2016 Q1 Form 10-Q Financial Statement

#000089092616000101 Filed on May 06, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $313.0M $290.7M
YoY Change 7.67% 12.58%
Cost Of Revenue $23.55M $19.18M
YoY Change 22.76%
Gross Profit $289.4M $271.5M
YoY Change 6.6% 5.15%
Gross Profit Margin 92.47% 93.4%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.300M $7.750M
YoY Change -70.32% 10.45%
% of Gross Profit 0.79% 2.85%
Operating Expenses $210.6M $128.8M
YoY Change 63.47% 15.83%
Operating Profit $78.85M $137.5M
YoY Change -42.63% 8.15%
Interest Expense $21.53M $24.39M
YoY Change -11.69% 22.37%
% of Operating Profit 27.31% 17.74%
Other Income/Expense, Net
YoY Change
Pretax Income $102.4M $137.5M
YoY Change -25.5% 8.14%
Income Tax $36.15M $45.72M
% Of Pretax Income 35.3% 33.27%
Net Earnings $66.25M $92.26M
YoY Change -28.19% -54.5%
Net Earnings / Revenue 21.17% 31.74%
Basic Earnings Per Share $0.33 $0.48
Diluted Earnings Per Share $0.29 $0.39
COMMON SHARES
Basic Shares Outstanding 203.7M shares 191.2M shares
Diluted Shares Outstanding 239.7M shares 243.0M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $64.84M $57.20M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $66.30M $64.40M
YoY Change 2.95% -14.25%
LONG-TERM ASSETS
Property, Plant & Equipment $51.00M $28.88M
YoY Change 76.63% 131.33%
Goodwill $194.2M
YoY Change 9171.89%
Intangibles $99.55M
YoY Change 52853.19%
Long-Term Investments $4.470B $3.622B
YoY Change 23.43% -25.46%
Other Assets $528.1M $2.420B
YoY Change -78.18% 10704.02%
Total Long-Term Assets $5.903B $6.749B
YoY Change -12.54% 23.75%
TOTAL ASSETS
Total Short-Term Assets $66.30M $64.40M
Total Long-Term Assets $5.903B $6.749B
Total Assets $5.969B $6.814B
YoY Change -12.39% 23.24%
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 $1.287B $1.288B
YoY Change -0.12% 14.49%
Other Long-Term Liabilities $306.2M $1.277B
YoY Change -76.02% 96.45%
Total Long-Term Liabilities $1.593B $2.565B
YoY Change -37.9% 44.5%
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities $1.593B $2.565B
Total Liabilities $3.309B $4.538B
YoY Change -27.08% 3.55%
SHAREHOLDERS EQUITY
Retained Earnings $757.2M $498.6M
YoY Change 51.87% -242.67%
Common Stock $232.0K $209.0K
YoY Change 11.0% 9.42%
Preferred Stock
YoY Change
Treasury Stock (at cost) $893.2M $893.1M
YoY Change 0.0% 0.02%
Treasury Stock Shares 17.56M shares 17.56M shares
Shareholders Equity $2.660B $2.207B
YoY Change
Total Liabilities & Shareholders Equity $5.969B $6.814B
YoY Change -12.39% 23.24%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $66.25M $92.26M
YoY Change -28.19% -54.5%
Depreciation, Depletion And Amortization $2.300M $7.750M
YoY Change -70.32% 10.45%
Cash From Operating Activities $38.93M -$1.093M
YoY Change -3661.67% -99.2%
INVESTING ACTIVITIES
Capital Expenditures -$6.500M -$2.500M
YoY Change 160.0% -10.71%
Acquisitions $0.00 $6.449M
YoY Change -100.0%
Other Investing Activities -$68.10M $32.70M
YoY Change -308.26% -76.17%
Cash From Investing Activities -$74.59M $30.19M
YoY Change -347.08% -77.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $100.2M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $50.67M $930.0K
YoY Change 5348.17% -370.35%
NET CHANGE
Cash From Operating Activities $38.93M -$1.093M
Cash From Investing Activities -$74.59M $30.19M
Cash From Financing Activities $50.67M $930.0K
Net Change In Cash $15.01M $30.03M
YoY Change -50.02% -1134.63%
FREE CASH FLOW
Cash From Operating Activities $38.93M -$1.093M
Capital Expenditures -$6.500M -$2.500M
Free Cash Flow $45.43M $1.407M
YoY Change 3128.78% -101.05%

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IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
137450000 USD
CY2016Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
102402000 USD
CY2015Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
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0.48
CY2016Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.33
CY2015Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.39
CY2016Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.29
CY2015Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
530000 USD
CY2016Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
0 USD
CY2015Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.00
CY2016Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.00
CY2015Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.00
CY2016Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.00
CY2015Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
45723000 USD
CY2016Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
36153000 USD
CY2015Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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3202000 shares
CY2016Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2418000 shares
CY2015Q4 us-gaap Intangible Assets Net Including Goodwill
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289417000 USD
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286069000 USD
CY2015Q1 us-gaap Interest Expense
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24385000 USD
CY2016Q1 us-gaap Interest Expense
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21534000 USD
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4298686000 USD
CY2016Q1 us-gaap Investments
Investments
4470172000 USD
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3145169000 USD
CY2016Q1 us-gaap Liabilities
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3308993000 USD
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5642100000 USD
CY2016Q1 us-gaap Liabilities And Stockholders Equity
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5969391000 USD
CY2015Q4 us-gaap Liability For Claims And Claims Adjustment Expense
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976399000 USD
CY2016Q1 us-gaap Liability For Claims And Claims Adjustment Expense
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891348000 USD
CY2015Q4 us-gaap Life Insurance Corporate Or Bank Owned Amount
LifeInsuranceCorporateOrBankOwnedAmount
82543000 USD
CY2016Q1 us-gaap Life Insurance Corporate Or Bank Owned Amount
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83098000 USD
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1219454000 USD
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-25200000 USD
CY2016Q1 us-gaap Marketable Securities Unrealized Gain Loss
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32300000 USD
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3240000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities
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-74590000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Discontinued Operations
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0 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities
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930000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities
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50668000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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930000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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50668000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities
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30188000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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25189000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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-74590000 USD
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-1093000 USD
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41869000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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666000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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41869000 USD
CY2015Q1 us-gaap Net Income Loss
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92257000 USD
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66249000 USD
CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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92257000 USD
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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66249000 USD
CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
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95930000 USD
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
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69639000 USD
CY2015Q1 us-gaap Net Investment Income
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17328000 USD
CY2016Q1 us-gaap Net Investment Income
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27201000 USD
CY2016Q1 us-gaap Number Of Operating Segments
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2 segment
CY2016Q1 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
1100000000 USD
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CY2016Q1 us-gaap Other Assets
OtherAssets
325129000 USD
CY2015Q4 us-gaap Other Assets Miscellaneous
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45096000 USD
CY2016Q1 us-gaap Other Assets Miscellaneous
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54098000 USD
CY2015Q1 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
0 USD
CY2016Q1 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
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-178000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-126000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-85000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
8189000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
41268000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
-33000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
-2157000 USD
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
6454000 USD
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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39374000 USD
CY2015Q1 us-gaap Other Cost And Expense Operating
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53774000 USD
CY2016Q1 us-gaap Other Cost And Expense Operating
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58989000 USD
CY2015Q1 us-gaap Other Income
OtherIncome
1331000 USD
CY2016Q1 us-gaap Other Income
OtherIncome
1915000 USD
CY2015Q4 us-gaap Other Investments
OtherInvestments
1714000 USD
CY2016Q1 us-gaap Other Investments
OtherInvestments
1582000 USD
CY2015Q4 us-gaap Other Liabilities
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269016000 USD
CY2016Q1 us-gaap Other Liabilities
OtherLiabilities
306188000 USD
CY2015Q4 us-gaap Other Short Term Investments
OtherShortTermInvestments
1076944000 USD
CY2016Q1 us-gaap Other Short Term Investments
OtherShortTermInvestments
735666000 USD
CY2015Q1 us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
2470000 USD
CY2016Q1 us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
6518000 USD
CY2015Q1 us-gaap Payments For Proceeds From Short Term Investments
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-106728000 USD
CY2016Q1 us-gaap Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
-341365000 USD
CY2015Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
CY2016Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
100200000 USD
CY2016Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
100188000 USD
CY2015Q1 us-gaap Payments Of Dividends Common Stock
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478000 USD
CY2016Q1 us-gaap Payments Of Dividends Common Stock
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497000 USD
CY2015Q1 us-gaap Payments To Acquire Available For Sale Securities
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152290000 USD
CY2016Q1 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
753660000 USD
CY2015Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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6449000 USD
CY2016Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
CY2015Q1 us-gaap Premiums Earned Net
PremiumsEarnedNet
224595000 USD
CY2016Q1 us-gaap Premiums Earned Net
PremiumsEarnedNet
220950000 USD
CY2015Q4 us-gaap Prepaid Reinsurance Premiums
PrepaidReinsurancePremiums
40491000 USD
CY2016Q1 us-gaap Prepaid Reinsurance Premiums
PrepaidReinsurancePremiums
228718000 USD
CY2015Q1 us-gaap Proceeds From Debt Net Of Issuance Costs
ProceedsFromDebtNetOfIssuanceCosts
0 USD
CY2016Q1 us-gaap Proceeds From Debt Net Of Issuance Costs
ProceedsFromDebtNetOfIssuanceCosts
344139000 USD
CY2015Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
CY2016Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
24000 USD
CY2015Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
5502000 USD
CY2016Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
58856000 USD
CY2015Q1 us-gaap Proceeds From Repayments Of Long Term Debt And Capital Securities
ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities
0 USD
CY2016Q1 us-gaap Proceeds From Repayments Of Long Term Debt And Capital Securities
ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities
-192722000 USD
CY2015Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
3621000 USD
CY2016Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
111099000 USD
CY2015Q1 us-gaap Proceeds From Sale Of Available For Sale Securities Equity
ProceedsFromSaleOfAvailableForSaleSecuritiesEquity
0 USD
CY2016Q1 us-gaap Proceeds From Sale Of Available For Sale Securities Equity
ProceedsFromSaleOfAvailableForSaleSecuritiesEquity
74868000 USD
CY2015Q1 us-gaap Proceeds From Sale Of Other Productive Assets
ProceedsFromSaleOfOtherProductiveAssets
632000 USD
CY2016Q1 us-gaap Proceeds From Sale Of Other Productive Assets
ProceedsFromSaleOfOtherProductiveAssets
132000 USD
CY2015Q1 us-gaap Proceeds From Sale Of Trading Securities Heldforinvestment
ProceedsFromSaleOfTradingSecuritiesHeldforinvestment
4708000 USD
CY2016Q1 us-gaap Proceeds From Sale Of Trading Securities Heldforinvestment
ProceedsFromSaleOfTradingSecuritiesHeldforinvestment
65163000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
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46802000 USD
CY2016Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
51003000 USD
CY2015Q1 us-gaap Realized Gain Loss On Marketable Securities And Cost Method Investments Excluding Other Than Temporary Impairments And Other Investments
RealizedGainLossOnMarketableSecuritiesAndCostMethodInvestmentsExcludingOtherThanTemporaryImpairmentsAndOtherInvestments
-4514000 USD
CY2016Q1 us-gaap Realized Gain Loss On Marketable Securities And Cost Method Investments Excluding Other Than Temporary Impairments And Other Investments
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CY2015Q4 us-gaap Reinsurance Recoverables On Paid And Unpaid Losses
ReinsuranceRecoverablesOnPaidAndUnpaidLosses
11044000 USD
CY2016Q1 us-gaap Reinsurance Recoverables On Paid And Unpaid Losses
ReinsuranceRecoverablesOnPaidAndUnpaidLosses
9066000 USD
CY2015Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
0 USD
CY2016Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
108000 USD
CY2015Q4 us-gaap Restricted Cash And Cash Equivalents
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13000000 USD
CY2016Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
10060000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
691742000 USD
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
757202000 USD
CY2015Q1 us-gaap Revenues
Revenues
290663000 USD
CY2016Q1 us-gaap Revenues
Revenues
312952000 USD
CY2015Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
30630000 USD
CY2016Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
31600000 USD
CY2016Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
9400000 shares
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
2496931000 USD
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
2660398000 USD
CY2015Q4 us-gaap Trading Securities
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1279137000 USD
CY2016Q1 us-gaap Trading Securities
TradingSecurities
1209089000 USD
CY2015Q1 us-gaap Trading Securities Unrealized Holding Gain Loss
TradingSecuritiesUnrealizedHoldingGainLoss
20701000 USD
CY2016Q1 us-gaap Trading Securities Unrealized Holding Gain Loss
TradingSecuritiesUnrealizedHoldingGainLoss
35231000 USD
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
17560697 shares
CY2016Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
17560697 shares
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
893176000 USD
CY2016Q1 us-gaap Treasury Stock Value
TreasuryStockValue
893176000 USD
CY2015Q4 us-gaap Unearned Premiums
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680300000 USD
CY2016Q1 us-gaap Unearned Premiums
UnearnedPremiums
673887000 USD
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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243048000 shares
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
239707000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
191224000 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
203706000 shares
CY2016Q1 us-gaap Schedule Of Liability For Unpaid Claims And Claims Adjustment Expense
ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents information relating to our reserve for losses, including our IBNR reserve and LAE but excluding Second-lien premium deficiency reserve, for the periods indicated:</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:86.54970760233918%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:68%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three Months Ended<br clear="none"/>March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;text-decoration:underline;">(In thousands)</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2015</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Balance at beginning of period</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#dbe5f1;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#dbe5f1;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">976,399</font></div></td><td style="vertical-align:bottom;background-color:#dbe5f1;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,560,032</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less reinsurance recoverables </font><font style="font-family:inherit;font-size:7pt;font-weight:bold;">(1)</font><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#dbe5f1;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,286</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#dbe5f1;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">26,665</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Balance at beginning of period, net of reinsurance recoverables</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#dbe5f1;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">968,113</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#dbe5f1;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,533,367</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Add losses and LAE incurred in respect of default notices reported and unreported in:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#dbe5f1;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Current year </font><font style="font-family:inherit;font-size:7pt;font-weight:bold;">(2)</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#dbe5f1;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">56,171</font></div></td><td style="vertical-align:bottom;background-color:#dbe5f1;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">80,437</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Prior years </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#dbe5f1;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(13,504</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#dbe5f1;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(35,360</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total incurred</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#dbe5f1;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">42,667</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#dbe5f1;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">45,077</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Deduct paid claims and LAE related to:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#dbe5f1;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Current year </font><font style="font-family:inherit;font-size:7pt;font-weight:bold;">(2)</font><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#dbe5f1;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">65</font></div></td><td style="vertical-align:bottom;background-color:#dbe5f1;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Prior years</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#dbe5f1;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">127,606</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#dbe5f1;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">207,095</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total paid</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#dbe5f1;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">127,671</font></div></td><td style="vertical-align:bottom;background-color:#dbe5f1;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">207,095</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Balance at end of period, net of reinsurance recoverables</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#dbe5f1;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">883,109</font></div></td><td style="vertical-align:bottom;background-color:#dbe5f1;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,371,349</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Add reinsurance recoverables </font><font style="font-family:inherit;font-size:7pt;font-weight:bold;">(1)</font><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#dbe5f1;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,239</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#dbe5f1;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">13,365</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Balance at end of period</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#dbe5f1;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#dbe5f1;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">891,348</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#dbe5f1;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,384,714</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">_________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:30px;" 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:0px;"><font style="font-family:inherit;font-size:10pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Related to ceded losses recoverable, on captive reinsurance transactions, the QSR Transactions and the Single Premium QSR Transaction, if any. See Note 7 for additional information.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:30px;" 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:0px;"><font style="font-family:inherit;font-size:10pt;">(2)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Related to underlying defaulted loans with a most recent default notice dated in the year indicated. For example, if a loan had defaulted in a prior year, but then subsequently cured and later re-defaulted in the current year, that default would be considered a current year default.</font></div></td></tr></table></div>
CY2016Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:6px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of our contingent assets and liabilities at the dates of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. While the amounts included in our condensed consolidated financial statements include our best estimates and assumptions, actual results may vary materially.</font></div></div>

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