2015 Q2 Form 10-Q Financial Statement

#000089817415000028 Filed on August 05, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $2.630B $2.833B
YoY Change -7.15% 9.36%
Cost Of Revenue $1.866B $1.842B
YoY Change 1.32% -9.29%
Gross Profit $764.2M $991.1M
YoY Change -22.9% 76.97%
Gross Profit Margin 29.05% 34.99%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $2.376B $2.495B
YoY Change -4.78% -5.25%
Operating Profit -$1.611B -$1.504B
YoY Change 7.17% -27.46%
Interest Expense $35.85M $35.21M
YoY Change 1.82% 17.69%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $213.8M $300.5M
YoY Change -28.86% -502.01%
Income Tax $83.40M $102.2M
% Of Pretax Income 39.01% 34.02%
Net Earnings $130.4M $198.3M
YoY Change -34.24% -499.69%
Net Earnings / Revenue 4.96% 7.0%
Basic Earnings Per Share $1.97 $2.87
Diluted Earnings Per Share $1.94 $2.84
COMMON SHARES
Basic Shares Outstanding 66.35M shares 69.08M shares
Diluted Shares Outstanding 67.12M shares 69.72M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $1.336B $1.119B
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $36.53B $32.85B
YoY Change 11.21% 3.42%
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $47.46B $43.17B
YoY Change 9.94% 11.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $110.0M
YoY Change -100.0% -8.33%
Long-Term Debt Due $110.0M
YoY Change -8.33%
Total Short-Term Liabilities $110.0M
YoY Change -8.33%
LONG-TERM LIABILITIES
Long-Term Debt $3.240B $2.697B
YoY Change 20.13% 17.11%
Other Long-Term Liabilities $14.55B $13.40B
YoY Change 8.56% -1.28%
Total Long-Term Liabilities $17.79B $16.10B
YoY Change 10.5% 1.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $110.0M
Total Long-Term Liabilities $17.79B $16.10B
Total Liabilities $40.98B $36.48B
YoY Change 12.32% 10.88%
SHAREHOLDERS EQUITY
Retained Earnings $4.425B $3.942B
YoY Change 12.27% 14.97%
Common Stock $1.807B $1.785B
YoY Change 1.23% 0.62%
Preferred Stock
YoY Change
Treasury Stock (at cost) $898.1M $666.1M
YoY Change 34.82% 34.17%
Treasury Stock Shares
Shareholders Equity $6.483B $6.689B
YoY Change
Total Liabilities & Shareholders Equity $47.46B $43.17B
YoY Change 9.94% 11.29%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $130.4M $198.3M
YoY Change -34.24% -499.69%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $289.5M $366.6M
YoY Change -21.03% 18.18%
INVESTING ACTIVITIES
Capital Expenditures -$1.400M -$43.30M
YoY Change -96.77%
Acquisitions
YoY Change
Other Investing Activities $32.10M $92.20M
YoY Change -65.18% -507.96%
Cash From Investing Activities $30.70M $48.90M
YoY Change -37.22% -316.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -76.60M -175.7M
YoY Change -56.4% -38.48%
NET CHANGE
Cash From Operating Activities 289.5M 366.6M
Cash From Investing Activities 30.70M 48.90M
Cash From Financing Activities -76.60M -175.7M
Net Change In Cash 243.6M 239.8M
YoY Change 1.58% 11890.0%
FREE CASH FLOW
Cash From Operating Activities $289.5M $366.6M
Capital Expenditures -$1.400M -$43.30M
Free Cash Flow $290.9M $409.9M
YoY Change -29.03%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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1788000 USD
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39210000 USD
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6877000 USD
us-gaap Available For Sale Securities Gross Realized Losses
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13460000 USD
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14475000 USD
us-gaap Available For Sale Securities Gross Realized Losses
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28071000 USD
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134919000 USD
us-gaap Available For Sale Securities Gross Unrealized Loss
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393841000 USD
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932 securities
CY2015Q2 us-gaap Availableforsale Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions1
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1566 securities
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2532485000 USD
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4990218000 USD
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2416550000 USD
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4753038000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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2121000 USD
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1378117000 USD
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us-gaap Common Stock Dividends Per Share Declared
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0.01
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140000000 shares
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4000000 USD
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0 USD
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22230000 USD
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15587000 USD
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224693000 USD
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P4Y11M
us-gaap Derivative Average Remaining Maturity1
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4940000 USD
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227358000 USD
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1120882000 USD
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2038000 USD
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1258000 USD
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0 USD
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7000 USD
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us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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1268000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
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0 USD
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us-gaap Gain Loss On Investments
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203098000 USD
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us-gaap Gain Loss On Investments
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119397000 USD
us-gaap Gain Loss On Sale Of Other Investments
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204271000 USD
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us-gaap Gain Loss On Sale Of Other Investments
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32910000 USD
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330000 USD
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841000 USD
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525000 USD
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17027000 USD
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671000 USD
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17593000 USD
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17453000 USD
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300535000 USD
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213790000 USD
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us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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213000 USD
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us-gaap Income Tax Reconciliation Prior Year Income Taxes
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1905000 USD
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1155000 USD
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2010000 USD
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1104000 USD
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3448000 USD
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26656000 USD
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531317000 USD
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581812000 USD
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0 USD
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104002000 USD
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19683000 USD
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27310000 USD
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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666000 shares
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769000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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785000 shares
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226556000 USD
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77246000 USD
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197924000 USD
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35851000 USD
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500000 USD
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28455000 USD
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33850000 USD
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36696068000 USD
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469324000 USD
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CY2014Q4 us-gaap Liabilities And Stockholders Equity
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CY2015Q2 us-gaap Liabilities And Stockholders Equity
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CY2014Q4 us-gaap Liability For Future Policy Benefits
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CY2015Q2 us-gaap Liability For Future Policy Benefits
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CY2015Q2 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
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3857610000 USD
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CY2014Q2 us-gaap Marketable Securities Realized Gain Loss Other Than Temporary Impairments Amount
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870000 USD
us-gaap Marketable Securities Realized Gain Loss Other Than Temporary Impairments Amount
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1173000 USD
CY2015Q2 us-gaap Marketable Securities Realized Gain Loss Other Than Temporary Impairments Amount
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4137000 USD
us-gaap Marketable Securities Realized Gain Loss Other Than Temporary Impairments Amount
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6664000 USD
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2712238000 USD
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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907810000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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CY2014Q2 us-gaap Net Credit Loss On Loans Managed Or Securitized Or Assetbacked Financing Arrangement
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0 USD
us-gaap Net Credit Loss On Loans Managed Or Securitized Or Assetbacked Financing Arrangement
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0 USD
us-gaap Net Credit Loss On Loans Managed Or Securitized Or Assetbacked Financing Arrangement
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0 USD
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334960000 USD
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0 USD
us-gaap Noncash Or Part Noncash Acquisition Value Of Assets Acquired1
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3681699000 USD
us-gaap Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1
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0 USD
us-gaap Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1
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21935000 USD
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273000 USD
us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
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1014000 USD
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OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax
834000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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OtherComprehensiveIncomeLossNetOfTax
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OtherComprehensiveIncomeLossNetOfTax
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OtherComprehensiveIncomeLossNetOfTax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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620381000 USD
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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us-gaap Other Cost And Expense Operating
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us-gaap Other Income
OtherIncome
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7284000 USD
CY2015Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
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7284000 USD
CY2015Q2 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
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CY2014Q2 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Securities Sold
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4412000 USD
us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Securities Sold
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4412000 USD
CY2015Q2 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Securities Sold
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsReductionsSecuritiesSold
0 USD
us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Securities Sold
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0 USD
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us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent Availableforsale Securities
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CY2015Q2 us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAvailableforsaleSecurities
0 USD
us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAvailableforsaleSecurities
0 USD
CY2014Q2 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
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870000 USD
CY2015Q2 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
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4137000 USD
us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
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us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Payments For Proceeds From Short Term Investments
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us-gaap Payments For Repurchase Of Equity
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us-gaap Payments For Repurchase Of Equity
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0 USD
us-gaap Payments Of Debt Issuance Costs
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1170000 USD
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41955000 USD
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44519000 USD
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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0 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Payments To Acquire Mortgage Notes Receivable
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us-gaap Payments To Acquire Mortgage Notes Receivable
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43295000 USD
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22944000 USD
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us-gaap Policyholder Benefits And Claims Incurred Net
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CY2015Q2 us-gaap Policyholder Benefits And Claims Incurred Net
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us-gaap Policyholder Benefits And Claims Incurred Net
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CY2015Q2 us-gaap Preferred Stock Shares Issued
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0 shares
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0 shares
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us-gaap Premiums Earned Net
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us-gaap Proceeds From Issuance Of Secured Debt
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us-gaap Proceeds From Issuance Of Secured Debt
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us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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us-gaap Proceeds From Repayments Of Secured Debt
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us-gaap Proceeds From Repayments Of Secured Debt
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us-gaap Proceeds From Sale And Collection Of Mortgage Notes Receivable
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Provision For Loan And Lease Losses
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188000 USD
us-gaap Provision For Loan And Lease Losses
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529000 USD
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us-gaap Realized Investment Gains Losses
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711463000 USD
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us-gaap Repayments Of Annuities And Investment Certificates
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us-gaap Repayments Of Annuities And Investment Certificates
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363600000 USD
us-gaap Repayments Of Long Term Debt
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us-gaap Repayments Of Short Term Debt
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0 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
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4425302000 USD
CY2014Q2 us-gaap Revenues
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us-gaap Revenues
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us-gaap Revenues
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CY2014Q4 us-gaap Securities For Reverse Repurchase Agreements
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CY2014Q4 us-gaap Securities Sold Under Agreements To Repurchase Fair Value Of Collateral
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107158000 USD
CY2015Q2 us-gaap Securities Sold Under Agreements To Repurchase Fair Value Of Collateral
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0 USD
CY2015Q2 us-gaap Securities Sold Under Agreements To Repurchase Gross Including Not Subject To Master Netting Arrangement
SecuritiesSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement
340201000 USD
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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300000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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P4Y11M
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CY2015Q3 us-gaap Stock Repurchase Program Authorized Amount1
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46400000 USD
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us-gaap Transfer To Investments
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118000 USD
CY2014Q4 us-gaap Treasury Stock Number Of Shares Held
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CY2015Q2 us-gaap Treasury Stock Number Of Shares Held
TreasuryStockNumberOfSharesHeld
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CY2015Q1 us-gaap Treasury Stock Shares Acquired
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CY2015Q2 us-gaap Treasury Stock Shares Acquired
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252642 shares
CY2014Q4 us-gaap Treasury Stock Value
TreasuryStockValue
672394000 USD
CY2015Q2 us-gaap Treasury Stock Value
TreasuryStockValue
898082000 USD
CY2015Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
230100000 USD
CY2015Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
23500000 USD
CY2014Q2 us-gaap Unrealized Gain Loss On Interest Rate Cash Flow Hedges Pretax Accumulated Other Comprehensive Income Loss
UnrealizedGainLossOnInterestRateCashFlowHedgesPretaxAccumulatedOtherComprehensiveIncomeLoss
4798000 USD
us-gaap Unrealized Gain Loss On Interest Rate Cash Flow Hedges Pretax Accumulated Other Comprehensive Income Loss
UnrealizedGainLossOnInterestRateCashFlowHedgesPretaxAccumulatedOtherComprehensiveIncomeLoss
5574000 USD
CY2015Q2 us-gaap Unrealized Gain Loss On Interest Rate Cash Flow Hedges Pretax Accumulated Other Comprehensive Income Loss
UnrealizedGainLossOnInterestRateCashFlowHedgesPretaxAccumulatedOtherComprehensiveIncomeLoss
8735000 USD
us-gaap Unrealized Gain Loss On Interest Rate Cash Flow Hedges Pretax Accumulated Other Comprehensive Income Loss
UnrealizedGainLossOnInterestRateCashFlowHedgesPretaxAccumulatedOtherComprehensiveIncomeLoss
8948000 USD
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
69718000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
70489000 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
67120000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
68031000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
69076000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
69823000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
66351000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
67246000 shares
us-gaap Schedule Of Repurchase Agreements
ScheduleOfRepurchaseAgreements
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table includes the amount of borrowed securities, repurchased securities pledged and repurchased/reverse repurchased securities pledged and received as of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;"> (dollars in thousands).</font></div><div style="line-height:120%;font-size:10pt;"><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:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="16" rowspan="1"></td></tr><tr><td width="48%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="10%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="10%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="2%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="10%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="10%" rowspan="1" colspan="1"></td><td 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;">June 30, 2015</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="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;">December 31, 2014</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="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;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Amortized</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Cost</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" 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;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Estimated </font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Fair Value</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;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Amortized</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Cost</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" 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;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Estimated </font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Fair Value</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;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;">Borrowed securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">275,060</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">284,602</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" 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;background-color:#cceeff;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;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">201,050</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">212,946</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" 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:top;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;">Repurchase program securities pledged</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:8pt;"><font style="font-family:inherit;font-size:8pt;">&#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><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:8pt;"><font style="font-family:inherit;font-size:8pt;">&#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><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:8pt;"><font style="font-family:inherit;font-size:8pt;">92,446</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><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:8pt;"><font style="font-family:inherit;font-size:8pt;">107,158</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:top;background-color:#cceeff;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;">Repurchase program/reverse repurchase program:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;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;background-color:#cceeff;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;background-color:#cceeff;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;background-color:#cceeff;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;background-color:#cceeff;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;background-color:#cceeff;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;background-color:#cceeff;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:top;padding-left:12px;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;">Securities pledged</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:8pt;"><font style="font-family:inherit;font-size:8pt;">298,900</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><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:8pt;"><font style="font-family:inherit;font-size:8pt;">313,771</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><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:8pt;"><font style="font-family:inherit;font-size:8pt;">298,466</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><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:8pt;"><font style="font-family:inherit;font-size:8pt;">314,160</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:top;background-color:#cceeff;padding-left:12px;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;">Securities received</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">n/a</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" 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;background-color:#cceeff;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;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">340,201</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" 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;background-color:#cceeff;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;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">n/a</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" 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;background-color:#cceeff;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;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">338,929</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" 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>

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