ALLEGHANY CORP /DE

2016 Q2 Form 10-Q Financial Statement

#000119312516668439 Filed on August 02, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents
Short-Term Investments $17.11B $18.31B
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $105.0M $96.89M
YoY Change 8.35% 17.15%
Goodwill $271.8M $111.9M
YoY Change 142.9% 12.19%
Intangibles $346.4M $136.1M
YoY Change 154.54% 4.67%
Long-Term Investments $18.15B $19.05B
YoY Change -4.71% -1.1%
Other Assets $326.0M $386.0M
YoY Change -15.54% 21.77%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $23.81B $23.93B
YoY Change -0.47% 0.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $41.00M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $1.384B $1.762B
YoY Change -21.45% -1.34%
Other Long-Term Liabilities $997.0M $988.0M
YoY Change 0.91% 33.69%
Total Long-Term Liabilities $2.381B $2.750B
YoY Change -13.42% 8.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.00M
Total Long-Term Liabilities $2.381B $2.750B
Total Liabilities $15.82B $16.28B
YoY Change -2.79% -0.95%
SHAREHOLDERS EQUITY
Retained Earnings $4.789B $4.307B
YoY Change 11.18% 17.23%
Common Stock $3.629B $3.627B
YoY Change 0.04% -0.03%
Preferred Stock
YoY Change
Treasury Stock (at cost) $797.8M $545.0M
YoY Change 46.4% 47.78%
Treasury Stock Shares 2.021M shares 1.485M shares
Shareholders Equity $7.918B $7.642B
YoY Change
Total Liabilities & Shareholders Equity $23.81B $23.93B
YoY Change -0.47% 0.36%

Cashflow Statement

Concept 2016 Q2 2015 Q2

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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dei Document Type
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10-Q
dei Trading Symbol
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Y
dei Entity Central Index Key
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dei Document Period End Date
DocumentPeriodEndDate
2016-06-30
dei Entity Filer Category
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Management’s assessment of equity securities initially involves an evaluation of all securities that are in an unrealized loss position, regardless of the duration or severity of the loss, as of the applicable balance sheet date. Such initial review consists primarily of assessing whether: (i) there has been a negative credit or news event with respect to the issuer that could indicate the existence of an OTTI; and (ii) Alleghany has the ability and intent to hold an equity security for a period of time sufficient to allow for an anticipated recovery (generally considered to be 12 months from the balance sheet date). To the extent that an equity security in an unrealized loss position is not impaired based on the initial review described above, Alleghany then further evaluates such equity security and deems it to be other than temporarily impaired if it has been in an unrealized loss position for 12 months or more or if its unrealized loss position is greater than 50 percent of its cost, absent compelling evidence to the contrary. Alleghany then evaluates those equity securities where the unrealized loss is at least 20 percent of cost as of the balance sheet date or which have been in an unrealized loss position continuously for six months or more preceding the balance sheet date. This evaluation takes into account quantitative and qualitative factors in determining whether such securities are other than temporarily impaired including: (i) market valuation metrics associated with the equity security (such as dividend yield and price-to-earnings ratio); (ii) current views on the equity security, as expressed by either Alleghany’s internal stock analysts and/or by third-party stock analysts or rating agencies; and (iii) credit or news events associated with a specific issuer, such as negative news releases and rating agency downgrades with respect to the issuer of the equity security. Debt securities in an unrealized loss position are evaluated for OTTI if they meet any of the following criteria: (i) they are trading at a discount of at least 20 percent to amortized cost for an extended period of time (nine consecutive months or more); (ii) there has been a negative credit or news event with respect to the issuer that could indicate the existence of an OTTI; or (iii) Alleghany intends to sell, or it is more likely than not that Alleghany will sell, the debt security before recovery of its amortized cost basis. If Alleghany intends to sell, or it is more likely than not that Alleghany will sell, a debt security before recovery of its amortized cost basis, the total amount of the unrealized loss position is recognized as an OTTI loss in earnings. To the extent that a debt security that is in an unrealized loss position is not impaired based on the preceding, Alleghany will consider a debt security to be impaired when it believes it to be probable that Alleghany will not be able to collect the entire amortized cost basis. For debt securities in an unrealized loss position as of the end of each quarter, Alleghany develops a best estimate of the present value of expected cash flows. If the results of the cash flow analysis indicate Alleghany will not recover the full amount of its amortized cost basis in the debt security, Alleghany records an OTTI loss in earnings equal to the difference between the present value of expected cash flows and the amortized cost basis of the debt security. If applicable, the difference between the total unrealized loss position on the debt security and the OTTI loss recognized in earnings is the non-credit related portion and is recorded as a component of other comprehensive income. In developing the cash flow analyses for debt securities, Alleghany considers various factors for the different categories of debt securities. For municipal bonds, Alleghany takes into account the taxing power of the issuer, source of revenue, credit risk and credit enhancements and pre-refunding. For mortgage and asset-backed securities, Alleghany discounts its best estimate of future cash flows at an effective rate equal to the original effective yield of the security or, in the case of floating rate securities, at the current coupon. Alleghany’s models include assumptions about prepayment speeds, default and delinquency rates and underlying collateral (if any), as well as credit ratings, credit enhancements and other observable market data. For corporate bonds, Alleghany reviews business prospects, credit ratings and available information from asset managers and rating agencies for individual securities.
dei Current Fiscal Year End Date
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dei Document Fiscal Period Focus
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CY2016Q2 us-gaap Dilutive Securities
DilutiveSecurities
0
CY2016Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
12279000
CY2016Q2 us-gaap Other Income
OtherIncome
165371000
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
77071000
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
89654000
CY2016Q2 us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
102600000
CY2016Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
1632000
CY2016Q2 us-gaap Premiums Written Gross
PremiumsWrittenGross
1509300000
CY2016Q2 us-gaap Premiums Earned Net
PremiumsEarnedNet
1261516000
CY2016Q2 us-gaap Interest Expense
InterestExpense
20433000
CY2016Q2 us-gaap Expense Related To Distribution Or Servicing And Underwriting Fees
ExpenseRelatedToDistributionOrServicingAndUnderwritingFees
408937000
CY2016Q2 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
5728000
CY2016Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
5397000
CY2016Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
22805000
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
48275000
CY2016Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
56278000
CY2016Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
13459000
CY2016Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-95000
CY2016Q2 us-gaap Availableforsale Securities Gross Realized Losses Excluding Other Than Temporary Impairments
AvailableforsaleSecuritiesGrossRealizedLossesExcludingOtherThanTemporaryImpairments
48600000
CY2016Q2 us-gaap Benefits Losses And Expenses
BenefitsLossesAndExpenses
1448493000
CY2016Q2 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
184955000
CY2016Q2 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
189000
CY2016Q2 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
1900000000
CY2016Q2 us-gaap Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
6700000
CY2016Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
879000
CY2016Q2 us-gaap Incurred Claims Property Casualty And Liability
IncurredClaimsPropertyCasualtyAndLiability
815312000
CY2016Q2 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
22800000
CY2016Q2 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
189000
CY2016Q2 y Underwriting Income Loss Before Tax
UnderwritingIncomeLossBeforeTax
37300000
CY2016Q2 y Other Investment Income Loss
OtherInvestmentIncomeLoss
-300000

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