XML 124 R48.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Schedule II Financial Information of Registrant Parent Company Financial Statements (Tables)
 12 Months Ended
Dec. 31, 2019
Condensed Cash Flow Statements, Captions [Line Items]  
Condensed Financial Information Statement of Condition of Parent Company [Table Text Block]
Condensed Balance Sheet
Parent Company Only
 
December 31,
(In thousands, except per-share amounts)
2019
 
2018
Assets
 
 
 
Investments
 
 
 
Fixed-maturities available for sale—at fair value (amortized cost of $429,999 and $320,746)
$
430,442

 
$
321,401

Trading securities—at fair value (amortized cost of $0 and $55,948)
—

 
56,011

Equity securities—at fair value (cost of $13,280 and $29,387)
13,381

 
29,375

Short-term investments—at fair value
162,363

 
238,185

Other invested assets—at fair value
1,500

 
—

Total investments
607,686

 
644,972

Cash
23,534

 
32,352

Investment in subsidiaries, at equity in net assets (Note C)
4,413,065

 
3,927,268

Accounts and notes receivable
100,775

 
101,072

Federal income taxes recoverable, net—current
—

 
49,381

Other assets (Note C)
113,917

 
58,993

Total assets
$
5,258,977

 
$
4,814,038

 
 
 
 
Liabilities and Stockholders’ Equity
 
 
 
Senior notes
$
887,110

 
$
1,030,348

Federal income taxes—deferred (Note A)
253,739

 
243,341

Other liabilities
69,405

 
51,634

Total liabilities
1,210,254

 
1,325,323

 
 
 
 
Common stockholders’ equity
 
 
 
Common stock: par value $.001 per share; 485,000 shares authorized at December 31, 2019 and 2018; 219,123 and 231,132 shares issued at December 31, 2019 and 2018, respectively; 201,164 and 213,473 shares outstanding at December 31, 2019 and 2018, respectively
219

 
231

Treasury stock, at cost: 17,959 and 17,660 shares at December 31, 2019 and 2018, respectively
(901,657
)
 
(894,870
)
Additional paid-in capital
2,449,884

 
2,724,733

Retained earnings
2,389,789

 
1,719,541

Accumulated other comprehensive income (loss)
110,488

 
(60,920
)
Total common stockholders’ equity
4,048,723

 
3,488,715

Total liabilities and stockholders’ equity
$
5,258,977

 
$
4,814,038
Condensed Financial Information Statement of Income of Parent Company [Table Text Block]
Radian Group Inc.
Schedule II—Financial Information of Registrant
Condensed Statements of Operations
Parent Company Only
 
Year Ended December 31,
(In thousands)
2019
 
2018
 
2017
Revenues:
 
 
 
 
 
Net investment income
$
19,751

 
$
21,294

 
$
22,528

Net gains (losses) on investments and other financial instruments
12,863

 
(470
)
 
(328
)
Other income
218

 
—

 
80

Total revenues
32,832

 
20,824

 
22,280

Expenses:
 
 
 
 
 
Loss on extinguishment of debt
22,738

 
—

 
51,469

Interest expense
—

 
17,805

 
18,033

Total expenses (Note B)
22,738

 
17,805

 
69,502

Pretax income (loss)
10,094

 
3,019

 
(47,222
)
Income tax benefit
(19,997
)
 
(3,319
)
 
(141,437
)
Equity in net income of affiliates
642,218

 
599,673

 
26,873

Net income
672,309

 
606,011

 
121,088

Other comprehensive income (loss), net of tax
171,408

 
(86,953
)
 
35,480

Comprehensive income
$
843,717

 
$
519,058

 
$
156,568
Condensed Financial Information Statement of Cash Flows of Parent Company [Table Text Block]
Radian Group Inc.
Schedule II—Financial Information of Registrant
Condensed Statements of Cash Flows
Parent Company Only
 
Year Ended December 31,
(In thousands)
2019
 
2018
 
2017
Net cash provided by (used in) operating activities (1) 
$
143,664

 
$
254,698

 
$
(23,654
)
Cash flows from investing activities:
 
 
 
 
 
Proceeds from sales of:
 
 
 
 
 
Fixed-maturities available for sale
296,171

 
6,779

 
58,007

Trading securities
56,787

 
—

 
—

Equity securities
16,916

 
—

 
—

Proceeds from redemptions of:
 
 
 
 
 
Fixed-maturities available for sale
149,767

 
12,391

 
60,414

Trading securities
114

 
—

 
—

Purchases of:
 
 
 
 
 
Fixed-maturities available for sale
(293,284
)
 
(37,552
)
 
(134,456
)
Sales, redemptions and (purchases) of :
 
 
 
 
 
Short-term investments, net
157,045

 
(131,164
)
 
210,529

Other assets, net
(6,958
)
 
(3,317
)
 
(1,107
)
Capital distributions from subsidiaries
6,000

 
—

 
924

Capital contributions to subsidiaries
(65,879
)
 
(30,338
)
 
(21,643
)
(Issuance) repayment of note receivable from affiliate
—

 
—

 
(44
)
Net cash provided by (used in) investing activities
316,679

 
(183,201
)
 
172,624

Cash flows from financing activities:
 
 
 
 
 
Dividends paid
(2,061
)
 
(2,140
)
 
(2,154
)
Issuance of senior notes, net
442,439

 
—

 
442,163

Repayments and repurchases of senior notes
(610,763
)
 
—

 
(593,527
)
Proceeds from termination of capped calls
—

 
—

 
4,208

Issuance of common stock
2,416

 
1,385

 
7,132

Repurchases of common shares
(300,201
)
 
(50,053
)
 
(6
)
Credit facility commitment fees paid
(989
)
 
(1,510
)
 
(1,993
)
Net cash provided by (used in) financing activities
(469,159
)
 
(52,318
)
 
(144,177
)
Effect of exchange rate changes on cash and restricted cash
(2
)
 
—

 
—

Increase (decrease) in cash and restricted cash
(8,818
)
 
19,179

 
4,793

Cash and restricted cash, beginning of period
32,352

 
13,173

 
8,380

Cash and restricted cash, end of period
$
23,534

 
$
32,352

 
$
13,173


______________________
(1)
Includes cash distributions received from subsidiaries of $26.6 million, $55.4 million and $24.3 million in 2019, 2018 and 2017, respectively. Excludes non-cash distributions received from subsidiaries of $362.4 million, $394.6 million and $197.3 million in 2019, 2018 and 2017, respectively.





See Supplemental Notes.
Components of Parent Company Expenses Allocated to Subsidiaries [Table Text Block]
The following table shows the components of our Parent Company expenses that have been allocated to our subsidiaries for the periods indicated:
 
Year Ended December 31,
(in thousands)
2019
 
2018
 
2017
Allocated operating expenses
$
124,412

 
$
94,815

 
$
72,764

Allocated interest expense
53,692

 
42,195

 
44,686

Total allocated expenses
$
178,104

 
$
137,010

 
$
117,450