2018 Q1 Form 10-Q Financial Statement

#000119312518148734 Filed on May 02, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $2.115B $2.171B
YoY Change -2.58% 21.62%
Cost Of Revenue $1.311B $1.246B
YoY Change 5.22% 44.88%
Gross Profit $804.0M $925.0M
YoY Change -13.08% 0.0%
Gross Profit Margin 38.01% 42.61%
Selling, General & Admin $240.0M $270.0M
YoY Change -11.11% -31.47%
% of Gross Profit 29.85% 29.19%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $104.0M $94.00M
YoY Change 10.64% -5.05%
% of Gross Profit 12.94% 10.16%
Operating Expenses $240.0M $270.0M
YoY Change -11.11% -31.47%
Operating Profit $125.0M $143.0M
YoY Change -12.59% 38.83%
Interest Expense $76.00M $62.00M
YoY Change 22.58% -40.95%
% of Operating Profit 60.8% 43.36%
Other Income/Expense, Net
YoY Change
Pretax Income $228.0M $332.0M
YoY Change -31.33% 121.33%
Income Tax $63.00M $116.0M
% Of Pretax Income 27.63% 34.94%
Net Earnings $112.0M $155.0M
YoY Change -27.74% 192.45%
Net Earnings / Revenue 5.3% 7.14%
Basic Earnings Per Share $0.22 $0.31
Diluted Earnings Per Share $0.22 $0.31
COMMON SHARES
Basic Shares Outstanding 499.6M 498.6M
Diluted Shares Outstanding 502.7M 501.0M

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $2.843B $3.018B
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
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $71.55B $70.98B
YoY Change 0.8% 0.96%
Other Assets $602.0M
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $103.8B $104.7B
YoY Change -0.87% -2.32%
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
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $4.996B $4.572B
YoY Change 9.27% -3.03%
Other Long-Term Liabilities $2.504B $3.305B
YoY Change -24.24% -26.99%
Total Long-Term Liabilities $7.500B $7.877B
YoY Change -4.79% -14.77%
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities $7.500B $7.877B
Total Liabilities $88.91B $89.97B
YoY Change -1.18% -1.35%
SHAREHOLDERS EQUITY
Retained Earnings $1.111B $451.0M
YoY Change 146.34% -26.9%
Common Stock $1.000M $1.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.700B $2.700B
YoY Change 0.0% 0.0%
Treasury Stock Shares 88.00M shares 88.00M shares
Shareholders Equity $13.02B $12.81B
YoY Change
Total Liabilities & Shareholders Equity $103.8B $104.7B
YoY Change -0.87% -2.32%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $112.0M $155.0M
YoY Change -27.74% 192.45%
Depreciation, Depletion And Amortization $104.0M $94.00M
YoY Change 10.64% -5.05%
Cash From Operating Activities $109.0M $655.0M
YoY Change -83.36% 155.86%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$104.0M $676.0M
YoY Change -115.38% -2088.24%
Cash From Investing Activities -$167.0M -$142.0M
YoY Change 17.61% -44.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities 47.00M -304.0M
YoY Change -115.46% -84.34%
NET CHANGE
Cash From Operating Activities 109.0M 655.0M
Cash From Investing Activities -167.0M -142.0M
Cash From Financing Activities 47.00M -304.0M
Net Change In Cash -32.00M 234.0M
YoY Change -113.68% -112.06%
FREE CASH FLOW
Cash From Operating Activities $109.0M $655.0M
Capital Expenditures
Free Cash Flow
YoY Change

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt"> <i>Accounting Pronouncements Not Yet Adopted</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> In March 2017, the FASB issued new guidance shortening the amortization period of certain callable debt securities held at a premium. The guidance requires the premium to be amortized to the earliest call date. This change does not apply to securities held at a discount. The guidance is currently effective for us on January&#xA0;1, 2019 using the modified retrospective method, with early adoption permitted. We are in process of evaluating the impact the guidance may have on our consolidated financial statements.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In June 2016, the FASB issued new guidance related to accounting for credit losses on financial instruments. The guidance requires that entities recognize an allowance equal to its estimate of lifetime expected credit losses and applies to most debt instruments not measured at fair value, which would primarily include our commercial mortgage loans and reinsurance receivables. The new guidance retains most of the existing impairment guidance for <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">available-for-sale</font></font> debt securities but amends the presentation of credit losses to be presented as an allowance as opposed to a write-down and permits the reversal of credit losses when reassessing changes in the credit losses each reporting period. The new guidance is effective for us on January&#xA0;1, 2020, with early adoption permitted beginning January&#xA0;1, 2019. Upon adoption, the modified retrospective method will be used and a cumulative effect adjustment in retained earnings as of the beginning of the year of adoption will be recorded. We are in process of evaluating the impact the guidance may have on our consolidated financial statements.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In February 2016, the FASB issued new accounting guidance related to the accounting for leases. The new guidance generally requires lessees to recognize both a <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">right-to-use</font></font> asset and a corresponding liability on the balance sheet. The guidance is effective for us on January&#xA0;1, 2019 using the modified retrospective method, with early adoption permitted. While we are still evaluating the full impact, at this time we do not expect any significant impact from this guidance on our consolidated financial statements.</p> </div>
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<div> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> The following table sets forth changes in our liability for policy and contract claims as of the dates indicated:</p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> &#xA0;</p> <table cellspacing="0" cellpadding="0" width="76%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="75%"></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="6" align="center" style="border-bottom:1.00pt solid #000000"><b>As of or for the three<br /> months ended<sup style="font-size:85%; vertical-align:top"><br /></sup>March&#xA0;31,</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt"> <td valign="bottom" nowrap="nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:74.05pt; display:inline; font-size:8pt; font-family:Times New Roman;"> <b>(Amounts in millions)</b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000"><b>2018</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000"><b>2017</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr bgcolor="#CCEEFF" style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"> Beginning balance</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">9,594</td> <td nowrap="nowrap" valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">9,256</td> <td nowrap="nowrap" valign="bottom"></td> </tr> <tr style="page-break-inside:avoid ; 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margin-bottom:0pt; border-top:1.00px solid #000000"> &#xA0;</p> </td> <td valign="bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> &#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr bgcolor="#CCEEFF" style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"> Net beginning balance</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">7,175</td> <td nowrap="nowrap" valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">6,847</td> <td nowrap="nowrap" valign="bottom"></td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> &#xA0;</p> </td> <td valign="bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> &#xA0;</p> </td> <td valign="bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> &#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"> Incurred related to insured events of:</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr bgcolor="#CCEEFF" style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"> Current year</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">998</td> <td nowrap="nowrap" valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">937</td> <td nowrap="nowrap" valign="bottom"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"> Prior years</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(108</td> <td nowrap="nowrap" valign="bottom">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(106</td> <td nowrap="nowrap" valign="bottom">)&#xA0;</td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> &#xA0;</p> </td> <td valign="bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> &#xA0;</p> </td> <td valign="bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> &#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr bgcolor="#CCEEFF" style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"> Total incurred</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">890</td> <td nowrap="nowrap" valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">831</td> <td nowrap="nowrap" valign="bottom"></td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> &#xA0;</p> </td> <td valign="bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> &#xA0;</p> </td> <td valign="bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> &#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"> Paid related to insured events of:</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr bgcolor="#CCEEFF" style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"> Current year</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(175</td> <td nowrap="nowrap" valign="bottom">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(178</td> <td nowrap="nowrap" valign="bottom">)&#xA0;</td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"> Prior years</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(692</td> <td nowrap="nowrap" valign="bottom">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(656</td> <td nowrap="nowrap" valign="bottom">)&#xA0;</td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> &#xA0;</p> </td> <td valign="bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> &#xA0;</p> </td> <td valign="bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> &#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr bgcolor="#CCEEFF" style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"> Total paid</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(867</td> <td nowrap="nowrap" valign="bottom">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(834</td> <td nowrap="nowrap" valign="bottom">)&#xA0;</td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> &#xA0;</p> </td> <td valign="bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> &#xA0;</p> </td> <td valign="bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> &#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"> Interest on liability for policy and contract claims</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">81</td> <td nowrap="nowrap" valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">73</td> <td nowrap="nowrap" valign="bottom"></td> </tr> <tr bgcolor="#CCEEFF" style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"> Foreign currency translation</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(5</td> <td nowrap="nowrap" valign="bottom">)&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">14</td> <td nowrap="nowrap" valign="bottom"></td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> &#xA0;</p> </td> <td valign="bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> &#xA0;</p> </td> <td valign="bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> &#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"> Net ending balance</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">7,274</td> <td nowrap="nowrap" valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">6,931</td> <td nowrap="nowrap" valign="bottom"></td> </tr> <tr bgcolor="#CCEEFF" style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"> Add reinsurance recoverables</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">2,377</td> <td nowrap="nowrap" valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">2,364</td> <td nowrap="nowrap" valign="bottom"></td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> &#xA0;</p> </td> <td valign="bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> &#xA0;</p> </td> <td valign="bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> &#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"> Ending balance</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">9,651</td> <td nowrap="nowrap" valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">9,295</td> <td nowrap="nowrap" valign="bottom"></td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> &#xA0;</p> </td> <td valign="bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> &#xA0;</p> </td> <td valign="bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> &#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> </div>
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-5000000
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45000000
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CY2018Q1 us-gaap Profit Loss
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CY2018Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
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CY2018Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
228000000
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202000000
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CY2018Q1 us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
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CY2018Q1 us-gaap Availableforsale Securities Gross Realized Gain Loss Excluding Other Than Temporary Impairments
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16000000
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0
CY2018Q1 us-gaap Deferred Income Tax Expense Benefit
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26000000
CY2018Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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CY2018Q1 us-gaap Income Tax Expense Benefit
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76000000
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22000000
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36000000
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1311000000
CY2018Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
792000000
CY2018Q1 us-gaap Share Based Compensation
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CY2018Q1 us-gaap Increase Decrease In Insurance Liabilities
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377000000
CY2018Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1
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890000000
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
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19000000
CY2018Q1 us-gaap Selling General And Administrative Expense
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240000000
CY2018Q1 us-gaap Supplemental Information For Property Casualty Insurance Underwriters Current Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersCurrentYearClaimsAndClaimsAdjustmentExpense
998000000
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CY2018Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Issues
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21000000
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CY2018Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
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CY2018Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
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CY2018Q1 us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Before Tax Including Portion Attributable To Noncontrolling Interest Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossBeforeTaxIncludingPortionAttributableToNoncontrollingInterestAvailableforsaleSecurities
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CY2018Q1 us-gaap Proceeds From Annuities And Investment Certificates
ProceedsFromAnnuitiesAndInvestmentCertificates
255000000
CY2018Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
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CY2018Q1 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
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CY2018Q1 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
104000000
CY2018Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
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CY2018Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Noncontrolling Interest
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CY2018Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
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CY2018Q1 us-gaap Interest Credited To Policyholders Account Balances
InterestCreditedToPolicyholdersAccountBalances
156000000
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
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47000000
CY2018Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
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CY2018Q1 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNetAvailableforsaleSecurities
0
CY2018Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
441000000
CY2018Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
934000000
CY2018Q1 us-gaap Proceeds From Sale And Collection Of Mortgage Notes Receivable
ProceedsFromSaleAndCollectionOfMortgageNotesReceivable
205000000
CY2018Q1 us-gaap Restructuring Charges
RestructuringCharges
0
CY2018Q1 us-gaap Supplemental Information For Property Casualty Insurance Underwriters Prior Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersPriorYearClaimsAndClaimsAdjustmentExpense
-108000000
CY2018Q1 gnw Other Comprehensive Income Unrealized Holding Gain Loss On Adjustment To Sales Inducements Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnAdjustmentToSalesInducementsArisingDuringPeriodBeforeTax
20000000
CY2018Q1 gnw Percentage Of Book Value For Securities Sold At Loss
PercentageOfBookValueForSecuritiesSoldAtLoss
0.98 pure
CY2018Q1 gnw Commercial Mortgage Loans Gain Loss
CommercialMortgageLoansGainLoss
0
CY2018Q1 gnw Percentage Of Investment Portfolio By Which No Industry Group Exceeded
PercentageOfInvestmentPortfolioByWhichNoIndustryGroupExceeded
0.10 pure
CY2018Q1 gnw Taxes On Reconciling Adjustments To Net Operating Income Loss
TaxesOnReconcilingAdjustmentsToNetOperatingIncomeLoss
-4000000
CY2018Q1 gnw Notional Amount Of Derivatives Additions
NotionalAmountOfDerivativesAdditions
3265000000
CY2018Q1 gnw Notional Amount Of Derivatives Terminations
NotionalAmountOfDerivativesTerminations
3570000000
CY2018Q1 gnw Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNet
-348000000
CY2018Q1 gnw Other Comprehensive Income Unrealized Holding Gain Loss On Adjustment To Pvfp Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnAdjustmentToPvfpArisingDuringPeriodBeforeTax
36000000
CY2018Q1 gnw Assumed Tax Rate On Adjustments
AssumedTaxRateOnAdjustments
0.21 pure
CY2018Q1 gnw Fair Value Securities Sold At Loss During Period
FairValueSecuritiesSoldAtLossDuringPeriod
619000000
CY2018Q1 gnw Range Of Time Hedged In Cash Flow Hedge
RangeOfTimeHedgedInCashFlowHedge
2057
CY2018Q1 gnw Stock Awards And Stock Options Exercise
StockAwardsAndStockOptionsExercise
4000000
CY2018Q1 gnw Other Comprehensive Income Unrealized Holding Gain Loss On Adjustment To Dac Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnAdjustmentToDacArisingDuringPeriodBeforeTax
442000000
CY2018Q1 gnw Other Comprehensive Income Unrealized Holding Gain Loss On Adjustment To Benefit Reserves Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnAdjustmentToBenefitReservesArisingDuringPeriodBeforeTax
740000000
CY2018Q1 gnw Period End Valuation
PeriodEndValuation
0 pure
CY2018Q1 gnw Increase Decrease In Intercompany Notes Receivable
IncreaseDecreaseInIntercompanyNotesReceivable
0
CY2018Q1 gnw Weighted Average Debt Service Coverage Ratio
WeightedAverageDebtServiceCoverageRatio
2.08 pure
CY2018Q1 gnw Interest On Liability For Policy And Contract Claims
InterestOnLiabilityForPolicyAndContractClaims
81000000
CY2018Q1 gnw Cumulative Effect Of Change In Accounting Principle
CumulativeEffectOfChangeInAccountingPrinciple
131000000
CY2018Q1 gnw Securitization Entities Gains Losses
SecuritizationEntitiesGainsLosses
0
CY2018Q1 gnw Gain Loss On Sale Of Investments Net Of Adjustments
GainLossOnSaleOfInvestmentsNetOfAdjustments
-17000000
CY2018Q1 gnw Amortization Of Deferred Acquisition Costs And Intangibles
AmortizationOfDeferredAcquisitionCostsAndIntangibles
104000000
CY2018Q1 gnw Charges Assessed To Policyholders
ChargesAssessedToPolicyholders
178000000
CY2018Q1 gnw Increase Decrease In Trading Securities And Held For Sale And Derivative Instruments
IncreaseDecreaseInTradingSecuritiesAndHeldForSaleAndDerivativeInstruments
152000000
CY2018Q1 gnw Repayment Of Variable Interest Entity Borrowings
RepaymentOfVariableInterestEntityBorrowings
8000000
CY2018Q1 gnw Proceeds From Sale And Collection Of Variable Interest Entity Mortgage Notes Receivable
ProceedsFromSaleAndCollectionOfVariableInterestEntityMortgageNotesReceivable
8000000
CY2018Q1 gnw Accumulated Other Comprehensive Income Loss Net Of Tax Including Portion Attributable To Noncontrolling Interest Balances Before Nonnontrolling Interests
AccumulatedOtherComprehensiveIncomeLossNetOfTaxIncludingPortionAttributableToNoncontrollingInterestBalancesBeforeNonnontrollingInterests
2578000000
CY2018Q1 gnw Limited Partnership Fv Ni Gain Loss
LimitedPartnershipFvNiGainLoss
7000000
CY2018Q1 gnw Increase Decrease In Intercompany Notes Payable
IncreaseDecreaseInIntercompanyNotesPayable
0
CY2018Q1 gnw Tax Cuts And Jobs Act Of2017 Reclassification From Aoci Unrealized Gains On Investment Securities To Retained Earnings Tax Effect
TaxCutsAndJobsActOf2017ReclassificationFromAOCIUnrealizedGainsOnInvestmentSecuritiesToRetainedEarningsTaxEffect
189000000
CY2018Q1 gnw Tax Cuts And Jobs Act Of2017 Reclassification From Aoci Unrealized Gains On Derivatives To Retained Earnings Tax Effect
TaxCutsAndJobsActOf2017ReclassificationFromAOCIUnrealizedGainsOnDerivativesToRetainedEarningsTaxEffect
12000000
CY2018Q1 gnw Effective Income Tax Rate Reconciliation Swaps Terminated Prior To Tax Cuts And Jobs Act
EffectiveIncomeTaxRateReconciliationSwapsTerminatedPriorToTaxCutsAndJobsAct
0.023 pure
CY2018Q1 gnw Recognition And Measurement Of Financial Assets And Liabilities
RecognitionAndMeasurementOfFinancialAssetsAndLiabilities
25000000
CY2018Q1 gnw Recognition And Measurement Of Financial Assets And Liabilities Tax Amount
RecognitionAndMeasurementOfFinancialAssetsAndLiabilitiesTaxAmount
18000000
CY2018Q1 gnw Changes To The Hedge Accounting Model Net Of Deferred Taxes
ChangesToTheHedgeAccountingModelNetOfDeferredTaxes
2000000
CY2018Q1 gnw Changes To The Hedge Accounting Model Deferred Taxes
ChangesToTheHedgeAccountingModelDeferredTaxes
-1000000

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