XML 67 R39.htm IDEA: XBRL DOCUMENT v3.8.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Net deferred tax assets and liabilities

Net deferred tax assets and liabilities as of December 31, 2017 and 2016 are as follows:

	Table	12.1
Deferred tax assets and liabilities	(in thousands)			2017				2016
	Total deferred tax assets			$	258,663			$	636,449
	Total deferred tax liabilities			(24,282		)		(28,794		)
	Net deferred tax asset			$	234,381			$	607,655

Components of the net deferred tax asset (liability)

Table 12.2 includes the components of the net deferred tax asset as of December 31, 2017 and 2016.

	Table	12.2
Deferred tax components	(in thousands)			2017				2016
	Unearned premium reserves			$	29,196			$	40,153
	Benefit plans			(7,162		)		(12,350		)
	Federal net operating loss			155,839				520,812
	Loss reserves			4,994				10,883
	Unrealized (appreciation) depreciation in investments			(7,782		)		11,211
	Mortgage investments			8,963				17,751
	Deferred compensation			7,265				12,517
	AMT credit carryforward			37,017				2,215
	Other, net			6,051				4,463
	Net deferred tax asset			$	234,381			$	607,655

Summary of valuation allowance

Table 12.3 provides a rollforward of our deferred tax asset valuation allowance for the year ended December 31, 2015.

	Table	12.3
Deferred tax valuation allowance rollforward	(in millions)			For the year ended December 31, 2015
	Balance at December 31, 2014			$	902.3
		Reduction in tax provision in current year			(161.1		)
	Amounts recorded in other comprehensive income in the current year			6.3
	Change in valuation allowance for deferred tax assets in the current year			(154.8		)
	Reduction in tax provision for amounts to be realized in future years			(686.7		)
	Amounts recorded in other comprehensive income to be realized in future years			(60.8		)
	Change in valuation allowance for deferred tax assets realizable in future years			(747.5		)
	Balance at December 31, 2015			$	—

Tax provision (benefit)

Table 12.4 shows the effect of the change in valuation allowance on the provision for (benefit from) income taxes for the year ended December 31, 2015.

	Table	12.4
Provision for (benefit from) income taxes	(in thousands)			2015
	Provision for income taxes before valuation allowance			$	163,497
	Change in valuation allowance			(161,158		)
	Reversal of valuation allowance			(686,652		)
	Benefit from income taxes			$	(684,313	)

Components of the provision for (benefit from) income taxes

Table 12.5 summarizes the components of the provision for (benefit from) income taxes:

	Table	12.5
Provision for (benefit from) income taxes	(in thousands)			2017				2016				2015
	Current Federal			$	73,348			$	9,470			$	8,067
	Deferred Federal			351,677				160,657				(686,652		)
	Other			3,710				2,070				(5,728		)
	Provision for (benefit from) income taxes			$	428,735			$	172,197			$	(684,313	)

Reconciliation of federal statutory income tax rate

Table 12.6 reconciles the federal statutory income tax rate to our effective tax provision (benefit) rate.

	Table	12.6
Effective tax rate reconciliation			2017			2016			2015
	Federal statutory income tax rate		35.0	%		35.0	%		35.0	%
	Additional income tax provision related to the rate decrease included in the Tax Act		17.0	%		—	%		—	%
	Additional income tax provision related to IRS litigation		3.7	%		0.1	%		0.1	%
	Valuation allowance		—	%		—	%		(173.8	)%
	Tax exempt municipal bond interest		(1.4	)%		(1.9	)%		(0.8	)%
	Other, net		0.4	%		0.3	%		(0.8	)%
	Effective tax provision (benefit) rate		54.7	%		33.5	%		(140.3	)%

Reconciliation of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is shown in table 12.7.

	Table	12.7
Unrecognized tax benefits reconciliation	(in thousands)			2017				2016				2015
	Balance at beginning of year			$	108,245			$	107,120			$	106,230
	Additions based on tax positions related to the current year			—				—				—
	Additions for tax positions of prior years			35,003				1,125				890
	Reductions for tax positions of prior years			(427		)		—				—
	Settlements			—				—				—
	Balance at end of year			$	142,821			$	108,245			$	107,120

X

- Definition

Tabular disclosure of the components of net deferred tax asset (liability) recognized in an entity's statement of financial position.

+ References

No definition available.

+ Details

Name:	mtg_NetdeferredtaxassetliabilityTableTextBlock
Namespace Prefix:	mtg_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the income tax provisions (benefit), including adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

No definition available.

+ Details

Name:	mtg_TaxProvisionBenefitTableTextBlock
Namespace Prefix:	mtg_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319

+ Details

Name:	us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

+ Details

Name:	us-gaap_SummaryOfValuationAllowanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration