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Schedule II - Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2019
Balance Sheets [Abstract]  
Condensed Financial Information of Registrant
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
BALANCE SHEETS
OLD REPUBLIC INTERNATIONAL CORPORATION (PARENT COMPANY)
($ in Millions)
 
 
 
 
 
December 31,
 
2019
 
2018
Assets:
 

 
 

Bonds and notes
$
10.5

 
$
10.5

Short-term investments
17.1

 
6.2

Cash
1.9

 
5.0

Investments in, and indebtedness of related parties
7,131.8

 
6,276.3

Other assets
93.2

 
86.0

Total Assets
$
7,254.7

 
$
6,384.2

 
 
 
 
Liabilities and Common Shareholders' Equity:
 
 
 
Liabilities:
 
 
 
Accounts payable and accrued expenses
$
154.1

 
$
150.2

Debt and debt equivalents
969.6

 
975.0

Indebtedness to affiliates and subsidiaries
130.8

 
112.7

Commitments and contingent liabilities

 

Total Liabilities
1,254.5

 
1,238.0

 
 
 
 
Common Shareholders' Equity:
 
 
 
Common stock
303.6

 
302.7

Additional paid-in capital
1,297.5

 
1,277.6

Retained earnings
4,386.0

 
3,849.8

Accumulated other comprehensive income (loss)
77.7

 
(210.0
)
Unallocated ESSOP shares (at cost)
(64.8
)
 
(73.9
)
Total Common Shareholders' Equity
6,000.1

 
5,146.2

Total Liabilities and Common Shareholders' Equity
$
7,254.7

 
$
6,384.2


OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
STATEMENTS OF INCOME
OLD REPUBLIC INTERNATIONAL CORPORATION (PARENT COMPANY)
($ in Millions)
 
 
 
 
 
 
 
Years Ended December 31,
 
2019
 
2018
 
2017
Revenues:
 
 
 
 
 
Investment income from subsidiaries
$
105.1

 
$
101.7

 
$
100.1

Real estate and other income
5.0

 
5.0

 
4.8

Other investment income
.9

 
2.0

 
2.0

Realized investment gains (losses)
(.2
)
 
—

 
—

Total revenues
110.9

 
108.9

 
107.0

 
 
 
 
 
 
Expenses:
 
 
 
 
 
Interest - subsidiaries
3.1

 
2.1

 
.4

Interest - other
42.9

 
47.0

 
64.5

Real estate and other expenses
4.7

 
4.6

 
3.8

General expenses, taxes and fees
13.4

 
15.3

 
12.6

Total expenses
64.3

 
69.1

 
81.5

Revenues, net of expenses
46.6

 
39.7

 
25.4

 
 
 
 
 
 
Federal income taxes (credits)
8.8

 
1.5

 
34.1

Income (loss) before equity in earnings (losses) of subsidiaries
37.7

 
38.2

 
(8.6
)
 
 
 
 
 
 
Equity in Earnings (Losses) of Subsidiaries:
 
 
 
 
 
Dividends received
411.8

 
412.3

 
367.4

Earnings (losses) in excess of dividends
606.9

 
(80.0
)
 
201.7

 
 
 
 
 
 
Net Income (Loss)
$
1,056.4

 
$
370.5

 
$
560.5


OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
STATEMENTS OF CASH FLOWS
OLD REPUBLIC INTERNATIONAL CORPORATION (PARENT COMPANY)
($ in Millions)
 
 
 
 
 
 
 
Years Ended December 31,
 
2019
 
2018
 
2017
Cash flows from operating activities:
 
 
 
 
 
Net income (loss)
$
1,056.4

 
$
370.5

 
$
560.5

Adjustments to reconcile net income (loss) to
 
 
 
 
 
net cash provided by operating activities:
 
 
 
 
 
Accounts receivable
(.7
)
 
.2

 
(.1
)
Income taxes - net
.4

 
(23.4
)
 
41.9

Excess of equity in net (income) loss
 
 
 
 
 
of subsidiaries over cash dividends received
(620.0
)
 
80.0

 
(201.9
)
Realized investment (gains) losses
.2

 
—

 
—

Accounts payable, accrued expenses and other
(1.0
)
 
2.2

 
7.9

Total
435.3

 
429.6

 
408.2

 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
Sale of fixed assets for company use
.4

 
—

 
—

Net repayment (issuance) of notes to related parties
102.5

 
(114.2
)
 
7.3

Net decrease (increase) in short-term investments
(10.8
)
 
266.6

 
(69.0
)
Investment in, and indebtedness of related parties-net
10.9

 
(104.0
)
 
(178.7
)
Total
103.0

 
48.3

 
(240.4
)
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
Net receipt (repayment) of notes and loans from related parties
(10.3
)
 
50.7

 
17.3

Issuance of common shares
13.8

 
13.1

 
17.8

Redemption of debentures and notes
(6.5
)
 
(4.7
)
 
(3.9
)
Purchase of unallocated ESSOP shares
—

 
(50.0
)
 
—

Dividends on common shares
(538.7
)
 
(498.8
)
 
(198.8
)
Other - net
.2

 
(3.1
)
 
(.2
)
Total
(541.5
)
 
(492.8
)
 
(167.8
)
 
 
 
 
 
 
Increase (decrease) in cash
(3.1
)
 
(14.9
)
 
—

Cash, beginning of year
5.0

 
20.0

 
19.9

Cash, end of year
$
1.9

 
$
5.0

 
$
20.0


OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
NOTES TO CONDENSED FINANCIAL STATEMENTS
($ in Millions)

Note 1 - Summary of Significant Accounting Policies

Old Republic International Corporation's ("the Company" or "Old Republic") condensed financial statements are presented in accordance with the Financial Accounting Standards Board's ("FASB") Accounting Standards Codification ("ASC") of accounting principles generally accepted in the United States of America ("GAAP") and should be read in conjunction with the consolidated financial statements and notes thereto of Old Republic International Corporation and Subsidiaries included in its Annual Report on Form 10-K.
Note 2 - Investments in Consolidated Subsidiaries

Old Republic International Corporation's investments in consolidated subsidiaries are reflected in the condensed financial statements in accordance with the equity method of accounting. Undistributed earnings in excess of dividends received are recorded as separate line items in the condensed statements of income.
Note 3 - Debt

On August 26, 2016, the Company completed a public offering of $550.0 aggregate principal amount of Senior Notes. The notes bear interest at a rate of 3.875% per year and mature on August 26, 2026.

On September 23, 2014, the Company completed a public offering of $400.0 aggregate principal amount of Senior Notes. The notes bear interest at a rate of 4.875% per year and mature on October 1, 2024.