XML 55 R38.htm IDEA: XBRL DOCUMENT v3.3.1.900
Schedule II - Condensed Statements of Comprehensive Income
 12 Months Ended
Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Financial Information of Parent Company Only
Schedule II – Condensed Balance Sheet (Parent Only)

 
December 31,
 
2015
 
2014
 
(in thousands except number
of shares)
Assets
 
 
 
Investments:
 
 
 
Equity investment in subsidiaries
$
5,125,524

 
$
5,620,192

Fixed maturity securities available for sale, at fair value (amortized cost – $143,069 in 2015 and $265,433 in 2014)
140,748

 
269,889

Equity securities available for sale, at fair value (amortized cost – $4,694 in 2015 and $13,014 in 2014)
5,389

 
23,605

Short-term investments
(1,810
)
 
7,349

Other investments
93,012

 
92,594

Total investments
5,362,863

 
6,013,629

Cash and cash equivalents
354,146

 
392,189

Receivable from subsidiaries, net
24,688

 
40,952

Income tax receivable
23,438

 
16,457

Accrued investment income
1,328

 
2,055

Property and equipment, at cost less accumulated depreciation
126,271

 
148,046

Other intangible assets, net
—

 
9,282

Other assets
66,396

 
139,208

Total assets
$
5,959,130

 
$
6,761,818

Liabilities
 
 
 
Accounts payable and other liabilities
$
263,781

 
$
409,432

Debt
1,171,382

 
1,171,079

Total liabilities
1,435,163

 
1,580,511

Commitments and Contingencies

 

Stockholders’ equity
 
 
 
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 65,850,386 and 69,299,559 shares outstanding at December 31, 2015 and 2014, respectively
1,497

 
1,490

Additional paid-in capital
3,148,409

 
3,131,274

Retained earnings
4,856,674

 
4,809,287

Accumulated other comprehensive income
118,549

 
555,767

Treasury stock, at cost; 83,523,031 and 79,338,142 shares at December 31, 2015 and 2014,
respectively
(3,601,162
)
 
(3,316,511
)
Total stockholders’ equity
4,523,967

 
5,181,307

Total liabilities and stockholders’ equity
$
5,959,130

 
$
6,761,818


See Accompanying Notes to Condensed Financial Information of Registrant
Schedule II – Condensed Income Statement (Parent Only)
 
 
Years Ended December 31,
 
2015
 
2014
 
2013
 
(in thousands)
Revenues
 
 
 
 
 
Net investment income
$
7,298

 
$
7,212

 
$
7,684

Net realized gains on investments
12,507

 
4,288

 
1,713

Fees and other income
95,986

 
90,217

 
89,889

Equity in net income of subsidiaries
227,805

 
584,464

 
628,894

Total revenues
343,596

 
686,181

 
728,180

Expenses
 
 
 
 
 
General and administrative expenses
223,953

 
197,341

 
216,623

Interest expense
55,116

 
58,394

 
77,735

Total expenses
279,069

 
255,735

 
294,358

Income before benefit for income taxes
64,527

 
430,446

 
433,822

Benefit for income taxes
77,028

 
40,461

 
55,085

Net income
$
141,555

 
$
470,907

 
$
488,907


See Accompanying Notes to Condensed Financial Information of Registrant
Schedule II – Condensed Statements of Comprehensive Income (Parent Only)

 
Years Ended December 31,
 
2015
 
2014
 
2013
 
(in thousands)
Net income
$
141,555

 
$
470,907

 
$
488,907

Other comprehensive (loss) income:
 
 
 
 
 
Change in unrealized gains on securities, net of taxes of
    $8,787, $(3,273), and $1,863, respectively
(7,876
)
 
6,078

 
(3,459
)
Change in foreign currency translation, net of taxes of
    $(45), $(68), and $32, respectively
84

 
126

 
(59
)
Amortization of pension and postretirement
    unrecognized net periodic benefit cost and change in
    funded status, net of taxes of $(4,082), $26,516, and
    $(51,301), respectively
7,580

 
(49,244
)
 
95,274

Change in subsidiary other comprehensive income
(437,006
)
 
171,977

 
(495,329
)
Total other comprehensive (loss) income
(437,218
)
 
128,937

 
(403,573
)
Total comprehensive (loss) income
$
(295,663
)
 
$
599,844

 
$
85,334


See Accompanying Notes to Condensed Financial Information of Registrant
Schedule II – Condensed Cash Flows (Parent Only)
 
Years Ended December 31,
 
2015
 
2014
 
2013
 
(in thousands)
Operating Activities
 
 
 
 
 
Net cash provided by operating activities
$
649,345

 
$
397,665

 
$
440,598

Investing Activities
 
 
 
 
 
Sales of:
 
 
 
 
 
Fixed maturity securities available for sale
442,777

 
444,589

 
394,997

Equity securities available for sale
32,297

 
8,895

 
19,315

Other invested assets
447

 
—

 
—

Property and equipment and other
35

 
—

 
41

Subsidiary
3

 
—

 
—

Maturities, calls, prepayments, and scheduled redemption of:
 
 
 
 
 
Fixed maturity securities available for sale
20,167

 
45,145

 
69,156

Purchases of:
 
 
 
 
 
Fixed maturity securities available for sale
(461,709
)
 
(253,866
)
 
(314,864
)
Equity securities available for sale
(13,288
)
 
(9,433
)
 
(15,557
)
Other invested assets
(2,649
)
 
(4,134
)
 
(152
)
Property and equipment and other
(47,542
)
 
(49,569
)
 
(29,635
)
Capital contributed to subsidiaries
(439,476
)
 
(453,700
)
 
(323,600
)
Return of capital contributions from subsidiaries
172,391

 
205,250

 
174,277

Change in short-term investments
4,977

 
115,856

 
(118,123
)
Net cash (used in) provided by investing activities
(291,570
)
 
49,033

 
(144,145
)
Financing Activities
 
 
 
 
 
Issuance of debt
—

 
—

 
698,093

Repurchase of debt
—

 
—

 
(33,634
)
Repayment of debt
—

 
(467,330
)
 
—

Change in tax benefit from share-based payment arrangements
(4,067
)
 
14,900

 
(1,112
)
Acquisition of common stock
(292,906
)
 
(215,183
)
 
(393,012
)
Dividends paid
(94,168
)
 
(77,495
)
 
(74,128
)
Net cash (used in) provided by financing activities
(391,141
)
 
(745,108
)
 
196,207

Effect of exchange rate changes on cash and cash equivalents
—

 
50

 
(49
)
Cash included in held for sale assets
(4,677
)
 
—

 
—

Change in cash and cash equivalents
(38,043
)
 
(298,360
)
 
492,611

Cash and cash equivalents at beginning of period
392,189

 
690,549

 
197,938

Cash and cash equivalents at end of period
$
354,146

 
$
392,189

 
$
690,549


See Accompanying Notes to Condensed Financial Information of Registrant