$MBI
MBIA INC

2018 Q4 Form 10-Q Financial Statement

#000119312518319644 Filed on November 06, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue -$26.00M $105.0M $33.00M
YoY Change -110.24% 218.18% -83.74%
Cost Of Revenue $46.00M $205.0M
YoY Change -77.56% 310.0%
Gross Profit $59.00M -$172.0M
YoY Change -134.3% -212.42%
Gross Profit Margin 56.19% -521.21%
Selling, General & Admin $27.00M $29.00M
YoY Change -6.9% -30.95%
% of Gross Profit 45.76%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses -$94.00M $27.00M $29.00M
YoY Change -139.17% -6.9% -30.95%
Operating Profit $32.00M -$201.0M
YoY Change -115.92% -281.08%
Interest Expense -$75.00M -$74.00M $50.00M
YoY Change 8.7% -248.0% 2.04%
% of Operating Profit -231.25%
Other Income/Expense, Net
YoY Change
Pretax Income -$9.000M -$45.00M -$273.0M
YoY Change -84.48% -83.52% -596.36%
Income Tax -$2.000M $0.00 -$6.000M
% Of Pretax Income
Net Earnings -$7.000M -$45.00M -$267.0M
YoY Change -81.08% -83.15% -961.29%
Net Earnings / Revenue -42.86% -809.09%
Basic Earnings Per Share -$0.50 -$2.17
Diluted Earnings Per Share -$78.83K -$0.50 -$2.17
COMMON SHARES
Basic Shares Outstanding 90.69M shares 89.49M shares 123.0M shares
Diluted Shares Outstanding 89.49M shares 123.0M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $280.0M $179.0M $136.0M
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 $5.709B $6.102B $8.143B
YoY Change -26.93% -25.06% -10.18%
Other Assets $0.00
YoY Change -100.0%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $8.076B $8.361B $9.544B
YoY Change -11.2% -12.4% -19.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $2.249B $5.220B $5.679B
YoY Change 6.03% -8.08% 0.62%
Other Long-Term Liabilities $410.0M $379.0M $519.0M
YoY Change -5.31% -26.97% -15.75%
Total Long-Term Liabilities $2.249B $5.599B $6.198B
YoY Change 6.03% -9.66% -0.99%
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities $2.249B $5.599B $6.198B
Total Liabilities $6.944B $7.241B $7.824B
YoY Change -9.47% -7.45% -3.61%
SHAREHOLDERS EQUITY
Retained Earnings $966.0M $973.0M $1.132B
YoY Change -11.78% -14.05% -61.82%
Common Stock $284.0M $284.0M $284.0M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.000B $3.098B $2.893B
YoY Change -3.78% 7.09% 4.1%
Treasury Stock Shares 193.8M shares 192.9M shares 160.9M shares
Shareholders Equity $1.119B $1.108B $1.708B
YoY Change
Total Liabilities & Shareholders Equity $8.076B $8.361B $9.544B
YoY Change -11.2% -12.4% -19.03%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$7.000M -$45.00M -$267.0M
YoY Change -81.08% -83.15% -961.29%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $4.000M -$197.0M -$234.0M
YoY Change -90.24% -15.81% 21.24%
INVESTING ACTIVITIES
Capital Expenditures -$1.000M $0.00 -$1.000M
YoY Change -100.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities $371.0M $485.0M $370.0M
YoY Change -1.33% 31.08% -2276.47%
Cash From Investing Activities $370.0M $485.0M $369.0M
YoY Change -1.6% 31.44% -2150.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -272.0M -306.0M -163.0M
YoY Change -32.84% 87.73% -9.44%
NET CHANGE
Cash From Operating Activities 4.000M -197.0M -234.0M
Cash From Investing Activities 370.0M 485.0M 369.0M
Cash From Financing Activities -272.0M -306.0M -163.0M
Net Change In Cash 102.0M -18.00M -28.00M
YoY Change 750.0% -35.71% -92.84%
FREE CASH FLOW
Cash From Operating Activities $4.000M -$197.0M -$234.0M
Capital Expenditures -$1.000M $0.00 -$1.000M
Free Cash Flow $5.000M -$197.0M -$233.0M
YoY Change -87.8% -15.45% 21.35%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2018Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2018Q3 us-gaap Security Owned And Pledged As Collateral Fair Value
SecurityOwnedAndPledgedAsCollateralFairValue
320000000 USD
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
89075892 shares
dei Entity Central Index Key
EntityCentralIndexKey
0000814585
CY2017Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
-2000000 USD
CY2018Q3 mbi Number Of Other Lawsuits
NumberOfOtherLawsuits
0 Lawsuits
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
15000000 USD
us-gaap Revenues
Revenues
182000000 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-10000000 USD
us-gaap Interest Expense
InterestExpense
155000000 USD
mbi Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale And For Writedown Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAociForSaleAndForWritedownOfSecuritiesTax
-2000000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-26000000 USD
us-gaap Payments For Operating Activities
PaymentsForOperatingActivities
103000000 USD
us-gaap Increase Decrease In Unearned Premiums
IncreaseDecreaseInUnearnedPremiums
-142000000 USD
CY2017Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
1000000 USD
us-gaap Benefits Losses And Expenses
BenefitsLossesAndExpenses
477000000 USD
CY2017Q3 us-gaap Interest Expense
InterestExpense
50000000 USD
CY2018Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
8361000000 USD
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2018
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1568000000 USD
mbi Other Comprehensive Income Unrealized Holding Gain Loss Arising During Period On Securities With Other Than Temporary Impairment Losses Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossArisingDuringPeriodOnSecuritiesWithOtherThanTemporaryImpairmentLossesBeforeTax
6000000 USD
CY2018Q3 mbi Number Of Policies
NumberOfPolicies
319
dei Entity Registrant Name
EntityRegistrantName
MBIA INC
CY2018Q3 mbi Fair Value Of Securities On Deposit With Various Regulatory Authorities
FairValueOfSecuritiesOnDepositWithVariousRegulatoryAuthorities
10000000 USD
us-gaap Effective Income Tax Rate Reconciliation Tax Contingencies
EffectiveIncomeTaxRateReconciliationTaxContingencies
-1.6 pure
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3 segments
CY2018Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
400000000 shares
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
382000000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2000000 USD
us-gaap Payments For Losses And Loss Adjustment Expense
PaymentsForLossesAndLossAdjustmentExpense
367000000 USD
CY2017Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
16000000 USD
CY2017Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
0 USD
mbi Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale And For Writedown Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAociForSaleAndForWritedownOfSecuritiesTax
0 USD
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
1300000000 USD
CY2018Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
179000000 USD
CY2018Q3 us-gaap Treasury Stock Value
TreasuryStockValue
3098000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-4000000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
392000000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
3000000 USD
CY2018Q3 us-gaap Schedule Of Insured Financial Obligations With Credit Deterioration Insured Contractual Payments Outstanding
ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstanding
15548000000 USD
us-gaap Proceeds From Sale And Collection Of Loans Receivable
ProceedsFromSaleAndCollectionOfLoansReceivable
202000000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
5000000 USD
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2018Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
283625689 shares
CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
29000000 USD
dei Document Type
DocumentType
10-Q
CY2018Q3 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
1955000000 USD
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
mbi Net Gains Losses On Financial Instruments At Fair Value And Foreign Exchange
NetGainsLossesOnFinancialInstrumentsAtFairValueAndForeignExchange
18000000 USD
us-gaap Net Income Loss
NetIncomeLoss
-289000000 USD
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, &#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 </font><font style='font-family:Times New Roman;font-size:10pt;' >financial guarantee business. The Company then terminated its agreements with S&amp;P, 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, downgraded MBIA Inc.&#8217;s rating to Ba3 with a stable outlook from Ba1 with a negative outlook, and affirmed the financial strength rating of MBIA Mexico S.A. de C.V. (&#8220;MBIA Mexico&#8221;) at Caa1/B3.mx with a developing outlook. </font><font style='font-family:Times New Roman;font-size:10pt;' >Mo</font><font style='font-family:Times New Roman;font-size:10pt;' >ody&#8217;s, at its discretion 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 and June of 2018, the holder of certain MBIA Inc. warrants exercised its right to purchase,</font><font style='font-family:Times New Roman;font-size:10pt;' > in total, 11.85 million shares of MBIA Inc. common stock at an exercise price of $9.59 per share. As a result, the Company issued a total of 1.3 million shares of MBIA Inc. common stock to the holder in accordance with the cashless settlement provision of</font><font style='font-family:Times New Roman;font-size:10pt;' > the warrants. </font><font style='font-family:Times New Roman;font-size:10pt;' >As of </font><font style='font-family:Times New Roman;font-size:10pt;' >September 30,</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >2018</font><font style='font-family:Times New Roman;font-size:10pt;' >, there were no warrants outstanding. </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 a</font><font style='font-family:Times New Roman;font-size:10pt;' >nd July 1, 2018, 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;' >276</font><font style='font-family:Times New Roman;font-size:10pt;' > million. </font><font style='font-family:Times New Roman;font-size:10pt;' >Puerto Rico continues in its efforts to rebuild its infrastructure and to otherwise recover from th</font><font style='font-family:Times New Roman;font-size:10pt;' >e impact of Hurricane Maria in 2017, aided in part by </font><font style='font-family:Times New Roman;font-size:10pt;' >the </font><font style='font-family:Times New Roman;font-size:10pt;' >F</font><font style='font-family:Times New Roman;font-size:10pt;' >ederal </font><font style='font-family:Times New Roman;font-size:10pt;' >E</font><font style='font-family:Times New Roman;font-size:10pt;' >mergency Management </font><font style='font-family:Times New Roman;font-size:10pt;' >A</font><font style='font-family:Times New Roman;font-size:10pt;' >gency</font><font style='font-family:Times New Roman;font-size:10pt;' > and other federal agencies.&#160;The extent and duration of such aid is inherently uncertain, and the </font><font style='font-family:Times New Roman;font-size:10pt;' >necessary and greater involvement of the federal government, thro</font><font style='font-family:Times New Roman;font-size:10pt;' >ugh its actions to deliver disaster relief and other support services, in addition to the evolving role of the Financial Oversight and Management Board for Puerto Rico (the &#8220;Oversight Board&#8221;) and the role of Puerto Rico in its own recovery, heightens polit</font><font style='font-family:Times New Roman;font-size:10pt;' >ical 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 extract greater concessions from creditors based on the uncertainty of Puerto Rico&#8217;s long term recover</font><font style='font-family:Times New Roman;font-size:10pt;' >y 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 primary objectives are to satisfy all claims by its policyholders and to maximize future recoveries, if any</font><font style='font-family:Times New Roman;font-size:10pt;' >, for its senior lending and other surplus note holders, and then its preferred stock holders. MBIA Corp. is executing this strategy by, among other things, pursuing various actions focused on maximizing the collection of recoveries and by reducing potenti</font><font style='font-family:Times New Roman;font-size:10pt;' >al 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 payments. </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 sufficient 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 claims totaling $</font><font style='font-family:Times New Roman;font-size:10pt;' >919</font><font style='font-family:Times New Roman;font-size:10pt;' > million in </font><font style='font-family:Times New Roman;font-size:10pt;' >November of 2015 and January of 2017, on MBIA Corp.&#8217;s policies insuring the class A-1 and A-2 notes issued by Zohar CDO 2003-1, Limited (&#8220;Zohar I&#8221;) and insuring certain notes issued by Zohar II 2005-1, Limited (&#8220;Zohar II&#8221;), entitles</font><font style='font-family:Times New Roman;font-size:10pt;' > MBIA Corp. to reimburse</font><font style='font-family:Times New Roman;font-size:10pt;' >ment 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 Z</font><font style='font-family:Times New Roman;font-size:10pt;' >ohar 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;Zo</font><font style='font-family:Times New Roman;font-size:10pt;' >har Assets&#8221;). </font><font style='font-family:Times New Roman;font-size:10pt;' >On March 11, 2018, the then-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 May 21, 2018, the Court gra</font><font style='font-family:Times New Roman;font-size:10pt;' >nted the Zohar funds&#8217; motion to approve a settlement (the &#8220;Zohar Bankruptcy Settlement&#8221;) which established a process by which the debtor funds, through an independent director and a chief restructuring officer, will work with the original sponsor of the fu</font><font style='font-family:Times New Roman;font-size:10pt;' >nds to monetize the Zohar Assets and repay creditors, including MBIA Corp. In addition, the Zohar Bankruptcy Settlement provides for a stay of all pending litigation between the parties for a </font><font style='font-family:Times New Roman;font-size:10pt;' >minimum of fifteen months. </font><font style='font-family:Times New Roman;font-size:10pt;' >Subsequent to the Zohar Bankruptcy Se</font><font style='font-family:Times New Roman;font-size:10pt;' >ttlement, the Company deconsolidated Zohar I and Zohar II as variable interest entities (&#8220;VIEs&#8221; or &#8220;VIE&#8221;) and, as of </font><font style='font-family:Times New Roman;font-size:10pt;' >September 30,</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >2018</font><font style='font-family:Times New Roman;font-size:10pt;' >, salvage and subrogation recoveries related to Zohar I and Zohar II are reported within &#8220;Insurance loss recoverable&#8221; o</font><font style='font-family:Times New Roman;font-size:10pt;' >n the Company&#8217;s consolidated balance sheet. Refer to &#8220;Note 4: Variable Interest Entities&#8221; for additional information about the deconsolidation of the Zohar funds. Notwithstanding the Zohar Bankruptcy Settlement, </font><font style='font-family:Times New Roman;font-size:10pt;' >there can be no assurance that the value of </font><font style='font-family:Times New Roman;font-size:10pt;' >the Zohar Assets will be sufficient to permit MBIA Corp. to recover all or 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;' >MBIA Corp. also projects to collect excess spread from insured residential mortgage-backed securities (&#8220;RMBS&#8221;), </font><font style='font-family:Times New Roman;font-size:10pt;' >and to recover proceeds from Credit Suisse Securities (USA) LLC, DLJ Mortgage Capital, Inc. and Select Portfolio Servicing Inc. (collectively, &#8220;Credit Suisse&#8221;) arising from its failure to repurchase ineligible loans that were included in a Credit Suisse sp</font><font style='font-family:Times New Roman;font-size:10pt;' >onsored 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;' >Failure to </font><font style='font-family:Times New Roman;font-size:10pt;' >collect </font><font style='font-family:Times New Roman;font-size:10pt;' >a substantial amount of </font><font style='font-family:Times New Roman;font-size:10pt;' >its expected recoveries </font><font style='font-family:Times New Roman;font-size:10pt;' >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;' >M</font><font style='font-family:Times New Roman;font-size:10pt;' >BIA Corp. believes that if the New York State Department of Financial Services (&#8220;NYSDFS&#8221;) concludes at any time that MBIA Insurance Corporation will not be able to pay its policyholder claims, the NYSDFS would likely put MBIA Insurance Corporation into a r</font><font style='font-family:Times New Roman;font-size:10pt;' >ehabilitation or liquidation proceeding under Article 74 of the New York Insurance Law and/or take such other actions as the NYSDFS may deem necessary to protect the interests of MBIA Insurance Corporation&#8217;s policyholders. The determination to commence suc</font><font style='font-family:Times New Roman;font-size:10pt;' >h 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 of 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 I</font><font style='font-family:Times New Roman;font-size:10pt;' >nc. on MBIA Corp. for the receipt of dividends, the Company does not believe that a rehabilitation or liquidation proceeding with respect to MBIA Insurance Corporation would have any significant liquidity impact on MBIA Inc. or result in a liquidation or s</font><font style='font-family:Times New Roman;font-size:10pt;' >imilar 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., including the termination of insured credit default swaps (&#8220;CDS&#8221;) and other derivative contracts for which counterparties may assert market-based c</font><font style='font-family:Times New Roman;font-size:10pt;' >laims, the acceleration of debt obligations issued by affiliates and insured by MBIA Corp., the loss of control 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: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 MBI</font><font style='font-family:Times New Roman;font-size:10pt;' >A 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: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:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >Subsequent to September 30, 2018, National declared and paid a dividend of $</font><font style='font-family:Times New Roman;font-size:10pt;' >108</font><font style='font-family:Times New Roman;font-size:10pt;' > million to its ultimate parent, MBIA Inc. </font><font style='font-family:Times New Roman;font-size:10pt;' >Also, subsequent to September 30, 201</font><font style='font-family:Times New Roman;font-size:10pt;' >8</font><font style='font-family:Times New Roman;font-size:10pt;' >, National purchased from MBIA Inc., certain MBIA </font><font style='font-family:Times New Roman;font-size:10pt;' >Inc. </font><font style='font-family:Times New Roman;font-size:10pt;' >5.700</font><font style='font-family:Times New Roman;font-size:10pt;' >% Senior Notes due </font><font style='font-family:Times New Roman;font-size:10pt;' >2034</font><font style='font-family:Times New Roman;font-size:10pt;' > and certain MBIA Inc. </font><font style='font-family:Times New Roman;font-size:10pt;' >7.000</font><font style='font-family:Times New Roman;font-size:10pt;' >% Debentures due </font><font style='font-family:Times New Roman;font-size:10pt;' >2025</font><font style='font-family:Times New Roman;font-size:10pt;' > that were previously repurchased by MBIA Inc. and had not been retired, resulting in an increase to</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA Inc.&#8217;s liquidity of $</font><font style='font-family:Times New Roman;font-size:10pt;' >41</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >million</font><font style='font-family:Times New Roman;font-size:10pt;' >. </font><font style='font-family:Times New Roman;font-size:10pt;' >Based on the Company&#8217;s projections </font><font style='font-family:Times New Roman;font-size:10pt;' >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 account (&#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</font><font style='font-family:Times New Roman;font-size:10pt;' > and general corporate needs. However, MBIA Inc. continues 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 subsidiarie</font><font style='font-family:Times New Roman;font-size:10pt;' >s, 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. 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>
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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 amends the accounting guidance for leasing transactions. ASU 2016-02 requires a lessee to classify lease contracts as finance or operating lease</font><font style='font-family:Times New Roman;font-size:10pt;' >s, 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 transactions as finance or operating </font><font style='font-family:Times New Roman;font-size:10pt;' >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 amortization of the right-o</font><font style='font-family:Times New Roman;font-size:10pt;' >f-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 effective for interim and</font><font style='font-family:Times New Roman;font-size:10pt;' > annual periods beginning January 1, 2019 with early adoption permitted, and is applied on </font><font style='font-family:Times New Roman;font-size:10pt;' >a modified retrospective basis. The </font><font style='font-family:Times New Roman;font-size:10pt;' >Company is currently evaluating its lease commitments and expects an increase in </font><font style='font-family:Times New Roman;font-size:10pt;' >its total assets and total liabilities on its con</font><font style='font-family:Times New Roman;font-size:10pt;' >solidated balance sheet reflecting the recognition of its right-of-use asset and lease liability, respectively.</font><font style='font-family:Times New Roman;font-size:10pt;' > The gross up of the assets and liabilities is expected to have no impact on the Company&#8217;s statement of operations. Refer to &#8220;Note 13: Commitments and Continge</font><font style='font-family:Times New Roman;font-size:10pt;' >ncies&#8221; for information about the Company&#8217;s lease commitments. </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 </font><font style='font-family:Times New Roman;font-size:10pt;' >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 presented at the net amount expected to be collected by recording an allowanc</font><font style='font-family:Times New Roman;font-size:10pt;' >e 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 losses each period. ASU 2016-13 does not apply to credit losses on financial guar</font><font style='font-family:Times New Roman;font-size:10pt;' >antee 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 presented through an allowance for credit losses with changes in the allowa</font><font style='font-family:Times New Roman;font-size:10pt;' >nce 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</font><font style='font-family:Times New Roman;font-size:10pt;' > 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 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 w</font><font style='font-family:Times New Roman;font-size:10pt;' >ith 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><font style='font-family:Times New Roman;font-size:10pt;' >. </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;' >Fair Value Measurement (Topic 820): Disclosure Framework&#8212;Changes to the Disclosure Requirements for Fair Va</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >lue Measurement (ASU 2018-13)</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 August of 2018, the FASB issued ASU 2018-13, &#8220;Fair Value Measurement (Topic 820): Disclosure Framework&#8212;Changes to the Disclosure Requirements for Fair Value Measurement.&#8221; ASU 2018-13 modifies the disclosure requirements on </font><font style='font-family:Times New Roman;font-size:10pt;' >fair value measurements. ASU 2018-13 is effective for interim and annual periods beginning January 1, 2020 with early adoption permitted to remove or modify disclosures upon issuance of the standard and delay adoption of the additional disclosures until th</font><font style='font-family:Times New Roman;font-size:10pt;' >e effective date. Upon the effective date, certain amendments should be applied prospectively, while others are to be applied retrospectively to all periods presented. The Company is evaluating the impact of adopting ASU 2018-13. Since the amendments of AS</font><font style='font-family:Times New Roman;font-size:10pt;' >U 2018-13 only impact disclosure requirements, the Company does not expect the adoption of ASU 2018-13 to have an impact on its consolidated financial statements.</font></p><p style='text-align:left;line-height:12pt;' ></p></div>
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us-gaap Effective Income Tax Rate Reconciliation Tax Contingencies
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Earnings Per Share Diluted
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mbi Payments For Net Realized Losses On Insured Derivatives Paid
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NonconsolidatedVariableInterestEntityAssets
30507000000 USD
CY2018Q3 us-gaap Quantifying Misstatement In Current Year Financial Statements Amount
QuantifyingMisstatementInCurrentYearFinancialStatementsAmount
6000000 USD

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