativeCollateralRightToReclaimSecurities
|
257000000 | USD |
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Approximate Percentage Of Level3 Liabilities At Fair Value In Total Liabilities Measured At Fair Value
ApproximatePercentageOfLevel3LiabilitiesAtFairValueInTotalLiabilitiesMeasuredAtFairValue
|
0.37 | pure |
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SecurityOwnedAndPledgedAsCollateralFairValue
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Schedule Of Insured Financial Obligations With Credit Deterioration Insured Contractual Payments Outstanding
ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstanding
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Revenues Of Consolidated Vies
RevenuesOfConsolidatedVies
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Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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66000000 | USD |
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Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
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Preferred Stock Shares Issued
PreferredStockSharesIssued
|
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Available For Sale Securities Gross Realized Gains
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10000000 | USD |
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Weighted Average Number Of Shares Outstanding Basic
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Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
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Effective Income Tax Rate Reconciliation Tax Contingencies
EffectiveIncomeTaxRateReconciliationTaxContingencies
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Cash And Cash Equivalents At Carrying Value
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|
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Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
|
1872000000 | USD |
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Derivative Collateral Right To Reclaim Cash
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1000000 | USD |
| CY2016Q4 | us-gaap |
Schedule Of Insured Financial Obligations With Credit Deterioration Net Claim Liability
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Number Of Variable Interest Entities Consolidated
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|
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Treasury Stock Shares
TreasuryStockShares
|
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Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
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|
118000000 | USD |
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Additional Paid In Capital
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Revenues
Revenues
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Net Income Loss Available To Common Stockholders Diluted
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Stockholders Equity
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3214000000 | USD |
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Available For Sale Securities Continuous Unrealized Loss Position Fair Value
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Available For Sale Securities Gross Realized Gains Losses Sale Proceeds
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271000000 | USD |
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Weighted Average Number Of Diluted Shares Outstanding
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135814835 | shares |
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Net Income Loss Available To Common Stockholders Diluted
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Minority Interest Amount Represented By Preferred Stock
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Available For Sale Securities Continuous Unrealized Loss Position Fair Value
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2172000000 | USD |
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Approximate Percentage Of Level3 Assets At Fair Value In Total Assets Measured At Fair Value
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Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
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Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
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Expense From Transactions With Other Operating Segments Of Same Entity
ExpenseFromTransactionsWithOtherOperatingSegmentsOfSameEntity
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Effective Income Tax Rate Reconciliation Tax Contingencies
EffectiveIncomeTaxRateReconciliationTaxContingencies
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Common Stock Value
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Net Income Loss
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Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
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66000000 | USD |
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Schedule Of Insured Financial Obligations With Credit Deterioration Reductions Of Gross Claim Liability Net Discount
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Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
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Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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97000000 | USD |
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Percentage Of Securities Book Value Exceeded Market Value
PercentageOfSecuritiesBookValueExceededMarketValue
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Stockholders Equity
StockholdersEquity
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Policyholder Benefits And Claims Incurred Net
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Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
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2000000 | USD |
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Preferred Stock Value
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Retained Earnings Accumulated Deficit
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2700000000 | USD |
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144000000 | USD |
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Schedule Of Insured Financial Obligations With Credit Deterioration Reductions Of Gross Claim Liability Gross Potential Recoveries
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770000000 | USD |
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Entity Current Reporting Status
EntityCurrentReportingStatus
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Expenses Of Consolidated Vies
ExpensesOfConsolidatedVies
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16000000 | USD |
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Fair Value Of Credit Support Annexes
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3000000 | USD |
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Insurance Loss Recoverable And Changes In Recoveries Of Unpaid Losses Change In Assumptions
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13000000 | USD |
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Available For Sale Securities
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Schedule Of Insured Financial Obligations With Credit Deterioration Insured Contractual Payments Outstanding Interest
ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstandingInterest
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8882000000 | USD |
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Entity Common Stock Shares Outstanding
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Trading Symbol
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Comprehensive Income Net Of Tax
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Available For Sale Securities Continuous Unrealized Loss Position Accumulated Loss
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139000000 | USD |
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80000000 | USD |
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Net Income Loss
NetIncomeLoss
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Variable Interest Entity Consolidated Carrying Amount Liabilities
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Current Fiscal Year End Date
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Available For Sale Securities Gross Realized Gains Losses Sale Proceeds
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281000000 | USD |
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Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
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0 | shares |
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Schedule Of Insured Financial Obligations With Credit Deterioration Gross Claim Liability
ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationGrossClaimLiability
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718000000 | USD |
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Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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5000000 | USD |
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Available For Sale Securities Gross Realized Losses
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4000000 | USD |
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Treasury Stock Shares
TreasuryStockShares
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Revenue Other Financial Services
RevenueOtherFinancialServices
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115000000 | USD |
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CommitmentsAndContingencies
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Liabilities Fair Value Disclosure Recurring
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1784000000 | USD |
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Net Gains Losses On Financial Instruments At Fair Value And Foreign Exchange
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Insured Financial Obligations With Credit Deterioration Remaining Weighted Average Contract Period
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Common Stock Value
CommonStockValue
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284000000 | USD |
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Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
|
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Weighted Average Contractual Maturity Period Of Securities Unrealized Loss Position
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Liabilities
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3239000000 | USD |
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11137000000 | USD |
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75000000 | USD |
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Additional Paid In Capital
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3160000000 | USD |
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Document Period End Date
DocumentPeriodEndDate
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2017-03-31 | |
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Undistributed Earnings Loss Allocated To Participating Securities Diluted
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IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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0 | shares |
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Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
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62000000 | USD |
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Common Stock Shares Issued
CommonStockSharesIssued
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Schedule Of Insured Financial Obligations With Credit Deterioration Insured Contractual Payments Outstanding Principal
ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstandingPrincipal
|
10285000000 | USD |
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Schedule Of Insured Financial Obligations With Credit Deterioration Statement Of Financial Position Unearned Premium Revenue
ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationStatementOfFinancialPositionUnearnedPremiumRevenue
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98000000 | USD |
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Expenses Of Consolidated Vies
ExpensesOfConsolidatedVies
|
19000000 | USD |
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Operating Loss Carryforwards
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2600000000 | USD |
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OtherComprehensiveIncomeLossReclassificationAdjustmentFromAociForSaleAndForWritedownOfSecuritiesBeforeTax
|
0 | USD |
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Impact Of Non Performance Risk On Insured Derivative Liability
ImpactOfNonPerformanceRiskOnInsuredDerivativeLiability
|
11000000 | USD |
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Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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|
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Other Income
OtherIncome
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3000000 | USD |
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Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
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| CY2017Q1 | mbi |
Investment Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions For Continuous Twelve Month Period
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|
37 | security |
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Approximate Percentage Of Level3 Assets At Fair Value In Total Assets Measured At Fair Value
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|
0.21 | pure |
| CY2017Q1 | us-gaap |
Variable Interest Entity Consolidated Carrying Amount Assets
VariableInterestEntityConsolidatedCarryingAmountAssets
|
3300000000 | USD |
| CY2017Q1 | mbi |
Collections For Cases With Recoveries
CollectionsForCasesWithRecoveries
|
42000000 | USD |
| CY2016Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
USD | |
| CY2016Q1 | us-gaap |
Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
|
0 | USD |
| CY2017Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
2628000000 | USD |
| CY2016Q1 | mbi |
Revenues Of Consolidated Vies
RevenuesOfConsolidatedVies
|
14000000 | USD |
| CY2017Q1 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
| CY2016Q1 | mbi |
Other Comprehensive Income Unrealized Holding Gain Loss Arising During Period On Securities With Other Than Temporary Impairment Losses Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossArisingDuringPeriodOnSecuritiesWithOtherThanTemporaryImpairmentLossesBeforeTax
|
-3000000 | USD |
| CY2017Q1 | mbi |
Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale And For Writedown Of Securities Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAociForSaleAndForWritedownOfSecuritiesBeforeTax
|
-2000000 | USD |
| CY2017Q1 | us-gaap |
Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
|
0.14 | pure |
| CY2016Q4 | us-gaap |
Liabilities Of Disposal Group Including Discontinued Operation
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation
|
346000000 | USD |
| CY2017Q1 | us-gaap |
Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
|
38000000 | USD |
| CY2017Q1 | us-gaap |
Reinsurance Receivables Case Basis
ReinsuranceReceivablesCaseBasis
|
6000000 | USD |
| CY2016Q4 | us-gaap |
Schedule Of Insured Financial Obligations With Credit Deterioration Insured Contractual Payments Outstanding Interest
ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstandingInterest
|
5683000000 | USD |
| CY2017Q1 | mbi |
Premiums Earned Net Financial Guarantee Insurance Contracts And Insured Derivatives
PremiumsEarnedNetFinancialGuaranteeInsuranceContractsAndInsuredDerivatives
|
50000000 | USD |
| CY2017Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
152000000 | USD |
| CY2017Q1 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
|
123000000 | USD |
| CY2017Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-120000000 | USD |
| CY2017Q1 | us-gaap |
Liabilities Fair Value Disclosure Recurring
LiabilitiesFairValueDisclosureRecurring
|
1736000000 | USD |
| CY2017Q1 | mbi |
Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale And For Writedown Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAociForSaleAndForWritedownOfSecuritiesNetOfTax
|
-1000000 | USD |
| CY2016Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.58 | |
| CY2017Q1 | us-gaap |
Minority Interest Amount Represented By Preferred Stock
MinorityInterestAmountRepresentedByPreferredStock
|
12000000 | USD |
| CY2016Q4 | us-gaap |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
|
300000000 | USD |
| CY2016Q1 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
|
43000000 | USD |
| CY2017Q1 | us-gaap |
Schedule Of Insured Financial Obligations With Credit Deterioration Net Claim Liability
ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationNetClaimLiability
|
52000000 | USD |
| CY2016Q1 | mbi |
Revenue From Transactions With Other Operating Segments Of Same Entity
RevenueFromTransactionsWithOtherOperatingSegmentsOfSameEntity
|
0 | USD |
| CY2017Q1 | mbi |
Insurance Loss Recoverable And Changes In Recoveries Of Unpaid Losses Other
InsuranceLossRecoverableAndChangesInRecoveriesOfUnpaidLossesOther
|
23000000 | USD |
| CY2017Q1 | us-gaap |
Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
|
73000000 | USD |
| CY2016Q4 | mbi |
Investment Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions For Continuous Twelve Month Period
InvestmentSecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositionsForContinuousTwelveMonthPeriod
|
46 | security |
| CY2016Q1 | us-gaap |
Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
|
2000000 | USD |
| CY2016Q4 | us-gaap |
Deferred Tax Liabilities Other Comprehensive Income
DeferredTaxLiabilitiesOtherComprehensiveIncome
|
37000000 | USD |
| CY2017Q1 | mbi |
Insurance Loss Recoverable And Changes In Recoveries Of Unpaid Losses Accretion Of Recoveries
InsuranceLossRecoverableAndChangesInRecoveriesOfUnpaidLossesAccretionOfRecoveries
|
2000000 | USD |
| CY2017Q1 | us-gaap |
Assets Fair Value Disclosure Recurring
AssetsFairValueDisclosureRecurring
|
7929000000 | USD |
| CY2016Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
1 | |
| CY2017Q1 | us-gaap |
Other Comprehensive Income Foreign Currency Translation Gain Loss Arising During Period Tax
OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax
|
21000000 | USD |
| CY2017Q1 | us-gaap |
Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
|
1000000 | USD |
| CY2016Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
| CY2017Q1 | mbi |
Increase Decrease In Loss Adjustment Expense Recoveries
IncreaseDecreaseInLossAdjustmentExpenseRecoveries
|
-4000000 | USD |
| CY2017Q1 | us-gaap |
Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
|
-55000000 | USD |
| CY2016Q1 | mbi |
Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale And For Writedown Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAociForSaleAndForWritedownOfSecuritiesTax
|
0 | USD |
| CY2017Q1 | us-gaap |
Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
|
0 | USD |
| CY2016Q4 | us-gaap |
Available For Sale Securities
AvailableForSaleSecurities
|
5431000000 | USD |
| CY2016Q1 | us-gaap |
Other Income
OtherIncome
|
-1000000 | USD |
| CY2017Q1 | us-gaap |
Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
|
9000000 | USD |
| CY2017Q1 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
|
-40000000 | USD |
| CY2017Q1 | us-gaap |
Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
|
1000000 | USD |
| CY2016Q4 | us-gaap |
Variable Interest Entity Consolidated Carrying Amount Liabilities
VariableInterestEntityConsolidatedCarryingAmountLiabilities
|
2200000000 | USD |
| CY2017Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
1 | |
| CY2017Q1 | us-gaap |
Deferred Tax Liabilities Other Comprehensive Income
DeferredTaxLiabilitiesOtherComprehensiveIncome
|
17000000 | USD |
| CY2017Q1 | mbi |
Approximate Percentage Of Level3 Liabilities At Fair Value In Total Liabilities Measured At Fair Value
ApproximatePercentageOfLevel3LiabilitiesAtFairValueInTotalLiabilitiesMeasuredAtFairValue
|
0.4 | pure |
| CY2016Q4 | mbi |
Insurance Loss Recoverable And Changes In Recoveries Of Unpaid Losses
InsuranceLossRecoverableAndChangesInRecoveriesOfUnpaidLosses
|
583000000 | USD |
| CY2017Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.55 | |
| CY2017Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-72000000 | USD |
| CY2016Q4 | us-gaap |
Derivative Collateral Right To Reclaim Securities
DerivativeCollateralRightToReclaimSecurities
|
276000000 | USD |
| CY2016Q4 | us-gaap |
Assets Of Disposal Group Including Discontinued Operation Current
AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent
|
555000000 | USD |
| CY2016Q4 | us-gaap |
Schedule Of Insured Financial Obligations With Credit Deterioration Statement Of Financial Position Unearned Premium Revenue
ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationStatementOfFinancialPositionUnearnedPremiumRevenue
|
85000000 | USD |
| CY2017Q1 | us-gaap |
Deferred Tax Assets Tax Credit Carryforwards Foreign
DeferredTaxAssetsTaxCreditCarryforwardsForeign
|
62000000 | USD |
| CY2017Q1 | us-gaap |
Deferred Tax Assets Tax Credit Carryforwards Alternative Minimum Tax
DeferredTaxAssetsTaxCreditCarryforwardsAlternativeMinimumTax
|
26000000 | USD |
| CY2016Q4 | us-gaap |
Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
|
86000000 | USD |
| CY2017Q1 | mbi |
Guarantee Obligations Maximum Net Exposure
GuaranteeObligationsMaximumNetExposure
|
575000000 | USD |
| CY2016Q1 | us-gaap |
Assets
Assets
|
12751000000 | USD |
| CY2017Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
131402465 | shares |
| CY2017Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
-48000000 | USD |
| CY2017Q1 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
11017000000 | USD |
| CY2017Q1 | us-gaap |
Schedule Of Insured Financial Obligations With Credit Deterioration Insured Contractual Payments Outstanding Principal
ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstandingPrincipal
|
9666000000 | USD |
| CY2016Q4 | us-gaap |
Liabilities
Liabilities
|
7898000000 | USD |
| CY2016Q4 | us-gaap |
Schedule Of Insured Financial Obligations With Credit Deterioration Number Of Contracts Issued And Outstanding
ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationNumberOfContractsIssuedAndOutstanding
|
149 | |
| CY2016Q1 | us-gaap |
Other Comprehensive Income Foreign Currency Translation Gain Loss Arising During Period Tax
OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax
|
-5000000 | USD |
| CY2016Q4 | mbi |
Fair Value Of Securities On Deposit With Various Regulatory Authorities
FairValueOfSecuritiesOnDepositWithVariousRegulatoryAuthorities
|
11000000 | USD |
| CY2017Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
25000000 | USD |
| CY2017Q1 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
0 | USD |
| CY2016Q1 | us-gaap |
Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
|
22000000 | USD |
| CY2016Q4 | us-gaap |
Variable Interest Entity Consolidated Carrying Amount Assets
VariableInterestEntityConsolidatedCarryingAmountAssets
|
2700000000 | USD |
| CY2017Q1 | mbi |
Other Comprehensive Income Unrealized Holding Gain Loss Arising During Period On Securities With Other Than Temporary Impairment Losses After Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossArisingDuringPeriodOnSecuritiesWithOtherThanTemporaryImpairmentLossesAfterTax
|
8000000 | USD |
| CY2017Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-28000000 | USD |
| CY2017Q1 | mbi |
Vie Interest Net
VieInterestNet
|
10000000 | USD |
| CY2017Q1 | mbi |
Increase Decrease In Other Net Realized Gains Losses
IncreaseDecreaseInOtherNetRealizedGainsLosses
|
-31000000 | USD |
| CY2017Q1 | us-gaap |
Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
|
-399000000 | USD |
| CY2017Q1 | mbi |
Increase Decrease In Net Gains Losses On Financial Instruments At Fair Value And Foreign Exchange
IncreaseDecreaseInNetGainsLossesOnFinancialInstrumentsAtFairValueAndForeignExchange
|
-16000000 | USD |
| CY2017Q1 | us-gaap |
Financial Guarantee Insurance Contracts Claim Liability Weighted Average Risk Free Discount Rate
FinancialGuaranteeInsuranceContractsClaimLiabilityWeightedAverageRiskFreeDiscountRate
|
0.0214 | pure |
| CY2017Q1 | us-gaap |
Increase Decrease In Unearned Premiums
IncreaseDecreaseInUnearnedPremiums
|
-45000000 | USD |
| CY2016Q1 | us-gaap |
Increase Decrease In Unearned Premiums
IncreaseDecreaseInUnearnedPremiums
|
-81000000 | USD |
| CY2016Q1 | us-gaap |
Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
|
0 | shares |
| CY2017Q1 | us-gaap |
Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
|
0 | shares |
| CY2017Q1 | us-gaap |
Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
|
97000000 | USD |
| CY2017Q1 | us-gaap |
Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
|
0 | USD |
| CY2017Q1 | us-gaap |
Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
|
325000000 | USD |
| CY2017Q1 | us-gaap |
Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
|
2000000 | USD |
| CY2017Q1 | us-gaap |
Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
|
40000000 | USD |
| CY2015Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
522000000 | USD |
| CY2017Q1 | us-gaap |
Increase Decrease In Liability For Claims And Claims Adjustment Expense Reserve
IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve
|
359000000 | USD |
| CY2017Q1 | us-gaap |
Increase Decrease In Premiums Receivable
IncreaseDecreaseInPremiumsReceivable
|
-3000000 | USD |
| CY2017Q1 | mbi |
Increase Decrease In Insurance Loss Recoverable
IncreaseDecreaseInInsuranceLossRecoverable
|
691000000 | USD |
| CY2017Q1 | us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
8000000 | USD |
| CY2017Q1 | us-gaap |
Increase Decrease In Deferred Policy Acquisition Costs
IncreaseDecreaseInDeferredPolicyAcquisitionCosts
|
-6000000 | USD |
| CY2017Q1 | us-gaap |
Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
|
37000000 | USD |
| CY2017Q1 | us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
-49000000 | USD |
| CY2016Q1 | us-gaap |
Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
|
281000000 | USD |
| CY2016Q1 | us-gaap |
Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
|
122000000 | USD |
| CY2016Q1 | us-gaap |
Proceeds From Sale And Collection Of Loans Receivable
ProceedsFromSaleAndCollectionOfLoansReceivable
|
56000000 | USD |
| CY2016Q1 | us-gaap |
Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
|
452000000 | USD |
| CY2016Q1 | us-gaap |
Payments To Acquire Trading Securities Heldforinvestment
PaymentsToAcquireTradingSecuritiesHeldforinvestment
|
24000000 | USD |
| CY2016Q1 | mbi |
Proceeds From Consolidation Of Variable Interest Entity
ProceedsFromConsolidationOfVariableInterestEntity
|
9000000 | USD |
| CY2016Q1 | us-gaap |
Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
|
32000000 | USD |
| CY2016Q1 | us-gaap |
Proceeds From Sale And Maturity Of Held To Maturity Securities
ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities
|
1799000000 | USD |
| CY2016Q1 | us-gaap |
Proceeds From Sale Of Trading Securities Heldforinvestment
ProceedsFromSaleOfTradingSecuritiesHeldforinvestment
|
92000000 | USD |
| CY2016Q1 | us-gaap |
Proceeds From Interest And Dividends Received
ProceedsFromInterestAndDividendsReceived
|
113000000 | USD |
| CY2016Q1 | us-gaap |
Payments For Losses And Loss Adjustment Expense
PaymentsForLossesAndLossAdjustmentExpense
|
17000000 | USD |
| CY2016Q1 | us-gaap |
Proceeds From Insurance Premiums Collected
ProceedsFromInsurancePremiumsCollected
|
23000000 | USD |
| CY2016Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
37000000 | USD |
| CY2016Q1 | mbi |
Payments For Net Realized Losses On Insured Derivatives Paid
PaymentsForNetRealizedLossesOnInsuredDerivativesPaid
|
15000000 | USD |
| CY2016Q1 | mbi |
Proceeds From Reinsurance And Recoveries
ProceedsFromReinsuranceAndRecoveries
|
24000000 | USD |
| CY2016Q1 | us-gaap |
Payments For Proceeds From Derivative Instrument Investing Activities
PaymentsForProceedsFromDerivativeInstrumentInvestingActivities
|
20000000 | USD |
| CY2016Q1 | us-gaap |
Repayments Of Medium Term Notes
RepaymentsOfMediumTermNotes
|
0 | USD |
| CY2016Q1 | us-gaap |
Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
|
15000000 | USD |
| CY2016Q1 | us-gaap |
Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
|
118000000 | USD |
| CY2017Q1 | us-gaap |
Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
|
394000000 | USD |
| CY2017Q1 | us-gaap |
Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
|
271000000 | USD |
| CY2017Q1 | us-gaap |
Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
|
169000000 | USD |
| CY2017Q1 | us-gaap |
Payments To Acquire Trading Securities Heldforinvestment
PaymentsToAcquireTradingSecuritiesHeldforinvestment
|
69000000 | USD |
| CY2017Q1 | us-gaap |
Proceeds From Sale Of Trading Securities Heldforinvestment
ProceedsFromSaleOfTradingSecuritiesHeldforinvestment
|
75000000 | USD |
| CY2017Q1 | us-gaap |
Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
|
-206000000 | USD |
| CY2016Q1 | us-gaap |
Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
|
5000000 | USD |
| CY2016Q1 | us-gaap |
Increase Decrease Cash Collateral From Counterparties
IncreaseDecreaseCashCollateralFromCounterparties
|
-13000000 | USD |
| CY2016Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
1814000000 | USD |
| CY2016Q1 | us-gaap |
Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
|
4000000 | USD |
| CY2016Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-21000000 | USD |
| CY2016Q1 | mbi |
Vie Interest Net
VieInterestNet
|
22000000 | USD |
| CY2016Q1 | us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
-23000000 | USD |
| CY2016Q1 | mbi |
Increase Decrease In Other Net Realized Gains Losses
IncreaseDecreaseInOtherNetRealizedGainsLosses
|
1000000 | USD |
| CY2016Q1 | mbi |
Increase Decrease In Net Gains Losses On Financial Instruments At Fair Value And Foreign Exchange
IncreaseDecreaseInNetGainsLossesOnFinancialInstrumentsAtFairValueAndForeignExchange
|
-70000000 | USD |
| CY2016Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-190000000 | USD |
| CY2016Q1 | us-gaap |
Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations
|
3000000 | USD |
| CY2016Q1 | us-gaap |
Increase Decrease In Premiums Receivable
IncreaseDecreaseInPremiumsReceivable
|
-53000000 | USD |
| CY2016Q1 | us-gaap |
Increase Decrease In Liability For Claims And Claims Adjustment Expense Reserve
IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve
|
9000000 | USD |
| CY2016Q1 | us-gaap |
Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
|
28000000 | USD |
| CY2016Q1 | mbi |
Increase Decrease In Insurance Loss Recoverable
IncreaseDecreaseInInsuranceLossRecoverable
|
-21000000 | USD |
| CY2016Q1 | us-gaap |
Increase Decrease In Deferred Policy Acquisition Costs
IncreaseDecreaseInDeferredPolicyAcquisitionCosts
|
-10000000 | USD |
| CY2017Q1 | mbi |
Revenue From Transactions With Other Operating Segments Of Same Entity
RevenueFromTransactionsWithOtherOperatingSegmentsOfSameEntity
|
0 | USD |
| CY2017Q1 | mbi |
Weighted Average Contractual Maturity Period Of Securities Unrealized Loss Position
WeightedAverageContractualMaturityPeriodOfSecuritiesUnrealizedLossPosition
|
P21Y | |
| CY2017Q1 | us-gaap |
Proceeds From Insurance Premiums Collected
ProceedsFromInsurancePremiumsCollected
|
9000000 | USD |
| CY2017Q1 | us-gaap |
Proceeds From Interest And Dividends Received
ProceedsFromInterestAndDividendsReceived
|
64000000 | USD |
| CY2017Q1 | mbi |
Payments For Net Realized Losses On Insured Derivatives Paid
PaymentsForNetRealizedLossesOnInsuredDerivativesPaid
|
31000000 | USD |
| CY2017Q1 | us-gaap |
Payments For Losses And Loss Adjustment Expense
PaymentsForLossesAndLossAdjustmentExpense
|
469000000 | USD |
| CY2017Q1 | mbi |
Proceeds From Reinsurance And Recoveries
ProceedsFromReinsuranceAndRecoveries
|
44000000 | USD |
| CY2016Q1 | us-gaap |
Payments For Operating Activities
PaymentsForOperatingActivities
|
51000000 | USD |
| CY2017Q1 | us-gaap |
Payments For Operating Activities
PaymentsForOperatingActivities
|
53000000 | USD |
| CY2017Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
35000000 | USD |
| CY2016Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
40000000 | USD |
| CY2017Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-471000000 | USD |
| CY2016Q1 | us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
98000000 | USD |
| CY2016Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
-2047000000 | USD |
| CY2016Q1 | us-gaap |
Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
|
-14000000 | USD |
| CY2016Q1 | us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
-15000000 | USD |
| CY2017Q1 | us-gaap |
Proceeds From Sale And Maturity Of Held To Maturity Securities
ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities
|
0 | USD |
| CY2017Q1 | us-gaap |
Proceeds From Sale And Collection Of Loans Receivable
ProceedsFromSaleAndCollectionOfLoansReceivable
|
70000000 | USD |
| CY2017Q1 | mbi |
Proceeds From Consolidation Of Variable Interest Entity
ProceedsFromConsolidationOfVariableInterestEntity
|
18000000 | USD |
| CY2017Q1 | us-gaap |
Payments For Proceeds From Derivative Instrument Investing Activities
PaymentsForProceedsFromDerivativeInstrumentInvestingActivities
|
7000000 | USD |
| CY2017Q1 | us-gaap |
Increase Decrease Cash Collateral From Counterparties
IncreaseDecreaseCashCollateralFromCounterparties
|
-5000000 | USD |
| CY2017Q1 | us-gaap |
Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
|
23000000 | USD |
| CY2017Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
311000000 | USD |
| CY2017Q1 | us-gaap |
Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
|
2000000 | USD |
| CY2017Q1 | us-gaap |
Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
|
13000000 | USD |
| CY2017Q1 | us-gaap |
Repayments Of Medium Term Notes
RepaymentsOfMediumTermNotes
|
67000000 | USD |
| CY2017Q1 | us-gaap |
Proceeds From Notes Payable
ProceedsFromNotesPayable
|
328000000 | USD |
| CY2016Q1 | us-gaap |
Proceeds From Notes Payable
ProceedsFromNotesPayable
|
0 | USD |
| CY2017Q1 | us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
93000000 | USD |
| CY2016Q1 | us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
1939000000 | USD |
| CY2017Q1 | us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
31000000 | USD |
| CY2017Q1 | us-gaap |
Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
|
-2000000 | USD |
| CY2017Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
124000000 | USD |
| CY2017Q1 | us-gaap |
Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations
|
1000000 | USD |
| CY2017Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-35000000 | USD |
| CY2016Q1 | us-gaap |
Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
|
0 | USD |
| CY2017Q1 | us-gaap |
Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
|
-22000000 | USD |
| CY2016Q4 | mbi |
Loan Repurchase Commitments
LoanRepurchaseCommitments
|
404000000 | USD |
| CY2016Q4 | mbi |
Insurance Loss Recoverable
InsuranceLossRecoverable
|
504000000 | USD |
| CY2016Q4 | us-gaap |
Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
|
541000000 | USD |
| CY2017Q1 | mbi |
Loan Repurchase Commitments
LoanRepurchaseCommitments
|
409000000 | USD |
| CY2017Q1 | us-gaap |
Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
|
559000000 | USD |
| CY2015Q4 | us-gaap |
Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
|
26000000 | USD |
| CY2016Q1 | us-gaap |
Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
|
26000000 | USD |
| CY2016Q4 | us-gaap |
Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
|
29000000 | USD |
| CY2017Q1 | us-gaap |
Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
|
31000000 | USD |
| CY2016Q1 | us-gaap |
Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions Additional Credit Losses
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsAdditionsAdditionalCreditLosses
|
0 | USD |
| CY2017Q1 | us-gaap |
Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions Additional Credit Losses
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsAdditionsAdditionalCreditLosses
|
2000000 | USD |
| CY2017Q1 | us-gaap |
Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
|
8000000 | USD |
| CY2017Q1 | mbi |
Expense From Transactions With Other Operating Segments Of Same Entity
ExpenseFromTransactionsWithOtherOperatingSegmentsOfSameEntity
|
0 | USD |
| CY2017Q1 | us-gaap |
Noncash Or Part Noncash Divestiture Amount Of Consideration Received1
NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1
|
332000000 | USD |
| CY2016Q1 | us-gaap |
Noncash Or Part Noncash Divestiture Amount Of Consideration Received1
NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1
|
0 | USD |
| CY2016Q4 | us-gaap |
Reinsurance Receivables Case Basis
ReinsuranceReceivablesCaseBasis
|
6000000 | USD |
| CY2017Q1 | mbi |
Number Of Variable Interest Entities Consolidated
NumberOfVariableInterestEntitiesConsolidated
|
2 | pure |
| CY2017Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
14800000 | shares |
| CY2016Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
16700000 | shares |
| CY2017Q1 | mbi |
Estimated Reclassification Of Cumulative Effect Retained Earnings To Accumulated Other Comprehensive Income For Financial Liabilities
EstimatedReclassificationOfCumulativeEffectRetainedEarningsToAccumulatedOtherComprehensiveIncomeForFinancialLiabilities
|
100000000 | USD |
| CY2017Q1 | mbi |
Estimated Reclassification Of Cumulative Effect Accumulated Other Comprehensive Income To Retained Earnings For Equity Invetments
EstimatedReclassificationOfCumulativeEffectAccumulatedOtherComprehensiveIncomeToRetainedEarningsForEquityInvetments
|
300000 | USD |
| CY2017Q1 | mbi |
Unvested Restricted Stock And Units That Receive Nonforfeitable Dividends Or Dividend Equivalents That Have Met Service Condition
UnvestedRestrictedStockAndUnitsThatReceiveNonforfeitableDividendsOrDividendEquivalentsThatHaveMetServiceCondition
|
300000 | shares |
| CY2016Q1 | mbi |
Unvested Restricted Stock And Units That Receive Nonforfeitable Dividends Or Dividend Equivalents That Have Met Service Condition
UnvestedRestrictedStockAndUnitsThatReceiveNonforfeitableDividendsOrDividendEquivalentsThatHaveMetServiceCondition
|
700000 | shares |
