$MBI
MBIA INC

2019 Q1 Form 10-Q Financial Statement

#000119312519141524 Filed on May 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q4 2018 Q1
Revenue $50.00M -$26.00M $73.00M
YoY Change -31.51% -110.24% -5.19%
Cost Of Revenue -$38.00M $72.00M
YoY Change -152.78% -23.4%
Gross Profit $88.00M $1.000M
YoY Change 8700.0% -105.88%
Gross Profit Margin 176.0% 1.37%
Selling, General & Admin $30.00M $24.00M
YoY Change 25.0% -33.33%
% of Gross Profit 34.09% 2400.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $30.00M -$94.00M $24.00M
YoY Change 25.0% -139.17% -33.33%
Operating Profit $58.00M -$23.00M
YoY Change -352.17% -56.6%
Interest Expense $52.00M -$75.00M $51.00M
YoY Change 1.96% 8.7% 6.25%
% of Operating Profit 89.66%
Other Income/Expense, Net
YoY Change
Pretax Income -$19.00M -$9.000M -$96.00M
YoY Change -80.21% -84.48% -20.0%
Income Tax -$2.000M -$2.000M $2.000M
% Of Pretax Income
Net Earnings -$17.00M -$7.000M -$98.00M
YoY Change -82.65% -81.08% 36.11%
Net Earnings / Revenue -34.0% -134.25%
Basic Earnings Per Share -$0.20 -$1.12
Diluted Earnings Per Share -$0.20 -$78.83K -$1.12
COMMON SHARES
Basic Shares Outstanding 85.60M 90.69M shares 88.13M shares
Diluted Shares Outstanding 85.60M 88.13M shares

Balance Sheet

Concept 2019 Q1 2018 Q4 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $163.0M $280.0M $141.0M
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 $6.477B $5.709B $7.601B
YoY Change -14.79% -26.93% -12.16%
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $8.778B $8.076B $8.893B
YoY Change -1.29% -11.2% -8.95%
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 $5.863B $2.249B $5.527B
YoY Change 6.08% 6.03% -3.98%
Other Long-Term Liabilities $364.0M $410.0M $388.0M
YoY Change -6.19% -5.31% -31.08%
Total Long-Term Liabilities $6.227B $2.249B $5.915B
YoY Change 5.27% 6.03% -6.39%
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities $6.227B $2.249B $5.915B
Total Liabilities $7.577B $6.944B $7.633B
YoY Change -0.73% -9.47% -2.03%
SHAREHOLDERS EQUITY
Retained Earnings $949.0M $966.0M $1.164B
YoY Change -18.47% -11.78% -55.71%
Common Stock $284.0M $284.0M $284.0M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.967B $3.000B $3.133B
YoY Change -5.3% -3.78% 10.59%
Treasury Stock Shares 193.4M shares 193.8M shares 194.2M shares
Shareholders Equity $1.188B $1.119B $1.248B
YoY Change
Total Liabilities & Shareholders Equity $8.778B $8.076B $8.893B
YoY Change -1.29% -11.2% -19.28%

Cashflow Statement

Concept 2019 Q1 2018 Q4 2018 Q1
OPERATING ACTIVITIES
Net Income -$17.00M -$7.000M -$98.00M
YoY Change -82.65% -81.08% 36.11%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$70.00M $4.000M -$101.0M
YoY Change -30.69% -90.24% -79.22%
INVESTING ACTIVITIES
Capital Expenditures -$1.000M
YoY Change
Acquisitions
YoY Change
Other Investing Activities $128.0M $371.0M $0.00
YoY Change -1.33% -100.0%
Cash From Investing Activities $128.0M $370.0M $191.0M
YoY Change -32.98% -1.6% -38.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $10.00M $15.00M
YoY Change -33.33% -51.61%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$175.0M -272.0M -$95.00M
YoY Change 84.21% -32.84% -168.35%
NET CHANGE
Cash From Operating Activities -$70.00M 4.000M -$101.0M
Cash From Investing Activities $128.0M 370.0M $191.0M
Cash From Financing Activities -$175.0M -272.0M -$95.00M
Net Change In Cash -$117.0M 102.0M -$5.000M
YoY Change 2240.0% 750.0% -86.11%
FREE CASH FLOW
Cash From Operating Activities -$70.00M $4.000M -$101.0M
Capital Expenditures -$1.000M
Free Cash Flow $5.000M
YoY Change -87.8%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2019Q1 dei Entity Registrant Name
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CY2019Q1 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:13.8pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0pt;' >Financial Instruments-Credit </font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >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 requ</font><font style='font-family:Times New Roman;font-size:10pt;' >ires financing receivables and other financial assets measured at amortized cost to be presented 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 reversa</font><font style='font-family:Times New Roman;font-size:10pt;' >l 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 guarantee insurance contracts within the scope of Topic 944, &#8220;Financial Services-Insurance.&#8221; ASU</font><font style='font-family:Times New Roman;font-size:10pt;' > 2016-13 also requires impairment relating to credit losses on </font><font style='font-family:Times New Roman;font-size:10pt;' >available-for-sale (&#8220;AFS&#8221;)</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 loss expense or re</font><font style='font-family:Times New Roman;font-size:10pt;' >versal 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, 202</font><font style='font-family:Times New Roman;font-size:10pt;' >0 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;' >(&#8220;OTTI&#8221;) </font><font style='font-family:Times New Roman;font-size:10pt;' >recognized before the d</font><font style='font-family:Times New Roman;font-size:10pt;' >ate 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 Value 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 </font><font style='font-family:Times New Roman;font-size:10pt;' >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 fair value measurements. ASU 2018-13 is effective for interim and ann</font><font style='font-family:Times New Roman;font-size:10pt;' >ual 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 the effective date. Upon the effective date, certain amendments should </font><font style='font-family:Times New Roman;font-size:10pt;' >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 ASU 2018-13 only impact disclosure requirements, the Company does not e</font><font style='font-family:Times New Roman;font-size:10pt;' >xpect the adoption of ASU 2018-13 to have an impact on its consolidated financial statements.</font></p></div>
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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 </font><font style='font-family:Times New Roman;font-size:10pt;' >managed</font><font style='font-family:Times New Roman;font-size:10pt;' > through National Public Finance Guarantee Corporation (&#8220;National&#8221;), the corporate segment is </font><font style='font-family:Times New Roman;font-size:10pt;' >operated through M</font><font style='font-family:Times New Roman;font-size:10pt;' >BIA Inc. and several of its subsidiaries, including its service company, MBIA Services Corporation (&#8220;MBIA Services&#8221;) </font><font style='font-family:Times New Roman;font-size:10pt;' >and its international and structured finance insurance business is primarily operated through MBIA Insurance Corporation and its subsidiari</font><font style='font-family:Times New Roman;font-size:10pt;' >es (&#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;' >Puerto Rico</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 1, 201</font><font style='font-family:Times New Roman;font-size:10pt;' >9</font><font style='font-family:Times New Roman;font-size:10pt;' >, </font><font style='font-family:Times New Roman;font-size:10pt;' >the Commonwealth of Puerto Rico </font><font style='font-family:Times New Roman;font-size:10pt;' >and certain of its instrumentalities (&#8220;Puerto Rico&#8221;)</font><font style='font-family:Times New Roman;font-size:10pt;' > defaulted</font><font style='font-family:Times New Roman;font-size:10pt;' > 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;' >6</font><font style='font-family:Times New Roman;font-size:10pt;' >5</font><font style='font-family:Times New Roman;font-size:10pt;' > million.&#160;As of </font><font style='font-family:Times New Roman;font-size:10pt;' >March 31</font><font style='font-family:Times New Roman;font-size:10pt;' >, 201</font><font style='font-family:Times New Roman;font-size:10pt;' >9</font><font style='font-family:Times New Roman;font-size:10pt;' >, National had $</font><font style='font-family:Times New Roman;font-size:10pt;' >3.</font><font style='font-family:Times New Roman;font-size:10pt;' >1</font><font style='font-family:Times New Roman;font-size:10pt;' > billion of gross insured par outstanding ($</font><font style='font-family:Times New Roman;font-size:10pt;' >3.</font><font style='font-family:Times New Roman;font-size:10pt;' >4</font><font style='font-family:Times New Roman;font-size:10pt;' > billion of gross insured par outstanding when inclu</font><font style='font-family:Times New Roman;font-size:10pt;' >ding accreted interest on insured capital appreciation bonds (&#8220;CABs&#8221;)) related to Puerto Rico. Refer to the &#8220;</font><font style='font-family:Times New Roman;font-size:10pt;' >Risks and Uncertainties</font><font style='font-family:Times New Roman;font-size:10pt;' >&#8221; section </font><font style='font-family:Times New Roman;font-size:10pt;' >below </font><font style='font-family:Times New Roman;font-size:10pt;' >for additional information on </font><font style='font-family:Times New Roman;font-size:10pt;' >the Company&#8217;s Puerto </font><font style='font-family:Times New Roman;font-size:10pt;' >Rico exposures.</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;' >COFINA Plan of Adjustment</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&#160;of </font><font style='font-family:Times New Roman;font-size:10pt;' >2019, the District Court confirmed the Puerto Rico Sales Tax Financing Corporation (&#8220;COFINA&#8221;) Plan of Adjustment, including the settlement agreement between Puerto Rico and COFINA. National insured bondholders were given the option of commuting their insur</font><font style='font-family:Times New Roman;font-size:10pt;' >ance policy and receiving uninsured COFINA bonds or placing their new uninsured COFINA bonds into the National Custodial Trusts (the &#8220;Trusts&#8221;), receive Trust certificates and continue to benefit from a National insurance policy. The Trusts operate on a pas</font><font style='font-family:Times New Roman;font-size:10pt;' >s-through basis; as the Trusts receive debt service payments from the new COFINA bonds, or sells these new bonds, the Trusts&#8217; cash will be paid to the Trusts&#8217; certificate holders and National&#8217;s insured exposure will reduce accordingly. To the extent Nation</font><font style='font-family:Times New Roman;font-size:10pt;' >al&#8217;s policy obligations have not been satisfied by the maturity date of the original National insurance policies, the Trusts&#8217; certificate holders will receive a claim payment from National at their maturity date for any remaining amounts. The Trusts were c</font><font style='font-family:Times New Roman;font-size:10pt;' >onsolidated as variable interest entities (&#8220;VIEs&#8221;) within the U.S. public finance segment during the first quarter of 2019.</font><font style='font-family:Times New Roman;font-size:10pt;' > Refer to &#8220;Note 4: Variable Interest Entities&#8221; for additional information about the COFINA VIEs.</font></p><p style='text-align:left;line-height:12pt;' ></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-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&#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</font><font style='font-family:Times New Roman;font-size:10pt;' > to revise its estimates and 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 a</font><font style='font-family:Times New Roman;font-size:10pt;' >nd 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 continues to monitor and remediate its existing insured portfolio and will seek opportunities to enhance shareholder value using its substantial financial resources,</font><font style='font-family:Times New Roman;font-size:10pt;' > while protecting the interests of all policyholders. </font><font style='font-family:Times New Roman;font-size:10pt;' >Certain state and local governments and territory obligors that National insures are under financial and budgetary stress. This could lead to an increase in defaults by such entities on the payment of t</font><font style='font-family:Times New Roman;font-size:10pt;' >heir obligations and losses 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;' >Puerto</font><font style='font-family:Times New Roman;font-size:10pt;' > Rico is </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;' > stagnating local economy, net migration of people out of Puerto Ri</font><font style='font-family:Times New Roman;font-size:10pt;' >co and a high debt burden</font><font style='font-family:Times New Roman;font-size:10pt;' >.</font><font style='font-family:Times New Roman;font-size:10pt;' > </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 the impact of Hurricane Maria in 2017, aided in part by Federal Emergency Management Agency and other federal agencies.&#160;As part of t</font><font style='font-family:Times New Roman;font-size:10pt;' >he Title III proceedings under Puerto Rico&#160;Oversight, Management and Economic Stability Act (&#8220;PROMESA&#8221;), Puerto Rico submitted several draft fiscal plans and an independent </font><font style='font-family:Times New Roman;font-size:10pt;' >Financial Oversight and Management Board for Puerto Rico </font><font style='font-family:Times New Roman;font-size:10pt;' >(&#8220;Oversight Board&#8221;) voted </font><font style='font-family:Times New Roman;font-size:10pt;' >to certify the most recent fiscal plan. The current plan, or any revisions thereto, can provide no assurance that National will fully recover past amounts paid or future amounts that may be covered under its insurance policies. In addition, th</font><font style='font-family:Times New Roman;font-size:10pt;' >e extent and </font><font style='font-family:Times New Roman;font-size:10pt;' >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, through its actions to deliver disaster relief and other support services, in addition to the role of the Oversight Board and the role of Pue</font><font style='font-family:Times New Roman;font-size:10pt;' >rto 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 extract greater concessions from creditors based on the u</font><font style='font-family:Times New Roman;font-size:10pt;' >ncertainty 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 primary objectives are to satisfy all claims by its policyholders and to maximize future recoveries, if any, for its senior lending and surplus note holders, and then its preferred stock holders. MBIA Corp. is executing this strategy by, among</font><font style='font-family:Times New Roman;font-size:10pt;' > other things, 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 </font><font style='font-family:Times New Roman;font-size:10pt;' >performance </font><font style='font-family:Times New Roman;font-size:10pt;' >could deteriorate and result in additional significant loss r</font><font style='font-family:Times New Roman;font-size:10pt;' >eserves 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</font><font style='font-family:Times New Roman;font-size:10pt;' > in generating sufficient </font><font style='font-family:Times New Roman;font-size:10pt;' >resources </font><font style='font-family:Times New Roman;font-size:10pt;' >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 November of 2015 and January of 2017, on MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > Corp.&#8217;s policies insuring the C</font><font style='font-family:Times New Roman;font-size:10pt;' >lass A-1 and A-2 notes issued by Zohar CDO 2003-</font><font style='font-family:Times New Roman;font-size:10pt;' >1, Limited (&#8220;Zohar I&#8221;) and insuring certain notes issued by Zohar II, entitles</font><font style='font-family:Times New Roman;font-size:10pt;' > 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 th</font><font style='font-family:Times New Roman;font-size:10pt;' >at 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 </font><font style='font-family:Times New Roman;font-size:10pt;' >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;' >On March 11, 2018, the then-director of Zohar I and Zohar II placed those funds into voluntary bankruptcy proceedings in federal bankruptcy </font><font style='font-family:Times New Roman;font-size:10pt;' >court in the District of Delaware (the &#8220;Zohar Funds Bankruptcy Cases&#8221;). On May 21, 2018, the Court granted 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</font><font style='font-family:Times New Roman;font-size:10pt;' > independent director and a chief restructuring officer, will work with the original sponsor of the funds to monetize the Zohar Assets and repay creditors, including MBIA Corp. In addition, the Zohar Bankruptcy Settlement provides for a stay of all pending</font><font style='font-family:Times New Roman;font-size:10pt;' > litigation between the parties for a </font><font style='font-family:Times New Roman;font-size:10pt;' >minimum of fifteen months. S</font><font style='font-family:Times New Roman;font-size:10pt;' >alvage and subrogation recoveries related to Zohar I and Zohar II are reported within &#8220;Insurance loss recoverable&#8221; on the Company&#8217;s consolidated balance sheet. Notwithstanding the Zohar Bank</font><font style='font-family:Times New Roman;font-size:10pt;' >ruptcy Settlement, </font><font style='font-family:Times New Roman;font-size:10pt;' >there can be no assurance that the value of 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</font><font style='font-family:Times New Roman;font-size:10pt;' > from insured residential mortgage-backed securities (&#8220;RMBS&#8221;), 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 repur</font><font style='font-family:Times New Roman;font-size:10pt;' >chase ineligible loans that were included in a Credit Suisse sponsored RMBS transaction. However, the amount and timing of these recoveries and collections 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</font><font style='font-family:Times New Roman;font-size:10pt;' > 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 Insurance Corporation will not be able to pay its policyholder claims, </font><font style='font-family:Times New Roman;font-size:10pt;' >the NYSDFS would likely put MBIA Insurance Corporation into a rehabilitation or liquidation proceeding under Article 74 of the New York Insurance Law</font><font style='font-family:Times New Roman;font-size:10pt;' > (&#8220;NYIL&#8221;)</font><font style='font-family:Times New Roman;font-size:10pt;' > and/or take such other actions as the NYSDFS may deem necessary to protect the interests of MBIA </font><font style='font-family:Times New Roman;font-size:10pt;' >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 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 Inc. on MBIA Corp. for the receipt of dividends, the Company does not believe that a rehabilitation or liquidation proceeding</font><font style='font-family:Times New Roman;font-size:10pt;' > with respect to MBIA Insurance Corporation would have any significant liquidity impact on MBIA Inc.</font><font style='font-family:Times New Roman;font-size:10pt;' > </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 deri</font><font style='font-family:Times New Roman;font-size:10pt;' >vative 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 of MBIA Insurance Corporation to a rehabilitator or liquidator, and unplanned</font><font style='font-family:Times New Roman;font-size:10pt;' > 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 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: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;' >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</font><font style='font-family:Times New Roman;font-size:10pt;' > 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 and general corporate needs. However, MBIA Inc. continues to have liquidity risk </font><font style='font-family:Times New Roman;font-size:10pt;' >that </font><font style='font-family:Times New Roman;font-size:10pt;' >could be triggered by in</font><font style='font-family:Times New Roman;font-size:10pt;' >terruption of or reduction in dividends or tax payments received from operating subsidiaries</font><font style='font-family:Times New Roman;font-size:10pt;' >, </font><font style='font-family:Times New Roman;font-size:10pt;' >deterioration in the performance of invested assets, 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. Fur</font><font style='font-family:Times New Roman;font-size:10pt;' >thermore, failure by MBIA Inc. to settle liabilities that are insured by MBIA Corp. could result in claims on MBIA Corp.</font></p></div>
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CY2019Q1 dei Entity Small Business
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CY2018Q1 us-gaap Increase Decrease Cash Collateral From Counterparties
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0.6 pure

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