2016 Q4 Form 10-Q Financial Statement

#000010119916000599 Filed on November 02, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $264.5M $255.6M $264.6M
YoY Change -4.14% -3.38% 12.17%
Cost Of Revenue $169.3M $144.5M
YoY Change 17.14% -6.36%
Gross Profit $86.32M $120.0M
YoY Change -28.09% 47.25%
Gross Profit Margin 33.77% 45.37%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.100M $1.700M $4.500M
YoY Change -191.67% -62.22% 181.25%
% of Gross Profit 1.97% 3.75%
Operating Expenses $250.6M $241.6M $237.7M
YoY Change 143.06% 1.64% -0.42%
Operating Profit -$155.3M -$117.7M
YoY Change 31.97% -25.14%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $13.93M $14.04M $26.82M
YoY Change -67.81% -47.68% -1042.85%
Income Tax $1.900M $2.407M $7.290M
% Of Pretax Income 13.64% 17.15% 27.18%
Net Earnings $12.00M $12.37M $19.53M
YoY Change -61.17% -36.68% 5910.46%
Net Earnings / Revenue 4.53% 4.84% 7.38%
Basic Earnings Per Share $0.47 $0.49 $0.78
Diluted Earnings Per Share $0.46 $0.48 $0.77
COMMON SHARES
Basic Shares Outstanding 25.36M shares 25.39M shares 25.07M shares
Diluted Shares Outstanding 25.82M shares 25.38M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $89.19M $99.45M $124.1M
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 $55.52M $54.99M $52.88M
YoY Change 4.29% 3.99% 10.08%
Goodwill $15.09M
YoY Change 0.0%
Intangibles $9.649M
YoY Change -7.38%
Long-Term Investments $3.266B $3.253B $3.097B
YoY Change 3.91% 5.06% -1.35%
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $4.055B $4.107B $3.876B
YoY Change 4.23% 5.96% 1.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $159.0M $189.5M $207.8M
YoY Change -20.74% -8.81% 58.38%
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 $159.0M $189.5M $207.8M
YoY Change -22.63% -8.81% 58.38%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $159.0M $189.5M $207.8M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $3.113B $3.148B $3.031B
YoY Change 3.37% 3.87% 0.45%
SHAREHOLDERS EQUITY
Retained Earnings $616.3M $610.7M $565.7M
YoY Change 4.28% 7.94% 14.58%
Common Stock $216.5M $214.0M $204.3M
YoY Change 4.37% 4.74% 0.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $941.9M $959.2M $845.5M
YoY Change
Total Liabilities & Shareholders Equity $4.055B $4.107B $3.876B
YoY Change 4.23% 5.96% 1.33%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $12.00M $12.37M $19.53M
YoY Change -61.17% -36.68% 5910.46%
Depreciation, Depletion And Amortization $1.100M $1.700M $4.500M
YoY Change -191.67% -62.22% 181.25%
Cash From Operating Activities $81.60M $47.00M $33.10M
YoY Change 12.55% 41.99% 3.12%
INVESTING ACTIVITIES
Capital Expenditures -$1.500M -$3.300M -$7.100M
YoY Change -236.36% -53.52% 373.33%
Acquisitions
YoY Change
Other Investing Activities -$90.90M $8.800M $34.60M
YoY Change 52.01% -74.57% -303.53%
Cash From Investing Activities -$92.40M $5.500M $27.50M
YoY Change 57.41% -80.0% -248.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -24.00M -31.30M -30.00M
YoY Change -1.64% 4.33% -5.96%
NET CHANGE
Cash From Operating Activities 81.60M 47.00M 33.10M
Cash From Investing Activities -92.40M 5.500M 27.50M
Cash From Financing Activities -24.00M -31.30M -30.00M
Net Change In Cash -34.80M 21.20M 30.60M
YoY Change 228.3% -30.72% -267.21%
FREE CASH FLOW
Cash From Operating Activities $81.60M $47.00M $33.10M
Capital Expenditures -$1.500M -$3.300M -$7.100M
Free Cash Flow $83.10M $50.30M $40.20M
YoY Change 16.39% 25.12% 19.64%

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us-gaap Depreciation Depletion And Amortization
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us-gaap Depreciation Depletion And Amortization
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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0.35
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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8000000 USD
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CY2016Q3 us-gaap Held To Maturity Securities
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652000 USD
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0 USD
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0 USD
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452000 USD
CY2016Q3 us-gaap Held To Maturity Securities Debt Maturities After One Through Five Years Net Carrying Amount
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450000 USD
CY2016Q3 us-gaap Held To Maturity Securities Debt Maturities After Ten Years Fair Value
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0 USD
CY2016Q3 us-gaap Held To Maturity Securities Debt Maturities After Ten Years Net Carrying Amount
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0 USD
CY2016Q3 us-gaap Held To Maturity Securities Debt Maturities Within One Year Fair Value
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150000 USD
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150000 USD
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675000 USD
CY2016Q3 us-gaap Held To Maturity Securities Fair Value
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655000 USD
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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2016Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
15175000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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44813000 USD
us-gaap Increase Decrease In Prepaid Reinsurance Premiums
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CY2015Q3 us-gaap Income Tax Expense Benefit
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7290000 USD
us-gaap Income Tax Expense Benefit
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19957000 USD
CY2016Q3 us-gaap Income Tax Expense Benefit
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2807000 USD
us-gaap Income Tax Expense Benefit
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6904000 USD
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31724000 USD
us-gaap Income Taxes Paid
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24026000 USD
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-5012000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
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us-gaap Increase Decrease In Accrued Investment Income Receivable
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304000 USD
us-gaap Increase Decrease In Accrued Investment Income Receivable
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us-gaap Increase Decrease In Deferred Income Taxes
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1928000 USD
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11732000 USD
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1561000 USD
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-545000 USD
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us-gaap Increase Decrease In Other Operating Liabilities
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46628000 USD
us-gaap Increase Decrease In Premiums Receivable
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54725000 USD
us-gaap Increase Decrease In Prepaid Reinsurance Premiums
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266000 USD
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-12395000 USD
us-gaap Increase Decrease In Reinsurance Recoverable
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13632000 USD
us-gaap Increase Decrease In Unearned Premiums
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50097000 USD
us-gaap Increase Decrease In Unearned Premiums
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53688000 USD
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5568000 USD
us-gaap Interest Credited To Policyholders Account Balances
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18207000 USD
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4983000 USD
us-gaap Interest Credited To Policyholders Account Balances
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15368000 USD
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0 USD
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0 USD
us-gaap Interest Paid
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CY2016Q3 us-gaap Investments
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3253149000 USD
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32503000 USD
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14091000 USD
us-gaap Liability For Future Policy Benefits Period Expense
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42645000 USD
CY2015Q3 us-gaap Line Of Credit
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CY2016Q3 us-gaap Line Of Credit
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CY2016Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
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100000000 USD
CY2015Q4 us-gaap Mortgage Loans On Real Estate Commercial And Consumer Net
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3961000 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 Investment Income
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CY2016Q3 us-gaap Net Investment Income
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us-gaap Net Investment Income
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0 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Reclassification Adjustments And Tax
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0 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Reclassification Adjustments And Tax
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0 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Reclassification Adjustments And Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
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2320000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
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1867000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Before Tax
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CY2016Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Before Tax
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1371000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Before Tax
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4113000 USD
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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27685000 USD
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us-gaap Other Income
OtherIncome
318000 USD
CY2016Q3 us-gaap Other Income
OtherIncome
145000 USD
us-gaap Other Income
OtherIncome
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CY2015Q4 us-gaap Other Long Term Investments
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54151000 USD
CY2016Q3 us-gaap Other Long Term Investments
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CY2015Q4 us-gaap Other Short Term Investments
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175000 USD
CY2016Q3 us-gaap Other Short Term Investments
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CY2015Q3 us-gaap Other Underwriting Expense
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us-gaap Other Underwriting Expense
OtherUnderwritingExpense
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CY2016Q3 us-gaap Other Underwriting Expense
OtherUnderwritingExpense
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us-gaap Other Underwriting Expense
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us-gaap Payments For Proceeds From Productive Assets
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us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments Of Dividends
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us-gaap Payments Of Dividends
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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475000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
482000 USD
us-gaap Payments To Acquire Available For Sale Securities
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us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
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CY2015Q3 us-gaap Policyholder Benefits And Claims Incurred Net
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us-gaap Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
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CY2016Q3 us-gaap Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
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us-gaap Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
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CY2015Q3 us-gaap Premiums Earned Net
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us-gaap Premiums Earned Net
PremiumsEarnedNet
681817000 USD
CY2016Q3 us-gaap Premiums Earned Net
PremiumsEarnedNet
260069000 USD
us-gaap Premiums Earned Net
PremiumsEarnedNet
754854000 USD
CY2015Q4 us-gaap Premiums Receivable Allowance For Doubtful Accounts
PremiumsReceivableAllowanceForDoubtfulAccounts
867000 USD
CY2016Q3 us-gaap Premiums Receivable Allowance For Doubtful Accounts
PremiumsReceivableAllowanceForDoubtfulAccounts
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CY2015Q4 us-gaap Premiums Receivable At Carrying Value
PremiumsReceivableAtCarryingValue
276517000 USD
CY2016Q3 us-gaap Premiums Receivable At Carrying Value
PremiumsReceivableAtCarryingValue
331242000 USD
CY2015Q4 us-gaap Prepaid Reinsurance Premiums
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3790000 USD
CY2016Q3 us-gaap Prepaid Reinsurance Premiums
PrepaidReinsurancePremiums
4002000 USD
us-gaap Proceeds From Annuities And Investment Certificates
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us-gaap Proceeds From Annuities And Investment Certificates
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63967000 USD
us-gaap Proceeds From Income Tax Refunds
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0 USD
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2679000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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527365000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
428009000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Held To Maturity Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities
108000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Held To Maturity Securities
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20000 USD
us-gaap Proceeds From Payments For Trading Securities
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us-gaap Proceeds From Payments For Trading Securities
ProceedsFromPaymentsForTradingSecurities
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us-gaap Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
4221000 USD
us-gaap Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
2235000 USD
CY2015Q3 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
0 USD
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
8228000 USD
CY2016Q3 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
2007000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
5049000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
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53241000 USD
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
54994000 USD
CY2015Q3 us-gaap Realized Investment Gains Losses
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966000 USD
us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
2622000 USD
CY2016Q3 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
2590000 USD
us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
6241000 USD
CY2015Q3 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
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CY2016Q3 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
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553000 USD
CY2015Q3 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
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CY2016Q3 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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617000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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359000 USD
CY2015Q3 us-gaap Reclassification From Aoci Current Period Tax
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us-gaap Reclassification From Aoci Current Period Tax
ReclassificationFromAociCurrentPeriodTax
-310000 USD
CY2016Q3 us-gaap Reclassification From Aoci Current Period Tax
ReclassificationFromAociCurrentPeriodTax
332000 USD
us-gaap Reclassification From Aoci Current Period Tax
ReclassificationFromAociCurrentPeriodTax
194000 USD
CY2015Q4 us-gaap Reinsurance Recoverables
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73527000 USD
CY2016Q3 us-gaap Reinsurance Recoverables
ReinsuranceRecoverables
87159000 USD
us-gaap Repayments Of Annuities And Investment Certificates
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175840000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
610672000 USD
CY2015Q3 us-gaap Revenues
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264560000 USD
us-gaap Revenues
Revenues
758962000 USD
CY2016Q3 us-gaap Revenues
Revenues
289494000 USD
us-gaap Revenues
Revenues
834952000 USD
us-gaap Share Based Compensation
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
292440 shares
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
67492 shares
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
878897000 USD
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
959180000 USD
CY2015Q4 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
4917000 USD
CY2016Q3 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
0 USD
CY2015Q4 us-gaap Trading Securities
TradingSecurities
16975000 USD
CY2016Q3 us-gaap Trading Securities
TradingSecurities
17898000 USD
CY2015Q4 us-gaap Trading Securities Debt
TradingSecuritiesDebt
12622000 USD
CY2016Q3 us-gaap Trading Securities Debt
TradingSecuritiesDebt
13253000 USD
CY2015Q4 us-gaap Trading Securities Debt Amortized Cost
TradingSecuritiesDebtAmortizedCost
11475000 USD
CY2016Q3 us-gaap Trading Securities Debt Amortized Cost
TradingSecuritiesDebtAmortizedCost
11587000 USD
CY2015Q4 us-gaap Trading Securities Equity
TradingSecuritiesEquity
4353000 USD
CY2016Q3 us-gaap Trading Securities Equity
TradingSecuritiesEquity
4645000 USD
CY2015Q4 us-gaap Trading Securities Equity Cost
TradingSecuritiesEquityCost
4443000 USD
CY2016Q3 us-gaap Trading Securities Equity Cost
TradingSecuritiesEquityCost
4410000 USD
CY2015Q4 us-gaap Unearned Premiums
UnearnedPremiums
415057000 USD
CY2016Q3 us-gaap Unearned Premiums
UnearnedPremiums
468745000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2016Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25379348 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25171881 shares
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25815346 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25711014 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25067080 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25027382 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25389633 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25322427 shares
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:13px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior year amounts have been reclassified to conform to the current year presentation. </font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:13px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The financial statement categories that are most dependent on management estimates and assumptions include: investments; deferred policy acquisition costs; reinsurance receivables and recoverables; future policy benefits and losses, claims and loss settlement expenses; and pension and postretirement benefit obligations. </font></div></div>

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0000101199-16-000599.txt Edgar Link pending
0000101199-16-000599-xbrl.zip Edgar Link pending
exhibit311093016.htm Edgar Link pending
exhibit312093016.htm Edgar Link pending
exhibit321093016.htm Edgar Link pending
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ufcs-20160930.xml Edgar Link completed
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ufcs-20160930_cal.xml Edgar Link unprocessable
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