2015 Q4 Form 10-K Financial Statement

#000009434417000004 Filed on February 27, 2017

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2015 Q2
Revenue $497.4M $555.7M $531.9M
YoY Change -4.77% 9.37% 19.04%
Cost Of Revenue $25.88M $19.58M
YoY Change 184.93% 7.74%
Gross Profit $529.8M $512.3M
YoY Change 6.17% 19.52%
Gross Profit Margin 95.34% 96.32%
Selling, General & Admin $159.7M $165.0M $171.1M
YoY Change -4.2% 0.36% 13.09%
% of Gross Profit 31.14% 33.4%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.300M $7.600M $7.300M
YoY Change 2.47% 15.15% 43.14%
% of Gross Profit 1.43% 1.42%
Operating Expenses $493.0M $525.7M $500.4M
YoY Change -2.51% 13.25% 15.19%
Operating Profit $4.122M $11.93M
YoY Change -88.16% -308.11%
Interest Expense -$600.0K $601.0K $486.0K
YoY Change 0.0% -45.41% -44.96%
% of Operating Profit 14.58% 4.07%
Other Income/Expense, Net
YoY Change
Pretax Income $3.100M -$5.568M $31.03M
YoY Change -80.63% -113.0% 169.0%
Income Tax -$2.100M $4.859M $10.41M
% Of Pretax Income -67.74% 33.54%
Net Earnings $2.605M -$13.47M $17.11M
YoY Change -78.04% -156.78% 172.43%
Net Earnings / Revenue 0.52% -2.42% 3.22%
Basic Earnings Per Share -$0.58 $0.72
Diluted Earnings Per Share $0.11 -$0.58 $0.72
COMMON SHARES
Basic Shares Outstanding 23.29M shares 23.62M shares
Diluted Shares Outstanding 23.29M shares 23.80M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $179.1M $211.3M $164.6M
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 $71.37M $72.48M $76.42M
YoY Change -5.29% -3.89% 41.11%
Goodwill $217.7M $218.7M $253.2M
YoY Change -13.56% -11.83% -7.3%
Intangibles $18.08M $20.06M $22.68M
YoY Change -31.3% -35.81% 95.99%
Long-Term Investments $9.628M $9.673M $9.902M
YoY Change -2.55% -3.95% -4.48%
Other Assets $4.900M $600.0K $800.0K
YoY Change 512.5% 200.0% -61.9%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $1.322B $1.318B $1.340B
YoY Change -5.09% -4.57% -1.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $118.1M $109.9M $102.1M
YoY Change 5.45% -9.92% -6.33%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $118.1M $109.9M $102.1M
YoY Change 5.45% -9.92% -6.33%
LONG-TERM LIABILITIES
Long-Term Debt $102.4M $82.10M $82.70M
YoY Change 43.82% -10.08% -10.69%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $102.4M $82.10M $82.70M
YoY Change 43.82% -10.08% -10.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $118.1M $109.9M $102.1M
Total Long-Term Liabilities $102.4M $82.10M $82.70M
Total Liabilities $684.5M $674.2M $672.5M
YoY Change -1.09% -5.64% -3.42%
SHAREHOLDERS EQUITY
Retained Earnings $455.5M $459.6M $478.7M
YoY Change -5.05% -2.25% 7.22%
Common Stock $156.7M $180.3M $179.3M
YoY Change -12.56% 0.58% -6.9%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.666M $2.666M $2.666M
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares 352.2K shares 352.2K shares 352.2K shares
Shareholders Equity $629.3M $636.0M $658.9M
YoY Change
Total Liabilities & Shareholders Equity $1.322B $1.318B $1.340B
YoY Change -5.09% -4.57% -1.5%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2015 Q2
OPERATING ACTIVITIES
Net Income $2.605M -$13.47M $17.11M
YoY Change -78.04% -156.78% 172.43%
Depreciation, Depletion And Amortization $8.300M $7.600M $7.300M
YoY Change 2.47% 15.15% 43.14%
Cash From Operating Activities $14.90M $60.00M $32.50M
YoY Change -69.53% 27.66% 84.66%
INVESTING ACTIVITIES
Capital Expenditures -$6.300M -$1.600M -$6.800M
YoY Change 57.5% -75.0% 41.67%
Acquisitions
YoY Change
Other Investing Activities -$49.30M $1.700M $1.900M
YoY Change 1232.43% -189.47% -104.69%
Cash From Investing Activities -$55.60M $100.0K -$4.900M
YoY Change 612.82% -101.2% -89.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.500M -9.600M -16.60M
YoY Change -210.47% -44.51% -129.86%
NET CHANGE
Cash From Operating Activities 14.90M 60.00M 32.50M
Cash From Investing Activities -55.60M 100.0K -4.900M
Cash From Financing Activities 9.500M -9.600M -16.60M
Net Change In Cash -31.20M 50.50M 11.00M
YoY Change -196.0% 135.98% -60.57%
FREE CASH FLOW
Cash From Operating Activities $14.90M $60.00M $32.50M
Capital Expenditures -$6.300M -$1.600M -$6.800M
Free Cash Flow $21.20M $61.60M $39.30M
YoY Change -59.92% 15.36% 75.45%

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1200000 USD
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0 USD
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709000 USD
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27190000 USD
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0 USD
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6262000 USD
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26851000 USD
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P1Y8M12D
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4000000 USD
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8830000 USD
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21800000 USD
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3400000 USD
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928000 USD
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1700000 USD
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1800000 USD
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9693000 USD
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88026000 USD
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3442000 USD
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294000 USD
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319000 USD
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541000 USD
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539000 USD
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26279000 USD
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4060000 USD
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2768000 USD
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2772000 USD
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0 USD
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7099000 USD
CY2016 us-gaap Income Tax Reconciliation Nondeductible Expense Impairment Losses
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0 USD
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1133000 USD
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180000 USD
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0 USD
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0 USD
CY2016 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
3434000 USD
CY2014 us-gaap Income Tax Reconciliation Tax Exempt Income
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324000 USD
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IncomeTaxReconciliationTaxExemptIncome
404000 USD
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IncomeTaxReconciliationTaxExemptIncome
458000 USD
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14982000 USD
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15265000 USD
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2088000 USD
CY2016 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2014 us-gaap Increase Decrease In Deferred Income Taxes
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CY2015 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
5800000 USD
CY2016 us-gaap Increase Decrease In Deferred Income Taxes
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CY2014 us-gaap Increase Decrease In Liability For Claims And Claims Adjustment Expense Reserve
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1878000 USD
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CY2016 us-gaap Increase Decrease In Receivables
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CY2014 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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1641000 shares
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0 shares
CY2016 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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0 shares
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3236000 USD
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InterestExpense
2096000 USD
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InterestExpense
3062000 USD
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1006000 USD
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0 USD
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0 USD
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InterestPaid
2616000 USD
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1873000 USD
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3020000 USD
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624326000 USD
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LaborAndRelatedExpense
658266000 USD
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604353000 USD
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3991000 USD
CY2016Q4 us-gaap Land
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3991000 USD
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P10Y
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991000 USD
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26026000 USD
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80514000 USD
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1321587000 USD
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1341724000 USD
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2268000 USD
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0 USD
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18775000 USD
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19182000 USD
CY2016 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Current Year1
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18836000 USD
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67898000 USD
CY2015 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Prior Years1
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104450000 USD
CY2016 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Prior Years1
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73194000 USD
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106808000 USD
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98000000 USD
CY2016Q4 us-gaap Loans Payable To Bank
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92875000 USD
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9700000 USD
CY2016Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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700000 USD
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94100000 USD
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2300000 USD
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321000 USD
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209000 USD
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93000 USD
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3402000 USD
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CY2016 us-gaap Net Income Loss
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30759000 USD
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43478000 USD
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29753000 USD
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43478000 USD
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16806000 USD
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16850000 USD
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18925000 USD
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12620000 USD
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38000 USD
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21110000 USD
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NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1
0 USD
CY2016 us-gaap Noncash Or Part Noncash Acquisition Intangible Assets Acquired1
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39990000 USD
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3958000 USD
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15180000 USD
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3300000 USD
CY2016 us-gaap Noncash Or Part Noncash Acquisition Other Liabilities Assumed1
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499000 USD
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4 reporting_unit
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42900000 USD
CY2016 us-gaap Operating Leases Rent Expense Net
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41300000 USD
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-7565000 USD
CY2015 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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CY2016 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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CY2014 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
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14213000 USD
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CY2016 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
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CY2014 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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9238000 USD
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-5367000 USD
CY2016 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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-1557000 USD
CY2014 us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax
4975000 USD
CY2015 us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax
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CY2016 us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
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3808000 USD
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-10405000 USD
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-16022000 USD
CY2016 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
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-2385000 USD
CY2014 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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-7565000 USD
CY2015 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2016 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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-3367000 USD
CY2014 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
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CY2015 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
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982000 USD
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1673000 USD
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CY2016 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2014 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
1673000 USD
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-16512000 USD
CY2016 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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-4924000 USD
CY2014 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
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853000 USD
CY2015 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax
2501000 USD
CY2016 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax
2940000 USD
CY2014 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
555000 USD
CY2015 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
1626000 USD
CY2016 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
1911000 USD
CY2014 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
298000 USD
CY2015 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
875000 USD
CY2016 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
1029000 USD
CY2014 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
2135000 USD
CY2015 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-7768000 USD
CY2016 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
143000 USD
CY2014 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
15066000 USD
CY2015 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
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-5757000 USD
CY2016 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
544000 USD
CY2014 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
9793000 USD
CY2015 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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-3741000 USD
CY2016 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
354000 USD
CY2014 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
5273000 USD
CY2015 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
-2016000 USD
CY2016 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
190000 USD
CY2014 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
347276000 USD
CY2015 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
381954000 USD
CY2016 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
363986000 USD
CY2015Q4 us-gaap Other Loans Payable
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4399000 USD
CY2016Q4 us-gaap Other Loans Payable
OtherLoansPayable
13933000 USD
CY2014 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-448000 USD
CY2015 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-5668000 USD
CY2016 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-7215000 USD
CY2014 us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
6744000 USD
CY2015 us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
-1369000 USD
CY2016 us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
-666000 USD
CY2014 us-gaap Payments For Losses And Loss Adjustment Expense
PaymentsForLossesAndLossAdjustmentExpense
86673000 USD
CY2015 us-gaap Payments For Losses And Loss Adjustment Expense
PaymentsForLossesAndLossAdjustmentExpense
123632000 USD
CY2016 us-gaap Payments For Losses And Loss Adjustment Expense
PaymentsForLossesAndLossAdjustmentExpense
92030000 USD
CY2014 us-gaap Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
-13294000 USD
CY2015 us-gaap Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
14664000 USD
CY2016 us-gaap Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
-17468000 USD
CY2014 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
22048000 USD
CY2015 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
27950000 USD
CY2016 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1053000 USD
CY2014 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
2334000 USD
CY2015 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
18010000 USD
CY2016 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
27840000 USD
CY2014 us-gaap Payments To Acquire Additional Interest In Subsidiaries
PaymentsToAcquireAdditionalInterestInSubsidiaries
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:Tahoma,sans-serif;font-size:10pt;font-weight:bold;">Reclassifications.</font><font style="font-family:Tahoma,sans-serif;font-size:10pt;"> Certain prior year amounts in these consolidated financial statements have been reclassified for comparative purposes. Net income (loss) attributable to Stewart and stockholders&#8217; equity, as previously reported, were not affected.</font></div></div>

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