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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Mar. 31, 2019
Cash flow from operating activities:      
Net earnings $ 610,856 $ 442,048 $ 370,857
Adjustments to reconcile net earnings to cash provided by operations:      
Depreciation 664,001 664,120 581,025
Amortization of deferred policy acquisition costs 28,293 31,219 28,556
Amortization of premiums and accretion of discounts related to investments, net 14,229 13,317 13,107
Amortization of debt issuance costs 5,948 4,426 3,923
Interest credited to policyholders 55,321 51,857 35,387
Change in allowance for losses on trade receivables 1,206 (14) 52
Change in allowance for inventory reserves 1,298 640 (146)
Net gains on disposal of personal property (54,071) (27,057) (26,982)
Net gains on disposal of real estate 3,281 (758) (44)
Net gains on sales of investments (10,058) (13,596) (2,663)
Net losses on equity investments (394) (3,783) 5,739
Deferred income taxes 68,411 317,893 106,811
Net change in other operating assets and liabilities:      
Reinsurance recoverables and trade receivables (39,516) 38,129 (31,365)
Inventories and parts (5,775) 1,776 (13,492)
Prepaid expenses 94,359 (391,120) (8,620)
Capitalization of deferred policy acquisition costs (36,162) (24,447) (25,957)
Other assets 29,865 (1,295) 157,152
Related party assets (487) (5,645) 4,194
Accounts payable and accrued expenses 92,925 (4,530) 10,263
Policy benefits and losses, claims and loss expenses payable (1,992) (12,618) (236,120)
Other policyholders' funds and liabilities 2,230 (4,857) 5,007
Deferred income 11,567 (1,818) 966
Related party liabilities 60 1,626 (2,067)
Net cash provided by operating activities 1,535,395 1,075,513 975,583
Cash flow from investing activities:      
Escrow deposits (5,221) 6,617 4,299
Purchase of:      
Property, plant and equipment (1,441,475) (2,309,406) (1,869,968)
Short term investments (69,929) (61,226) (54,048)
Fixed maturities investments (606,233) (379,349) (540,045)
Equity securities (962) (83) (957)
Preferred stock (16,144) 0 0
Real estate (622) (4,286) (635)
Mortgage loans (158,071) (62,016) (63,611)
Proceeds from sale and paydowns of:      
Property, plant and equipment 537,484 687,375 606,271
Short term investments 69,718 59,056 66,037
Fixed maturities investments 529,239 268,636 123,551
Equity securities 207 185 8,608
Preferred stock 2,700 2,375 1,625
Real estate 255 311 0
Mortgage loans 29,525 25,162 147,737
Net cash used by investing activities (1,129,529) (1,766,649) (1,571,136)
Cash flow from financing activities:      
Borrowings from credit facilities 922,008 1,121,412 897,311
Principal repayments on credit facilities (662,588) (349,986) (299,748)
Debt issuance costs (5,793) (5,332) (7,243)
Capital lease payments (221,247) (307,782) (303,431)
Employee stock ownership plan shares 0 (206) (418)
Common stock dividends paid (49,019) (29,404) (39,179)
Investment contract deposits 517,856 234,640 400,123
Investment contract withdrawals (213,864) (151,022) (132,833)
Net cash provided by financing activities 287,353 512,320 514,582
Effects of exchange rate on cash 6,441 (533) (4,716)
Increase (decrease) in cash and cash equivalents 699,660 (179,349) (85,687)
Cash and cash equivalents at the beginning of period 494,352 673,701 759,388
Cash and cash equivalents at the end of the period $ 1,194,012 $ 494,352 $ 673,701