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Income Taxes (Tables)
 3 Months Ended
Mar. 31, 2020
Income Tax Disclosure [Abstract]  
Major Jurisdictions The following are the major jurisdictions in which Ambac and its subsidiaries operate and the earliest tax years subject to examination:
Jurisdiction
Tax Year
United States
2010
New York State
2013
New York City
2015
United Kingdom
2016
Italy
2015
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]
U.S. and foreign components of pre-tax income (loss) were as follows:
 
Three Months Ended March 31,
 
2020
 
2019
U.S.
$
(257
)
 
$
(63
)
Foreign
(30
)
 
22

Total
$
(287
)
 
$
(41
)
Schedule of Components of Income Tax Expense (Benefit)
The components of the provision for income taxes were as follows:
 
Three Months Ended March 31,
 
2020
 
2019
Current taxes
 
 
 
U. S. federal
$
—

 
$
—

U.S. state and local
—

 
(4
)
Foreign
(2
)
 
6

Current taxes
(2
)
 
3

Deferred taxes
 
 
 
Foreign
(5
)
 
(1
)
Deferred taxes
(5
)
 
(1
)
Provision for income taxes
$
(7
)
 
$
2
Schedule of Net Operating Loss And Tax Credit Carryovers
Pursuant to the intercompany tax sharing agreement, to the extent Ambac Assurance generates taxable income after September 30, 2011, which is offset with "Allocated NOLs" of $3,650, it is obligated to make payments (“Tolling Payments”), subject to certain credits, to Ambac in accordance with the following NOL usage table, where the “Applicable Percentage” is applied to the aggregate amount of federal income tax liability that would have been paid if the Allocated NOLs were not available. Pursuant to the Closing Agreement between Ambac and the Internal Revenue Service ("IRS"), the IRS will receive 12.5% of Tier C and 17.5% of Tier D payments, if made.
NOL Usage Table
NOL Usage Tier
Allocated NOLs
 
Applicable
Percentage
A
The first
$479
 
15%
B
The next
$1,057
after Tier A
40%
C
The next
$1,057
after Tier B
10%
D
The next
$1,057
after Tier C
15%
As of December 31, 2018, Ambac Assurance generated cumulative taxable income of $1,508, leaving $2,142 of the $3,650 Allocated NOLs subject to Tolling Payments. For the year ended December 31, 2019, and three months ended March 31, 2020, Ambac Assurance generated NOLs of approximately $143 and $172, respectively, which will need to be utilized before any new Tolling Payments will be generated.
If not utilized, the NOLs will begin expiring in 2029, and will fully expire in 2040, with the exception of the tax loss generated during the three months ended March 31, 2020 of approximately $168, which if Ambac remains in a loss position at year end 2020, will expire in 2041.