2015 Q4 Form 10-Q Financial Statement
#000091142115000046 Filed on October 30, 2015
Income Statement
Concept | 2015 Q4 | 2015 Q3 | 2014 Q3 |
---|---|---|---|
Revenue | $1.379B | $1.399B | $1.643B |
YoY Change | -17.08% | -14.85% | 5.05% |
Cost Of Revenue | $767.0M | $804.0M | $960.0M |
YoY Change | -11.84% | -16.25% | 27.83% |
Gross Profit | $612.0M | $261.0M | $275.0M |
YoY Change | -22.82% | -5.09% | -28.94% |
Gross Profit Margin | 44.38% | 18.66% | 16.74% |
Selling, General & Admin | |||
YoY Change | |||
% of Gross Profit | |||
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $311.0M | $347.0M | $322.0M |
YoY Change | -4.31% | 7.76% | 13.78% |
% of Gross Profit | 50.82% | 132.95% | 117.09% |
Operating Expenses | |||
YoY Change | |||
Operating Profit | |||
YoY Change | |||
Interest Expense | $12.00M | $12.00M | $12.00M |
YoY Change | 0.0% | 0.0% | 0.0% |
% of Operating Profit | |||
Other Income/Expense, Net | $120.0M | $416.0M | $108.0M |
YoY Change | -2.44% | 285.19% | 0.0% |
Pretax Income | $169.0M | -$209.0M | $242.0M |
YoY Change | -49.4% | -186.36% | -39.8% |
Income Tax | -$3.000M | $17.00M | $46.00M |
% Of Pretax Income | -1.78% | 19.01% | |
Net Earnings | $177.0M | -$229.0M | $196.0M |
YoY Change | -36.1% | -216.84% | -41.32% |
Net Earnings / Revenue | 12.84% | -16.37% | 11.93% |
Basic Earnings Per Share | $3.39 | -$5.08 | $3.68 |
Diluted Earnings Per Share | $3.30 | -$5.08 | $3.60 |
COMMON SHARES | |||
Basic Shares Outstanding | 47.91M shares | 47.87M shares | 49.51M shares |
Diluted Shares Outstanding | 47.87M shares | 50.68M shares |
Balance Sheet
Concept | 2015 Q4 | 2015 Q3 | 2014 Q3 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | |||
YoY Change | |||
Cash & Equivalents | $1.577B | $1.256B | $1.519B |
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 | $456.4M | $456.4M | $456.4M |
YoY Change | 0.0% | 0.0% | |
Intangibles | $133.0M | $139.3M | $166.1M |
YoY Change | -16.66% | -16.13% | -14.01% |
Long-Term Investments | |||
YoY Change | |||
Other Assets | |||
YoY Change | |||
Total Long-Term Assets | |||
YoY Change | |||
TOTAL ASSETS | |||
Total Short-Term Assets | |||
Total Long-Term Assets | |||
Total Assets | $21.41B | $22.03B | $23.21B |
YoY Change | -3.88% | -5.09% | 0.3% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | |||
YoY Change | |||
Accrued Expenses | |||
YoY Change | |||
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | |||
YoY Change | |||
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | |||
YoY Change | |||
LONG-TERM LIABILITIES | |||
Long-Term Debt | |||
YoY Change | |||
Other Long-Term Liabilities | |||
YoY Change | |||
Total Long-Term Liabilities | |||
YoY Change | |||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | |||
Total Long-Term Liabilities | |||
Total Liabilities | $14.50B | $15.25B | $16.14B |
YoY Change | -4.37% | -5.53% | -2.26% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | $6.147B | $6.020B | $6.041B |
YoY Change | -1.98% | -0.35% | 16.55% |
Common Stock | $87.24M | $87.24M | $87.14M |
YoY Change | 0.0% | 0.11% | 0.83% |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | $3.267B | $3.269B | $3.076B |
YoY Change | 0.24% | 6.28% | 18.01% |
Treasury Stock Shares | 39.30M shares | 39.34M shares | 37.79M shares |
Shareholders Equity | $6.901B | $6.775B | $7.014B |
YoY Change | |||
Total Liabilities & Shareholders Equity | $21.41B | $22.03B | $23.21B |
YoY Change | -3.88% | -5.09% | 0.3% |
Cashflow Statement
Concept | 2015 Q4 | 2015 Q3 | 2014 Q3 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | $177.0M | -$229.0M | $196.0M |
YoY Change | -36.1% | -216.84% | -41.32% |
Depreciation, Depletion And Amortization | $311.0M | $347.0M | $322.0M |
YoY Change | -4.31% | 7.76% | 13.78% |
Cash From Operating Activities | |||
YoY Change | |||
INVESTING ACTIVITIES | |||
Capital Expenditures | |||
YoY Change | |||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | |||
YoY Change | |||
Cash From Investing Activities | |||
YoY Change | |||
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | |||
YoY Change | |||
NET CHANGE | |||
Cash From Operating Activities | |||
Cash From Investing Activities | |||
Cash From Financing Activities | |||
Net Change In Cash | |||
YoY Change | |||
FREE CASH FLOW | |||
Cash From Operating Activities | |||
Capital Expenditures | |||
Free Cash Flow | |||
YoY Change |
Facts In Submission
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---|---|---|---|---|
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2015-09-30 | ||
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Earnings Per Share Basic
EarningsPerShareBasic
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Earnings Per Share Basic
EarningsPerShareBasic
|
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EarningsPerShareBasic
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EarningsPerShareDiluted
|
14.26 | ||
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Earnings Per Share Diluted
EarningsPerShareDiluted
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DeferredPolicyAcquisitionCostAmortizationExpense
|
905774000 | USD | |
CY2014Q4 | us-gaap |
Deferred Policy Acquisition Costs
DeferredPolicyAcquisitionCosts
|
661186000 | USD |
CY2015Q3 | us-gaap |
Deferred Policy Acquisition Costs
DeferredPolicyAcquisitionCosts
|
684380000 | USD |
CY2014Q4 | us-gaap |
Deposit Contracts Assets
DepositContractsAssets
|
92973000 | USD |
CY2015Q3 | us-gaap |
Deposit Contracts Assets
DepositContractsAssets
|
83729000 | USD |
CY2014Q4 | us-gaap |
Deposit Contracts Liabilities
DepositContractsLiabilities
|
70325000 | USD |
CY2015Q3 | us-gaap |
Deposit Contracts Liabilities
DepositContractsLiabilities
|
42336000 | USD |
CY2014Q4 | us-gaap |
Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
|
0 | USD |
CY2015Q3 | us-gaap |
Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
|
0 | USD |
CY2014Q4 | us-gaap |
Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
|
8536000 | USD |
CY2015Q3 | us-gaap |
Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
|
9440000 | USD |
CY2014Q4 | us-gaap |
Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
|
14858000 | USD |
CY2015Q3 | us-gaap |
Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
|
47430000 | USD |
CY2014Q4 | us-gaap |
Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
|
21521000 | USD |
CY2015Q3 | us-gaap |
Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
|
25049000 | USD |
CY2014Q4 | us-gaap |
Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
|
21521000 | USD |
CY2015Q3 | us-gaap |
Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
|
25049000 | USD |
CY2014Q4 | us-gaap |
Derivative Fair Value Of Derivative Asset Amount Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral
|
12219000 | USD |
CY2015Q3 | us-gaap |
Derivative Fair Value Of Derivative Asset Amount Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral
|
15089000 | USD |
CY2014Q4 | us-gaap |
Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
|
27977000 | USD |
CY2015Q3 | us-gaap |
Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
|
52062000 | USD |
CY2014Q4 | us-gaap |
Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral
|
27977000 | USD |
CY2015Q3 | us-gaap |
Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral
|
52062000 | USD |
CY2014Q4 | us-gaap |
Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral
|
12353000 | USD |
CY2015Q3 | us-gaap |
Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral
|
4112000 | USD |
CY2014Q4 | us-gaap |
Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
|
-6456000 | USD |
CY2015Q3 | us-gaap |
Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
|
-27013000 | USD |
us-gaap |
Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
|
-35729000 | USD | |
CY2015Q3 | us-gaap |
Fair Value Assets Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueAssetsMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
|
17802000 | USD |
us-gaap |
Fair Value Assets Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueAssetsMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
|
4782000 | USD | |
CY2014Q3 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1
|
-7448000 | USD |
us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1
|
11407000 | USD | |
CY2015Q3 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1
|
19156000 | USD |
us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1
|
5038000 | USD | |
CY2014Q3 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
|
46591000 | USD |
us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
|
205364000 | USD | |
CY2015Q3 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
|
108690000 | USD |
us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
|
469792000 | USD | |
CY2014Q3 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Sales
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales
|
0 | USD |
us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Sales
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales
|
0 | USD | |
CY2014Q3 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements
|
62924000 | USD |
us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements
|
176688000 | USD | |
CY2015Q3 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements
|
94650000 | USD |
us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements
|
487439000 | USD | |
CY2014Q3 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
|
0 | USD |
us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
|
0 | USD | |
CY2015Q3 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
|
0 | USD |
us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
|
0 | USD | |
CY2013Q4 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
|
712306000 | USD |
CY2014Q2 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
|
776170000 | USD |
CY2014Q3 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
|
752389000 | USD |
CY2014Q4 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
|
769384000 | USD |
CY2015Q2 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
|
723579000 | USD |
CY2015Q3 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
|
756775000 | USD |
CY2014Q3 | us-gaap |
Fair Value Option Changes In Fair Value Gain Loss1
FairValueOptionChangesInFairValueGainLoss1
|
-110667000 | USD |
us-gaap |
Fair Value Option Changes In Fair Value Gain Loss1
FairValueOptionChangesInFairValueGainLoss1
|
154246000 | USD | |
CY2015Q3 | us-gaap |
Fair Value Option Changes In Fair Value Gain Loss1
FairValueOptionChangesInFairValueGainLoss1
|
-116642000 | USD |
us-gaap |
Fair Value Option Changes In Fair Value Gain Loss1
FairValueOptionChangesInFairValueGainLoss1
|
-347173000 | USD | |
CY2014Q3 | us-gaap |
Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
|
8206000 | USD |
us-gaap |
Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
|
10900000 | USD | |
CY2015Q3 | us-gaap |
Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
|
-22413000 | USD |
us-gaap |
Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
|
-15657000 | USD | |
CY2014Q4 | us-gaap |
Funds Held Under Reinsurance Agreements Asset
FundsHeldUnderReinsuranceAgreementsAsset
|
765905000 | USD |
CY2015Q3 | us-gaap |
Funds Held Under Reinsurance Agreements Asset
FundsHeldUnderReinsuranceAgreementsAsset
|
671572000 | USD |
CY2014Q3 | us-gaap |
Gain Loss On Investments
GainLossOnInvestments
|
-34420000 | USD |
us-gaap |
Gain Loss On Investments
GainLossOnInvestments
|
273468000 | USD | |
CY2015Q3 | us-gaap |
Gain Loss On Investments
GainLossOnInvestments
|
-133017000 | USD |
us-gaap |
Gain Loss On Investments
GainLossOnInvestments
|
-273107000 | USD | |
CY2014Q4 | us-gaap |
Goodwill
Goodwill
|
456380000 | USD |
CY2015Q3 | us-gaap |
Goodwill
Goodwill
|
456380000 | USD |
CY2014Q3 | us-gaap |
Gross Profit
GrossProfit
|
275000000 | USD |
us-gaap |
Gross Profit
GrossProfit
|
681000000 | USD | |
CY2015Q3 | us-gaap |
Gross Profit
GrossProfit
|
261000000 | USD |
us-gaap |
Gross Profit
GrossProfit
|
679000000 | USD | |
CY2014Q3 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
241641000 | USD |
us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
958076000 | USD | |
CY2015Q3 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
-208741000 | USD |
us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
11827000 | USD | |
CY2014Q3 | us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
5294000 | USD |
us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
16283000 | USD | |
CY2015Q3 | us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
-3231000 | USD |
us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
1564000 | USD | |
CY2014Q3 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
45617000 | USD |
us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
186363000 | USD | |
CY2015Q3 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
17170000 | USD |
us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
82990000 | USD | |
us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
243396000 | USD | |
us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
178830000 | USD | |
us-gaap |
Increase Decrease In Deferred Policy Acquisition Costs
IncreaseDecreaseInDeferredPolicyAcquisitionCosts
|
83758000 | USD | |
us-gaap |
Increase Decrease In Deferred Policy Acquisition Costs
IncreaseDecreaseInDeferredPolicyAcquisitionCosts
|
52580000 | USD | |
us-gaap |
Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
|
10207000 | USD | |
us-gaap |
Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
|
-13368000 | USD | |
us-gaap |
Increase Decrease In Unearned Premiums
IncreaseDecreaseInUnearnedPremiums
|
336384000 | USD | |
us-gaap |
Increase Decrease In Unearned Premiums
IncreaseDecreaseInUnearnedPremiums
|
191234000 | USD | |
CY2014Q3 | us-gaap |
Increase Decrease In Unearned Premiums Net
IncreaseDecreaseInUnearnedPremiumsNet
|
213924000 | USD |
us-gaap |
Increase Decrease In Unearned Premiums Net
IncreaseDecreaseInUnearnedPremiumsNet
|
-336384000 | USD | |
CY2015Q3 | us-gaap |
Increase Decrease In Unearned Premiums Net
IncreaseDecreaseInUnearnedPremiumsNet
|
221737000 | USD |
us-gaap |
Increase Decrease In Unearned Premiums Net
IncreaseDecreaseInUnearnedPremiumsNet
|
-191235000 | USD | |
CY2014Q4 | us-gaap |
Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
|
159604000 | USD |
CY2015Q3 | us-gaap |
Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
|
139301000 | USD |
CY2014Q3 | us-gaap |
Interest Expense
InterestExpense
|
12241000 | USD |
us-gaap |
Interest Expense
InterestExpense
|
36719000 | USD | |
CY2015Q3 | us-gaap |
Interest Expense
InterestExpense
|
12249000 | USD |
us-gaap |
Interest Expense
InterestExpense
|
36742000 | USD | |
us-gaap |
Interest Paid
InterestPaid
|
24630000 | USD | |
us-gaap |
Interest Paid
InterestPaid
|
24630000 | USD | |
CY2014Q3 | us-gaap |
Investment Income Net
InvestmentIncomeNet
|
118176000 | USD |
us-gaap |
Investment Income Net
InvestmentIncomeNet
|
365010000 | USD | |
CY2015Q3 | us-gaap |
Investment Income Net
InvestmentIncomeNet
|
117054000 | USD |
us-gaap |
Investment Income Net
InvestmentIncomeNet
|
341877000 | USD | |
CY2014Q4 | us-gaap |
Investments
Investments
|
15299764000 | USD |
CY2015Q3 | us-gaap |
Investments
Investments
|
14475450000 | USD |
CY2014Q4 | us-gaap |
Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
|
15585006000 | USD |
CY2015Q3 | us-gaap |
Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
|
14690574000 | USD |
CY2014Q4 | us-gaap |
Junior Subordinated Notes
JuniorSubordinatedNotes
|
70989000 | USD |
CY2015Q3 | us-gaap |
Junior Subordinated Notes
JuniorSubordinatedNotes
|
70989000 | USD |
CY2014Q4 | us-gaap |
Liabilities
Liabilities
|
15165946000 | USD |
CY2015Q3 | us-gaap |
Liabilities
Liabilities
|
15247879000 | USD |
CY2014Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
22270357000 | USD |
CY2015Q3 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
22025228000 | USD |
CY2014Q4 | us-gaap |
Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
|
9745806000 | USD |
CY2015Q3 | us-gaap |
Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
|
9522225000 | USD |
CY2014Q4 | us-gaap |
Liability For Future Policy Benefits
LiabilityForFuturePolicyBenefits
|
2050107000 | USD |
CY2015Q3 | us-gaap |
Liability For Future Policy Benefits
LiabilityForFuturePolicyBenefits
|
2123028000 | USD |
CY2014Q4 | us-gaap |
Minority Interest
MinorityInterest
|
55501000 | USD |
CY2015Q3 | us-gaap |
Minority Interest
MinorityInterest
|
2212000 | USD |
us-gaap |
Minority Interest Period Increase Decrease
MinorityInterestPeriodIncreaseDecrease
|
14265000 | USD | |
us-gaap |
Minority Interest Period Increase Decrease
MinorityInterestPeriodIncreaseDecrease
|
55820000 | USD | |
us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
-520187000 | USD | |
us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
-266762000 | USD | |
us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-2579000 | USD | |
us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
137698000 | USD | |
us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
583237000 | USD | |
us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
107629000 | USD | |
CY2014Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
196398000 | USD |
us-gaap |
Net Income Loss
NetIncomeLoss
|
778082000 | USD | |
CY2015Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-229137000 | USD |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-72130000 | USD | |
CY2014Q3 | us-gaap |
Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
|
4920000 | USD |
us-gaap |
Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
|
9914000 | USD | |
CY2015Q3 | us-gaap |
Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
|
-5000 | USD |
us-gaap |
Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
|
2531000 | USD | |
CY2014Q3 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
182214000 | USD |
us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
735531000 | USD | |
CY2015Q3 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-243321000 | USD |
us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-114681000 | USD | |
CY2014Q4 | us-gaap |
Other Assets
OtherAssets
|
45603000 | USD |
CY2015Q3 | us-gaap |
Other Assets
OtherAssets
|
38450000 | USD |
CY2014Q3 | us-gaap |
Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
|
989000 | USD |
us-gaap |
Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
|
979000 | USD | |
CY2015Q3 | us-gaap |
Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
|
1163000 | USD |
us-gaap |
Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
|
-164000 | USD | |
CY2014Q3 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
2180000 | USD |
us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
3520000 | USD | |
CY2015Q3 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
-38583000 | USD |
us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
-34744000 | USD | |
CY2014Q3 | us-gaap |
Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
|
-221000 | USD |
us-gaap |
Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
|
-668000 | USD | |
CY2015Q3 | us-gaap |
Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
|
-213000 | USD |
us-gaap |
Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
|
-644000 | USD | |
CY2014Q3 | us-gaap |
Other Expenses
OtherExpenses
|
108615000 | USD |
us-gaap |
Other Expenses
OtherExpenses
|
327149000 | USD | |
CY2015Q3 | us-gaap |
Other Expenses
OtherExpenses
|
415818000 | USD |
us-gaap |
Other Expenses
OtherExpenses
|
670334000 | USD | |
CY2014Q3 | us-gaap |
Other Income
OtherIncome
|
2223000 | USD |
us-gaap |
Other Income
OtherIncome
|
11892000 | USD | |
CY2015Q3 | us-gaap |
Other Income
OtherIncome
|
3056000 | USD |
us-gaap |
Other Income
OtherIncome
|
7584000 | USD | |
CY2014Q4 | us-gaap |
Other Investments
OtherInvestments
|
298827000 | USD |
CY2015Q3 | us-gaap |
Other Investments
OtherInvestments
|
344720000 | USD |
us-gaap |
Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
|
4822000 | USD | |
us-gaap |
Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
|
129440000 | USD | |
us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
374557000 | USD | |
us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
71376000 | USD | |
us-gaap |
Payments Of Dividends
PaymentsOfDividends
|
144004000 | USD | |
us-gaap |
Payments Of Dividends
PaymentsOfDividends
|
142705000 | USD | |
us-gaap |
Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
|
95168000 | USD | |
us-gaap |
Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
|
126756000 | USD | |
CY2014Q3 | us-gaap |
Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
|
959543000 | USD |
us-gaap |
Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
|
2592847000 | USD | |
CY2015Q3 | us-gaap |
Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
|
804196000 | USD |
us-gaap |
Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
|
2390394000 | USD | |
CY2014Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
1 | |
CY2015Q3 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
1 | |
CY2014Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
34150000 | shares |
CY2015Q3 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
34150000 | shares |
CY2014Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
34150000 | shares |
CY2015Q3 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
34150000 | shares |
CY2014Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
34150000 | USD |
CY2015Q3 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
34150000 | USD |
CY2014Q3 | us-gaap |
Premiums Earned Net
PremiumsEarnedNet
|
1556614000 | USD |
us-gaap |
Premiums Earned Net
PremiumsEarnedNet
|
4163465000 | USD | |
CY2015Q3 | us-gaap |
Premiums Earned Net
PremiumsEarnedNet
|
1412130000 | USD |
us-gaap |
Premiums Earned Net
PremiumsEarnedNet
|
3974677000 | USD | |
CY2014Q4 | us-gaap |
Premiums Receivable At Carrying Value
PremiumsReceivableAtCarryingValue
|
2454850000 | USD |
CY2015Q3 | us-gaap |
Premiums Receivable At Carrying Value
PremiumsReceivableAtCarryingValue
|
3079002000 | USD |
CY2014Q3 | us-gaap |
Premiums Written Net
PremiumsWrittenNet
|
1342690000 | USD |
us-gaap |
Premiums Written Net
PremiumsWrittenNet
|
4499849000 | USD | |
CY2015Q3 | us-gaap |
Premiums Written Net
PremiumsWrittenNet
|
1190393000 | USD |
us-gaap |
Premiums Written Net
PremiumsWrittenNet
|
4165912000 | USD | |
us-gaap |
Proceeds From Maturities Repayments And Calls Of Trading Securities Heldforinvestment
ProceedsFromMaturitiesRepaymentsAndCallsOfTradingSecuritiesHeldforinvestment
|
527367000 | USD | |
us-gaap |
Proceeds From Maturities Repayments And Calls Of Trading Securities Heldforinvestment
ProceedsFromMaturitiesRepaymentsAndCallsOfTradingSecuritiesHeldforinvestment
|
548688000 | USD | |
us-gaap |
Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
|
70750000 | USD | |
us-gaap |
Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
|
50497000 | USD | |
CY2014Q3 | us-gaap |
Profit Loss
ProfitLoss
|
201318000 | USD |
us-gaap |
Profit Loss
ProfitLoss
|
787996000 | USD | |
CY2015Q3 | us-gaap |
Profit Loss
ProfitLoss
|
-229142000 | USD |
us-gaap |
Profit Loss
ProfitLoss
|
-69599000 | USD | |
CY2014Q4 | us-gaap |
Reinsurance Payable
ReinsurancePayable
|
182395000 | USD |
CY2015Q3 | us-gaap |
Reinsurance Payable
ReinsurancePayable
|
288402000 | USD |
CY2014Q4 | us-gaap |
Reinsurance Recoverables
ReinsuranceRecoverables
|
246158000 | USD |
CY2015Q3 | us-gaap |
Reinsurance Recoverables
ReinsuranceRecoverables
|
329834000 | USD |
CY2014Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
6270811000 | USD |
CY2015Q3 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
6019786000 | USD |
CY2014Q3 | us-gaap |
Revenues
Revenues
|
1642593000 | USD |
us-gaap |
Revenues
Revenues
|
4813835000 | USD | |
CY2015Q3 | us-gaap |
Revenues
Revenues
|
1399223000 | USD |
us-gaap |
Revenues
Revenues
|
4051031000 | USD | |
CY2014Q4 | us-gaap |
Senior Notes
SeniorNotes
|
750000000 | USD |
CY2015Q3 | us-gaap |
Senior Notes
SeniorNotes
|
750000000 | USD |
CY2014Q4 | us-gaap |
Short Term Investments
ShortTermInvestments
|
25678000 | USD |
CY2015Q3 | us-gaap |
Short Term Investments
ShortTermInvestments
|
100365000 | USD |
CY2014Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
7013980000 | USD |
CY2014Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
7048910000 | USD |
CY2015Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
6775137000 | USD |
CY2014Q3 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
7066256000 | USD |
CY2014Q4 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
7104411000 | USD |
CY2015Q3 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
6777349000 | USD |
CY2014Q4 | us-gaap |
Trading Securities Debt
TradingSecuritiesDebt
|
13918745000 | USD |
CY2015Q3 | us-gaap |
Trading Securities Debt
TradingSecuritiesDebt
|
13026249000 | USD |
CY2014Q4 | us-gaap |
Trading Securities Debt Amortized Cost
TradingSecuritiesDebtAmortizedCost
|
13489633000 | USD |
CY2015Q3 | us-gaap |
Trading Securities Debt Amortized Cost
TradingSecuritiesDebtAmortizedCost
|
12810504000 | USD |
CY2014Q4 | us-gaap |
Trading Securities Equity
TradingSecuritiesEquity
|
1056514000 | USD |
CY2015Q3 | us-gaap |
Trading Securities Equity
TradingSecuritiesEquity
|
1004116000 | USD |
CY2014Q4 | us-gaap |
Trading Securities Equity Cost
TradingSecuritiesEquityCost
|
843429000 | USD |
CY2015Q3 | us-gaap |
Trading Securities Equity Cost
TradingSecuritiesEquityCost
|
938826000 | USD |
CY2014Q4 | us-gaap |
Trading Securities Short Term Investments Amortized Cost
TradingSecuritiesShortTermInvestmentsAmortizedCost
|
25699000 | USD |
CY2015Q3 | us-gaap |
Trading Securities Short Term Investments Amortized Cost
TradingSecuritiesShortTermInvestmentsAmortizedCost
|
100270000 | USD |
CY2014Q4 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
39400936 | shares |
CY2015Q3 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
39335464 | shares |
CY2014Q4 | us-gaap |
Treasury Stock Value
TreasuryStockValue
|
3258870000 | USD |
CY2015Q3 | us-gaap |
Treasury Stock Value
TreasuryStockValue
|
3269183000 | USD |
CY2014Q4 | us-gaap |
Unearned Premiums
UnearnedPremiums
|
1750607000 | USD |
CY2015Q3 | us-gaap |
Unearned Premiums
UnearnedPremiums
|
1934360000 | USD |
CY2014Q3 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
50681325 | shares |
us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
51566134 | shares | |
CY2015Q3 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
47866040 | shares |
us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
47722833 | shares | |
CY2014Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
49514980 | shares |
us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
50461749 | shares | |
CY2015Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
47866040 | shares |
us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
47722833 | shares | |
us-gaap |
Basis Of Accounting
BasisOfAccounting
|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company’s Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. The Condensed Consolidated Financial Statements include the accounts of the Company and its subsidiaries. Intercompany accounts and transactions have been eliminated.</font></div></div> | ||
us-gaap |
Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">3. Recent Accounting Pronouncements</font></div><div style="line-height:120%;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2015, the Financial Accounting Standards Board (FASB) issued updated guidance on the consolidation of voting interest entities and variable interest entities. The guidance is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this guidance on its Consolidated Financial Statements and disclosures.</font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2015, the FASB issued updated guidance on disclosures related to short-duration insurance contracts. The update expands required disclosures in order to increase the transparency of significant estimates made in measuring the liability for unpaid losses and loss expenses, improve comparability and facilitate financial statement users' analysis of the cash flows arising from re/insurance contracts and the development of loss reserve estimates. The guidance is effective for annual periods beginning after December 15, 2015 and interim periods within annual periods beginning after December 15, 2016, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this guidance on its disclosures.</font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2015, the FASB issued updated guidance on disclosures for investments in certain entities that calculate net asset value (NAV) per share (or its equivalent). The update eliminates the requirement to categorize investments measured using the NAV practical expedient in the fair value hierarchy table. The guidance is applicable retrospectively and is effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this guidance on its disclosures.</font></div></div> | ||
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Nature Of Operations
NatureOfOperations
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">1. Organization</font></div><div style="line-height:120%;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">PartnerRe Ltd. (PartnerRe or the Company) predominantly provides reinsurance and certain specialty insurance lines on a worldwide basis through its principal wholly-owned subsidiaries, including Partner Reinsurance Company Ltd., Partner Reinsurance Europe SE, Partner Reinsurance Company of the U.S. and, effective April 1, 2015, Partner Reinsurance Asia Pte. Ltd (PartnerRe Asia). Risks reinsured include, but are not limited to, property, casualty, motor, agriculture, aviation/space, catastrophe, credit/surety, engineering, energy, marine, specialty property, specialty casualty, multiline and other lines, mortality, longevity, accident and health and alternative risk products. The Company’s alternative risk products include weather and credit protection to financial, industrial and service companies on a worldwide basis.</font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2015, the Company announced that PartnerRe Asia was licensed by the Monetary Authority of Singapore (MAS) to operate as a non-life and life reinsurer in Singapore. As of April 1, 2015, PartnerRe Asia became the principal reinsurance carrier for the Company’s business underwritten in the Asia Pacific region. The establishment of PartnerRe Asia has enabled the Company's Asian reinsurance operations to be consolidated into one regional, well-capitalized entity and will support its growing underwriting presence in the region.</font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On January 25, 2015, the Company entered into an Agreement and Plan of Amalgamation (as subsequently amended, the Amalgamation Agreement) with Axis Capital Holdings Limited, a Bermuda exempted company (AXIS), pursuant to which the Company would amalgamate with AXIS (Amalgamation), and the two companies would continue as a single Bermuda exempted company. </font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On April 14, 2015, the Company announced receipt of an unsolicited proposal from EXOR S.p.A. (EXOR), a European investment company controlled by the Agnelli family, to acquire </font><font style="font-family:inherit;font-size:10pt;">100%</font><font style="font-family:inherit;font-size:10pt;"> of the common shares of the Company for </font><font style="font-family:inherit;font-size:10pt;">$130</font><font style="font-family:inherit;font-size:10pt;"> per share in cash. </font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On May 3, 2015, the Company and AXIS amended the Amalgamation Agreement to allow the Company to pay a one-time special dividend of </font><font style="font-family:inherit;font-size:10pt;">$11.50</font><font style="font-family:inherit;font-size:10pt;"> per share to PartnerRe common shareholders in connection with the closing of the Amalgamation (one-time special dividend) and to increase the termination fee from </font><font style="font-family:inherit;font-size:10pt;">$250 million</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;">$280 million</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-top:12px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On May 12, 2015, the Company announced receipt of a revised proposal from EXOR to acquire all of the outstanding common shares of the Company for </font><font style="font-family:inherit;font-size:10pt;">$137.50</font><font style="font-family:inherit;font-size:10pt;"> per share in cash. </font><font style="font-family:inherit;font-size:10pt;">EXOR requested that the Board declare EXOR's proposal to be "reasonably likely a superior proposal" as a pre-condition to any further negotiations, which was rejected by the Company's Board. </font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On July 7, 2015, EXOR enhanced the terms of its proposal by providing (i) a </font><font style="font-family:inherit;font-size:10pt;">100</font><font style="font-family:inherit;font-size:10pt;"> basis points increase in the preferred share dividend rate, (ii) call protection until 2021, and (iii) a commitment to limit distributions to common shareholders to an amount not greater than </font><font style="font-family:inherit;font-size:10pt;">67%</font><font style="font-family:inherit;font-size:10pt;"> of net income until December 31, 2020.  </font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On July 16, 2015, the Company and AXIS amended the Amalgamation Agreement further to increase the one-time special dividend to be paid by the Company to its common shareholders to </font><font style="font-family:inherit;font-size:10pt;">$17.50</font><font style="font-family:inherit;font-size:10pt;"> per share and, subject to certain conditions, to match the economic terms proposed by EXOR on July 7, 2015 in relation to the Company's preferred shares.</font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On July 20, 2015, EXOR announced an increase in its proposal to acquire </font><font style="font-family:inherit;font-size:10pt;">100%</font><font style="font-family:inherit;font-size:10pt;"> of the common shares of the Company for </font><font style="font-family:inherit;font-size:10pt;">$137.50</font><font style="font-family:inherit;font-size:10pt;"> per share in cash by adding a special dividend of </font><font style="font-family:inherit;font-size:10pt;">$3.00</font><font style="font-family:inherit;font-size:10pt;"> per share to be paid by the Company to its common shareholders pre-closing.</font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On July 21, 2015, the Company announced that it had determined that EXOR's enhanced proposal of July 20, 2015 would reasonably be likely to result in a superior proposal in accordance with the Amalgamation Agreement. As a result, the Board sought to engage in negotiations with EXOR, and offered EXOR the opportunity to conduct due diligence, to determine whether EXOR's proposal could be improved both in price and terms. </font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On August 3, 2015, the Company announced that it had reached a definitive agreement with EXOR under which EXOR would acquire all of the outstanding common shares of PartnerRe for an all-cash consideration of </font><font style="font-family:inherit;font-size:10pt;">$137.50</font><font style="font-family:inherit;font-size:10pt;"> per share and a special pre-closing dividend of </font><font style="font-family:inherit;font-size:10pt;">$3.00</font><font style="font-family:inherit;font-size:10pt;"> per share. The transaction would be effected by a merger of Pillar Ltd., a wholly owned subsidiary of EXOR N.V., with and into the Company, with the Company continuing as the surviving company and a wholly owned subsidiary of EXOR N.V. Pursuant to the terms of the merger agreement (Merger Agreement), each PartnerRe common share issued and outstanding immediately prior to the effective time of the merger shall (i) automatically be canceled and converted into the right to receive the acquisition consideration and (ii) be entitled to receive the special dividend. The declaration of the special dividend will occur prior to the effective time of the merger and is subject to compliance with the Bermuda Companies Act 1981 and will be conditional and contingent upon the issuance of the certificate of merger by the Bermuda Registrar of Companies (referred to as the effective time of the merger). The Merger Agreement is subject to approval by the Company's shareholders on November 19, 2015, regulatory clearance and other customary closing conditions.</font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In connection with the execution of the Merger Agreement, the Company and AXIS terminated the Amalgamation Agreement. On August 3, 2015, in accordance with the terms of the Amalgamation Agreement, the Company paid a termination fee and reimbursement of expenses to AXIS of </font><font style="font-family:inherit;font-size:10pt;">$315 million</font><font style="font-family:inherit;font-size:10pt;"> which is included within Other expenses in the Condensed Consolidated Statements of Operations for the three months and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September 30, 2015</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div> | ||
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Use Of Estimates
UseOfEstimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with U.S. GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. While Management believes that the amounts included in the Condensed Consolidated Financial Statements reflect its best estimates and assumptions, actual results could differ from those estimates. The Company’s principal estimates include:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:47px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:23px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Unpaid losses and loss expenses;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:47px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:23px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Policy benefits for life and annuity contracts;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:47px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:23px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Gross and net premiums written and net premiums earned;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:47px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:23px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Recoverability of deferred acquisition costs;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:47px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:23px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Recoverability of deferred tax assets;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:47px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:23px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Valuation of goodwill and intangible assets; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:47px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:23px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Valuation of certain assets and derivative financial instruments that are measured using significant unobservable inputs.</font></div></td></tr></table></div> |