ALLEGHANY CORP /DE

2016 Q4 Form 10-Q Financial Statement

#000119312516755417 Filed on November 01, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.47B
YoY Change
Cash & Equivalents $594.1M
Short-Term Investments $16.87B $17.37B $17.90B
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $112.9M $109.8M $95.74M
YoY Change 11.46% 14.71% 10.5%
Goodwill $285.0M $277.1M $111.9M
YoY Change 102.09% 147.58% 12.02%
Intangibles $378.7M $358.2M $137.2M
YoY Change 77.96% 161.12% 4.48%
Long-Term Investments $18.11B $18.53B $18.64B
YoY Change 1.56% -0.62% -2.68%
Other Assets $355.0M $251.0M $490.0M
YoY Change -24.15% -48.78% 31.37%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $23.76B $24.12B $23.43B
YoY Change 4.02% 2.91% -2.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $1.476B $1.384B $1.759B
YoY Change 4.02% -21.32% -15.39%
Other Long-Term Liabilities $912.0M $1.151B $779.0M
YoY Change 1.9% 47.75% 18.21%
Total Long-Term Liabilities $2.388B $2.535B $2.538B
YoY Change 3.2% -0.12% -7.3%
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities $2.388B $2.535B $2.538B
Total Liabilities $15.74B $15.93B $15.97B
YoY Change 3.17% -0.24% -3.28%
SHAREHOLDERS EQUITY
Retained Earnings $5.014B $4.945B $4.404B
YoY Change 10.03% 12.28% 14.07%
Common Stock $3.629B $3.629B $3.629B
YoY Change 0.01% 0.01% -0.01%
Preferred Stock
YoY Change
Treasury Stock (at cost) $812.8M $800.2M $696.5M
YoY Change 8.7% 14.89% 62.1%
Treasury Stock Shares 2.050M shares 2.025M shares 1.808M shares
Shareholders Equity $7.940B $8.105B $7.452B
YoY Change
Total Liabilities & Shareholders Equity $23.76B $24.12B $23.43B
YoY Change 4.02% 2.91% -2.07%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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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, which 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 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.
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InvestmentIncomeInterest
99000000
CY2016Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
5100000
CY2016Q3 us-gaap Premiums Earned Net
PremiumsEarnedNet
1253515000
CY2016Q3 us-gaap Net Investment Income
NetInvestmentIncome
120603000
CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
155800000
CY2016Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
207175000
CY2016Q3 us-gaap Availableforsale Securities Gross Realized Gain Loss Excluding Other Than Temporary Impairments
AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairments
27221000
CY2016Q3 us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
32700000
CY2016Q3 us-gaap Availableforsale Securities Gross Realized Losses Excluding Other Than Temporary Impairments
AvailableforsaleSecuritiesGrossRealizedLossesExcludingOtherThanTemporaryImpairments
5500000
CY2016Q3 us-gaap Benefits Losses And Expenses
BenefitsLossesAndExpenses
1407441000
CY2016Q3 us-gaap Expense Related To Distribution Or Servicing And Underwriting Fees
ExpenseRelatedToDistributionOrServicingAndUnderwritingFees
423042000
CY2016Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
48328000
CY2016Q3 us-gaap Interest Expense
InterestExpense
20682000
CY2016Q3 us-gaap Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
6200000
CY2016Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-95000
CY2016Q3 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
11729000
CY2016Q3 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
800000000
CY2016Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
-1637000
CY2016Q3 y Underwriting Income Loss Before Tax
UnderwritingIncomeLossBeforeTax
111900000
CY2016Q3 y Other Investment Income Loss
OtherInvestmentIncomeLoss
5100000
CY2016Q3 us-gaap Incurred Claims Property Casualty And Liability
IncurredClaimsPropertyCasualtyAndLiability
718556000
CY2016Q3 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
3016000
CY2016Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
5700000
CY2016Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
10745000
CY2016Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
10070000
CY2016Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
25123000
CY2016Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
228408000
CY2016Q3 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
10100000
CY2016Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
2400000
CY2016Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
6008000
CY2016Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
3016000

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