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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flow from operating activities:    
Net earnings $ 354,091 $ 288,748
Adjustments to reconcile net earnings to cash provided by operations:    
Depreciation 332,240 326,830
Amortization of deferred policy acquisition costs 12,440 12,579
Amortization of premiums and accretion of discounts related to investments, net 6,926 6,481
Amortization of debt issuance costs 2,755 2,100
Interest credited to policyholders 24,241 26,584
Change in allowance for losses on trade receivables (140) (113)
Change in allowance for inventory reserves 106 537
Net gain on sale of real and personal property (29,131) (34,677)
Net losses on disposal of real estate 3,169 (1,839)
Net (gain) loss on sale of investments (1,288) (7,595)
Net losses on equity investments 2,254 (2,553)
Deferred income tax 80,198 83,708
Net change in other operating assets and liabilities:    
Reinsurance recoverables and trade receivables (28,288) 2,471
Inventories 386 613
Prepaid expenses 116,064 (21,908)
Capitalization of deferred policy acquisition costs (13,404) (10,370)
Other assets (553) 525
Related party assets 2,785 (5,019)
Accounts payable and accrued expenses 112,489 60,587
Policy benefits and losses, claims and loss expenses payable 16,575 10,709
Other policyholders' funds and liabilities (4,764) (4,136)
Deferred income 13,237 2,077
Related party liabilities (46) 1,425
Net cash provided by operating activities 1,002,342 737,764
Cash flow from investing activities:    
Escrow deposits 1,266 5,573
Purchase of:    
Property, plant and equipment (662,259) (1,589,371)
Short term investments (19,222) (20,380)
Fixed maturity investments (160,755) (178,626)
Equity securities (719) (83)
Preferred stock (13,111) 0
Real estate (223) (368)
Mortgage loans (72,316) (19,660)
Proceeds from sale of:    
Property, plant and equipment 314,335 401,451
Short term investments 23,180 17,282
Fixed maturity investments 226,656 127,683
Preferred stock 72 0
Real estate 0 311
Mortgage loans 3,219 4,299
Net cash used by investing activities (359,877) (1,251,889)
Cash flow from financing activities:    
Borrowings from credit facilities 585,723 658,745
Principal repayments on credit facilities (386,779) (143,634)
Payment of debt issuance costs (3,477) (2,301)
Capital lease payments (122,720) (180,902)
Employee stock ownership plan shares 0 (206)
Common stock dividends paid (9,804) (19,600)
Net contribution from (to) related party 0 21,600
Investment contract deposits 114,288 105,846
Investment contract withdrawals (102,466) (78,177)
Net cash provided by (used in) financing activities 74,765 361,371
Effects of exchange rate on cash 3,986 4,284
Increase (decrease) in cash and cash equivalents 721,216 (148,470)
Cash and cash equivalents at the beginning of period 494,352 673,701
Cash and cash equivalents at the end of the period $ 1,215,568 $ 525,231