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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2019
Summary of Significant Accounting Policies [Abstract]  
Consolidation, Subsidiary, Effects of Changes . The following table reflects a summary of all such adjustments:
 
Shareholders' Equity
 
Net Income (Loss)
 
December 31,
 
Years Ended December 31,
 
2019
 
2018
 
2019
 
2018
 
2017
Statutory totals of insurance
 
 
 
 
 
 
 
 
 
company subsidiaries (a):
 
 
 
 
 
 
 
 
 
General
$
4,263.5

 
$
3,847.3

 
$
332.2

 
$
290.5

 
$
348.9

Title
599.0

 
503.1

 
145.1

 
110.5

 
127.9

RFIG Run-off
120.7

 
88.0

 
(62.8
)
 
44.9

 
50.5

Life & Accident
46.8

 
39.8

 
3.9

 
.9

 
1.8

Sub-total
5,030.0

 
4,478.2

 
418.4

 
446.8

 
529.1

GAAP totals of non-insurance company
 
 
 
 
 
 
 
 
 
subsidiaries and consolidation adjustments
844.9

 
715.8

 
153.2

 
8.8

 
(59.9
)
Unadjusted totals
5,875.0

 
5,194.0

 
571.6

 
455.6

 
469.2

Adjustments to conform to GAAP statements:
 
 
 
 
 
 
 
 
 
Deferred policy acquisition costs
204.3

 
194.8

 
9.4

 
17.2

 
11.7

Investment adjustment
258.1

 
(65.5
)
 
466.3

 
(198.2
)
 
—

Non-admitted assets
116.3

 
111.1

 
—

 
—

 
—

Deferred income taxes
(121.8
)
 
(63.9
)
 
(5.8
)
 
38.7

 
34.7

Mortgage contingency reserves
352.5

 
433.1

 
—

 
—

 
—

Title insurance premium reserves
571.7

 
545.8

 
25.8

 
23.3

 
27.1

Loss reserves
(449.3
)
 
(440.4
)
 
(7.9
)
 
38.3

 
40.5

Surplus notes
(808.0
)
 
(744.5
)
 
—

 
—

 
—

Sundry adjustments
.7

 
(18.6
)
 
(3.2
)
 
(4.4
)
 
(22.9
)
Total adjustments
124.7

 
(48.2
)
 
484.5

 
(85.0
)
 
91.0

Consolidated GAAP totals
$
6,000.1

 
$
5,146.2

 
$
1,056.4

 
$
370.5

 
$
560.5


__________

(a)    The insurance laws of the respective states in which the Company’s insurance subsidiaries are incorporated prescribe minimum capital and surplus requirements for the lines of business they are licensed to write. For domestic property and casualty and life and accident insurance companies the National Association of Insurance Commissioners also prescribes risk-based capital ("RBC") requirements. The RBC is a measure of statutory capital in relationship to a formula-driven definition of risk relative to a company’s balance sheet and mix of business. The combined RBC ratio of our primary General insurance subsidiaries was 658% and 657% of the company action level RBC at December 31, 2019 and 2018, respectively. The minimum capital requirements for the Company’s Title Insurance subsidiaries are established by statute in the respective states of domicile. The minimum regulatory capital requirements are not significant in relationship to the recorded statutory capital of the Company’s Title and Life & Accident insurance subsidiaries. At December 31, 2019 and 2018 each of the Company’s General, Title, RFIG and Life and Accident insurance subsidiaries exceeded the minimum statutory capital and surplus requirements. Refer to Note 1(s) - Regulatory Matters for a discussion regarding the RFIG Run-off group.
Amortized Cost and Estimated Fair Values Of Fixed Maturities
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
Cost and Fair Value of Fixed Maturity Securities by Type:
 
 
 
 
 
 
 
December 31, 2019:
 
 
 
 
 
 
 
Available for sale:
 
 
 
 
 
 
 
U.S. & Canadian Governments
$
1,842.3

 
$
36.9

 
$
.4

 
$
1,878.8

Corporate
6,694.9

 
225.5

 
2.8

 
6,917.6

 
$
8,537.3

 
$
262.5

 
$
3.3

 
$
8,796.5

Held to maturity:
 
 
 
 
 
 
 
Tax-exempt
$
1,021.7

 
$
36.5

 
$
—

 
$
1,058.2

 
 
 
 
 
 
 
 
December 31, 2018:
 
 
 
 
 
 
 
Available for sale:
 
 
 
 
 
 
 
U.S. & Canadian Governments
$
1,535.3

 
$
5.7

 
$
16.5

 
$
1,524.4

Corporate
6,749.6

 
31.4

 
122.7

 
6,658.3

 
$
8,285.0

 
$
37.1

 
$
139.2

 
$
8,182.8

Held to maturity:
 
 
 
 
 
 
 
Tax-exempt
$
1,044.8

 
$
3.5

 
$
13.7

 
$
1,034.5

 
 
 
 
 
 
 
 
Amortized Cost and Estimated Fair Values Of Fixed Maturities By Contractual Maturities
 
Amortized
Cost
 
Estimated
Fair
Value
Fixed Maturity Securities Stratified by Contractual Maturity at December 31, 2019:
 
 
 
Available for sale:
 
 
 
Due in one year or less
$
1,018.3

 
$
1,022.3

Due after one year through five years
4,931.5

 
5,057.3

Due after five years through ten years
2,548.7

 
2,676.6

Due after ten years
38.5

 
40.0

 
$
8,537.3

 
$
8,796.5

Held to maturity:
 
 
 
Due in one year or less
$
1.0

 
$
1.0

Due after one year through five years
380.8

 
389.8

Due after five years through ten years
639.8

 
667.3

Due after ten years
—

 
—

 
$
1,021.7

 
$
1,058.2
Equity Securities Reflecting Reported Adjusted Cost, Net Of OTTI
 
Equity Securities
 

Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
December 31, 2019
$
3,089.1

 
$
968.0

 
$
26.6

 
$
4,030.5

December 31, 2018
$
3,039.1

 
$
517.3

 
$
175.4

 
$
3,380.9
Gross Unrealized Losses and Fair Value, Aggregated
 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair
Value
 
Unrealized Losses
 
Fair
Value
 
Unrealized Losses
 
Fair
Value
 
Unrealized Losses
December 31, 2019:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Maturity Securities:
 
 
 
 
 
 
 
 
 
 
 
Available for sale:
 
 
 
 
 
 
 
 
 
 
 
  U.S. & Canadian Governments
$
217.2

 
$
.3

 
$
53.0

 
$
.1

 
$
270.3

 
$
.4

  Corporate
176.4

 
1.9

 
54.3

 
.8

 
230.7

 
2.8

 
$
393.7

 
$
2.3

 
$
107.4

 
$
1.0

 
$
501.1

 
$
3.3

 
 
 
 
 
 
 
 
 
 
 
 
Number of available for sale
 
 
 
 
 
 
 
 
 
 
 
securities in unrealized
 
 
 
 
 
 
 
 
 
 
 
loss position
 
 
54
 
 
 
47
 
 
 
101
 
 
 
 
 
 
 
 
 
 
 
 
Held to maturity:
 
 
 
 
 
 
 
 
 
 
 
  Tax-exempt
$
—

 
$
—

 
$
21.7

 
$
—

 
$
21.7

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
Number of held to maturity
 
 
 
 
 
 
 
 
 
 
 
securities in unrealized
 
 
 
 
 
 
 
 
 
 
 
loss position
 
 
0

 
 
 
8
 
 
 
8
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2018:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Maturity Securities:
 
 
 
 
 
 
 
 
 
 
 
Available for sale:
 
 
 
 
 
 
 
 
 
 
 
  U.S. & Canadian Governments
$
616.7

 
$
8.4

 
$
487.1

 
$
8.1

 
$
1,103.9

 
$
16.5

  Corporate
3,440.8

 
77.9

 
1,096.4

 
44.7

 
4,537.3

 
122.7

 
$
4,057.6

 
$
86.4

 
$
1,583.6

 
$
52.8

 
$
5,641.2

 
$
139.2

 
 
 
 
 
 
 
 
 
 
 
 
Number of available for sale
 
 
 
 
 
 
 
 
 
 
 
securities in unrealized
 
 
 
 
 
 
 
 
 
 
 
loss position
 
 
760

 
 
 
335
 
 
 
1,095
 
 
 
 
 
 
 
 
 
 
 
 
Held to maturity:
 
 
 
 
 
 
 
 
 
 
 
  Tax-exempt
$
271.9

 
$
2.3

 
$
407.7

 
$
11.4

 
$
679.7

 
$
13.7

 
 
 
 
 
 
 
 
 
 
 
 
Number of held to maturity
 
 
 
 
 
 
 
 
 
 
 
securities in unrealized
 
 
 
 
 
 
 
 
 
 
 
loss position
 
 
94
 
 
 
145
 
 
 
239
Fair Value, Assets Measured on Recurring Basis
 
 
Fair Value Measurements
As of December 31, 2019:
 
Level 1
 
Level 2
 
Level 3
 
Total
Available for sale:
 
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
 
U.S. & Canadian Governments
 
$
1,068.1

 
$
810.7

 
$
—

 
$
1,878.8

Corporate
 
—

 
6,907.1

 
10.5

 
6,917.6

Short-term investments
 
484.3

 
—

 
—

 
484.3

Held to maturity:
 
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
 
Tax-exempt
 
—

 
1,058.2

 
—

 
1,058.2

Equity securities
 
$
4,028.7

 
$
—

 
$
1.7

 
$
4,030.5

 
 
 
 
 
 
 
 
 
As of December 31, 2018:
 
 
 
 
 
 
 
 
Available for sale:
 
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
 
U.S. & Canadian Governments
 
$
714.0

 
$
810.3

 
$
—

 
$
1,524.4

Corporate
 
—

 
6,647.8

 
10.5

 
6,658.3

Short-term investments
 
354.9

 
—

 
—

 
354.9

Held to maturity:
 
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
 
Tax-exempt
 
—

 
1,034.5

 
—

 
1,034.5

Equity securities
 
$
3,379.2

 
$
—

 
$
1.7

 
$
3,380.9
Investment Income
Years Ended December 31:
 
2019
 
2018
 
2017
Investment income from:
 
 
 
 
 
 
Fixed maturity securities
 
$
300.3

 
$
299.2

 
$
293.2

Equity securities
 
141.3

 
124.0

 
110.9

Short-term investments
 
10.1

 
9.8

 
5.4

Other sources
 
5.8

 
4.9

 
4.5

Gross investment income
 
457.7

 
438.1

 
414.1

Investment expenses (a)
 
6.9

 
6.2

 
4.6

Net investment income
 
$
450.7

 
$
431.8

 
$
409.4

 
 
 
 
 
 
 
Investment gains (losses):
 
 
 
 
 
 
From actual transactions:
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
Gains
 
$
9.7

 
$
2.4

 
$
22.1

Losses
 
(11.7
)
 
(7.2
)
 
(5.4
)
Net
 
(1.9
)
 
(4.8
)
 
16.6

Equity securities:
 
 
 
 
 
 
Gains
 
153.1

 
71.9

 
217.8

Losses
 
(109.9
)
 
(10.4
)
 
(23.0
)
Net
 
43.2

 
61.4

 
194.7

Other long-term investments, net
 
(2.5
)
 
1.6

 
.1

Total from actual transactions
 
38.6

 
58.2

 
211.6

From impairments
 
(2.0
)
 
—

 
—

From unrealized changes in fair value of equity securities
 
599.5

 
(293.8
)
 
—

Total realized and unrealized investment gains (losses)
 
636.1

 
(235.6
)
 
211.6

Current and deferred income taxes (credits)(b)(c)
 
133.8

 
(49.6
)
 
(30.8
)
Net of tax realized and unrealized investment gains (losses)
 
$
502.2

 
$
(185.9
)
 
$
242.4

 
 
 
 
 
 
 
Changes in unrealized investment gains (losses)
 
 
 
 
 
 
 reflected directly in shareholders' equity on:
 
 
 
 
 
 
Fixed maturity securities
 
$
362.6

 
$
(221.9
)
 
$
(31.2
)
Less: Deferred income taxes (credits)
 
76.3

 
(46.6
)
 
(10.7
)
 
 
286.2

 
(175.2
)
 
(20.5
)
 
 
 
 
 
 
 
Equity securities & other long-term investments
 
1.2

 
(1.3
)
 
144.7

Less: Deferred income taxes (credits)
 
.2

 
(.2
)
 
50.2

 
 
1.0

 
(1.0
)
 
94.4

Net changes in unrealized investment gains (losses), net of tax
 
$
287.2

 
$
(176.3
)
 
$
73.9

__________

(a)    Investment expenses largely consist of personnel costs and investment management and custody service fees.
(b)    Reflects primarily the combination of fully taxable investment gains or losses.
Capitalization of Deferred Policy Acquisition Costs
Years Ended December 31:
 
2019
 
2018
 
2017
Deferred, beginning of year
 
$
316.3

 
$
297.8

 
$
274.0

Acquisition costs deferred:
 
 
 
 
 
 
Commissions - net of reinsurance
 
360.8

 
332.2

 
308.7

Premium taxes
 
130.2

 
123.5

 
117.1

Salaries and other underwriting expenses
 
50.3

 
52.3

 
51.9

Sub-total
 
541.4

 
508.1

 
477.8

Amortization charged to income
 
(532.2
)
 
(489.6
)
 
(454.0
)
Change for the year
 
9.1

 
18.5

 
23.7

Deferred, end of year
 
$
325.4

 
$
316.3

 
$
297.8
Unearned Premiums At December 31, 2019 and 2018, unearned premiums consisted of the following:
As of December 31:
 
2019
 
2018
   General Insurance Group
 
$
2,223.4

 
$
2,101.8

   RFIG Run-off Business
 
1.3

 
3.0

       Total
 
$
2,224.7

 
$
2,104.9
Schedule of Effects of Coverage Rescissions and Claim Denials on Loss Reserves The table below shows the estimated effects of coverage rescissions and claim denials on loss reserves and settled and incurred losses.
 
2019
 
2018
 
2017
Estimated reduction in beginning reserve
$
3.2

 
$
19.0

 
$
29.6

Total incurred claims and settlement expenses reduced
 
 
 
 
 
(increased) by changes in estimated rescissions:
 
 
 
 
 
Current year
.6

 
.9

 
6.2

Prior year
(.9
)
 
(12.3
)
 
(3.7
)
Sub-total
(.3
)
 
(11.4
)
 
2.5

Estimated rescission reduction in paid claims
(1.3
)
 
(4.4
)
 
(13.1
)
Estimated reduction in ending reserve
$
1.6

 
$
3.2

 
$
19.0
Schedule of Changes in Aggregate Reserves for the Company's Losses, Claims and Settlement Expenses
In addition to the above reserve elements, the Company establishes reserves for loss settlement costs that are not directly related to individual claims. Such reserves are based on prior years' cost experience and trends, and are intended to cover the unallocated costs of claim departments' administration of known and IBNR claims.

The following table shows an analysis of changes in aggregate reserves for the Company's losses, claims and settlement expenses for each of the years shown.
Years Ended December 31:
2019
 
2018
 
2017
Gross reserves at beginning of year
$
9,471.2

 
$
9,237.6

 
$
9,206.0

Less: reinsurance losses recoverable
3,006.3

 
2,921.1

 
2,766.1

Net reserves at beginning of year:
 
 
 
 
 
General Insurance
5,766.1

 
5,471.5

 
5,249.9

Title Insurance
533.4

 
559.7

 
602.0

RFIG Run-off
154.5

 
271.7

 
574.0

Other
10.8

 
13.5

 
13.8

Sub-total
6,464.9

 
6,316.4

 
6,439.8

Incurred claims and claim adjustment expenses:
 
 
 
 
 
Provisions for insured events of the current year:
 
 
 
 
 
General Insurance
2,422.7

 
2,346.2

 
2,192.1

Title Insurance
99.5

 
96.1

 
95.2

RFIG Run-off (a)
41.1

 
56.2

 
297.1

Other
14.1

 
22.1

 
20.4

Sub-total
2,577.6

 
2,520.7

 
2,604.9

Change in provision for insured events of prior years:
 
 
 
 
 
General Insurance
14.5

 
(0.2
)
 
22.7

Title Insurance
(32.1
)
 
(47.7
)
 
(74.3
)
RFIG Run-off (a)
(9.4
)
 
(26.2
)
 
(99.2
)
Other
(3.9
)
 
(3.5
)
 
(2.9
)
Sub-total
(30.9
)
 
(77.8
)
 
(153.8
)
Total incurred claims and claim adjustment expenses (a)
2,546.6

 
2,442.9

 
2,451.0

Payments:
 
 
 
 
 
Claims and claim adjustment expenses attributable to
 
 
 
 
 
   insured events of the current year:
 
 
 
 
 
General Insurance
835.4

 
813.2

 
765.8

Title Insurance
3.6

 
9.1

 
5.0

RFIG Run-off (b)
3.3

 
3.7

 
329.4

Other
9.1

 
16.0

 
13.9

Sub-total
851.5

 
842.2

 
1,114.3

Claims and claim adjustment expenses attributable to
 
 
 
 
 
   insured events of prior years:
 
 
 
 
 
General Insurance
1,346.6

 
1,238.1

 
1,227.3

Title Insurance
66.2

 
65.4

 
58.2

RFIG Run-off (b)
64.0

 
143.3

 
170.6

Other
3.3

 
5.2

 
3.9

Sub-total
1,480.2

 
1,452.2

 
1,460.1

Total payments (b)
2,331.7

 
2,294.5

 
2,574.4

Amount of reserves for unpaid claims and claim adjustment expenses
 
 
 
 
 
at the end of each year, net of reinsurance losses recoverable:
 
 
 
 
 
General Insurance
6,021.3

 
5,766.1

 
5,471.5

Title Insurance
530.9

 
533.4

 
559.7

RFIG Run-off
118.9

 
154.5

 
271.7

Other
8.4

 
10.8

 
13.5

Sub-total
6,679.7

 
6,464.9

 
6,316.4

Reinsurance losses recoverable
3,249.7

 
3,006.3

 
2,921.1

Gross reserves at end of year
$
9,929.5

 
$
9,471.2

 
$
9,237.6

__________

(a)
In common with all other insurance coverages, RFIG Run-off mortgage guaranty settled and incurred claim and claim adjustment expenses include only those costs actually or expected to be paid by the Company. As previously noted, changes in mortgage guaranty aggregate case, IBNR, and loss adjustment expense reserves entering into the determination of incurred claim costs, take into account, among a large number of variables, claim cost reductions for anticipated coverage rescissions and claims denials.

The RFIG Run-off mortgage guaranty provision for insured events of the current year was reduced by estimated coverage rescissions and claims denials of $.6, $.9 and $6.2, respectively, for 2019, 2018 and 2017. The provision for insured events of prior years in 2019, 2018 and 2017 was increased by estimated coverage rescissions and claims denials of $.9, $12.3 and $3.7, respectively. Prior year development was also affected in varying degrees by differences between actual claim settlements relative to expected experience, by reinstatement of previously rescinded or denied claims, and by subsequent revisions of assumptions in regards to claim frequency, severity or levels of associated claim settlement costs which result from consideration of underlying trends and expectations.
The 2017 RFIG Run-off provision for insured events of the current year is inclusive of the claim expense provisions applicable to final settlements and probable dispositions of all known litigated and other claim costs.

(b)
Rescissions reduced the Company's paid losses by an estimated $1.3, $4.4, and $13.1 for 2019, 2018, and 2017, respectively.
Schedule of Incurred and Paid Loss Development Tables for Major Types of Insurance Coverages
The following represents the Company's incurred and paid loss development tables for the major types of insurance coverages as of December 31, 2019. The information about incurred and paid claims development for the years ended December 31, 2010 to 2018 is presented as supplementary information.
Workers' Compensation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Undiscounted)
 
As of December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims
Cumulative Number of Reported Claims*
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Years Ended December 31,
 
Accident
Supplementary Information (Unaudited)
 
 
 
Year
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
 
2010
$
485.1

$
480.0

$
521.5

$
545.3

$
569.1

$
563.1

$
564.0

$
563.5

$
563.2

$
565.7

 
$
21.4

57,763
2011
 
558.6

567.3

595.3

622.5

643.0

641.7

649.3

634.9

626.9

 
42.8

53,329
2012
 
 
629.3

647.2

670.6

678.1

676.4

671.1

660.5

654.7

 
34.0

49,910
2013
 
 
 
700.9

705.3

716.9

722.7

726.3

717.2

689.7

 
80.0

49,005
2014
 
 
 
 
780.9

792.8

786.4

784.9

777.0

763.3

 
156.0

54,127
2015
 
 
 
 
 
794.3

792.6

787.3

785.5

769.1

 
220.5

55,149
2016
 
 
 
 
 
 
756.1

752.9

745.7

730.5

 
256.3

52,316
2017
 
 
 
 
 
 
 
727.0

713.9

700.3

 
229.6

51,525
2018
 
 
 
 
 
 
 
 
698.6

691.5

 
274.9

51,695
2019
 
 
 
 
 
 
 
 
 
664.6

 
380.6

40,042
 
 
 
 
 
 
 
 
 
Total

$
6,856.8

 
(A)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Reported claims are accumulated on an individual claimant basis and exclude external reinsurance assumed and participation in residual market pools as claim frequency information is not available.

 
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
 
 
 
 
For the Years Ended December 31,
 
 
 
Accident
Supplementary Information (Unaudited)
 
 
 
 
 
Year
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
 
 
 
2010
$
118.9

$
279.8

$
370.1

$
427.9

$
464.0

$
466.5

$
482.8

$
496.1

$
507.2

$
514.0

 
 
 
2011
 
112.6

266.7

361.4

424.0

469.8

503.4

526.4

539.7

550.0

 
 
 
2012
 
 
113.1

265.8

361.8

426.7

469.5

496.6

518.4

531.5

 
 
 
2013
 
 
 
107.6

274.3

381.2

449.8

501.9

526.8

547.0

 
 
 
2014
 
 
 
 
116.9

293.7

397.1

466.0

499.5

524.8

 
 
 
2015
 
 
 
 
 
109.0

274.9

379.3

435.1

466.7

 
 
 
2016
 
 
 
 
 
 
102.5

253.5

334.4

383.5

 
 
 
2017
 
 
 
 
 
 
 
99.6

244.6

334.8

 
 
 
2018
 
 
 
 
 
 
 
 
94.8

240.6

 
 
 
2019
 
 
 
 
 
 
 
 
 
102.9

 
 
 
 
 
 
 
 
 
 
 
 
Total

$
4,196.1

 
(B)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net incurred claims and allocated claim adjustment expenses (A)
 
$
6,856.8

 
 
 
Less: net paid claims and allocated claim adjustment expenses (B)
 
4,196.1

 
 
 
Sub-total
 
2,660.7

 
 
 
All outstanding liabilities before 2010, net of reinsurance
 
628.0

 
 
 
Liabilities for claims and allocated claim adjustment expenses, net of reinsurance
 
$
3,288.8

 
 
 

General Liability
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Undiscounted)
 
As of December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims
Cumulative Number of Reported Claims*
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Years Ended December 31,
 
Accident
Supplementary Information (Unaudited)
 
 
 
Year
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
 
2010
$
68.4

$
67.8

$
66.6

$
64.7

$
70.4

$
69.7

$
68.6

$
68.6

$
67.9

$
67.9

 
$
4.2

5,386
2011
 
72.5

71.5

72.9

80.0

95.8

96.0

94.6

94.4

91.1

 
7.2

4,739
2012
 
 
95.0

91.2

89.2

100.9

107.3

109.6

108.2

105.6

 
8.4

5,277
2013
 
 
 
95.7

96.7

96.5

107.8

106.7

106.0

101.4

 
9.8

5,520
2014
 
 
 
 
107.0

110.4

109.4

111.0

117.0

117.1

 
16.6

5,998
2015
 
 
 
 
 
96.0

96.3

99.2

102.3

104.8

 
24.3

5,540
2016
 
 
 
 
 
 
92.4

96.7

98.8

100.3

 
32.8

83,172
2017
 
 
 
 
 
 
 
111.2

121.4

129.6

 
29.3

460,224
2018
 
 
 
 
 
 
 
 
120.5

119.7

 
39.8

461,270
2019
 
 
 
 
 
 
 
 
 
133.5

 
86.5

356,996
 
 
 
 
 
 
 
 
 
 
$
1,071.5

 
(A)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Reported claims are accumulated on an individual claimant basis and exclude external reinsurance assumed and participation in residual market pools as claim frequency information is not available. The increases beginning in 2016 are due to the addition of a national account with higher frequency yet lower severity than the existing book of business.

 
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
 
 
 
 
For the Years Ended December 31,
 
 
 
Accident
Supplementary Information (Unaudited)
 
 
 
 
 
Year
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
 
 
 
2010
$
3.9

$
10.8

$
20.8

$
31.1

$
44.3

$
52.1

$
55.5

$
56.4

$
59.6

$
61.3

 
 
 
2011
 
2.5

12.1

26.0

43.6

58.7

68.9

75.3

80.7

79.7

 
 
 
2012
 
 
5.5

18.8

36.0

50.8

67.4

75.8

86.4

90.8

 
 
 
2013
 
 
 
4.0

13.6

34.4

58.5

76.1

85.1

86.9

 
 
 
2014
 
 
 
 
5.8

15.8

32.0

52.8

73.5

82.8

 
 
 
2015
 
 
 
 
 
6.3

16.0

29.5

47.4

64.5

 
 
 
2016
 
 
 
 
 
 
7.1

18.5

34.8

47.7

 
 
 
2017
 
 
 
 
 
 
 
5.7

25.9

50.1

 
 
 
2018
 
 
 
 
 
 
 
 
6.9

28.8

 
 
 
2019
 
 
 
 
 
 
 
 
 
6.4

 
 
 
 
 
 
 
 
 
 
 
 
 
$
599.3

 
(B)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net incurred claims and allocated claim adjustment expenses (A)
 
$
1,071.5

 
 
 
Less: net paid claims and allocated claim adjustment expenses (B)
 
599.3

 
 
 
Sub-total
 
472.1

 
 
 
All outstanding liabilities before 2010, net of reinsurance
 
138.7

 
 
 
Liabilities for claims and allocated claim adjustment expenses, net of reinsurance
 
$
610.9

 
 
 


Commercial Automobile
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance (Undiscounted)
 
As of December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims
Cumulative Number of Reported Claims*
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Years Ended December 31,
 
Accident
Supplementary Information (Unaudited)
 
 
 
Year
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
 
2010
$
584.3

$
546.9

$
530.3

$
530.9

$
532.4

$
494.9

$
479.9

$
473.7

$
473.5

$
468.6

 
$
.1

92,191
2011
 
591.6

599.9

584.4

582.3

549.9

549.0

539.3

537.2

534.3

 
2.2

96,789
2012
 
 
622.5

619.6

603.9

575.0

573.1

558.6

558.0

552.1

 
3.2

98,042
2013
 
 
 
661.5

665.4

668.5

669.6

659.7

647.3

634.4

 
3.1

96,992
2014
 
 
 
 
687.8

689.2

691.7

688.0

689.1

688.1

 
11.4

103,223
2015
 
 
 
 
 
712.4

710.5

729.7

722.0

721.5

 
24.4

104,776
2016
 
 
 
 
 
 
755.9

768.9

784.5

776.7

 
25.9

110,045
2017
 
 
 
 
 
 
 
788.7

818.8

868.1

 
36.9

116,144
2018
 
 
 
 
 
 
 
 
883.3

948.2

 
20.2

126,859
2019
 
 
 
 
 
 
 
 
 
930.9

 
74.9

117,696
 
 
 
 
 
 
 
 
 
 
$
7,123.2

 
(A)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Reported claims are accumulated on an individual claimant basis and exclude external reinsurance assumed and participation in residual market pools as claim frequency information is not available.
 
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
 
 
 
 
For the Years Ended December 31,
 
 
 
Accident
Supplementary Information (Unaudited)
 
 
 
 
 
Year
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
 
 
 
2010
$
200.0

$
305.8

$
372.7

$
423.8

$
449.4

$
460.0

$
465.7

$
466.6

$
467.6

$
468.4

 
 
 
2011
 
223.1

352.7

436.2

483.2

511.6

523.0

525.0

526.6

528.8

 
 
 
2012
 
 
229.0

351.4

442.9

498.6

525.9

539.1

543.9

545.3

 
 
 
2013
 
 
 
248.3

398.1

511.0

578.1

611.5

623.9

627.3

 
 
 
2014
 
 
 
 
267.4

430.5

536.9

605.4

640.8

665.1

 
 
 
2015
 
 
 
 
 
265.1

438.9

541.8

626.8

670.5

 
 
 
2016
 
 
 
 
 
 
290.2

469.6

583.6

673.7

 
 
 
2017
 
 
 
 
 
 
 
307.9

511.7

656.1

 
 
 
2018
 
 
 
 
 
 
 
 
330.1

557.7

 
 
 
2019
 
 
 
 
 
 
 
 
 
330.2

 
 
 
 
 
 
 
 
 
 
 
 
 
$
5,723.7

 
(B)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net incurred claims and allocated claim adjustment expenses (A)
 
$
7,123.2

 
 
 
Less: net paid claims and allocated claim adjustment expenses (B)
 
5,723.7

 
 
 
Sub-total
 
1,399.5

 
 
 
All outstanding liabilities before 2010, net of reinsurance
 
3.5

 
 
 
Liabilities for claims and allocated claim adjustment expenses, net of reinsurance
 
$
1,403.0

 
 
 
Reconciliation of Incurred and Paid Loss Development Tables to Total Claim and Loss Adjustment Expense Reserves
The following represents a reconciliation of the incurred and paid loss development tables to total claim and loss adjustment expense reserves as reported in the consolidated balance sheet.
 
December 31,
 
2019
 
2018
 
 
 
 
Net claim and allocated loss adjustment expense reserves:
 
 
 
Workers' compensation (a)
$
3,079.1

 
$
3,090.0

General liability
610.9

 
556.1

Commercial automobile
1,403.0

 
1,264.9

Three above coverages combined
5,093.1

 
4,911.1

Other short-duration insurance coverages
673.5

 
624.5

Subtotal
5,766.7

 
5,535.6

 
 
 
 
Reinsurance recoverable on claim reserves:
 
 
 
Workers' compensation
1,808.5

 
1,774.3

General liability
643.7

 
561.5

Commercial automobile
545.1

 
410.2

Three above coverages combined
2,997.4

 
2,746.2

Other short-duration insurance coverages
245.3

 
246.1

Subtotal
3,242.8

 
2,992.3

 
 
 
 
Insurance coverages other than short-duration
621.5

 
660.5

Unallocated loss adjustment expense reserves
298.3

 
282.6

 
919.9

 
943.2

Gross claim and loss adjustment expense reserves
$
9,929.5

 
$
9,471.2

__________

(a)    The amount of discount reflected in the year-end net reserves totaled $209.6 and $216.5 as of December 31, 2019 and 2018, respectively.
Historical Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
The table below is supplementary information and presents the historical average annual percentage payout of incurred claims by age, net of reinsurance.
 
Supplementary Information (Unaudited)
 
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
 
 
 
 
 
 
 
 
 
 
 
Workers' compensation
15.9
%
23.1
%
14.0
%
9.0
%
6.0
%
3.4
%
3.2
%
2.2
%
1.8
%
1.2
%
General liability
5.1
%
11.8
%
16.0
%
17.1
%
17.2
%
9.5
%
5.9
%
3.8
%
1.8
%
2.5
%
Commercial automobile
38.4
%
23.4
%
15.7
%
10.5
%
5.4
%
2.5
%
.7
%
.2
%
.3
%
.2
%
Schedule of Effective Income Tax Rate Reconciliation
The provision for combined current and deferred income taxes (credits) reflected in the consolidated statements of income does not bear the usual relationship to income before income taxes (credits) as the result of permanent and other differences between pretax income or loss and taxable income or loss determined under existing tax regulations. The more significant differences, their effect on the statutory income tax rate (credit), and the resulting effective income tax rates (credits) are summarized below:
Years Ended December 31:
 
2019
 
2018
 
2017
Statutory tax rate (credit)
 
21.0
 %
 
21.0
 %
 
35.0
 %
Tax rate increases (decreases):
 
 
 
 
 
 
Tax-exempt interest
 
(.2
)
 
(.8
)
 
(.8
)
Dividends received exclusion
 
(.9
)
 
(2.4
)
 
(3.2
)
Impact of tax rate change on deferred tax inventory
 
—

 
—

 
(8.7
)
Meals & entertainment
 
.2

 
.5

 
.3

Prior year adjustments
 
—

 
(2.4
)
 
—

Other items - net
 
—

 
(.5
)
 
.1

Effective tax rate (credit)
 
20.1
 %
 
15.4
 %
 
22.7
 %
Schedule of Deferred Tax Assets and Liabilities
The tax effects of temporary differences that give rise to significant portions of the Company's net deferred tax assets (liabilities) are as follows at the dates shown:
December 31:
 
2019
 
2018
 
2017
Deferred Tax Assets:
 
 
 
 
 
 
    Losses, claims, and settlement expenses
 
$
195.2

 
$
189.8

 
$
159.2

    Pension and deferred compensation plans
 
48.3

 
47.8

 
49.1

    Impairment losses on investments
 
—

 
—

 
.2

    Net operating loss carryforward
 
13.8

 
15.8

 
17.9

    AMT credit carryforward
 
9.0

 
9.0

 
9.6

    Operating leases
 
49.9

 
—

 
—

    Other temporary differences
 
15.0

 
18.0

 
18.2

        Total deferred tax assets
 
331.4

 
280.8

 
254.5

Deferred Tax Liabilities:
 
 
 
 
 
 
    Unearned premium reserves
 
34.5

 
33.4

 
30.5

    Deferred policy acquisition costs
 
63.7

 
62.6

 
59.5

    Mortgage guaranty insurers' contingency reserves
 
—

 
86.5

 
77.9

Amortization of fixed maturity securities
 
3.4

 
2.6

 
3.0

    Net unrealized investment gains
 
257.8

 
57.4

 
164.2

    Title plants and records
 
2.9

 
2.9

 
2.9

Tax reform transition adjustment on unpaid losses, claims and
 
 
 
 
 
 
settlement expenses
 
19.5

 
32.0

 
—

    Operating leases
 
46.8

 
—

 
—

    Other temporary differences
 
14.7

 
13.4

 
16.9

        Total deferred tax liabilities
 
443.5

 
291.0

 
355.1

        Net deferred tax assets (liabilities)
 
$
(112.2
)
 
$
(10.3
)
 
$
(100.5
)
Schedule of Goodwill The following table presents the components of the Company's goodwill balance which is included as part of sundry assets in the consolidated balance sheets:
 
General
 
Title
 
Other
 
Total
January 1, 2018
$
116.2

 
$
44.3

 
$
.1

 
$
160.7

Acquisitions
—

 
13.2

 
—

 
13.2

Impairments
—

 
—

 
—

 
—

December 31, 2018
116.2

 
57.5

 
.1

 
174.0

Acquisitions
—

 
1.1

 
—

 
1.1

Impairments
—

 
—

 
—

 
—

December 31, 2019
$
116.2

 
$
58.7

 
$
.1

 
$
175.1
Schedule of Accumulated and Projected Benefit Obligations The effects of these measurements and the resulting funded status of the Plan are reflected below.
Years Ended December 31:
 
2019
 
2018
 
2017
Projected benefit obligation at beginning of year
 
$
530.1

 
$
579.2

 
$
537.5

Increases (decreases) during the year attributable to:
 
 
 
 
 
 
Interest cost
 
22.6

 
20.8

 
22.5

Actuarial (gains) losses
 
59.8

 
(44.4
)
 
42.0

Benefits paid
 
(26.0
)
 
(25.4
)
 
(22.8
)
Net increase (decrease) for the year
 
56.3

 
(49.1
)
 
41.6

Projected benefit obligation at end of year
 
$
586.4

 
$
530.1

 
$
579.2
Schedule of Changes in Fair Value of Plan Assets
Years Ended December 31:
 
2019
 
2018
 
2017
Fair value of net assets available for plan benefits
 
 
 
 
 
 
At beginning of the year
 
$
430.2

 
$
453.7

 
$
427.1

Increases (decreases) during the year attributable to:
 
 
 
 
 
 
Actual return on plan assets
 
82.1

 
(12.0
)
 
44.5

Sponsor contributions
 
6.5

 
14.0

 
4.8

Benefits paid
 
(26.0
)
 
(25.4
)
 
(22.8
)
Net increase (decrease) for year
 
62.5

 
(23.5
)
 
26.6

Fair value of net assets available for plan benefits
 
 
 
 
 
 
At end of the year
 
$
492.8

 
$
430.2

 
$
453.7
Schedule of Net Funded Status [Table Text Block]
Funded Status
 
$
(93.6
)
 
$
(99.8
)
 
$
(125.4
)
Amounts recognized in accumulated other comprehensive income
 
$
(140.5
)
 
$
(137.1
)
 
$
(142.0
)
Schedule of Assumptions Used
The projected benefit obligation and net periodic benefit cost for the Plan were determined using the following weighted-average assumptions:
 
 
Projected Benefit Obligation
 
Net Periodic Benefit Cost
As of December 31:
 
2019
 
2018
 
2019
 
2018
 
2017
Settlement discount rates
 
3.35
%
 
4.40
%
 
4.40
%
 
3.70
%
 
4.30
%
Long-term rates of return on plans' assets
 
N/A

 
N/A

 
7.00
%
 
7.00
%
 
7.25
%
Schedule of Weighted Average Asset Allocations Of Benefit Plans The weighted-average asset allocations of the Plan were as follows:
 
 
 
 
Investment Policy Asset
Allocation % Range Target
As of December 31:
 
2019
 
2018
 
Equity securities:
 
 
 
 
 
 
Common shares of Company stock
 
12.9
%
 
13.5
%
 
 
Other
 
71.2

 
67.7

 
 
Sub-total
 
84.1

 
81.2

 
40% to 80%
Fixed maturity securities
 
12.4

 
15.6

 
15% to 60%
Other
 
3.5

 
3.2

 
   1% to 10%
Total
 
100.0
%
 
100.0
%
 
 
Schedule of Allocation of Plan Assets
The following tables present a summary of the Plan's assets segregated among the various input levels described in Note 1(d).
 
 
Fair Value Measurements
As of December 31, 2019:
 
Level 1
 
Level 2
 
Level 3
 
Total
Equity securities:
 
 
 
 
 
 
 
 
Common shares of Company stock
 
$
63.2

 
$
—

 
$
—

 
$
63.2

Other
 
330.7

 
—

 
—

 
330.7

Sub-total
 
394.0

 
—

 
—

 
394.0

Fixed maturity securities
 
4.1

 
57.0

 
—

 
61.1

Other
 
8.6

 
—

 
7.2

 
15.9

Total at fair value
 
$
406.8

 
$
57.0

 
$
7.2

 
471.1

Securities at net asset value
 
 
 
 
 
 
 
21.6

Total
 
 
 
 
 
 
 
$
492.8

 
 
 
 
 
 
 
 
 
As of December 31, 2018:
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
Common shares of Company stock
 
$
58.2

 
$
—

 
$
—

 
$
58.2

Other
 
272.0

 
—

 
—

 
272.0

Sub-total
 
330.2

 
—

 
—

 
330.2

Fixed maturity securities
 
4.0

 
63.2

 
—

 
67.3

Other
 
8.4

 
—

 
3.9

 
12.3

Total at fair value
 
$
342.7

 
$
63.2

 
$
3.9

 
409.9

Securities at net asset value
 
 
 
 
 
 
 
20.3

Total
 
 
 
 
 
 
 
$
430.2
Schedule of Profit Sharing and Other Incentive Compensation Programs
The Company has a number of profit sharing and other incentive compensation programs for the benefit of a substantial number of its employees. The costs related to such programs are summarized below:
Years Ended December 31:
 
2019
 
2018
 
2017
ESSOP
 
$
21.7

 
$
12.9

 
$
15.6

Other profit sharing plans
 
18.4

 
20.7

 
17.8

Cash and deferred incentive compensation
 
$
48.3

 
$
46.7

 
$
68.5
Schedule of Calculation of Numerator and Denominator in Earnings Per Share The following table provides a reconciliation of net income (loss) and the number of shares used in basic and diluted earnings per share calculations.
Years Ended December 31:
 
2019
 
2018
 
2017
Numerator:
 
 
 
 
 
 
Basic earnings per share -
 
 
 
 
 
 
income (loss) available to common stockholders
 
$
1,056.4

 
$
370.5

 
$
560.5

Adjustment for interest expense incurred on
 
 
 
 
 
 
assumed conversion of convertible notes
 
—

 
3.1

 
14.0

Diluted earnings per share -
 
 
 
 
 
 
income (loss) available to common stockholders
 
 
 
 
 
 
after assumed conversion of convertible notes
 
$
1,056.4

 
$
373.6

 
$
574.5

 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
Basic earnings per share -
 
 
 
 
 
 
weighted-average shares (a)
 
299,885,468

 
294,248,871

 
262,114,533

Effect of dilutive securities - stock based compensation awards
 
1,342,247

 
1,398,329

 
1,589,286

Effect of dilutive securities - convertible notes
 
—

 
5,368,876

 
35,683,554

Diluted earnings per share -
 
 
 
 
 
 
adjusted weighted-average shares (a)
 
301,227,715
 
301,016,076

 
299,387,373

Earnings per share: Basic
 
$
3.52

 
$
1.26

 
$
2.14

Diluted
 
$
3.51

 
$
1.24

 
$
1.92

 
 
 
 
 
 
 
Anti-dilutive common stock equivalents
 
 
 
 
 
 
excluded from earning per share computations:
 
 
 
 
 
 
Stock based compensation awards
 
1,200,250

 
—

 
1,380,000

__________

(a) In calculating earnings per share, accounting standards require that common shares owned by the Company's Employee Savings and Stock Ownership Plan that are as yet unallocated to participants in the plan be excluded from the calculation. Such shares are issued and outstanding, and have the same voting and other rights applicable to all other common shares.
Schedule of Stock Based Compensation and Tax Benefit
The following table presents the stock based compensation expense and income tax benefit recognized in the financial statements:
Years Ended December 31:
 
2019
 
2018
 
2017
Stock based compensation expense
 
$
3.7

 
$
3.8

 
$
3.5

Income tax benefit
 
$
.7

 
$
.8

 
$
1.2
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
 
2019
 
2018
 
2017
Expected volatility
.18

 
.20

 
.22

Expected dividends
4.10
%
 
4.03
%
 
3.97
%
Expected term (in years)
7

 
7

 
7

Risk-free rate
2.54
%
 
2.81
%
 
2.29
%
Schedule of Share-based Compensation, Stock Options, Activity
A summary of stock option activity under the plan as of December 31, 2019, 2018 and 2017, and changes in outstanding options during the years then ended is presented below:
 
As of and for the Years Ended December 31,
 
2019
 
2018
 
2017
 
Shares
 
Weighted
Average
Exercise
Price
 
Shares
 
Weighted
Average
Exercise
Price
 
Shares
 
Weighted
Average
Exercise
Price
Outstanding at beginning of year
7,163,567

 
$
17.24

 
6,565,019

 
$
15.76

 
8,243,025

 
$
15.77

Granted
1,777,500

 
21.14

 
1,539,500

 
20.98

 
1,403,500

 
19.98

Exercised
848,923

 
14.14

 
881,917

 
12.86

 
1,337,881

 
12.65

Forfeited and expired
82,907

 
17.05

 
59,035

 
16.54

 
1,743,625

 
21.60

Outstanding at end of year
8,009,237

 
18.43

 
7,163,567

 
17.24

 
6,565,019

 
15.76

 
 
 
 
 
 
 
 
 
 
 
 
Exercisable at end of year
5,100,009

 
$
17.18

 
4,556,350

 
$
15.83

 
4,228,259

 
$
14.42

 
 
 
 
 
 
 
 
 
 
 
 
Weighted average fair value of
 
 
 
 
 
 
 
 
 
 
 
    options granted during the year (a)
$
2.35

 
per share
 
$
2.71

 
per share
 
$
2.81

 
per share
__________

(a) Based on the Black-Scholes option pricing model and the assumptions outlined above.
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding
A summary of stock options outstanding and exercisable at December 31, 2019 follows:
 
 
 
 
 
 
Options Outstanding
 
Options Exercisable
 
 
 
 
 
 
 
 
Weighted - Average
 
 
 
Weighted
Average
Exercise
Price
Exercise Prices
 
Year of Grant
 
Number
Outstanding
 
Remaining
Contractual
Life
 
Exercise
Price
 
Number
Exercisable
 
$12.08
 
 
 
2010
 
69,910

 
0.25
 
$
12.08

 
69,910

 
$
12.08

$12.33
 
 
 
2011
 
242,870

 
1.25
 
12.33

 
242,870

 
12.33

$10.80
 
 
 
2012
 
305,867

 
2.25
 
10.80

 
305,867

 
10.80

$12.57
 
 
 
2013
 
395,663

 
3.25
 
12.57

 
395,663

 
12.57

$16.06
 
 
 
2014
 
646,252

 
4.25
 
16.06

 
646,252

 
16.06

$15.26
 
 
 
2015
 
712,408

 
5.25
 
15.26

 
712,408

 
15.26

$18.14
 
 
 
2016
 
1,049,953

 
6.25
 
18.14

 
802,281

 
18.14

$19.98
 
 
 
2017
 
1,297,309

 
7.25
 
19.98

 
763,024

 
19.98

$20.98
 
 
 
2018
 
1,514,505

 
8.25
 
20.98

 
623,406

 
20.98

$21.12
to
$21.99
 
2019
 
1,774,500

 
9.25
 
21.14

 
538,328

 
21.13

Total
 
 
 
 
 
8,009,237

 
 
 
$
18.43

 
5,100,009

 
$
17.18
Schedule of Cash Proceeds Received from Share-based Payment Awards
The cash received from stock option exercises, the total intrinsic value of stock options exercised, and the actual tax benefit realized for the tax deductions from option exercises are as follows:
 
2019
 
2018
 
2017
Cash received from stock option exercise
$
12.0

 
$
11.3

 
$
16.9

Intrinsic value of stock options exercised
6.8

 
7.5

 
10.5

Actual tax benefit realized for tax deductions
from stock options exercised
$
1.4

 
$
1.5

 
$
3.6