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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
1 Months Ended 11 Months Ended 12 Months Ended
Jan. 31, 2015
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2014
Successor        
Cash flows from operating activities        
Net income   $ 268,299 $ 393,029  
Adjustments to reconcile net income to net cash provided by operating activities:        
Realized investment (gains) losses   163,882 (32,623)  
Amortization of deferred policy acquisition costs and value of business acquired   94,056 149,064  
Capitalization of deferred policy acquisition costs   (296,795) (327,938)  
Depreciation and amortization expense   49,741 37,504  
Deferred income tax   130,072 247,687  
Accrued income tax   65,415 (162,619)  
Interest credited to universal life and investment products   682,836 699,227  
Policy fees assessed on universal life and investment products   (1,056,092) (1,262,166)  
Change in reinsurance receivables   187,269 222,302  
Change in accrued investment income and other receivables   24,202 (36,360)  
Change in policy liabilities and other policyholders' funds of traditional life and health products   (164,232) (208,075)  
Trading securities:        
Maturities and principal reductions of investments   114,501 154,633  
Sale of investments   135,465 459,802  
Cost of investments acquired   (220,094) (532,429)  
Other net change in trading securities   73,376 22,427  
Amortization of premiums and accretion of discounts on investments and mortgage loans   373,636 375,044  
Change in other liabilities   (206,765) 132,220  
Other income—gains on repurchase of non-recourse funding obligations   0 0  
Other, net   (63,144) (81,091)  
Net cash provided by operating activities   355,628 249,638  
Cash flows from investing activities        
Maturities and principal reductions of investments, available-for-sale   1,052,198 1,299,753  
Sale of investments, available-for-sale   1,336,350 1,956,302  
Cost of investments acquired, available-for-sale   (3,546,474) (4,982,907)  
Change in investments, held-to-maturity   (65,000) (2,181,000)  
Mortgage loans:        
New lendings   (1,466,020) (1,396,283)  
Repayments   1,306,034 863,873  
Change in investment real estate, net   (3,662) 2,851  
Change in policy loans, net   52,364 49,268  
Change in other long-term investments, net   (73,907) (250,557)  
Change in short-term investments, net   (11,221) (72,810)  
Net unsettled security transactions   (64,615) 28,853  
Purchase of property and equipment   (8,862) (5,295)  
Sales of property and equipment   0 0  
Cash received from or paid for acquisitions, net of cash acquired   0 320,967  
Net cash (used in) provided by investing activities   (1,492,815) (4,366,985)  
Cash flows from financing activities        
Borrowings under line of credit arrangements and debt   330,000 265,000  
Principal payments on line of credit arrangement and debt   (338,093) (633,074)  
Issuance (repayment) of non-recourse funding obligations   65,000 2,094,700  
Repurchase program borrowings   388,185 359,536  
Dividends to shareowners   0 (89,343)  
Withholdings of share-based payment arrangements settled in cash   0 0  
Excess tax benefits from share-based payment arrangements   0 0  
Investment product and universal life deposits   3,064,373 4,393,596  
Investment product and universal life withdrawals   (2,438,916) (2,320,958)  
Other financing activities, net   0 0  
Net cash provided by (used in) financing activities   1,070,549 4,069,457  
Change in cash   (66,638) (47,890)  
Cash at beginning of period   462,710 396,072  
Cash at end of period $ 462,710 396,072 $ 348,182  
Predecessor        
Cash flows from operating activities        
Net income 1,509     $ 384,875
Adjustments to reconcile net income to net cash provided by operating activities:        
Realized investment (gains) losses 42,602     148,751
Amortization of deferred policy acquisition costs and value of business acquired 4,072     257,309
Capitalization of deferred policy acquisition costs (22,489)     (288,532)
Depreciation and amortization expense 820     7,701
Deferred income tax 30,791     471
Accrued income tax (32,803)     11,140
Interest credited to universal life and investment products 79,088     824,418
Policy fees assessed on universal life and investment products (90,288)     (1,038,180)
Change in reinsurance receivables (85,081)     69,002
Change in accrued investment income and other receivables (5,789)     13,794
Change in policy liabilities and other policyholders' funds of traditional life and health products 176,980     102,524
Trading securities:        
Maturities and principal reductions of investments 17,946     114,793
Sale of investments 26,422     353,250
Cost of investments acquired (27,289)     (320,928)
Other net change in trading securities (26,901)     (69,641)
Amortization of premiums and accretion of discounts on investments and mortgage loans 12,930     56,574
Change in other liabilities 238,592     180,717
Other income—gains on repurchase of non-recourse funding obligations 0     (10,480)
Other, net (149,889)     (74,061)
Net cash provided by operating activities 191,223     723,497
Cash flows from investing activities        
Maturities and principal reductions of investments, available-for-sale 59,028     1,198,690
Sale of investments, available-for-sale 191,062     2,271,611
Cost of investments acquired, available-for-sale (149,887)     (3,603,567)
Change in investments, held-to-maturity 0     (70,000)
Mortgage loans:        
New lendings (100,530)     (925,910)
Repayments 45,741     1,285,489
Change in investment real estate, net 7     15,344
Change in policy loans, net 6,365     57,507
Change in other long-term investments, net (25,339)     (87,580)
Change in short-term investments, net (40,314)     (73,822)
Net unsettled security transactions 37,510     30,212
Purchase of property and equipment (649)     (8,152)
Sales of property and equipment 0     0
Cash received from or paid for acquisitions, net of cash acquired 0     (906)
Net cash (used in) provided by investing activities 22,994     88,916
Cash flows from financing activities        
Borrowings under line of credit arrangements and debt 0     500,000
Principal payments on line of credit arrangement and debt (60,000)     (785,000)
Issuance (repayment) of non-recourse funding obligations 0     20,000
Repurchase program borrowings 0     (300,000)
Dividends to shareowners 0     (72,697)
Withholdings of share-based payment arrangements settled in cash 0     (32,173)
Excess tax benefits from share-based payment arrangements 0     20,948
Investment product and universal life deposits 169,233     2,576,727
Investment product and universal life withdrawals (240,147)     (2,827,305)
Other financing activities, net (4)     (44)
Net cash provided by (used in) financing activities (130,918)     (899,544)
Change in cash 83,299     (87,131)
Cash at beginning of period 379,411 $ 462,710   466,542
Cash at end of period $ 462,710     $ 379,411