2016 Q2 Form 10-Q Financial Statement

#000162828016018283 Filed on August 02, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $1.798B $2.645B
YoY Change -32.03% 1.41%
Cost Of Revenue $400.8M $1.268B
YoY Change -68.38% 10.27%
Gross Profit $1.397B $1.377B
YoY Change 1.44% -5.57%
Gross Profit Margin 77.71% 52.07%
Selling, General & Admin $803.6M $969.5M
YoY Change -17.11% 9.63%
% of Gross Profit 57.52% 70.4%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $803.6M $969.5M
YoY Change -17.11% 9.63%
Operating Profit $593.4M $407.7M
YoY Change 45.55% -28.99%
Interest Expense $15.20M $13.78M
YoY Change 10.32% 0.01%
% of Operating Profit 2.56% 3.38%
Other Income/Expense, Net
YoY Change
Pretax Income $235.5M $40.03M
YoY Change 488.38% -79.35%
Income Tax $66.20M $7.236M
% Of Pretax Income 28.11% 18.08%
Net Earnings $169.3M $32.79M
YoY Change 416.33% -77.17%
Net Earnings / Revenue 9.42% 1.24%
Basic Earnings Per Share $2.72 $0.48
Diluted Earnings Per Share $2.70 $0.47
COMMON SHARES
Basic Shares Outstanding 62.24M shares 68.56M shares
Diluted Shares Outstanding 62.72M shares 69.24M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $1.233B $1.297B
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 $327.9M $289.4M
YoY Change 13.28% 10.46%
Goodwill $834.2M $842.2M
YoY Change -0.95%
Intangibles $250.4M $332.4M
YoY Change -24.66%
Long-Term Investments $11.92B $13.66B
YoY Change -12.73% -6.52%
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $29.80B $30.84B
YoY Change -3.37% 0.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.876B $2.201B
YoY Change -14.77% 21.2%
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 $5.592B $6.619B
YoY Change -15.52% 11.15%
LONG-TERM LIABILITIES
Long-Term Debt $1.165B $1.171B
YoY Change -0.51% 0.0%
Other Long-Term Liabilities $439.0M $190.0M
YoY Change 131.05% 1.6%
Total Long-Term Liabilities $1.604B $1.361B
YoY Change 17.85% 0.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.592B $6.619B
Total Long-Term Liabilities $1.604B $1.361B
Total Liabilities $25.20B $26.01B
YoY Change -3.14% 2.96%
SHAREHOLDERS EQUITY
Retained Earnings $5.181B $4.852B
YoY Change 6.8%
Common Stock $3.152B $3.128B
YoY Change 0.77%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.053B $3.500B
YoY Change 15.79%
Treasury Stock Shares 89.26M shares 82.23M shares
Shareholders Equity $4.608B $4.828B
YoY Change
Total Liabilities & Shareholders Equity $29.80B $30.84B
YoY Change -3.37% 0.74%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $169.3M $32.79M
YoY Change 416.33% -77.17%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $37.40M $349.8M
YoY Change -89.31% 159.88%
INVESTING ACTIVITIES
Capital Expenditures -$24.90M -$40.10M
YoY Change -37.91% 125.28%
Acquisitions
YoY Change
Other Investing Activities -$362.3M $41.80M
YoY Change -966.75% -82.83%
Cash From Investing Activities -$387.4M $1.800M
YoY Change -21622.22% -99.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -476.2M -126.0M
YoY Change 277.94% 75.98%
NET CHANGE
Cash From Operating Activities 37.40M 349.8M
Cash From Investing Activities -387.4M 1.800M
Cash From Financing Activities -476.2M -126.0M
Net Change In Cash -826.2M 225.6M
YoY Change -466.22% -21.86%
FREE CASH FLOW
Cash From Operating Activities $37.40M $349.8M
Capital Expenditures -$24.90M -$40.10M
Free Cash Flow $62.30M $389.9M
YoY Change -84.02% 155.84%

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us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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0 USD
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0 USD
CY2015Q4 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
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0 USD
CY2016Q2 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
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0 USD
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64928000 USD
CY2015Q4 us-gaap Funds Held Under Reinsurance Agreements Liability
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94417000 USD
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105475000 USD
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11999000 USD
us-gaap Gain Loss On Investments
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15954000 USD
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21626000 USD
us-gaap Gain Loss On Investments
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183344000 USD
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11999000 USD
us-gaap Gain Loss On Investments Excluding Other Than Temporary Impairments
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18524000 USD
CY2016Q2 us-gaap Gain Loss On Investments Excluding Other Than Temporary Impairments
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21679000 USD
us-gaap Gain Loss On Investments Excluding Other Than Temporary Impairments
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184045000 USD
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11999000 USD
us-gaap Gain Loss On Sale Of Investments
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15954000 USD
CY2016Q2 us-gaap Gain Loss On Sale Of Investments
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21626000 USD
us-gaap Gain Loss On Sale Of Investments
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183344000 USD
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9092000 USD
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0 USD
CY2015Q2 us-gaap Impairment Of Investments
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0 USD
us-gaap Impairment Of Investments
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3208000 USD
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53000 USD
us-gaap Impairment Of Investments
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364000 USD
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40025000 USD
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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123218000 USD
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235512000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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573019000 USD
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7236000 USD
us-gaap Income Tax Expense Benefit
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40385000 USD
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66163000 USD
us-gaap Income Tax Expense Benefit
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183352000 USD
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24176000 USD
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0 USD
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us-gaap Increase Decrease In Cash Collateral For Loaned Securities
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0 USD
us-gaap Increase Decrease In Collateral Held Under Securities Lending
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-697000 USD
us-gaap Increase Decrease In Collateral Held Under Securities Lending
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0 USD
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277163000 USD
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250419000 USD
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13778000 USD
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27556000 USD
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15232000 USD
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29735000 USD
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11961497000 USD
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19809000 USD
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12491000 USD
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25512435000 USD
CY2016Q2 us-gaap Liabilities
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25196142000 USD
CY2015Q4 us-gaap Liabilities And Stockholders Equity
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30036402000 USD
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29804213000 USD
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1840321000 USD
CY2016Q2 us-gaap Liabilities Fair Value Disclosure Recurring
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1761110000 USD
CY2015Q4 us-gaap Liability For Claims And Claims Adjustment Expense
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3896719000 USD
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3276722000 USD
CY2015Q4 us-gaap Liability For Future Policy Benefits
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9466694000 USD
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9748406000 USD
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1151256000 USD
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620185000 USD
us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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55750000 USD
us-gaap Net Cash Provided By Used In Investing Activities
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745635000 USD
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168896000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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32789000 USD
us-gaap Net Income Loss
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82833000 USD
us-gaap Net Income Loss
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389667000 USD
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167786000 USD
us-gaap Net Investment Income
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320059000 USD
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119820000 USD
us-gaap Net Investment Income
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255527000 USD
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5 reportable_segment
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712000 USD
us-gaap Other Comprehensive Income Foreign Currency Translation Gain Loss Arising During Period Tax
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-1943000 USD
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46000 USD
us-gaap Other Comprehensive Income Foreign Currency Translation Gain Loss Arising During Period Tax
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1655000 USD
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us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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-165605000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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115940000 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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145812000 USD
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us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
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CY2016Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
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62503000 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
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77339000 USD
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20151000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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OtherComprehensiveIncomeLossNetOfTax
102014000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
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208705000 USD
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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CY2016Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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-406000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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CY2015Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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-1409000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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-2818000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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-219000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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-35870000 USD
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323609000 USD
us-gaap Other Income
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603171000 USD
CY2016Q2 us-gaap Other Income
OtherIncome
328305000 USD
us-gaap Other Income
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508950000 USD
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498281000 USD
us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions Additional Credit Losses
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsAdditionsAdditionalCreditLosses
0 USD
CY2014Q4 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
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35424000 USD
CY2015Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
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36057000 USD
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34308000 USD
CY2015Q4 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
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32377000 USD
CY2016Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
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30981000 USD
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29104000 USD
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603000 USD
us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Cash Flows
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CY2016Q2 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Cash Flows
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us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Cash Flows
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us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
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0 USD
us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Before Tax Portion Attributable To Parent Availableforsale Securities
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638000 USD
CY2016Q2 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
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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
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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
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1175000 USD
CY2016Q2 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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1059000 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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632000 USD
CY2016Q2 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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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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571000 USD
CY2015Q2 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
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0 USD
us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
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2570000 USD
CY2016Q2 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
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53000 USD
us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
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701000 USD
CY2015Q2 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net Availableforsale Securities
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0 USD
us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net Availableforsale Securities
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2570000 USD
CY2016Q2 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net Availableforsale Securities
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53000 USD
us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net Availableforsale Securities
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701000 USD
us-gaap Payments For Proceeds From Policy Loans
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187752000 USD
us-gaap Payments For Repurchase Of Common Stock
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0 USD
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0 USD
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15234000 USD
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8373000 USD
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16753000 USD
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15720000 USD
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40450000 USD
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64966000 USD
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1459405000 USD
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2018397000 USD
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122710000 USD
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134493000 USD
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11571000 USD
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19735000 USD
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457000 USD
us-gaap Payments To Acquire Equity Method Investments
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0 USD
us-gaap Payments To Acquire Mortgage Notes Receivable
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123624000 USD
us-gaap Payments To Acquire Mortgage Notes Receivable
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33900000 USD
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9344000 USD
us-gaap Payments To Acquire Other Investments
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38818000 USD
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62251000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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47721000 USD
us-gaap Pension Contributions
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0 USD
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259741000 USD
CY2015Q2 us-gaap Policyholder Benefits And Claims Incurred Net
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1267714000 USD
us-gaap Policyholder Benefits And Claims Incurred Net
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2478441000 USD
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400814000 USD
us-gaap Policyholder Benefits And Claims Incurred Net
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944630000 USD
CY2015Q4 us-gaap Premiums And Other Receivables Net
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1260717000 USD
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1218299000 USD
CY2015Q2 us-gaap Premiums Earned Net
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2138258000 USD
us-gaap Premiums Earned Net
PremiumsEarnedNet
4297820000 USD
CY2016Q2 us-gaap Premiums Earned Net
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1202224000 USD
us-gaap Premiums Earned Net
PremiumsEarnedNet
2617462000 USD
us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
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65002000 USD
us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
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857799000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
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0 USD
us-gaap Proceeds From Issuance Of Long Term Debt
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249625000 USD
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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;padding-top:12px;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 notes 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, 2016 and for the three and six months ended June 30, 2016 and 2015 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. Certain prior period amounts have been reclassified to conform to the 2016 presentation.</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 until the Company exits the Health business and settles related receivables later in 2016.</font></div><div style="line-height:120%;padding-bottom:12px;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, 2016 are not necessarily indicative of the results that may be expected for the year ending December&#160;31, 2016. 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, 2015.</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 globally provide risk management solutions, protecting where consumers live and the goods they buy.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;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:8px;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 and related services; vehicle protection; pre-funded funeral insurance; credit insurance; renters insurance; lender-placed homeowners insurance; mortgage valuation and field services and manufactured housing insurance. </font></div><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As previously announced, the Company will substantially exit the health insurance market by the end of 2016 and sold its Assurant Employee Benefits segment on March 1, 2016 mainly through a series of reinsurance transactions with Sun Life Assurance Company of Canada, a subsidiary of Sun Life Financial Inc. (&#8220;Sun Life&#8221;). See Notes 4 and 5, respectively, for more information.</font></div></div>

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