2015 Q2 Form 10-Q Financial Statement

#000162828015006027 Filed on August 04, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $2.645B $2.608B
YoY Change 1.41% 16.55%
Cost Of Revenue $1.268B $1.150B
YoY Change 10.27%
Gross Profit $1.377B $1.458B
YoY Change -5.57%
Gross Profit Margin 52.07% 55.92%
Selling, General & Admin $969.5M $884.3M
YoY Change 9.63% 19.17%
% of Gross Profit 70.4% 60.63%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $969.5M $884.3M
YoY Change 9.63% -55.9%
Operating Profit $407.7M $574.2M
YoY Change -28.99%
Interest Expense $13.78M $13.78M
YoY Change 0.01% -164.07%
% of Operating Profit 3.38% 2.4%
Other Income/Expense, Net
YoY Change
Pretax Income $40.03M $193.8M
YoY Change -79.35% -8.06%
Income Tax $7.236M $50.18M
% Of Pretax Income 18.08% 25.89%
Net Earnings $32.79M $143.6M
YoY Change -77.17% 7.55%
Net Earnings / Revenue 1.24% 5.51%
Basic Earnings Per Share $0.48 $1.98
Diluted Earnings Per Share $0.47 $1.95
COMMON SHARES
Basic Shares Outstanding 68.56M shares 72.66M shares
Diluted Shares Outstanding 69.24M shares 73.54M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $1.297B $1.399B
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 $289.4M $262.0M
YoY Change 10.46% 4.38%
Goodwill $842.2M
YoY Change
Intangibles $332.4M
YoY Change
Long-Term Investments $13.66B $14.61B
YoY Change -6.52% 0.11%
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $30.84B $30.62B
YoY Change 0.74% 6.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.201B $1.816B
YoY Change 21.2% 18.15%
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 $6.619B $5.955B
YoY Change 11.15% 11.58%
LONG-TERM LIABILITIES
Long-Term Debt $1.171B $1.171B
YoY Change 0.0% -28.9%
Other Long-Term Liabilities $190.0M $187.0M
YoY Change 1.6% -7.88%
Total Long-Term Liabilities $1.361B $1.358B
YoY Change 0.22% -26.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.619B $5.955B
Total Long-Term Liabilities $1.361B $1.358B
Total Liabilities $26.01B $25.27B
YoY Change 2.96% 5.57%
SHAREHOLDERS EQUITY
Retained Earnings $4.852B
YoY Change
Common Stock $3.128B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.500B
YoY Change
Treasury Stock Shares 82.23M shares
Shareholders Equity $4.828B $5.350B
YoY Change
Total Liabilities & Shareholders Equity $30.84B $30.62B
YoY Change 0.74% 6.57%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $32.79M $143.6M
YoY Change -77.17% 7.55%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $349.8M $134.6M
YoY Change 159.88% -39.37%
INVESTING ACTIVITIES
Capital Expenditures -$40.10M -$17.80M
YoY Change 125.28% 74.51%
Acquisitions
YoY Change
Other Investing Activities $41.80M $243.5M
YoY Change -82.83% -177.33%
Cash From Investing Activities $1.800M $225.7M
YoY Change -99.2% -169.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -126.0M -71.60M
YoY Change 75.98% -68.42%
NET CHANGE
Cash From Operating Activities 349.8M 134.6M
Cash From Investing Activities 1.800M 225.7M
Cash From Financing Activities -126.0M -71.60M
Net Change In Cash 225.6M 288.7M
YoY Change -21.86% -187.54%
FREE CASH FLOW
Cash From Operating Activities $349.8M $134.6M
Capital Expenditures -$40.10M -$17.80M
Free Cash Flow $389.9M $152.4M
YoY Change 155.84% -34.37%

Facts In Submission

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CY2015Q2 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
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0 USD
CY2014Q4 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0 USD
CY2015Q2 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
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0 USD
CY2014Q4 us-gaap Funds Held Under Reinsurance Agreements Liability
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CY2015Q2 us-gaap Funds Held Under Reinsurance Agreements Liability
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us-gaap Gain Loss On Investments
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25838000 USD
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11999000 USD
us-gaap Gain Loss On Investments
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15954000 USD
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us-gaap Gain Loss On Investments Excluding Other Than Temporary Impairments
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25868000 USD
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11999000 USD
us-gaap Gain Loss On Investments Excluding Other Than Temporary Impairments
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18524000 USD
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6087000 USD
us-gaap Gain Loss On Sale Of Investments
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25838000 USD
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11999000 USD
us-gaap Gain Loss On Sale Of Investments
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15954000 USD
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40000 USD
us-gaap Impairment Of Investments
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69000 USD
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0 USD
us-gaap Impairment Of Investments
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193787000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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429040000 USD
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40025000 USD
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123218000 USD
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40385000 USD
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15132000 USD
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us-gaap Increase Decrease In Collateral Held Under Securities Lending
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30841000 USD
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27556000 USD
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17871000 USD
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20670000 USD
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26014122000 USD
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31562466000 USD
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30842082000 USD
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1938853000 USD
CY2015Q2 us-gaap Liabilities Fair Value Disclosure Recurring
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1966622000 USD
CY2014Q4 us-gaap Liability For Claims And Claims Adjustment Expense
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3399000 USD
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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34595000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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55750000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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261768000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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168896000 USD
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335566000 USD
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167786000 USD
us-gaap Net Investment Income
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320059000 USD
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us-gaap Other Comprehensive Income Foreign Currency Translation Gain Loss Arising During Period Tax
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CY2015Q2 us-gaap Other Comprehensive Income Foreign Currency Translation Gain Loss Arising During Period Tax
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712000 USD
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CY2014Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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-165605000 USD
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us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
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156856000 USD
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us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
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us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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318393000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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CY2014Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
37883000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
19829000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
20151000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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180591000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
337242000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2014Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
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CY2015Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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CY2014Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
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CY2015Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
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OtherIncome
259128000 USD
us-gaap Other Income
OtherIncome
455569000 USD
CY2015Q2 us-gaap Other Income
OtherIncome
323609000 USD
us-gaap Other Income
OtherIncome
603171000 USD
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OtherInvestments
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CY2015Q2 us-gaap Other Investments
OtherInvestments
585394000 USD
CY2014Q4 us-gaap Other Short Term Investments
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345246000 USD
CY2015Q2 us-gaap Other Short Term Investments
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442611000 USD
CY2014Q2 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions Additional Credit Losses
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsAdditionsAdditionalCreditLosses
30000 USD
us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions Additional Credit Losses
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30000 USD
CY2015Q2 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions Additional Credit Losses
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsAdditionsAdditionalCreditLosses
0 USD
us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions Additional Credit Losses
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsAdditionsAdditionalCreditLosses
0 USD
us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions No Previous Impairment
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsAdditionsNoPreviousImpairment
0 USD
us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions No Previous Impairment
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsAdditionsNoPreviousImpairment
2570000 USD
CY2013Q4 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
45278000 USD
CY2014Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
44301000 USD
CY2014Q2 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
39248000 USD
CY2014Q4 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
35424000 USD
CY2015Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
36057000 USD
CY2015Q2 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
34308000 USD
CY2014Q2 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Cash Flows
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2163000 USD
us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Cash Flows
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2645000 USD
CY2015Q2 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Cash Flows
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsReductionsCashFlows
603000 USD
us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Cash Flows
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsReductionsCashFlows
1075000 USD
CY2014Q2 us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
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10000 USD
us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
39000 USD
us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
638000 USD
CY2014Q2 us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Before Tax Portion Attributable To Parent Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParentAvailableforsaleSecurities
10000 USD
us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Before Tax Portion Attributable To Parent Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParentAvailableforsaleSecurities
39000 USD
CY2015Q2 us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Before Tax Portion Attributable To Parent Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParentAvailableforsaleSecurities
0 USD
us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Before Tax Portion Attributable To Parent Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParentAvailableforsaleSecurities
638000 USD
CY2014Q2 us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent Availableforsale Securities
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us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent Availableforsale Securities
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CY2015Q2 us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAvailableforsaleSecurities
281000 USD
us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAvailableforsaleSecurities
1175000 USD
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us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Tax Portion Attributable To Parent Availableforsale Securities
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CY2015Q2 us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Tax Portion Attributable To Parent Availableforsale Securities
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152000 USD
us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Tax Portion Attributable To Parent Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossTaxPortionAttributableToParentAvailableforsaleSecurities
632000 USD
CY2014Q2 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
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30000 USD
us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
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30000 USD
CY2015Q2 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
0 USD
us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
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2570000 USD
CY2014Q2 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net Availableforsale Securities
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30000 USD
us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNetAvailableforsaleSecurities
30000 USD
CY2015Q2 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNetAvailableforsaleSecurities
0 USD
us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net Availableforsale Securities
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2570000 USD
us-gaap Payments For Proceeds From Policy Loans
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us-gaap Payments For Repurchase Of Common Stock
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38933000 USD
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40450000 USD
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1372172000 USD
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1459405000 USD
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76074000 USD
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122710000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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59541000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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11571000 USD
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20950000 USD
us-gaap Payments To Acquire Equity Method Investments
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457000 USD
us-gaap Payments To Acquire Mortgage Notes Receivable
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40950000 USD
us-gaap Payments To Acquire Mortgage Notes Receivable
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123624000 USD
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15808000 USD
us-gaap Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
9344000 USD
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30867000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
62251000 USD
us-gaap Pension Contributions
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10750000 USD
CY2014Q2 us-gaap Policyholder Benefits And Claims Incurred Net
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us-gaap Policyholder Benefits And Claims Incurred Net
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2157645000 USD
CY2015Q2 us-gaap Policyholder Benefits And Claims Incurred Net
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1267714000 USD
us-gaap Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
2478441000 USD
CY2014Q4 us-gaap Premiums And Other Receivables Net
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1445630000 USD
CY2015Q2 us-gaap Premiums And Other Receivables Net
PremiumsAndOtherReceivablesNet
1426284000 USD
CY2014Q2 us-gaap Premiums Earned Net
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us-gaap Basis Of Accounting
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Basis of Presentation</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) for interim financial information. Accordingly, these statements do not include all of the information and footnotes required by GAAP for complete financial statements.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The interim financial data as of June 30, 2015 and December&#160;31, 2014 and for the three and six months ended June 30, 2015 and 2014 is unaudited; in the opinion of management, the interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the results for the interim periods. The unaudited interim consolidated financial statements include the accounts of the Company and all of its wholly owned subsidiaries. All inter-company transactions and balances are eliminated in consolidation.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010, and the rules and regulations thereunder (together, the &#8220;Affordable Care Act&#8221;) introduced new and significant premium stabilization programs in 2014. These programs require the Company to record amounts to our consolidated financial statements based on assumptions and estimates that could materially change as experience develops.</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Operating results for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December&#160;31, 2015. The accompanying unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company&#8217;s Annual Report on Form 10-K for the year ended December&#160;31, 2014.</font></div></div>
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Recent Accounting Pronouncements</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Not Yet Adopted</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In April 2015, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued amended guidance on presentation of debt issuance costs. This amended guidance requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts or premiums. The recognition and measurement guidance for debt issuance costs is not affected by the amendments. The amended guidance is effective for interim and annual periods beginning after December 15, 2015. Therefore, the Company is required to adopt the guidance on January 1, 2016. Early adoption of the amended guidance is permitted for financial statements that have not been previously issued. An entity should apply the amended guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. The Company does not expect the adoption of this presentation guidance to impact the Company&#8217;s financial position or results of operations.</font></div><div style="line-height:120%;padding-bottom:6px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2015, the FASB issued new consolidation guidance that affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The new guidance eliminates specialized guidance for limited partnerships and similar legal entities, and removes the indefinite deferral for certain investment funds. The new guidance is effective for interim and annual periods beginning after December 15, 2015. Therefore, the Company is required to adopt the guidance on January 1, 2016. Early adoption is permitted, including adoption in an interim period. The new guidance may be applied retrospectively or through a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption. The Company is evaluating the requirements of this new consolidation guidance and the potential impact on the Company&#8217;s financial position and results of operations.</font></div><div style="line-height:120%;padding-bottom:16px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued amended guidance on revenue recognition. The amended guidance affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. Insurance contracts are within the scope of other standards and therefore are specifically excluded from the scope of the amended revenue recognition guidance. The core principle of the amended guidance is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve the core principle, the entity applies a five step process outlined in the amended guidance. The amended guidance also includes a cohesive set of disclosure requirements. The amended guidance is effective for interim and annual periods beginning after December&#160;15, 2016 and early adoption is not permitted. Therefore, the Company is required to adopt the guidance on January&#160;1, 2017. An entity can choose to apply the amended guidance using either the full retrospective approach or a modified retrospective approach. The Company is evaluating the requirements of the revenue recognition guidance as it relates to its non-insurance contract revenue and the potential impact on the Company&#8217;s financial position and results of operations.</font></div></div>
us-gaap Nature Of Operations
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Nature of Operations</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Assurant, Inc. (the &#8220;Company&#8221;) is a holding company whose subsidiaries provide specialty protection products and related services in North America, Latin America, Europe and other select worldwide markets.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company is traded on the New York Stock Exchange under the symbol "AIZ."</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Through its operating subsidiaries, the Company provides mobile device protection products and services; debt protection administration; credit-related insurance; warranties and extended service products and related services for consumer electronics, appliances and vehicles; pre-funded funeral insurance; lender-placed homeowners insurance; property preservation and valuation services; flood insurance; renters insurance and related products; manufactured housing homeowners insurance; individual health and small employer group health insurance; group dental insurance; group disability insurance; and group life insurance.</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As previously announced, the Company concluded a comprehensive review of its portfolio and decided to sharpen its focus on specialty housing and lifestyle protection products and services. As a result, the Company will exit the health insurance market and is pursuing a sale of its Assurant Employee Benefits segment. See Note 4 for more information.</font></div></div>

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