XML 33 R7.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands
3 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Cash flow from operating activities:    
Net earnings $ 78,223 $ 66,502
Adjustments to reconcile net earnings to cash provided by operations:    
Depreciation 54,068 52,977
Amortization of deferred policy acquisition costs 4,375 2,193
Change in allowance for losses on trade receivables 135 (28)
Change in allowance for inventory reserves 1,377 494
Net gain on sale of real and personal property (9,710) (8,388)
Net gain on sale of investments (3,516) (1,015)
Deferred income taxes 32,446 25,230
Net change in other operating assets and liabilities:    
Reinsurance recoverables and trade receivables (37,253) (15,345)
Inventories (393) (3,283)
Prepaid expenses 1,150 (2,331)
Capitalization of deferred policy acquisition costs (4,518) (3,663)
Other assets 8,625 (809)
Related party assets (3,198) 4,691
Accounts payable and accrued expenses 17,534 38,968
Policy benefits and losses, claims and loss expenses payable 4,542 10,240
Other policyholders' funds and liabilities (1,095) (100)
Deferred income 8,328 6,727
Related party liabilities 245 791
Net cash provided by operating activities 151,365 173,851
Purchase of:    
Property, plant and equipment (215,779) (138,902)
Short term investments (66,363) (51,827)
Real estate (12) (134)
Mortgage loans (36,202) (51)
Proceeds from sale of:    
Property, plant and equipment 55,010 47,225
Short term investments 79,877 84,427
Equity securities 8,800 133
Real estate 34 1,588
Mortgage loans 17,992 721
Net cash used by investing activities (173,967) (99,046)
Cash flow from financing activities:    
Borrowings from credit facilities 58,558 91,957
Principal repayments on credit facilities (42,252) (106,679)
Debt issuance costs (560) (89)
Capital lease payments (1,727) (6,951)
Leveraged Employee Stock Ownership Plan - repayments from loan 280 295
Securitization deposits 29,914 0
Preferred stock redemption paid (144,289) 0
Preferred stock dividends paid (3,077) (3,156)
Contribution to related party (518) 0
Investment contract deposits 2,509 3,018
Investment contract withdrawals (8,023) (8,685)
Net cash used by financing activities (109,185) (30,290)
Effects of exchange rate on cash 44 (519)
Increase (decrease) in cash and cash equivalents (131,743) 43,996
Cash and cash equivalents at the beginning of period 375,496 244,188
Cash and cash equivalents at the end of the period 243,753 288,114
Fixed maturities investments
   
Purchase of:    
Payments to acquire investments (75,059) (66,227)
Proceeds from sale of:    
Proceeds from sale of acquired investments 66,035 33,701
Equity security investments
   
Purchase of:    
Payments to acquire investments (8,759) (6,225)
Preferred stock investments
   
Purchase of:    
Payments to acquire investments (541) (3,475)
Proceeds from sale of:    
Proceeds from sale of acquired investments $ 1,000 $ 0