XML 64 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Cash flow from operating activities:    
Net earnings $ 303,180 $ 226,835
Adjustments to reconcile net earnings to cash provided by operations:    
Depreciation 214,268 192,357
Amortization of deferred policy acquisition costs 14,197 9,290
Change in allowance for losses on trade receivables 12 (73)
Change in allowance for inventory reserves 3,640 2,050
Net gain on sale of real and personal property (22,837) (14,879)
Net gain on sale of investments (6,088) (1,050)
Deferred income taxes 48,033 17,757
Net change in other operating assets and liabilities:    
Reinsurance recoverables and trade receivables 33,355 71,709
Inventories (12,502) 696
Prepaid expenses 13,109 (13,283)
Capitalization of deferred policy acquisition costs (25,128) (43,085)
Other assets 7,929 22,712
Related party assets 5,630 139,590
Accounts payable and accrued expenses (2,772) (872)
Policy benefits and losses, claims and loss expenses payable (18,337) (30,226)
Other policyholders' funds and liabilities (23) (925)
Deferred income (672) (3,704)
Related party liabilities 6,257 1,388
Net cash provided by operating activities 561,251 576,287
Purchases of:    
Property, plant and equipment (690,293) (422,840)
Short term investments (203,763) (289,773)
Fixed maturities investments (237,502) (308,290)
Equity securities (388) (3,130)
Preferred stock (635) (2,761)
Real estate (431) (1,053)
Mortgage loans (48,632) (50,583)
Proceeds from sale and paydowns of:    
Property, plant and equipment 214,078 166,904
Short term investments 211,841 280,890
Fixed maturities investments 124,145 85,132
Equity securities 26,957 0
Preferred stock 6,004 5,728
Real estate 0 671
Mortgage loans 45,234 49,215
Net cash used by investing activities (553,385) (489,890)
Cash flow from financing activities:    
Borrowings from credit facilities 323,039 251,319
Principal repayments on credit facilities (238,553) (234,698)
Debt issuance costs (3,353) (2,352)
Capital lease payments (37,480) (18,310)
Leveraged Employee Stock Ownership Plan - repayments from loan 390 559
Securitization deposits 0 (1,729)
Common stock dividends paid 0 (97,421)
Proceeds from (repayment of) intercompany loans 0 0
Investment contract deposits 109,928 268,478
Investment contract withdrawals (24,448) (22,937)
Net cash provided by financing activities 129,523 142,909
Effects of exchange rate on cash 482 (362)
Increase in cash and cash equivalents 137,871 228,944
Cash and cash equivalents at the beginning of period 463,744 357,180
Cash and cash equivalents at the end of the period $ 601,615 $ 586,124