XML 65 R34.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Note 4 - Segment Reporting Level 3 (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2015
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Summarized operating results for our segments as of and for the periods indicated, are as follows:
| December 31, 2015 |
(In thousands) | Mortgage Insurance |  | Services |  | Total |
Net premiums written—insurance | $ | 968,505 |  |  | $ | — |  |  | $ | 968,505 |  |
Increase in unearned premiums | (52,597 | ) |  | — |  |  | (52,597 | ) |
Net premiums earned—insurance | 915,908 |  |  | — |  |  | 915,908 |  |
Services revenue | — |  |  | 157,416 |  |  | 157,416 |  |
Net investment income | 81,537 |  |  | — |  |  | 81,537 |  |
Other income | 6,300 |  |  | — |  |  | 6,300 |  |
Total | 1,003,745 |  |  | 157,416 |  | (1) | 1,161,161 |  | (2)
Provision for losses | 198,433 |  |  | — |  |  | 198,433 |  |
Policy acquisition costs | 22,424 |  |  | — |  |  | 22,424 |  |
Direct cost of services | — |  |  | 93,504 |  |  | 93,504 |  |
Other operating expenses before corporate allocations | 149,941 |  |  | 43,622 |  |  | 193,563 |  |
Total | 370,798 |  | (1) | 137,126 |  |  | 507,924 |  |
Adjusted pretax operating income before corporate allocations | 632,947 |  |  | 20,290 |  |  | 653,237 |  |
Allocation of corporate operating expenses | 46,418 |  |  | 4,823 |  |  | 51,241 |  |
Allocation of interest expense | 73,402 |  |  | 17,700 |  |  | 91,102 |  |
Adjusted pretax operating income (loss) | $ | 513,127 |  |  | $ | (2,233 | ) |  | $ | 510,894 |  |
Total assets | $ | 5,281,597 |  |  | $ | 360,503 |  |  | $ | 5,642,100 |  |
NIW (in millions) | $ | 41,411 |  |  |  |  |  |
________________
(1) | Includes inter-segment expenses and revenues as follows:
| December 31, 2015
(In thousands) | Mortgage Insurance |  | Services
Inter-segment revenues | $ | — |  |  | $ | 3,601 |
Inter-segment expenses | 3,601 |  |  | — |
(2) | Excludes net gains on investments and other financial instruments of $35.7 million, not included in adjusted pretax operating income.
| December 31, 2014 |
(In thousands) | Mortgage Insurance |  | Services (1) |  | Total |
Net premiums written—insurance | $ | 925,181 |  |  | $ | — |  |  | $ | 925,181 |  |
Increase in unearned premiums | (80,653 | ) |  | — |  |  | (80,653 | ) |
Net premiums earned—insurance | 844,528 |  |  | — |  |  | 844,528 |  |
Services revenue | — |  |  | 76,709 |  |  | 76,709 |  |
Net investment income | 65,655 |  |  | — |  |  | 65,655 |  |
Other income | 5,321 |  |  | 1,265 |  |  | 6,586 |  |
Total | 915,504 |  |  | 77,974 |  | (2) | 993,478 |  | (3)
Provision for losses | 246,865 |  |  | — |  |  | 246,865 |  |
Change in expected economic loss or recovery for consolidated VIEs | 113 |  |  | — |  |  | 113 |  |
Policy acquisition costs | 24,446 |  |  | — |  |  | 24,446 |  |
Direct cost of services | — |  |  | 43,605 |  |  | 43,605 |  |
Other operating expenses before corporate allocations | 170,390 |  |  | 18,915 |  |  | 189,305 |  |
Total | 441,814 |  | (2) | 62,520 |  |  | 504,334 |  |
Adjusted pretax operating income before corporate allocations | 473,690 |  |  | 15,454 |  |  | 489,144 |  |
Allocation of corporate operating expenses | 55,154 |  |  | 1,144 |  |  | 56,298 |  |
Allocation of interest expense | 81,600 |  |  | 8,864 |  |  | 90,464 |  |
Adjusted pretax operating income | $ | 336,936 |  |  | $ | 5,446 |  |  | $ | 342,382 |  |
Assets held for sale (4) | $ | — |  |  | $ | — |  |  | $ | 1,736,444 |  |
Total assets | 4,769,014 |  |  | 336,878 |  |  | 6,842,336 |  |
NIW (in millions) | $ | 37,349 |  |  |  |  |  |
________________
(1) | Includes the acquisition of Clayton, effective June 30, 2014.
(2) | Includes inter-segment expenses and revenues as follows:
| December 31, 2014
(In thousands) | Mortgage Insurance |  | Services
Inter-segment revenues | $ | — |  |  | $ | 782 |
Inter-segment expenses | 782 |  |  | — |
(3) | Excludes net gains on investments and other financial instruments of $80.0 million, not included in adjusted pretax operating income.
(4) | Assets held for sale are not part of the Mortgage Insurance or Services segments.
| December 31, 2013
| Mortgage Insurance
(In thousands) |
Net premiums written—insurance | $ | 950,998 |
Increase in unearned premiums | (169,578 | )
Net premiums earned—insurance | 781,420 |
Net investment income | 68,121 |
Other income | 6,255 |
Total (1) | 855,796 |
Provision for losses | 562,747 |
Change in expected economic loss or recovery for consolidated VIEs | (21 | )
Policy acquisition costs | 28,485 |
Other operating expenses before corporate allocations | 160,327 |
Total | 751,538 |
Adjusted pretax operating income before corporate allocations | 104,258 |
Allocation of corporate operating expenses | 97,075 |
Allocation of interest expense | 74,618 |
Adjusted pretax operating loss | $ | (67,435 | )
Total assets (2) | $ | 3,837,889 |
NIW (in millions) | $ | 47,255 |
________________
(1) | Excludes the following revenue items not included in adjusted pretax operating loss: (i) net losses on investments and other financial instruments of $106.5 million; (ii) change in fair value of derivative instruments of $0.6 million.
(2) | Does not include assets held for sale of $1.8 billion which are not a part of the Mortgage Insurance segmen
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | The reconciliation of adjusted pretax operating income (loss) to consolidated pretax income (loss) from continuing operations is as follows:
| December 31,
(In thousands) | 2015 |  | 2014 |  | 2013
Adjusted pretax operating income (loss): |  |  |  |  |
Mortgage insurance (1) | $ | 513,127 |  |  | $ | 336,936 |  |  | $ | (67,435 | )
Services (1) | (2,233 | ) |  | 5,446 |  |  | — |
Total adjusted pretax operating income (loss) | $ | 510,894 |  |  | $ | 342,382 |  |  | $ | (67,435 | )
Net gains (losses) on investments and other financial instruments (2) | 35,693 |  |  | 80,102 |  |  | (105,911 | )
Loss on induced conversion and debt extinguishment | (94,207 | ) |  | — |  |  | — |
Acquisition-related expenses | (1,565 | ) |  | (6,680 | ) |  | — |
Amortization and impairment of intangible assets | (12,986 | ) |  | (8,648 | ) |  | — |
Consolidated pretax income (loss) from continuing operations | $ | 437,829 |  |  | $ | 407,156 |  |  | $ | (173,346 | )
________________
(1) | Includes inter-segment expenses and revenues as listed in the notes to the preceding tables.
(2) | The change in expected economic loss or recovery associated with our previously owned VIEs is included in adjusted pretax operating income above, although it represents amounts that are not included in net income. Therefore, for purposes of this reconciliation, net gains (losses) on investments and other financial instruments has been adjusted by income of $0.1 million and $0.6 million for the years ended December 31, 2014 and 2013, respectively, to reverse this item.
On a

X
- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total profit or loss from reportable segments, to the entity's consolidated income before income taxes, extraordinary items, and discontinued operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599 + Details
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8813-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8736-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration