$MBI
MBIA INC

2018 Q1 Form 10-Q Financial Statement

#000119312518157639 Filed on May 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $73.00M $77.00M
YoY Change -5.19% 140.63%
Cost Of Revenue $72.00M $94.00M
YoY Change -23.4% 327.27%
Gross Profit $1.000M -$17.00M
YoY Change -105.88% -270.0%
Gross Profit Margin 1.37% -22.08%
Selling, General & Admin $24.00M $36.00M
YoY Change -33.33% -20.0%
% of Gross Profit 2400.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $24.00M $36.00M
YoY Change -33.33% -20.0%
Operating Profit -$23.00M -$53.00M
YoY Change -56.6% 51.43%
Interest Expense $51.00M $48.00M
YoY Change 6.25% -4.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$96.00M -$120.0M
YoY Change -20.0% 18.81%
Income Tax $2.000M -$48.00M
% Of Pretax Income
Net Earnings -$98.00M -$72.00M
YoY Change 36.11% -7.69%
Net Earnings / Revenue -134.25% -93.51%
Basic Earnings Per Share -$1.12 -$0.55
Diluted Earnings Per Share -$1.12 -$0.55
COMMON SHARES
Basic Shares Outstanding 88.13M shares 131.4M shares
Diluted Shares Outstanding 88.13M shares 131.4M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $141.0M $152.0M
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 $7.601B $8.653B
YoY Change -12.16% -13.57%
Other Assets $1.019B
YoY Change 8.52%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $8.893B $9.767B
YoY Change -8.95% -23.4%
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 $5.527B $5.756B
YoY Change -3.98% -11.56%
Other Long-Term Liabilities $388.0M $563.0M
YoY Change -31.08% -1.05%
Total Long-Term Liabilities $5.915B $6.319B
YoY Change -6.39% -10.71%
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities $5.915B $6.319B
Total Liabilities $7.633B $7.791B
YoY Change -2.03% -14.5%
SHAREHOLDERS EQUITY
Retained Earnings $1.164B $2.628B
YoY Change -55.71% -11.22%
Common Stock $284.0M $284.0M
YoY Change 0.0% 0.35%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.133B $2.833B
YoY Change 10.59% 2.35%
Treasury Stock Shares 194.2M shares 153.9M shares
Shareholders Equity $1.248B $3.214B
YoY Change
Total Liabilities & Shareholders Equity $8.893B $11.02B
YoY Change -19.28% -13.6%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$98.00M -$72.00M
YoY Change 36.11% -7.69%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$101.0M -$486.0M
YoY Change -79.22% -1346.15%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $23.00M
YoY Change -100.0% 475.0%
Cash From Investing Activities $191.0M $311.0M
YoY Change -38.59% -82.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $15.00M $31.00M
YoY Change -51.61% -68.37%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$95.00M $139.0M
YoY Change -168.35% -106.79%
NET CHANGE
Cash From Operating Activities -$101.0M -$486.0M
Cash From Investing Activities $191.0M $311.0M
Cash From Financing Activities -$95.00M $139.0M
Net Change In Cash -$5.000M -$36.00M
YoY Change -86.11% -81.35%
FREE CASH FLOW
Cash From Operating Activities -$101.0M -$486.0M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2018Q1 dei Entity Registrant Name
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MBIA INC
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CY2018Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<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;' >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, &#8220;Leases (Topic 842)&#8221;</font><font style='font-family:Times New Roman;font-size:10pt;' >,</font><font style='font-family:Times New Roman;font-size:10pt;' > that a</font><font style='font-family:Times New Roman;font-size:10pt;' >mends the accounting guidance for leasing transactions. ASU 2016-02 requires a lessee to classify lease contracts as finance or operating leases, and to recognize assets and liabilities for the rights and obligations created by leasing transactions with le</font><font style='font-family:Times New Roman;font-size:10pt;' >ase terms more than twelve months. ASU 2016-02 substantially retains the criteria for classifying leasing transactions as finance or operating leases. For finance leases, a lessee recognizes a right-of-use asset and a lease liability initially measured at </font><font style='font-family:Times New Roman;font-size:10pt;' >the present value of the lease payments, and recognizes interest expense on the lease liability separately from the amortization of the right-of-use asset. For operating leases, a lessee recognizes a right-of-use asset and a lease liability initially measu</font><font style='font-family:Times New Roman;font-size:10pt;' >red at the present value of the lease payments, and recognizes lease expense on a straight-line basis. ASU 2016-02 is effective for interim and annual periods beginning January 1, 2019 with early adoption permitted, and is applied on a modified retrospecti</font><font style='font-family:Times New Roman;font-size:10pt;' >ve basis. The adoption of ASU 2016-02 is not expected to materially impact the Company&#8217;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-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, &#8220;Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.&#8221; ASU 2016-13 requires financing receivables and other financial assets measured at amortized cost to be p</font><font style='font-family:Times New Roman;font-size:10pt;' >resented at the net amount expected to be collected by recording an allowance for credit losses with changes in the allowance recorded as credit loss expense or reversal of credit loss expense based on management&#8217;s current estimate of expected credit losse</font><font style='font-family:Times New Roman;font-size:10pt;' >s each period. ASU 2016-13 does not apply to credit losses on financial guarantee insurance contracts within the scope of Topic 944, &#8220;Financial Services-Insurance.&#8221; 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</font><font style='font-family:Times New Roman;font-size:10pt;' > presented through an allowance for credit losses with changes in the allowance recorded in the period of the change as credit 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 beginning January 1, 2020 with early adoption permitted beginning January 1, 2019. ASU 2016-13 is applied on a modified retrospective b</font><font style='font-family:Times New Roman;font-size:10pt;' >asis 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;' >(&#8220;OTTI&#8221;) </font><font style='font-family:Times New Roman;font-size:10pt;' >recognized before the date of adoption. The Company is evaluating the impact of adopting ASU 2016-13.</font></p></div>
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CY2018Q1 us-gaap Schedule Of Insured Financial Obligations With Credit Deterioration Statement Of Financial Position Unearned Premium Revenue
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CY2018Q1 mbi Weighted Average Contractual Maturity Period Of Securities Unrealized Loss Position
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0 pure
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CY2018Q1 us-gaap Repayments Of Notes Payable
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<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, &#8220;MBIA&#8221; or the &#8220;Company&#8221;) operates within the financial guarantee insurance industry. MBIA manages three operating segments: 1) United States (&#8220;U.S.&#8221;) public finance</font><font style='font-family:Times New Roman;font-size:10pt;' > 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&#8217;s U.S. public finance insurance business is primarily operated through National Public Finance Guarantee Corporation (&#8220;National&#8221;) and its international and structu</font><font style='font-family:Times New Roman;font-size:10pt;' >red finance insurance business is primarily operated through MBIA Insurance Corporation and its subsidiaries (&#8220;MBIA Corp.&#8221;). </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 &#8220;</font><font style='font-family:Times New Roman;font-size:10pt;' >Note 10: Business Segments</font><font style='font-family:Times New Roman;font-size:10pt;' >&#8221; </font><font style='font-family:Times New Roman;font-size:10pt;' >for further information about the Company&#8217;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:4.5pt;line-height:13.8pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0pt;' >Financial Strength R</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >atings</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 </font><font style='font-family:Times New Roman;font-size:10pt;' >2017, Standard &amp; Poor&#8217;s Financial Services LLC (&#8220;S&amp;P&#8221;)</font><font style='font-family:Times New Roman;font-size:10pt;' > downgraded the financial </font><font style='font-family:Times New Roman;font-size:10pt;' >strength rating of National </font><font style='font-family:Times New Roman;font-size:10pt;' >which made </font><font style='font-family:Times New Roman;font-size:10pt;' >it</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >difficult for National to compete with higher-rated competitors</font><font style='font-family:Times New Roman;font-size:10pt;' >. Theref</font><font style='font-family:Times New Roman;font-size:10pt;' >ore, </font><font style='font-family:Times New Roman;font-size:10pt;' >at that time, </font><font style='font-family:Times New Roman;font-size:10pt;' >National ceased its effort</font><font style='font-family:Times New Roman;font-size:10pt;' >s to actively pursue writing new financial guarantee business. </font><font style='font-family:Times New Roman;font-size:10pt;' >The Company then terminated its agreements with S</font><font style='font-family:Times New Roman;font-size:10pt;' >&amp;P</font><font style='font-family:Times New Roman;font-size:10pt;' >, Kroll Bond Rating Agency (&#8220;Kroll&#8221;) and Moody&#8217;s Investors Services (&#8220;Moody&#8217;s&#8221;) to provide financial strength ratings to MBIA Inc. and certain</font><font style='font-family:Times New Roman;font-size:10pt;' > of its subsidiaries. S&amp;P and Kroll subsequently withdrew all of their ratings. On January 17, 2018, Moody&#8217;s downgraded the financial strength rating of National to Baa2 from A3 with a stable outlook, affirmed the financial strength rating of MBIA Corp. at</font><font style='font-family:Times New Roman;font-size:10pt;' > Caa1 with a developing outlook, d</font><font style='font-family:TimesNewRomanPSMT;font-size:10pt;' >owngraded MBIA Inc.&#8217;s rating to Ba3 with a stable outlook from Ba1 with a negative outlook, </font><font style='font-family:Times New Roman;font-size:10pt;' >and affirmed the financial strength rating of MBIA Mexico S.A. de C.V. at Caa1/B3.mx with a developing outlook. </font><font style='font-family:Times New Roman;font-size:10pt;' >Moody&#8217;s, at its di</font><font style='font-family:Times New Roman;font-size:10pt;' >scretion and in the absence of a contract with the Company, continues to maintain ratings on MBIA Inc. and its subsidiaries.</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;font-style:italic;margin-left:0pt;' >Stock Warrants</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 April of 2018, the </font><font style='font-family:Times New Roman;font-size:10pt;' >holder of certain MBIA Inc. warrants exercised its </font><font style='font-family:Times New Roman;font-size:10pt;' >right to purchase 9.94 million shares of MBIA Inc. common stock at an exercise price of $9.59 per share. As a result, the Company issued 1.2 million shares of MBIA Inc. common stock to the holder in accordance with the cashless settlement provision of the </font><font style='font-family:Times New Roman;font-size:10pt;' >warrants. </font><font style='font-family:Times New Roman;font-size:10pt;' > </font></p></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-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 </font><font style='font-family:Times New Roman;font-size:10pt;' >Company&#8217;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 the Company to revise its estimates and </font><font style='font-family:Times New Roman;font-size:10pt;' >assumptions or could cause actual results to differ from the Company&#8217;s estimates. The discussion below highlights the significant risks and uncertainties that could have a material effect on the Company&#8217;s financial statements and business objectives in fut</font><font style='font-family:Times New Roman;font-size:10pt;' >ure 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 continues to surveil and remediate its existing insured portfolio and will seek opportunities to enhance shareholder value using its strong financial resources, while protecting the interests of</font><font style='font-family:Times New Roman;font-size:10pt;' > all of its policyholders. </font><font style='font-family:Times New Roman;font-size:10pt;' >Certain state and local governments and territory obligors that National insures remain under financial and budgetary stress. This could lead to an increase in defaults by such entities on the payment of their obligations and los</font><font style='font-family:Times New Roman;font-size:10pt;' >ses or impairments on a greater number of National&#8217;s insured transactions. National monitors and analyzes these situations and other stressed credits closely, and the overall extent and duration of this stress is uncertain. </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 particular, the Commonwealt</font><font style='font-family:Times New Roman;font-size:10pt;' >h 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 (&#8220;Puerto Rico&#8221;) are</font><font style='font-family:Times New Roman;font-size:10pt;' > 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 other things, Puerto Rico&#8217;s structural budget imbalance, </font><font style='font-family:Times New Roman;font-size:10pt;' >the lack of </font><font style='font-family:Times New Roman;font-size:10pt;' >access to the capital markets, a</font><font style='font-family:Times New Roman;font-size:10pt;' > s</font><font style='font-family:Times New Roman;font-size:10pt;' >tagnating 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 various fiscal policies, it continues to experience significant fiscal stress. </font><font style='font-family:Times New Roman;font-size:10pt;' >On January 1, 2018, </font><font style='font-family:Times New Roman;font-size:10pt;' >Puerto Rico defaulted on 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;' >69</font><font style='font-family:Times New Roman;font-size:10pt;' > million. </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >On September 20, 2017, Hurricane Maria made landfall in Puerto Rico as a </font><font style='font-family:Times New Roman;font-size:10pt;' >Category 4 hurricane resulting in catastroph</font><font style='font-family:Times New Roman;font-size:10pt;' >ic damage to much of the island&#8217;s basic infrastructure, including its electrical transmission and distribution grid, telecommunications network, housing, roads, bridges, water and sewer systems. On September 21, 2017, the President of the United States app</font><font style='font-family:Times New Roman;font-size:10pt;' >roved a Major Disaster Declaration for Puerto Rico and the Federal Emergency Management Agency (&#8220;FEMA&#8221;) made federal disaster assistance available to Puerto Rico to supplement its recovery efforts. Hurricane Maria&#8217;s impact on Puerto Rico will likely also i</font><font style='font-family:Times New Roman;font-size:10pt;' >mpact its ability to both repay its legacy indebtedness and participate in ongoing debt restructuring negotiations. The physical damage and resultant lost economic activity may exceed the collective aid Puerto Rico receives from private insurance, relief f</font><font style='font-family:Times New Roman;font-size:10pt;' >rom FEMA and other federal agencies and programs. Economic activity in Puerto Rico may not return to pre-hurricane levels and Puerto Rico&#8217;s recovery could be more shallow and protracted than that experienced by other similarly affected governments, given P</font><font style='font-family:Times New Roman;font-size:10pt;' >uerto Rico&#8217;s prior constrained liquidity and economic activity. While the federal government has made aid available to Puerto Rico, there can be no assurance that such aid will continue in the amounts necessary to offset the adverse impacts from Hurricane </font><font style='font-family:Times New Roman;font-size:10pt;' >Maria in their entirety. In addition, the necessary and greater involvement of the federal government, through its actions to deliver disaster relief and other support services, in addition to the evolving role of the Financial Oversight and Management Boa</font><font style='font-family:Times New Roman;font-size:10pt;' >rd for Puerto Rico (&#8220;Oversight Board&#8221;) and the role of Puerto Rico in its own recovery, heightens political risk in connection with the restructuring of legacy debt. This risk could lead the Oversight Board, Puerto Rico or the federal government to seek to</font><font style='font-family:Times New Roman;font-size:10pt;' > extract greater concessions from creditors based on the uncertainty of Puerto Rico&#8217;s long term recovery prospects. In this event, losses at National on select Puerto Rico exposures could increase materially.</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.&#8217;s prim</font><font style='font-family:Times New Roman;font-size:10pt;' >ary objectives are to satisfy all claims by its policyholders and to maximize future recoveries, if any, for its senior lending and other surplus note holders, and then its preferred stock holders. MBIA Corp. is executing this strategy by, among other thin</font><font style='font-family:Times New Roman;font-size:10pt;' >gs, 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.&#8217;s insured portfolio could deteriorate and result in additional significant loss reserves and claim payme</font><font style='font-family:Times New Roman;font-size:10pt;' >nts. </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA Corp.&#8217;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 transactions. There can be no assurance that MBIA Corp. will be successful in generating sufficie</font><font style='font-family:Times New Roman;font-size:10pt;' >nt cash to meet its obligations. </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 and RMBS Recoveries</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;' >Payment of a claim in November of 2015 on MBIA Corp.&#8217;s policy insuring the class A-1 and A-2 notes issued by Zohar CDO 2003-1, Limited (&#8220;Zohar I&#8221;) and satisfying the claim on an insurance policy i</font><font style='font-family:Times New Roman;font-size:10pt;' >t had written insuring certain notes issued by Zohar II 2005-1, Limited (&#8220;Zohar II&#8221;) in 2017, entitles MBIA Corp. to reimbursement of such amounts plus interest and expenses and/or to exercise certain rights and remedies to seek recovery of such amounts. </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA Corp. anticipates that the primary source of the recoveries will come from the monetization of the assets of Zohar I and Zohar II, which include, among other things, loans made to, and equity interests in, companies purportedly controlled by the sponsor and former collateral manager of Zohar I and Zohar II (the &#8220;Zohar Sponsor&#8221;) (all the assets of Zohar I and Zohar II, the &#8220;Zohar Assets&#8221;).</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >O</font><font style='font-family:Times New Roman;font-size:10pt;' >n March 11, 2018, the director of Zohar I and Zohar II placed those funds into voluntary bankruptcy proceedings in federal bankruptcy court in the District of Delaware (the &#8220;Zohar Funds Bankruptcy Cases&#8221;). On April 30, 2018, the debtor funds in the Zohar F</font><font style='font-family:Times New Roman;font-size:10pt;' >unds Bankruptcy Cases filed a motion to approve a settlement (the &#8220;Zohar Bankruptcy Settlement Motion&#8221;) which, if granted, would establish a process by which the debtor funds, through an independent director and a chief restructuring officer, would work wi</font><font style='font-family:Times New Roman;font-size:10pt;' >th the original sponsor of the funds to monetize the assets of the debtor funds and repay creditors, including MBIA Corp. </font><font style='font-family:Times New Roman;font-size:10pt;' >However, t</font><font style='font-family:Times New Roman;font-size:10pt;' >here can be no assurance that the value of the Zohar A</font><font style='font-family:Times New Roman;font-size:10pt;' >ssets 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><font style='font-family:Times New Roman;font-size:10pt;' > </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;' >MBIA Corp. also projects to collect excess spread from insured residential mortgage-backed securities (&#8220;RMBS&#8221;), and to recover proceeds from Credit Suisse arising from its failure to repu</font><font style='font-family:Times New Roman;font-size:10pt;' >rchase ineligible loans that were included in a Credit Suisse sponsored RMBS transaction. However, the amount and timing of these collections and recoveries are uncertain. </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;' >Refer to &#8220;</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;' >&#8221; for </font><font style='font-family:Times New Roman;font-size:10pt;' >additional </font><font style='font-family:Times New Roman;font-size:10pt;' >information about MBIA Corp.&#8217;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><font style='font-family:Times New Roman;font-size:10pt;' >.</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;' >Fa</font><font style='font-family:Times New Roman;font-size:10pt;' >ilure to recover a substantial amount of such payments could impede </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA Corp.&#8217;s </font><font style='font-family:Times New Roman;font-size:10pt;' >ability to make payments when due on other policies. </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA Corp. believes that if the New York State Department of Financial Services (&#8220;NYSDFS&#8221;) concludes at any time that MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > Insurance Corporation will not be able to pay its policyholder claims, the NYSDFS would likely put MBIA Insurance Corporation into a rehabilitation or liquidation proceeding under Article 74 of the New York Insurance Law (&#8220;NYIL&#8221;) and/or take such other ac</font><font style='font-family:Times New Roman;font-size:10pt;' >tions as the NYSDFS may deem necessary to protect the interests of MBIA Insurance Corporation&#8217;s policyholders. The determination to commence such a proceeding or take other such actions is within the exclusive control of the NYSDFS. </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;' >Given the separation o</font><font style='font-family:Times New Roman;font-size:10pt;' >f MBIA Inc. </font><font style='font-family:Times New Roman;font-size:10pt;' >and MBIA Corp. as distinct legal entities, the absence of any cross defaults between the entities and the lack of reliance by MBIA Inc. on MBIA Corp. for the receipt of dividends, the Company does not believe that a rehabilitation or liquidatio</font><font style='font-family:Times New Roman;font-size:10pt;' >n proceeding with respect to MBIA Insurance Corporation would have any significant liquidity impact on MBIA Inc. or result in a liquidation or similar proceeding of MBIA Mexico. </font><font style='font-family:Times New Roman;font-size:10pt;' >Such a proceeding could have material adverse consequences for MBIA Corp., inc</font><font style='font-family:Times New Roman;font-size:10pt;' >luding the termination of insured credit default swaps (&#8220;CDS&#8221;) and other derivative contracts for which counterparties may assert market-based claims, the acceleration of debt obligations issued by affiliates and insured by MBIA Corp., the loss of control </font><font style='font-family:Times New Roman;font-size:10pt;' >of MBIA Insurance Corporation to a rehabilitator or liquidator, and unplanned costs.</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;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&#8217;s projections of National&#8217;s dividends, </font><font style='font-family:Times New Roman;font-size:10pt;' >additional anticipated releases under its tax sharing agreement and related tax escrow acc</font><font style='font-family:Times New Roman;font-size:10pt;' >ount (&#8220;</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;' >&#8221;)</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. continues to have liquidity risk which could be triggered by deter</font><font style='font-family:Times New Roman;font-size:10pt;' >ioration 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 other factors which </font><font style='font-family:Times New Roman;font-size:10pt;' >are not </font><font style='font-family:Times New Roman;font-size:10pt;' >anticipated at this time. Further</font><font style='font-family:Times New Roman;font-size:10pt;' >more, 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 Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
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29000000 USD
CY2016Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
187000000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-95000000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
139000000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
2000000 USD
CY2018Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
14000000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Financial Liability Fair Value Option Unrealized Gain Loss Arising During Period After Tax
OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionUnrealizedGainLossArisingDuringPeriodAfterTax
-14000000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Financial Liability Fair Value Option Unrealized Gain Loss Arising During Period After Tax
OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionUnrealizedGainLossArisingDuringPeriodAfterTax
0 USD
CY2017Q4 mbi Fair Value Of Securities On Deposit With Various Regulatory Authorities
FairValueOfSecuritiesOnDepositWithVariousRegulatoryAuthorities
10000000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-55000000 USD
CY2018Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
0 USD
CY2018Q1 us-gaap Fair Value Option Credit Risk Gains Losses On Liabilities
FairValueOptionCreditRiskGainsLossesOnLiabilities
5000000 USD
CY2017 mbi Weighted Average Contractual Maturity Period Of Securities Unrealized Loss Position
WeightedAverageContractualMaturityPeriodOfSecuritiesUnrealizedLossPosition
P12Y
CY2018Q1 us-gaap Reinsurance Receivables Case Basis
ReinsuranceReceivablesCaseBasis
20000000 USD
CY2018Q1 mbi Net Other Than Temporary Impairments
NetOtherThanTemporaryImpairments
1000000 USD
CY2017Q1 mbi Net Other Than Temporary Impairments
NetOtherThanTemporaryImpairments
2000000 USD
CY2018Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
13700000 shares
CY2017Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
14800000 shares
CY2018Q1 mbi Tax Cuts And Jobs Act Tax Rate
TaxCutsAndJobsActTaxRate
0.21 pure
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
191000000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
311000000 USD

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