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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
OPERATING ACTIVITIES:      
Net earnings (loss) $ 928,219 $ (212,272) $ 331,799
Net earnings from discontinued operations, net of income taxes 0 0 (10,993)
Adjustments to reconcile net earnings to cash flows used in operating activities:      
Realized losses (gains) on sale of investments (96,328) 27,633 (1,668)
Unrealized losses (gains) on investments (935,023) 385,251 (188,666)
Depreciation and other amortization 35,583 33,295 36,115
Earnings from equity method investments (55,910) (42,147) (5,904)
Sales and maturities of trading securities 5,829,277 4,802,224 6,111,607
Purchases of trading securities (4,591,459) (5,592,311) (7,544,649)
Net loss on sale of subsidiary 0 0 16,349
Other non-cash items 33,857 11,857 41,087
Changes in:      
Reinsurance balances recoverable on paid and unpaid losses (350,243) (268,039) (530,857)
Funds held by reinsured companies (87,468) (126,897) (93,310)
Losses and loss adjustment expenses 1,021,175 960,199 1,363,032
Defendant asbestos and environmental liabilities (18,142) (15,844) (14,857)
Policy benefits for life and annuity contracts (103,080) (6,776) (3,314)
Insurance and reinsurance balances payable (15,227) 151,918 (157,741)
Unearned premiums (95,843) 173,725 34,854
Premiums receivable 210,493 (212,423) (19,026)
Other operating assets and liabilities 53,635 (229,465) 293,035
Net cash flows provided by (used in) operating activities 1,763,516 (160,072) (343,107)
INVESTING ACTIVITIES:      
Acquisitions, net of cash acquired 172,482 (245,151) (4,185)
Sale of subsidiary, net of cash sold 0 0 126,611
Sales and maturities of available-for-sale securities 344,325 58,219 86,359
Purchase of available-for-sale securities (2,212,204) (10,386) (14,848)
Purchase of other investments (796,918) (901,071) (109,885)
Proceeds from other investments 582,662 436,396 232,827
Purchase of equity method investments (69,213) (155,440) 0
Other investing activities (4,671) (8,321) (23,617)
Net cash flows provided by (used in) investing activities (1,983,537) (825,754) 293,262
FINANCING ACTIVITIES:      
Net proceeds from the issuance of preferred shares 0 495,357 0
Dividends on preferred shares (35,914) (12,133) 0
Contribution by redeemable noncontrolling interest 0 49 22
Contribution by redeemable noncontrolling interest 13,127 55,377 0
Dividends paid to noncontrolling interest (11,556) (3,852) (27,458)
Purchase of noncontrolling interest in subsidiaries (47) 0 0
Receipt of loans 1,070,502 1,132,507 874,100
Repayment of loans (742,574) (914,319) (912,140)
Net cash flows provided by (used in) financing activities 293,538 752,986 (65,476)
EFFECT OF EXCHANGE RATE CHANGES ON FOREIGN CURRENCY CASH, CASH EQUIVALENTS AND RESTRICTED CASH (324) 2,588 9,512
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 73,193 (230,252) (105,809)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR 982,584 1,212,836 1,318,645
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR 1,055,777 982,584 1,212,836
Supplemental Cash Flow Information:      
Income taxes paid, net of refunds 5,012 17,610 13,192
Interest paid 49,457 25,240 21,487
Reconciliation to Consolidated Balance Sheets:      
Cash, cash equivalents and restricted cash $ 982,584 $ 1,212,836 $ 1,212,836