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10-Q Filing

MBIA INC CIK: 814585 Q1 2021
Filing Information
Form Type 10-Q
Accession Number 0001193125-21-156361
Period End Date 20210331
Filing Date 20210510
Fiscal Year 2021
Fiscal Period Q1
XBRL Instance d28940d10q_htm.xml
Balance Sheet 49 line items
Line Item Tag Value Unit Period
Preferred stock, par value PreferredStockParOrStatedValuePerShare $1.00 USD Point-in-time
Preferred stock, par value PreferredStockParOrStatedValuePerShare $1.00 USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $83.00M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $167.00M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $121.00M USD Point-in-time
Preferred stock, authorized shares PreferredStockSharesAuthorized 10.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $217.00M USD Point-in-time
Preferred stock, authorized shares PreferredStockSharesAuthorized 10.00M shares Point-in-time
Preferred stock, issued PreferredStockSharesIssued 0.00 shares Point-in-time
Preferred stock, issued PreferredStockSharesIssued 0.00 shares Point-in-time
Preferred stock, outstanding PreferredStockSharesOutstanding 0.00 shares Point-in-time
Preferred stock, outstanding PreferredStockSharesOutstanding 0.00 shares Point-in-time
Common stock, par value CommonStockParOrStatedValuePerShare $1.00 USD Point-in-time
Common stock, par value CommonStockParOrStatedValuePerShare $1.00 USD Point-in-time
Common stock, authorized shares CommonStockSharesAuthorized 400.00M shares Point-in-time
Common stock, authorized shares CommonStockSharesAuthorized 400.00M shares Point-in-time
Common stock, issued shares CommonStockSharesIssued 283.19M shares Point-in-time
Common stock, issued shares CommonStockSharesIssued 283.19M shares Point-in-time
Accumulated other comprehensive income (loss), taxes AccumulatedOtherComprehensiveIncomeLossDeferredIncomeTaxes $8.00M USD Point-in-time
Accumulated other comprehensive income (loss), taxes AccumulatedOtherComprehensiveIncomeLossDeferredIncomeTaxes $8.00M USD Point-in-time
Treasury stock, shares TreasuryStockShares 228.84M shares Point-in-time
Treasury stock, shares TreasuryStockShares 229.51M shares Point-in-time
Total assets Assets $5.75B USD Point-in-time
Total assets Assets $5.38B USD Point-in-time
Total liabilities Liabilities $5.40B USD Point-in-time
Total liabilities Liabilities $5.60B USD Point-in-time
Commitments and contingencies (Refer to Note 13: Commitments and Contingencies) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (Refer to Note 13: Commitments and Contingencies) CommitmentsAndContingencies - USD Point-in-time
Preferred stock, par value $1 per share; authorized shares - 10,000,000; issued and outstanding - none PreferredStockValue - USD Point-in-time
Preferred stock, par value $1 per share; authorized shares - 10,000,000; issued and outstanding - none PreferredStockValue - USD Point-in-time
Common stock, par value $1 per share; authorized shares - 400,000,000; issued shares - 283,186,115 and 283,186,115 CommonStockValue $283.00M USD Point-in-time
Common stock, par value $1 per share; authorized shares - 400,000,000; issued shares - 283,186,115 and 283,186,115 CommonStockValue $283.00M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $2.93B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $2.96B USD Point-in-time
Retained earnings (deficit) RetainedEarningsAccumulatedDeficit $-13.00M USD Point-in-time
Retained earnings (deficit) RetainedEarningsAccumulatedDeficit $-119.00M USD Point-in-time
Accumulated other comprehensive income (loss), net of tax of $8 and $8 AccumulatedOtherComprehensiveIncomeLossNetOfTax $115.00M USD Point-in-time
Accumulated other comprehensive income (loss), net of tax of $8 and $8 AccumulatedOtherComprehensiveIncomeLossNetOfTax $39.00M USD Point-in-time
Treasury stock, at cost - 228,837,465 and 229,508,967 shares TreasuryStockValue $3.18B USD Point-in-time
Treasury stock, at cost - 228,837,465 and 229,508,967 shares TreasuryStockValue $3.21B USD Point-in-time
Total shareholders' equity of MBIA Inc. StockholdersEquity $136.00M USD Point-in-time
Total shareholders' equity of MBIA Inc. StockholdersEquity $-41.00M USD Point-in-time
Preferred stock of subsidiary MinorityInterestAmountRepresentedByPreferredStock $13.00M USD Point-in-time
Preferred stock of subsidiary MinorityInterestAmountRepresentedByPreferredStock $13.00M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-28.00M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $149.00M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $497.00M USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $5.75B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $5.38B USD Point-in-time
Income Statement 24 line items
Line Item Tag Value Unit Period
Net gains (losses) on financial instruments at fair value and foreign exchange NetGainsLossesOnFinancialInstrumentsAtFairValueAndForeignExchange $51.00M USD 1 Quarter
Net gains (losses) on financial instruments at fair value and foreign exchange NetGainsLossesOnFinancialInstrumentsAtFairValueAndForeignExchange $-63.00M USD 1 Quarter
Total revenues Revenues $-6.00M USD 1 Quarter
Total revenues Revenues $72.00M USD 1 Quarter
Losses and loss adjustment LossesAndLossAdjustment $243.00M USD 1 Quarter
Losses and loss adjustment LossesAndLossAdjustment $98.00M USD 1 Quarter
Interest InterestExpense $41.00M USD 1 Quarter
Interest InterestExpense $47.00M USD 1 Quarter
Total expenses BenefitsLossesAndExpenses $178.00M USD 1 Quarter
Total expenses BenefitsLossesAndExpenses $327.00M USD 1 Quarter
Income (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-333.00M USD 1 Quarter
Income (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-106.00M USD 1 Quarter
Provision (benefit) for income taxes IncomeTaxExpenseBenefit - USD 1 Quarter
Provision (benefit) for income taxes IncomeTaxExpenseBenefit - USD 1 Quarter
Net income (loss) NetIncomeLoss $-333.00M USD 1 Quarter
Net income (loss) NetIncomeLoss $-106.00M USD 1 Quarter
Basic EarningsPerShareBasic $-4.62 USD 1 Quarter
Basic EarningsPerShareBasic $-2.16 USD 1 Quarter
Diluted EarningsPerShareDiluted $-4.62 USD 1 Quarter
Diluted EarningsPerShareDiluted $-2.16 USD 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 72.09M shares 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 49.26M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 49.26M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 72.09M shares 1 Quarter
Cash Flow Statement 84 line items
Line Item Tag Value Unit Period
Premiums, fees and reimbursements received ProceedsFromInsurancePremiumsCollected $3.00M USD 1 Quarter
Premiums, fees and reimbursements received ProceedsFromInsurancePremiumsCollected $3.00M USD 1 Quarter
Investment income received ProceedsFromInterestAndDividendsReceived $21.00M USD 1 Quarter
Investment income received ProceedsFromInterestAndDividendsReceived $37.00M USD 1 Quarter
Financial guarantee losses and loss adjustment expenses paid PaymentsForLossesAndLossAdjustmentExpense $58.00M USD 1 Quarter
Financial guarantee losses and loss adjustment expenses paid PaymentsForLossesAndLossAdjustmentExpense $75.00M USD 1 Quarter
Proceeds from recoveries and reinsurance ProceedsFromReinsuranceAndRecoveries $17.00M USD 1 Quarter
Proceeds from recoveries and reinsurance ProceedsFromReinsuranceAndRecoveries $10.00M USD 1 Quarter
Proceeds from loan repurchase commitments ProceedsFromLoanRepurchaseCommitment $600.00M USD 1 Quarter
Proceeds from loan repurchase commitments ProceedsFromLoanRepurchaseCommitment - USD 1 Quarter
Operating and employee related expenses paid PaymentsForOtherOperatingActivities $34.00M USD 1 Quarter
Operating and employee related expenses paid PaymentsForOtherOperatingActivities $32.00M USD 1 Quarter
Interest paid, net of interest converted to principal InterestPaidNet $22.00M USD 1 Quarter
Interest paid, net of interest converted to principal InterestPaidNet $23.00M USD 1 Quarter
Net cash provided (used) by operating activities NetCashProvidedByUsedInOperatingActivities $529.00M USD 1 Quarter
Net cash provided (used) by operating activities NetCashProvidedByUsedInOperatingActivities $-82.00M USD 1 Quarter
Purchases of available-for-sale investments PaymentsToAcquireAvailableForSaleSecurities $299.00M USD 1 Quarter
Purchases of available-for-sale investments PaymentsToAcquireAvailableForSaleSecurities $242.00M USD 1 Quarter
Sales of available-for-sale investments ProceedsFromSaleOfAvailableForSaleSecurities $178.00M USD 1 Quarter
Sales of available-for-sale investments ProceedsFromSaleOfAvailableForSaleSecurities $279.00M USD 1 Quarter
Paydowns and maturities of available-for-sale investments ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities $123.00M USD 1 Quarter
Paydowns and maturities of available-for-sale investments ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities $96.00M USD 1 Quarter
Purchases of investments at fair value PaymentsToAcquireTradingSecuritiesHeldforinvestment $33.00M USD 1 Quarter
Purchases of investments at fair value PaymentsToAcquireTradingSecuritiesHeldforinvestment $62.00M USD 1 Quarter
Sales, paydowns, maturities and other proceeds of investments at fair value ProceedsFromSaleOfTradingSecuritiesHeldforinvestment $34.00M USD 1 Quarter
Sales, paydowns, maturities and other proceeds of investments at fair value ProceedsFromSaleOfTradingSecuritiesHeldforinvestment $59.00M USD 1 Quarter
Sales, paydowns and maturities (purchases) of short-term investments, net PaymentsForProceedsFromShortTermInvestments $342.00M USD 1 Quarter
Sales, paydowns and maturities (purchases) of short-term investments, net PaymentsForProceedsFromShortTermInvestments $-178.00M USD 1 Quarter
Sales, paydowns and maturities of held-to-maturity investments ProceedsFromMaturitiesRepaymentsAndCallsOfTradingSecuritiesHeldforinvestment $315.00M USD 1 Quarter
Sales, paydowns and maturities of held-to-maturity investments ProceedsFromMaturitiesRepaymentsAndCallsOfTradingSecuritiesHeldforinvestment - USD 1 Quarter
Paydowns and maturities of loans receivable ProceedsFromSaleAndCollectionOfLoansReceivable $5.00M USD 1 Quarter
Paydowns and maturities of loans receivable ProceedsFromSaleAndCollectionOfLoansReceivable $3.00M USD 1 Quarter
(Payments) proceeds for derivative settlements PaymentsForProceedsFromDerivativeInstrumentInvestingActivities $53.00M USD 1 Quarter
(Payments) proceeds for derivative settlements PaymentsForProceedsFromDerivativeInstrumentInvestingActivities $3.00M USD 1 Quarter
Collateral (to) from counterparties IncreaseDecreaseCashCollateralFromCounterparties - USD 1 Quarter
Collateral (to) from counterparties IncreaseDecreaseCashCollateralFromCounterparties $-44.00M USD 1 Quarter
Net cash provided (used) by investing activities NetCashProvidedByUsedInInvestingActivities $610.00M USD 1 Quarter
Net cash provided (used) by investing activities NetCashProvidedByUsedInInvestingActivities $-418.00M USD 1 Quarter
Proceeds from investment agreements ProceedsFromIssuanceOfOtherLongTermDebt - USD 1 Quarter
Proceeds from investment agreements ProceedsFromIssuanceOfOtherLongTermDebt $3.00M USD 1 Quarter
Principal paydowns of investment agreements RepaymentsOfOtherLongTermDebt - USD 1 Quarter
Principal paydowns of investment agreements RepaymentsOfOtherLongTermDebt $12.00M USD 1 Quarter
Principal paydowns of variable interest entity notes RepaymentsOfNotesPayable $323.00M USD 1 Quarter
Principal paydowns of variable interest entity notes RepaymentsOfNotesPayable $156.00M USD 1 Quarter
Purchases of treasury stock PaymentsForRepurchaseOfCommonStock $1.00M USD 1 Quarter
Purchases of treasury stock PaymentsForRepurchaseOfCommonStock $62.00M USD 1 Quarter
Net cash provided (used) by financing activities NetCashProvidedByUsedInFinancingActivities $-157.00M USD 1 Quarter
Net cash provided (used) by financing activities NetCashProvidedByUsedInFinancingActivities $-394.00M USD 1 Quarter
Net increase (decrease) in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect $134.00M USD 1 Quarter
Net increase (decrease) in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect $-46.00M USD 1 Quarter
Cash and cash equivalents - beginning of period CashAndCashEquivalentsAtCarryingValue $83.00M USD Point-in-time
Cash and cash equivalents - beginning of period CashAndCashEquivalentsAtCarryingValue $167.00M USD Point-in-time
Cash and cash equivalents - beginning of period CashAndCashEquivalentsAtCarryingValue $121.00M USD Point-in-time
Cash and cash equivalents - beginning of period CashAndCashEquivalentsAtCarryingValue $217.00M USD Point-in-time
Cash and cash equivalents - end of period CashAndCashEquivalentsAtCarryingValue $83.00M USD Point-in-time
Cash and cash equivalents - end of period CashAndCashEquivalentsAtCarryingValue $167.00M USD Point-in-time
Cash and cash equivalents - end of period CashAndCashEquivalentsAtCarryingValue $121.00M USD Point-in-time
Cash and cash equivalents - end of period CashAndCashEquivalentsAtCarryingValue $217.00M USD Point-in-time
Net income (loss) NetIncomeLoss $-333.00M USD 1 Quarter
Net income (loss) NetIncomeLoss $-106.00M USD 1 Quarter
Accrued investment income IncreaseDecreaseInAccruedInvestmentIncomeReceivable - USD 1 Quarter
Accrued investment income IncreaseDecreaseInAccruedInvestmentIncomeReceivable $-23.00M USD 1 Quarter
Unearned premium revenue IncreaseDecreaseInUnearnedPremiums $-19.00M USD 1 Quarter
Unearned premium revenue IncreaseDecreaseInUnearnedPremiums $-19.00M USD 1 Quarter
Loss and loss adjustment expense reserves IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve $84.00M USD 1 Quarter
Loss and loss adjustment expense reserves IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve $1.00M USD 1 Quarter
Insurance loss recoverable IncreaseDecreaseInInsuranceLossRecoverable $-55.00M USD 1 Quarter
Insurance loss recoverable IncreaseDecreaseInInsuranceLossRecoverable $-86.00M USD 1 Quarter
Loan repurchase commitments AdjustmentForLoanRepurchaseCommitments - USD 1 Quarter
Loan repurchase commitments AdjustmentForLoanRepurchaseCommitments $604.00M USD 1 Quarter
Accrued interest payable IncreaseDecreaseInInterestPayableNet $35.00M USD 1 Quarter
Accrued interest payable IncreaseDecreaseInInterestPayableNet $25.00M USD 1 Quarter
Accrued expenses IncreaseDecreaseInAccruedLiabilities $-33.00M USD 1 Quarter
Accrued expenses IncreaseDecreaseInAccruedLiabilities $-19.00M USD 1 Quarter
Net (gains) losses on financial instruments at fair value and foreign exchange IncreaseDecreaseInNetGainsLossesOnFinancialInstrumentsAtFairValueAndForeignExchange $-48.00M USD 1 Quarter
Net (gains) losses on financial instruments at fair value and foreign exchange IncreaseDecreaseInNetGainsLossesOnFinancialInstrumentsAtFairValueAndForeignExchange $41.00M USD 1 Quarter
Other net realized (gains) losses IncreaseDecreaseInOtherNetRealizedGainsLosses $9.00M USD 1 Quarter
Other net realized (gains) losses IncreaseDecreaseInOtherNetRealizedGainsLosses - USD 1 Quarter
Other operating OtherNoncashIncomeExpense $-27.00M USD 1 Quarter
Other operating OtherNoncashIncomeExpense $-20.00M USD 1 Quarter
Total adjustments to net income (loss) AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities $635.00M USD 1 Quarter
Total adjustments to net income (loss) AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities $251.00M USD 1 Quarter
Net cash provided (used) by operating activities NetCashProvidedByUsedInOperatingActivities $529.00M USD 1 Quarter
Net cash provided (used) by operating activities NetCashProvidedByUsedInOperatingActivities $-82.00M USD 1 Quarter
Stockholders Equity 20 line items
Line Item Tag Value Unit Period
Total equity balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-28.00M USD Point-in-time
Total equity balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $149.00M USD Point-in-time
Total equity balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $497.00M USD Point-in-time
Balance (in common stock shares) CommonStockSharesIssued 283.19M shares Point-in-time
Balance (in common stock shares) CommonStockSharesIssued 283.19M shares Point-in-time
Balance (in treasury stock shares) TreasuryStockShares 228.84M shares Point-in-time
Balance (in treasury stock shares) TreasuryStockShares 229.51M shares Point-in-time
Net income (loss) NetIncomeLoss $-333.00M USD 1 Quarter
Net income (loss) NetIncomeLoss $-106.00M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $93.00M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-76.00M USD 1 Quarter
Total equity balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-28.00M USD Point-in-time
Total equity balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $149.00M USD Point-in-time
Total equity balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $497.00M USD Point-in-time
Balance (in common stock shares) CommonStockSharesIssued 283.19M shares Point-in-time
Balance (in common stock shares) CommonStockSharesIssued 283.19M shares Point-in-time
Balance (in treasury stock shares) TreasuryStockShares 228.84M shares Point-in-time
Balance (in treasury stock shares) TreasuryStockShares 229.51M shares Point-in-time
Balance (in preferred stock shares) PreferredStockSharesIssued 0.00 shares Point-in-time
Balance (in preferred stock shares) PreferredStockSharesIssued 0.00 shares Point-in-time
Comprehensive Income 16 line items
Line Item Tag Value Unit Period
Net income (loss) NetIncomeLoss $-333.00M USD 1 Quarter
Net income (loss) NetIncomeLoss $-106.00M USD 1 Quarter
Unrealized gains (losses) arising during the period OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax $-87.00M USD 1 Quarter
Unrealized gains (losses) arising during the period OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax $48.00M USD 1 Quarter
Reclassification adjustments for (gains) losses included in net income (loss) OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax $3.00M USD 1 Quarter
Reclassification adjustments for (gains) losses included in net income (loss) OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax $5.00M USD 1 Quarter
Foreign currency translation gains (losses) OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax - USD 1 Quarter
Foreign currency translation gains (losses) OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax $1.00M USD 1 Quarter
Unrealized gains (losses) arising during the period OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionUnrealizedGainLossArisingDuringPeriodBeforeTax $-5.00M USD 1 Quarter
Unrealized gains (losses) arising during the period OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionUnrealizedGainLossArisingDuringPeriodBeforeTax $46.00M USD 1 Quarter
Reclassification adjustments for (gains) losses included in net income (loss) OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionReclassificationAdjustmentFromAociForDerecognitionBeforeTax $-20.00M USD 1 Quarter
Reclassification adjustments for (gains) losses included in net income (loss) OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionReclassificationAdjustmentFromAociForDerecognitionBeforeTax $-2.00M USD 1 Quarter
Total other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $93.00M USD 1 Quarter
Total other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-76.00M USD 1 Quarter
Comprehensive income (loss) ComprehensiveIncomeNetOfTax $-182.00M USD 1 Quarter
Comprehensive income (loss) ComprehensiveIncomeNetOfTax $-240.00M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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