$MBI
MBIA INC

2023 Q1 Form 10-K Financial Statement

#000119312523054064 Filed on February 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $2.000M $57.00M $154.0M
YoY Change -95.0% 111.11% -3.14%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $34.00M $11.00M $122.0M
YoY Change -52.78% -92.2% -73.07%
Operating Profit
YoY Change
Interest Expense $51.00M -$50.00M $179.0M
YoY Change -224.39% 21.95% -198.9%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$83.00M -$4.000M -$148.0M
YoY Change 13.7% -97.42% -66.74%
Income Tax $0.00 $1.000M $1.000M
% Of Pretax Income
Net Earnings -$93.00M -$61.00M -$195.0M
YoY Change 27.4% -60.65% -56.18%
Net Earnings / Revenue -4650.0% -107.02% -126.62%
Basic Earnings Per Share -$1.86 -$3.92
Diluted Earnings Per Share -$1.86 -$1.22 -$3.92
COMMON SHARES
Basic Shares Outstanding 54.84M 54.89M 49.80M
Diluted Shares Outstanding 49.90M 49.80M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $93.00M $78.00M $50.00M
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 $16.00M $17.00M $17.00M
YoY Change -11.11% -5.56% -5.56%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.785B $2.801B $2.801B
YoY Change -22.7% -4.4% -4.4%
Other Assets $83.00M $80.00M $80.00M
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $3.317B $3.375B $3.375B
YoY Change -25.34% -28.13% -28.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $16.00M $17.00M $17.00M
YoY Change -11.11% -5.56% -5.56%
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 $16.00M $17.00M $17.00M
YoY Change -11.11% -5.56% -5.56%
LONG-TERM LIABILITIES
Long-Term Debt $3.363B $3.336B $3.336B
YoY Change -3.69% -4.3% -4.3%
Other Long-Term Liabilities $201.0M $193.0M $193.0M
YoY Change -30.93% -30.07% -30.07%
Total Long-Term Liabilities $3.564B $3.529B $3.529B
YoY Change -5.79% -6.19% -6.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.00M $17.00M $17.00M
Total Long-Term Liabilities $3.564B $3.529B $3.529B
Total Liabilities $4.216B $4.251B $4.251B
YoY Change -15.6% -14.91% -14.91%
SHAREHOLDERS EQUITY
Retained Earnings -$746.0M -$653.0M
YoY Change 42.58%
Common Stock $283.0M $283.0M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.143B $3.154B
YoY Change -0.47%
Treasury Stock Shares $228.2M $228.3M
Shareholders Equity -$912.0M -$882.0M -$876.0M
YoY Change
Total Liabilities & Shareholders Equity $3.317B $3.375B $3.375B
YoY Change -25.34% -28.13% -28.13%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$93.00M -$61.00M -$195.0M
YoY Change 27.4% -60.65% -56.18%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$36.00M -$558.0M -$418.0M
YoY Change -113.19% -467.11% -181.8%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $71.00M $568.0M $623.0M
YoY Change -127.95% -685.57% -1138.33%
Cash From Investing Activities $71.00M $568.0M $623.0M
YoY Change -127.95% -679.59% -1121.31%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00
YoY Change
Common Stock Issuance & Retirement, Net $3.000M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -20.00M -56.00M -285.0M
YoY Change -31.03% 833.33% -37.64%
NET CHANGE
Cash From Operating Activities -36.00M -558.0M -418.0M
Cash From Investing Activities 71.00M 568.0M 623.0M
Cash From Financing Activities -20.00M -56.00M -285.0M
Net Change In Cash 15.00M -46.00M -82.00M
YoY Change -250.0% -195.83% 1071.43%
FREE CASH FLOW
Cash From Operating Activities -$36.00M -$558.0M -$418.0M
Capital Expenditures $0.00
Free Cash Flow -$418.0M
YoY Change -181.64%

Facts In Submission

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<div id="tx387374_8" style="font-family: ARIAL; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Note 1: Business Developments and Risks and Uncertainties</div></div></div> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Summary </div></div></div></div> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">MBIA Inc., together with its consolidated subsidiaries, (collectively, “MBIA” or the “Company”) operates within the financial guarantee insurance industry. MBIA manages three operating segments: 1) United States (“U.S.”) public finance insurance; 2) corporate; and 3) international and structured finance insurance. The Company’s U.S. public finance insurance business is managed through National Public Finance Guarantee Corporation (“National”), the corporate segment is operated through MBIA Inc. and several of its subsidiaries, including its service company, MBIA Services Corporation (“MBIA Services”) and its international and structured finance insurance business is primarily operated through MBIA Insurance Corporation and its subsidiary, MBIA Mexico S.A. de C.V., (“MBIA Corp.”). </div></div> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Refer to “Note 12: Business Segments” for further information about the Company’s operating segments. </div></div> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Business Developments </div></div></div></div> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Puerto Rico </div></div></div> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;text-indent: 0px;;display:inline;">During 2022, the Commonwealth of Puerto Rico and certain of its instrumentalities (“Puerto Rico”) defaulted on scheduled debt service for National insured bonds and National paid gross claims in the aggregate of $189 million. On January 1, 2023, the Puerto Rico Electric Power Authority (“PREPA”) defaulted on scheduled debt service for National insured bonds and National paid gross claims in the aggregate of $18 million. As of December 31, 2022, National had $1.0 <div style="letter-spacing: 0px; top: 0px;;display:inline;"/></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">billion of debt service outstanding related to Puerto Rico, of which </div></div><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;text-indent: 0px;;display:inline;">$945<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div>million related to PREPA. </div></div> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;;display:inline;">PREPA </div></div> <div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"/><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"/></div> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">On March 8, 2022, the Puerto Rico Fiscal Agency and Financial Advisory Authority (“AAFAF”) and PREPA terminated the restructuring support agreement. On April 8, 2022, the Court appointed a new panel of judges to commence mediation among the Financial Oversight and Management Board for Puerto Rico (the “Oversight Board”), the Ad Hoc creditor group of holders of PREPA Senior Bonds, Assured, National and Syncora. The mediation initially terminated on September 16, 2022; however on September 29, 2022 the Court entered an order restarting mediation through January 31, 2023. Mediation will be further continued until April 28, 2023. On January 31, 2023, National entered into the PREPA Plan Support Agreement (“PREPA PSA”) with the Oversight Board, on behalf of itself and as the sole Title III representative of PREPA. On February 9, 2023, the Oversight Board filed an amendment to PREPA’s Plan of Adjustment originally filed with the Title III Court on December 16, 2022 (the “Amended Plan”), that reflects the entry into the PREPA PSA and the settlement described therein. The PREPA PSA provides, among other things, for the consensual resolution of the treatment of claims held by National related to insured PREPA revenue bonds and the settlement of National’s participation in litigation related to such claims. The PREPA PSA provides that, upon the effective date of a plan of adjustment, National shall receive in exchange for its bond and reimbursement claims newly issued PREPA secured revenue bonds together with certain fees and expense reimbursement payments, including an interim payment subject to regulatory approval. The PREPA PSA also provides National with the potential to receive additional consideration. The PREPA PSA remains subject to a number of conditions, including (but not limited to) the Title III Court’s approval, and confirmation and effectiveness, of the Amended Plan. There is no assurance that the Amended Plan or a substantially similar plan of adjustment will ultimately be confirmed and go effective. </div></div></div> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;;display:inline;">GO and HTA </div></div></div> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">On February 22, 2021, National agreed to join a plan support agreement, dated as of February 22, 2021 (the “GO PSA”), among the Oversight Board, certain holders of Puerto Rico Commonwealth GO (“GO”) Bonds and Puerto Rico Public Buildings Authority (“PBA”) Bonds, Assured Guaranty Corp. and Assured Guaranty Municipal Corp, and Syncora Guarantee Inc. in connection with the GO and PBA Title III cases. The Commonwealth Plan of Adjustment was confirmed on January 18, 2022. The GO PSA went effective and was implemented on March 15, 2022; among other things, National received cash, including certain fees, newly issued General Obligation bonds </div></div></div> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0px;"><div style="font-size:8pt;;display:inline;"/><br/></div> <div style="letter-spacing: 0px; top: 0px; background: none;;display:inline;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px; background: none; text-decoration: none;;display:inline;"> </div></div><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;;display:inline;"/> <div style="text-align: center; font-family: ARIAL; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"/></div></div> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">and a contingent value instrument (“CVI”) totaling approximately $1.0 billion. The CVI is intended to provide creditors with additional recoveries based on potential outperformance of Puerto Rico 5.5% Sales and Use Tax receipts based on the projections in the 2020 certified fiscal plan, subject to certain caps. Subsequent to the GO PSA implementation, National made $277 million of acceleration and commutation payments pursuant to the GO PSA. Accordingly, National’s GO and PBA gross par outstanding and debt service outstanding have been reduced to zero from approximately $380 million and $495 million, </div> <div style="display:inline;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">respectively.</div></div></div> <div style="color: rgb(0, 0, 0); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL;"><div style="display:inline;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">On April 12, 2021, National, Assured Guaranty Corp., Assured Guaranty Municipal Corp. and the Oversight Board reached an agreement</div></div></div> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;text-indent: 0px;;display:inline;">in principle settling certain clawback claims and providing for a distribution of cash, bonds and a CVI to Puerto Rico Highway and Transportation Authority (“HTA”) bondholders subject to completing negotiations on a plan support agreement in respect of a plan of adjustment (the “HTA PSA”). On May 5, 2021, National, Assured Guaranty Corp., Assured Guaranty Municipal Corp. and the Oversight Board entered into the HTA PSA. On May 2, 2022, the Oversight Board filed the Title III Plan of Adjustment for the Puerto Rico Highways and Transportation Authority (the “HTA Plan”), together with the Disclosure Statement and supporting documents. On June 22, 2022, the Disclosure Statement was approved by the Court. During July of 2022, National received $33 million of cash and $358 <div style="letter-spacing: 0px; top: 0px;;display:inline;">million face amount of CVI relating to HTA. The Court entered the HTA confirmation order on October 12, 2022, and the HTA Plan became effective on December 6, 2022. National received an additional</div> $46 million of cash and $177 <div style="letter-spacing: 0px; top: 0px;;display:inline;">million face amount of newly issued HTA bonds. Subsequent to the HTA Plan effective date, National made</div> $556 million of acceleration and commutation payments pursuant to the HTA PSA. Accordingly, National’s HTA gross par outstanding and debt service outstanding have been reduced to zero from approximately $581 million and $910 million, </div><div style="letter-spacing: 0px; top: 0px;;text-indent: 0px;;display:inline;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">respectively. </div></div></div> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Refer to “Note 6: Loss and Loss Adjustment Expense Reserves” for a further discussion of the Company’s Puerto Rico reserves and recoveries. </div></div></div> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Zohar CDOs </div></div></div> <div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"/> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Payment of claims on MBIA Corp.’s policies insuring the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Class A-1</div> and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">A-2</div> notes issued by Zohar collateralized debt obligation (“CDO”) <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2003-1,</div> Limited (“Zohar I”) and Zohar II <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2005-1,</div> Limited (“Zohar II”) (collectively, the “Zohar CDOs”), entitled 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. MBIA Corp. has anticipated that it would receive substantial recoveries on the loans made to, and equity interests in, companies that, until late March of 2020, were purportedly controlled and managed by the sponsor and former collateral manager of the Zohar CDOs (collectively, the “Zohar Collateral”). Since March of 2018 MBIA Corp. had been pursuing those recoveries in a Delaware bankruptcy proceeding filed by the Zohar CDOs (“Zohar Funds Bankruptcy Cases”). Pursuant to a plan of liquidation that became effective in August of 2022, all remaining Zohar Collateral was distributed to MBIA Corp. either directly or in the form of interests in certain asset recovery entities. There still remains significant uncertainty with respect to the realizable value of the remaining loans and equity interests that formerly constituted the Zohar Collateral. Further, as the monetization of these assets unfolds, and new information concerning the financial condition of the portfolio companies is disclosed, the Company will continue to revise its expectations for recoveries. </div></div> <div style="letter-spacing: 0px; top: 0px;;display:inline;"/> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The interests in the asset recovery entities include various loans to and equity interest in portfolio companies. For those portfolio companies in which the Company does not have a majority of the voting interest, the Company recorded these assets as investments. For those portfolio companies in which the Company owns a majority of the voting interest, the Company consolidated the assets, liabilities, and financial results of these companies. In accordance with Accounting Standards Codification (“ASC”) <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">360-10,</div> Property, Plant, and Equipment and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">ASC 205-20,</div> Presentation of Financial Statements-Discontinued Operations, certain of these portfolio companies met the criteria to be classified as held for sale and discontinued operations. Refer to the following “Discontinued Operations” section below for further information about the Company’s discontinued operations. </div></div> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In addition, certain of the Zohar debtors’ litigation claims were transferred into a litigation trust that the Company consolidated as a variable interest entity (“VIE”). Refer to “Note 19: Commitments and Contingencies” for further </div></div></div> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"/></div><br/></div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"/></div></div> <div style="text-align: center; font-family: ARIAL; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">information about these litigation matters. Previous to the plan effective date, any salvage and subrogation recoveries related to the Zohar CDOs were reported within “Insurance loss recoverable” on the Company’s consolidated balance sheet. Refer to “Note 6: Loss and Loss Adjustment Expense Reserves” for a further discussion of these recoveries. </div></div></div> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;;display:inline;">Discontinued Operations </div></div> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 6pt; margin-bottom: 12pt;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">For those portfolio companies in which the Company acquired an interest and which have met the criteria for held for sale classification in accordance with ASC 360, the Company classified these entities as held for disposition. Accordingly, the Company classified the assets and liabilities of consolidated portfolio companies and the interests in certain nonconsolidated portfolio companies as held for sale. Furthermore, as these entities met the one-year probable sale criteria on the acquisition date, and the remaining held for sale criteria within a short period following the acquisition date, these entities were classified as discontinued operations in accordance with ASC 205. As of December 31, 2022, the assets and liabilities of these entities are presented within “Assets held for sale” and “Liabilities held for sale” on the Company’s consolidated balance sheet. Additionally, the results of operations for these entities are classified as “Income from discontinued operations, net of income taxes” on the Company’s consolidated statement of operations for the period from August 2, 2022 to December 31, 2022. Since these newly acquired entities were classified as held for sale as of the acquisition date, and recorded at their fair values, there was no gain or loss resulting from such </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;text-indent: 0px;;display:inline;">classification. In addition, during the fourth quarter of 2022, <div style="letter-spacing: 0px; top: 0px;;display:inline;">the Company received new information related to the fair value of a portfolio company which resulted in the Company recognizing a loss of</div> $54 million to adjust the disposal group to fair value less costs to sell.</div></div></div> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The following table summarizes the components of assets and liabilities held for sale as of December 31, 2022:</div></div></div> <div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"/> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 68%; font-family: ARIAL; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 82%; font-family: ARIAL;"/> <td style="width: 15%; vertical-align: bottom; font-family: ARIAL;"/> <td style="font-family: ARIAL;"/> <td style="font-family: ARIAL;"/> <td style="font-family: ARIAL;"/> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap"> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: ARIAL; line-height: normal;"><div style="font-weight:bold;display:inline;">In millions</div></div> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">As of<br/>December 31,<br/>2022</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> </tr> <tr style="font-family: ARIAL; font-size: 1pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="font-family: ARIAL; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; width: 82%;"> <div style="text-indent: -1em; font-family: ARIAL; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Assets held for sale</div></div></div> </td> <td style="vertical-align: bottom; width: 15%;">  </td> <td style="vertical-align: bottom; font-family: ARIAL; font-size: 0px;"> </td> <td style="vertical-align: bottom; font-family: ARIAL; font-size: 0px;"> </td> <td style="vertical-align: bottom; font-family: ARIAL; font-size: 0px;"> </td> </tr> <tr style="font-family: ARIAL; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; width: 82%;"> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.13in; line-height: normal;">Cash</div> </td> <td style="vertical-align: bottom; width: 15%;">  </td> <td style="vertical-align: bottom;">$</td> <td style="vertical-align: bottom;;text-align:right;">12</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: ARIAL; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; width: 82%;"> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.13in; line-height: normal;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Accounts receivable</div></div> </td> <td style="vertical-align: bottom; width: 15%;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;;text-align:right;">24</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: ARIAL; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; width: 82%;"> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.13in; line-height: normal;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Goodwill</div></div> </td> <td style="vertical-align: bottom; width: 15%;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;;text-align:right;">90</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: ARIAL; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; width: 82%;"> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.13in; line-height: normal;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other assets</div></div> </td> <td style="vertical-align: bottom; width: 15%;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;;text-align:right;">8</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr> <td style="vertical-align: top; width: 82%;"> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.13in; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Loss on disposal group<br/></div></div> </td> <td style="vertical-align: bottom; width: 15%;"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-bottom: 0px; margin-top: 0px; text-align: right; line-height: normal;"> <div style="letter-spacing: 0px; top: 0px;;display:inline;">(54)</div></div> </td> <td style="vertical-align: bottom; white-space: nowrap;"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: ARIAL; font-size: 0px; width: 82%;"> </td> <td style="vertical-align: bottom; width: 15%;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> </td> <td> </td> </tr> <tr style="font-family: ARIAL; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 82%;"> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.26in; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total assets held for sale</div></div></div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 15%;">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">$</td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);;text-align:right;">80</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: ARIAL; font-size: 0px; background-color: rgba(255, 255, 255, 0); width: 82%;"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0); width: 15%;">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> </td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0); width: 82%;"> <div style="text-indent: -1em; font-family: ARIAL; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"> </div></div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0); width: 15%;"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="vertical-align: bottom; font-family: ARIAL; font-size: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="vertical-align: bottom; font-family: ARIAL; font-size: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> <td style="vertical-align: bottom; font-family: ARIAL; font-size: 0px; background-color: rgba(255, 255, 255, 0);"> <div style="line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div> </td> </tr> <tr style="font-family: ARIAL; font-size: 10pt; break-inside: avoid;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 82%;"> <div style="text-indent: -1em; font-family: ARIAL; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Liabilities held for sale</div></div></div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 15%;">  </td> <td style="vertical-align: bottom; font-family: ARIAL; font-size: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; font-family: ARIAL; font-size: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; font-family: ARIAL; font-size: 0px; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-family: ARIAL; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; background-color: rgb(255, 255, 255); width: 82%;"> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.13in; line-height: normal;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Accounts payable</div></div> </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 15%;">  </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);">$</td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);;text-align:right;">12</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-family: ARIAL; font-size: 10pt; break-inside: avoid;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 82%;"> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.13in; line-height: normal;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Debt</div></div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 15%;">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);;text-align:right;">30</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-family: ARIAL; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; background-color: rgb(255, 255, 255); width: 82%;"> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.13in; line-height: normal;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Accrued expenses and other liabilities</div></div> </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 15%;">  </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);;text-align:right;">19</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: ARIAL; font-size: 0px; background-color: rgb(204, 238, 255); width: 82%;"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 15%;">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> </td> <td style="background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-family: ARIAL; font-size: 10pt; break-inside: avoid;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 82%;"> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.26in; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total liabilities held for sale</div></div></div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 15%;">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">$</td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);;text-align:right;">61</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: ARIAL; font-size: 0px; background-color: rgb(255, 255, 255); width: 82%;"> </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 15%;">  </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> </td> <td style="background-color: rgb(255, 255, 255);"> </td> </tr> </table> <div style="clear:both;max-height:0pt;"/> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"/></div></div></div> <div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"/> <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"/></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"/></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"/></div> <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"/></div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The results of operations from discontinued operations for the period from August 2, 2022 to December 31, 2022 consist of the following: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"/></div> <table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:68%;border:0;margin:0 auto"> <tr style="font-size: 0px;"> <td style="width:90%"/> <td style="vertical-align:bottom;width:5%"/> <td/> <td/> <td/> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap"> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: ARIAL; line-height: normal;"><div style="font-weight:bold;display:inline;">In millions</div></div> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: ARIAL; line-height: normal;"><div style="font-weight:bold;display:inline;">Revenues</div></div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"/> <td style="vertical-align:bottom"/> <td style="vertical-align:bottom"/> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: ARIAL; line-height: normal;">Revenues</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right;">58</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: ARIAL; line-height: normal;">Cost of sales</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right;">29</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"/> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: ARIAL; line-height: normal;">Total revenues from discontinued operations</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right;">29</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: ARIAL; line-height: normal;"><div style="font-weight:bold;display:inline;">Expenses</div></div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"/> <td style="vertical-align:bottom"/> <td style="vertical-align:bottom"/> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: ARIAL; line-height: normal;">Operating</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right;">28</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: ARIAL; line-height: normal;">Interest</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right;">1</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: ARIAL; line-height: normal;">Loss on disposal group held for sale</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right;">54</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"/> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: ARIAL; line-height: normal;">Total expenses from discontinued operations</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right;">83</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"/> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: ARIAL; line-height: normal;">Income (loss) before income taxes from discontinued operations</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(54)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: ARIAL; line-height: normal;">Provision (benefit) for income taxes from discontinued operations</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"/> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: ARIAL; line-height: normal;">Net income (loss) from discontinued operations, net of income taxes</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(54)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"/> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> </table> <div style="clear:both;max-height:0pt;;text-indent: 0px;"/> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"/> <div style="text-align: center; font-family: ARIAL; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><br/></div> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Risks and Uncertainties </div></div></div></div></div> <div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"/> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company’s financial statements include estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. The outcome of certain significant risks and uncertainties could cause the Company to revise its estimates and assumptions or could cause actual results to differ materially from the Company’s estimates. The discussion below highlights the significant risks and uncertainties that could have a material effect on the Company’s financial statements and business objectives in future periods. </div></div></div> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">National’s Insured Portfolio </div></div></div></div> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">National continues to monitor and remediate its existing insured portfolio and may also pursue strategic alternatives that could enhance shareholder value. 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 their obligations and losses or impairments on a greater number of National’s insured transactions. In particular, PREPA is currently in bankruptcy-like proceedings in the United States District Court for the District of Puerto Rico. While National has entered into an agreement to support a plan to resolve the PREPA proceeding, PREPA may continue to fail to make payments when due, which could cause National to make additional claims payments which could be material. There is no assurance the PREPA amended plan of adjustment will ultimately be confirmed and go effective. National monitors and analyzes these situations and other stressed credits closely, and the overall extent and duration of this stress is uncertain. </div></div></div> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">MBIA Corp.’s Insured Portfolio </div></div></div></div> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">MBIA Corp.’s primary objectives are to satisfy all claims by its policyholders and to maximize future recoveries, if any, for its surplus note holders, and then its preferred stock holders. MBIA Corp. is executing this strategy by, among other things, taking steps to maximize the collection of recoveries and by reducing and mitigating potential losses on its insurance exposures. MBIA Corp.’s insured portfolio performance could deteriorate and result in additional significant loss reserves and claim payments. MBIA Corp.’s ability to meet its obligations is limited by available liquidity and its ability to secure additional liquidity through financing and other transactions. There can be no assurance that MBIA Corp. will be successful in generating sufficient resources to meet its obligations. </div></div></div> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;;display:inline;">Recoveries </div></div></div> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In addition to the recoveries on the Zohar Collateral, MBIA Corp. also projects to collect recoveries from prior claims associated with insured residential mortgage-backed securities (“RMBS”); however, the amount and timing of these collections are uncertain. </div></div></div> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0px;"><br/></div> <div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"/> <div style="text-align: center; font-family: ARIAL; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"/></div> <div style="font-weight:bold;display:inline;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"/></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"/></div></div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background-color: rgb(255, 255, 255); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></div> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background-color: rgb(255, 255, 255); letter-spacing: 0px; top: 0px;;display:inline;">Failure to collect its expected recoveries could impede MBIA Corp.’s ability to make payments when due on other policies. MBIA Corp. believes that if the New York State Department of Financial Services (“NYSDFS”) 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 rehabilitation or liquidation proceeding under Article 74 of the New York Insurance Law (“NYIL”) and/or take such other actions as the NYSDFS may deem necessary to protect the interests of MBIA Insurance Corporation’s policyholders. The determination to commence such a proceeding or take other such actions is within the exclusive control of the NYSDFS. </div></div></div></div> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background-color: rgb(255, 255, 255); letter-spacing: 0px; top: 0px;;display:inline;">Given the separation of MBIA Inc. 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 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. Such a proceeding could have material adverse consequences for MBIA Corp., including the termination of 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 of MBIA Insurance Corporation to a rehabilitator or liquidator, and unplanned costs. </div></div></div></div> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background-color: rgb(255, 255, 255); letter-spacing: 0px; top: 0px;;display:inline;">Refer to “Note 6: Loss and Loss Adjustment Expense Reserves” for additional information about MBIA Corp.’s recoveries. </div></div></div></div> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"><div style="background-color: rgb(255, 255, 255); letter-spacing: 0px; top: 0px;;display:inline;">Corporate Liquidity </div></div></div></div></div> <div style="font-family: ARIAL; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="background-color: rgb(255, 255, 255); letter-spacing: 0px; top: 0px;;display:inline;">Based on the Company’s projections of National’s dividends 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 that could be caused by interruption of or reduction in dividends from National, deterioration in the performance of invested assets, impaired access to the capital markets, as well as other factors, which are not anticipated at this time. Furthermore, failure by MBIA Inc. to settle liabilities that are insured by MBIA Corp. could result in claims on </div></div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: ARIAL; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">MBIA Corp. </div></div></div>
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P7Y1M6D
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.075
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
23000000
CY2022Q4 us-gaap Summary Of Investments Other Than Investments In Related Parties Cost
SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesCost
2938000000
CY2022Q4 us-gaap Summary Of Investments Other Than Investments In Related Parties Fair Value
SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesFairValue
2676000000
CY2022Q4 us-gaap Summary Of Investments Other Than Investments In Related Parties Carrying Amount
SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesCarryingAmount
2676000000
CY2022Q4 us-gaap Debt Instrument Repurchased Face Amount
DebtInstrumentRepurchasedFaceAmount
308000000
CY2022 mbi Direct Amount Premiums Written
DirectAmountPremiumsWritten
-3000000
CY2022 us-gaap Ceded Premiums Written
CededPremiumsWritten
0
CY2022 us-gaap Assumed Premiums Written
AssumedPremiumsWritten
0
CY2022 us-gaap Premiums Written Net
PremiumsWrittenNet
-3000000
CY2022 mbi Premiums Written Financial Guarantee Insurance Contracts Percentage Of Amount Assumed To Net
PremiumsWrittenFinancialGuaranteeInsuranceContractsPercentageOfAmountAssumedToNet
0
CY2021 mbi Direct Amount Premiums Written
DirectAmountPremiumsWritten
8000000
CY2021 us-gaap Ceded Premiums Written
CededPremiumsWritten
2000000
CY2021 us-gaap Assumed Premiums Written
AssumedPremiumsWritten
0
CY2021 us-gaap Premiums Written Net
PremiumsWrittenNet
6000000
CY2021 mbi Premiums Written Financial Guarantee Insurance Contracts Percentage Of Amount Assumed To Net
PremiumsWrittenFinancialGuaranteeInsuranceContractsPercentageOfAmountAssumedToNet
0
CY2020 mbi Direct Amount Premiums Written
DirectAmountPremiumsWritten
1000000
CY2020 us-gaap Ceded Premiums Written
CededPremiumsWritten
1000000
CY2020 us-gaap Assumed Premiums Written
AssumedPremiumsWritten
0
CY2020 us-gaap Premiums Written Net
PremiumsWrittenNet
0
CY2020 mbi Premiums Written Financial Guarantee Insurance Contracts Percentage Of Amount Assumed To Net
PremiumsWrittenFinancialGuaranteeInsuranceContractsPercentageOfAmountAssumedToNet
0

Files In Submission

Name View Source Status
mbi-20221231_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
mbi-20221231_cal.xml Edgar Link unprocessable
0001193125-23-054064-index-headers.html Edgar Link pending
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0001193125-23-054064.txt Edgar Link pending
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d387374d10k.htm Edgar Link pending
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mbi-20221231.xsd Edgar Link pending
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mbi-20221231_def.xml Edgar Link unprocessable