XML 49 R50.htm IDEA: XBRL DOCUMENT v2.4.0.8
Schedule II Financial Information of Registrant Parent Company Financial Statements (Tables)
 12 Months Ended
Dec. 31, 2013
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Financial Information Statement Of Condition Of Parent Company [Table Text Block]
Radian Group Inc.
Schedule II—Financial Information of Registrant
Balance Sheets
Parent Company Only
 
 
December 31,
(In thousands, except share and per-share amounts)
2013
 
2012
Assets
 
 
 
Investments
 
 
 
Trading securities—at fair value
$
5,240

 
$
99,171

Short-term investments—at fair value
633,178

 
136,075

Other invested assets
—

 
16,666

Cash
4,304

 
2,978

Restricted cash
123

 
360

Investment in subsidiaries, at equity in net assets
1,419,360

 
1,234,229

Debt issuance costs
15,741

 
8,582

Due from affiliates, net
12,283

 
17,690

Property and equipment, at cost (less accumulated depreciation of $49,632 and $48,786)
1,281

 
1,344

Other assets
20,985

 
33,524

Total assets
$
2,112,495

 
$
1,550,619

Liabilities and Stockholders’ Equity
 
 
 
Accrued interest payable
5,551

 
3,959

Accrued compensation expense
132,848

 
46,835

Long-term debt
930,072

 
663,571

Federal income taxes—current and deferred
98,476

 
91,895

Other liabilities
5,903

 
8,034

Total liabilities
1,172,850

 
814,294

Common stockholders’ equity
 
 
 
Common stock: par value $.001 per share; 485,000,000 and 325,000,000 shares authorized at December 31, 2013 and December 31, 2012; 190,636,972 and 151,131,173 shares issued at December 31, 2013 and 2012, respectively; 173,099,515 and 133,647,216 shares outstanding at December 31, 2013 and 2012, respectively
191

 
151

Treasury stock, at cost: 17,537,457 and 17,483,957 shares at December 31, 2013 and 2012, respectively
(892,807
)
 
(892,094
)
Additional paid-in capital
2,347,104

 
1,967,414

Retained deficit
(552,226
)
 
(355,241
)
Accumulated other comprehensive income
37,383

 
16,095

Total common stockholders’ equity
939,645

 
736,325

Total liabilities and stockholders’ equity
$
2,112,495

 
$
1,550,619
Condensed Financial Information Statement Of Income Of Parent Company [Table Text Block]
Radian Group Inc.
Schedule II—Financial Information of Registrant
Statements of Operations
Parent Company Only

 
Year Ended December 31,
 (In thousands)
2013
 
2012
 
2011
Revenues:
 
 
 
 
 
Net investment income
$
4,300

 
$
9,093

 
$
15,890

Net (losses) gains on investments
(930
)
 
8,816

 
24,603

Net (losses) gains on other financial instruments
(6,026
)
 
9,180

 
1,085

Other income
—

 
3

 
3

Total revenues
(2,656
)
 
27,092

 
41,581

Expenses:
 
 
 
 
 
Other operating expenses
—

 
2,690

 
—

Interest expense
37,087

 
17,756

 
16,132

Total expenses
37,087

 
20,446

 
16,132

(Loss) income before income taxes
(39,743
)
 
6,646

 
25,449

Provision (benefit) for income taxes
9,234

 
(40,187
)
 
(201,741
)
Equity in net (loss) income of affiliates
(148,008
)
 
(498,301
)
 
74,960

Net (loss) income
$
(196,985
)
 
$
(451,468
)
 
$
302,150
Condensed Financial Information Statement of Cash Flows of Parent Company [Table Text Block]
Radian Group Inc.
Schedule II—Financial Information of Registrant
Statements of Cash Flows
Parent Company Only
 
Year Ended December 31,
 (In thousands)
2013
 
2012
 
2011
Cash flows from operating activities:
 
 
 
 
 
Net (loss) income
$
(196,985
)
 
$
(451,468
)
 
$
302,150

Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:

 

 

Net losses (gains) on other investments
3,004

 
(1,821
)
 
(24,603
)
Losses (gains) on the repurchase of long-term debt
3,952

 
(16,175
)
 
—

Equity in undistributed net loss (income) of subsidiaries and affiliates (1)
150,090

 
505,267

 
(495,954
)
Increase (decrease) in federal income taxes
6,583

 
(7,145
)
 
49,396

Depreciation and other amortization, net
30,286

 
18,603

 
17,185

Change in other assets
23,301

 
(17,708
)
 
(3,801
)
Change in other liabilities
85,450

 
25,336

 
90,895

Net cash provided by (used in) operating activities
105,681

 
54,889

 
(64,732
)
Cash flows from investing activities:
 
 
 
 
 
Sales/redemptions of trading securities
9,000

 
153,992

 
151,840

Purchases of trading securities
—

 
(3
)
 
(32,825
)
(Purchases) sales of short-term investments, net
(496,979
)
 
41,042

 
156,665

Sales of other assets, net
21,473

 
8,709

 
—

Purchases of property and equipment, net
(647
)
 
(1,124
)
 
(523
)
Capital contributions to subsidiaries and affiliates (1)
(233,391
)
 
(100,384
)
 
(50,587
)
Net cash (used in) provided by investing activities
(700,544
)
 
102,232

 
224,570

Cash flows from financing activities:
 
 
 
 
 
Dividends paid
(1,632
)
 
(1,335
)
 
(1,330
)
Proceeds/payments related to issuance or exchange of debt, net
377,783

 
—

 
—

Redemption of long-term debt
(79,372
)
 
(153,261
)
 
(160,000
)
Issuance of common stock
299,410

 
—

 
—

Net cash provided by (used in) financing activities
596,189

 
(154,596
)
 
(161,330
)
Increase (decrease) in cash
1,326

 
2,525

 
(1,492
)
Cash, beginning of year
2,978

 
453

 
1,945

Cash, end of year
$
4,304

 
$
2,978

 
$
453

_______________________
(1)
See Note D.
Schedule of Maturities of Long-term Debt [Table Text Block]
At December 31, 2013, the maturities of the principal amount of our long-term debt in future years are as follows: 
 (In thousands)
 
2015
$
54,499

2017
645,501

Thereafter
400,000

 
$
1,100,000