XML 88 R39.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Net deferred tax assets and liabilities | Net deferred tax assets and liabilities as of December 31, 2019 and 2018 are as follows:
Deferred tax assets and liabilities
Table | 12.1 |  |  |  |
(In thousands) |  | 2019 |  | 2018
Total deferred tax assets |  | $ | 63,533 |  |  | $ | 83,082 |
Total deferred tax liabilities |  | (57,791 | ) |  | (13,898 | )
Net deferred tax asset |  | $ | 5,742 |  |  | $ | 69,184 |
Components of the net deferred tax asset (liability) | Table 12.2 includes the components of the net deferred tax asset as of December 31, 2019 and 2018.
Deferred tax components
Table | 12.2 |  |  |  |
(In thousands) |  | 2019 |  | 2018
Unearned premium reserves |  | $ | 30,487 |  |  | $ | 31,808 |
Benefit plans |  | (10,790 | ) |  | (5,047 | )
Loss reserves |  | 2,175 |  |  | 3,113 |
Unrealized (appreciation) depreciation in investments |  | (36,822 | ) |  | 9,407 |
Mortgage investments |  | 8,359 |  |  | 8,307 |
Deferred compensation |  | 9,270 |  |  | 8,662 |
AMT credit carryforward |  | 8,303 |  |  | 17,521 |
Other, net |  | (5,240 | ) |  | (4,587 | )
Net deferred tax asset |  | $ | 5,742 |  |  | $ | 69,184 |
Components of the provision for (benefit from) income taxes | Table 12.3 summarizes the components of the provision for (benefit from) income taxes:
Provision for (benefit from) income taxes
Table | 12.3 |  |  |  |  |  |
(In thousands) |  | 2019 |  | 2018 |  | 2017
Current Federal |  | $ | 162,911 |  |  | $ | (16,272 | ) |  | $ | 73,348 |
Deferred Federal |  | 11,860 |  |  | 185,598 |  |  | 351,677 |
Other |  | (557 | ) |  | 4,727 |  |  | 3,710 |
Provision for income taxes |  | $ | 174,214 |  |  | $ | 174,053 |  |  | $ | 428,735 |
Reconciliation of federal statutory income tax rate | Table 12.6 reconciles the federal statutory income tax rate to our effective tax provision rate.
Effective tax rate reconciliation
Table | 12.6 |  |  |  |  |
| 2019 |  | 2018 |  | 2017
Federal statutory income tax rate | 21.0 | % |  | 21.0 | % |  | 35.0 | %
Additional income tax provision (benefit) related to the rate decrease included in the Tax Act | — | % |  | — | % |  | 17.0 | %
Additional income tax provision (benefit) related to IRS litigation | — | % |  | (0.3 | )% |  | 3.7 | %
Tax exempt municipal bond interest | (0.6 | )% |  | (0.7 | )% |  | (1.4 | )%
Other, net | 0.1 | % |  | 0.6 | % |  | 0.4 | %
Effective tax rate | 20.5 | % |  | 20.6 | % |  | 54.7 | %
Reconciliation of unrecognized tax benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is shown in table 12.7.
Unrecognized tax benefits reconciliation
Table | 12.7 |  |  |  |  |
(In thousands) |  |  | 2018 |  | 2017
Balance at beginning of year |  |  | $ | 142,821 |  |  | $ | 108,245 |
Additions for tax positions of prior years |  |  | — |  |  | 35,003 |
Reductions for tax positions of prior years |  |  | (3,070 | ) |  | (427 | )
Settlements |  |  | (139,751 | ) |  | — |
Balance at end of year |  |  | $ | — |  |  | $ | 142,821 |

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
- 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://fasb.org/us-gaap/role/ref/legacyRef -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://fasb.org/us-gaap/role/ref/legacyRef -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://fasb.org/us-gaap/role/ref/legacyRef -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://fasb.org/us-gaap/role/ref/legacyRef -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://fasb.org/us-gaap/role/ref/legacyRef -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://fasb.org/us-gaap/role/ref/legacyRef -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