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Consolidated Statements Of Cash Flows
$ in Thousands
12 Months Ended
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Dec. 31, 2013
USD ($)
Operating activities      
Net income $ 141,555 $ 470,907 $ 488,907
Adjustments to reconcile net income to net cash provided by operating activities:      
Change in reinsurance recoverable (155,703) (471,232) 444,639
Change in premiums and accounts receivable 185,606 (292,241) (210,997)
Change in deferred acquisition costs and value of business acquired (234,676) (227,628) (337,060)
Change in other intangible assets 2,935 (13,801) (56,997)
Change in accrued investment income 4,713 2,409 1,839
Change in insurance policy reserves and expenses 314,112 828,591 166,839
Change in accounts payable and other liabilities (140,337) 266,648 181,374
Change in commissions payable (35,914) 84,920 106,424
Change in reinsurance balances payable (13,647) 49,940 6,214
Change in funds withheld under reinsurance 26,479 57,095 18,209
Change in securities classified as trading 15,291 (23,782) (10,606)
Change in income taxes (14,870) 62,087 171,311
Change in tax valuation allowance (4,946) 1,690 3,383
Change in inventory associated with mobile business (27,269) (85,742) (34,682)
Amortization of deferred gain on disposal of businesses (12,988) 1,506 (16,310)
Depreciation and amortization 137,105 132,217 124,851
Net realized gains on investments (31,826) (60,783) (34,525)
Loss on extinguishment of debt 0 0 964
(Gain)/Loss on business classified as held for sale (1,121) 21,526 0
Stock based compensation expense 38,773 49,354 50,004
Income from real estate joint ventures (23,550) (17,826) (5,573)
Change in tax benefit from share-based payment arrangements 4,067 (14,900) 1,112
Non cash costs associated with exit or disposal activities 140,084 0 0
Other intangible asset impairment 1,010 5,019 3,323
Changes in premium stabilization program receivables (136,630) [1] (381,158) [1] 0 [1]
Other 76,319 (51,000) (35,082)
Net cash provided by operating activities 254,572 393,816 1,027,561
Sales of:      
Fixed maturity securities available for sale 2,380,789 1,887,983 2,582,731
Equity securities available for sale 181,918 109,233 236,730
Other invested assets 68,465 74,257 49,456
Property and equipment and other 3,448 172 1,422
Subsidiary, net of cash transferred 49,906 [2] 0 [2] 0 [2]
Maturities, calls, prepayments, and scheduled redemption of:      
Fixed maturity securities available for sale 665,554 791,528 882,159
Commercial mortgage loans on real estate 253,371 165,452 217,377
Purchases of:      
Fixed maturity securities available for sale (2,747,392) (2,472,494) (3,396,588)
Equity securities available for sale (185,025) (132,748) (215,881)
Commercial mortgage loans on real estate (149,003) (156,390) (194,468)
Other invested assets (29,305) (41,653) (57,001)
Property and equipment and other (114,896) (83,603) (52,326)
Subsidiary, net of cash transferred (16,844) [2] (149,194) [2] (181,865) [2]
Equity interest 0 [3] (24,614) [3] (91,420) [3]
Change in short-term investments (196,747) 93,571 (173,603)
Change in policy loans 4,068 3,169 1,031
Change in collateral held/pledged under securities agreements 95,986 (780) (492)
Net cash provided by (used in) investing activities 264,293 63,889 (392,738)
Financing activities      
Issuance of debt 0 0 698,093
Repurchase of debt 0 0 (33,634)
Repayment of debt 0 (467,330) 0
Change in tax benefit from share-based payment arrangements (4,067) 14,900 (1,112)
Acquisition of common stock (292,906) (215,183) (393,012)
Dividends paid (94,168) (77,495) (74,128)
Payment of contingent obligations 0 [4] (31,871) [4] 0 [4]
Change in obligation under securities agreements (95,986) 780 492
Net cash (used in) provided by financing activities (487,127) (776,199) 196,699
Effect of exchange rate changes on cash and cash equivalents (56,231) (28,126) (23,742)
Cash included in business classified as held for sale (5,858) (51,908) 0
Change in cash and cash equivalents (30,351) (398,528) 807,780
Cash and cash equivalents at beginning of period 1,318,656 1,717,184 909,404
Cash and cash equivalents at end of period 1,288,305 1,318,656 1,717,184
Supplemental information:      
Income taxes paid 80,140 247,771 132,487
Interest paid on debt $ 54,813 $ 68,875 $ 70,741
[1] Represents non-cash items related to estimated receivables introduced by the Affordable Care Act. See the Affordable Care Act Risk Mitigation Programs section of Note 2 for additional information.
[2] 2015 includes the sale of American Reliable Insurance Co. and certain assets related to our vehicle title administration services business and supplemental and small group self-funded businesses; the acquisition of Coast to Coast Services, Inc. and Rent Collect Global. 2014 includes the acquisition of StreetLinks, LLC, eMortgage Logic, LLC, CWI Group and other immaterial subsidiaries. 2013 includes the acquisition of Field Asset Services Group Limited and Lifestyle Services Group Limited.
[3] Relates to the purchase of equity interest in Iké Asistencia.
[4] Relates to the delayed and contingent liability payments established at the time of acquisition of Lifestyle Services Group. Change in amount paid, in comparison to December 31, 2013 amount disclosed, is mainly due to foreign currency translation.