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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 576,601 $ 467,030 $ 475,985
Adjustments to reconcile net income to cash provided by (used in) operating activities:      
Change in future policy benefits and other policy liabilities 102,540 (35,831) (417,640)
Deferral of policy acquisition costs (514,970) (503,336) (552,192)
Amortization of deferred policy acquisition costs 275,816 261,629 238,270
Deferred tax provision (43,380) (52,802) 2,760
Change in income taxes (8,842) 26,398 1,650
Investment (gains) losses 5,896 995 (5,872)
Accretion and amortization of investments (2,034) 3,329 5,118
Depreciation and amortization 31,964 34,174 29,836
Change in reinsurance recoverables 237,328 461,925 769,012
Change in agent balances, due premiums and other receivables (18,761) (475) 6,046
Change in renewal commissions receivable 9,785 19,845 (23,459)
Trading securities sold, matured, or called (acquired), net (14,552) 19,962 (8,817)
Share-based compensation 18,911 22,361 16,842
Goodwill impairment loss   60,000 76,000
Loss on extinguishment of debt     8,927
Change in other operating assets and liabilities, net 36,215 (27,539) 34,490
Net cash provided by (used in) operating activities 692,517 757,665 656,956
Available-for-sale investments sold, matured or called:      
Fixed-maturity securities — sold 19,230 23,628 131,953
Fixed-maturity securities — matured or called 263,443 359,717 454,135
Short-term investments — sold 28,799 28,251 50,065
Short-term investments — matured or called 61,782 85,302 40,000
Equity securities - sold 3,051 16 718
Equity securities - matured or called   3,063  
Available-for-sale investments acquired:      
Fixed-maturity securities (412,262) (580,485) (901,591)
Short-term investments (19,767) (97,415) (176,125)
Equity securities — acquired (430) (187) (3,391)
Purchases of property and equipment and other investing activities, net (33,897) (25,805) (24,688)
Cash collateral received (returned) on loaned securities, net (1,153) 6,409 22,375
Sales (purchases) of short-term investments using securities lending collateral, net 1,153 (6,409) (22,375)
Purchase of business, net of cash acquired   3,867 (494,459)
Net cash provided by (used in) investing activities (90,051) (200,048) (923,383)
Cash flows from financing activities:      
Dividends paid (93,715) (83,783) (74,636)
Common stock repurchased (375,062) (356,306) (18,751)
Proceeds from revolving credit facility     125,000
Repayment of revolving credit facility     (125,000)
Proceeds from issuance of debt     597,300
Debt issuance costs     (5,332)
Repayment of debt     (383,691)
Payment on note issued to seller of business   (12,364)  
Tax withholdings on share-based compensation (10,579) (5,135) (6,652)
Finance leases (265) (262) (264)
Net cash provided by (used in) financing activities (479,621) (457,850) 107,974
Effect of foreign exchange rate changes on cash 1,063 (3,028) 3,385
Change in cash and cash equivalents 123,908 96,739 (155,068)
Cash and cash equivalents, beginning of period 489,240 392,501 547,569
Cash and cash equivalents, end of period 613,148 489,240 392,501
Supplemental disclosures of cash flow information:      
Income taxes paid 227,271 178,218 154,812
Interest paid $ 27,279 $ 27,060 33,905
Non-cash activities:      
Increases in note issued to seller of business     $ 15,000