XML 21 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:      
Net income $ 369,116 $ 231,092 $ 190,455
Adjustments to reconcile net income to net cash provided by operating activities:      
Losses allocated to participating policyholders (1,669) (1,024) (1,267)
(Accretion of discounts) amortization of premiums on investments, net (3,943) 2,209 (12,213)
Net realized gains on investments (47,035) (75,472) (73,331)
Net proceeds (purchases) of trading securities 491,154 107,770 (277,510)
Interest credited to contractholders 631,051 606,790 577,548
Depreciation and amortization 69,781 74,987 139,735
Deferral of acquisition costs (107,353) (93,621) (64,709)
Deferred income taxes (167,059) 53,481 21,682
Contingent consideration 0 (209) (17,600)
Amortization of low-income housing partnerships 517 372 4,563
Other, net (5,052) (1,366) (3,072)
Changes in assets and liabilities:      
Policy benefit liabilities (320,518) (231,952) (273,507)
Reinsurance recoverable 11,341 10,340 8,738
Investment income due and accrued (11,764) (4,392) (4,385)
Other, net 32,406 (23,188) 10,213
Net cash provided by operating activities 940,973 655,817 225,340
Proceeds from sales, maturities, and redemptions of investments:      
Fixed maturities, available-for-sale 5,366,470 6,229,209 5,470,124
Mortgage loans on real estate 426,421 389,663 594,497
Limited partnership interests, other corporation interests, and other investments 20,916 10,742 6,833
Purchases of investments:      
Fixed maturities, available-for-sale (6,442,306) (7,840,166) (6,468,699)
Mortgage loans on real estate (854,459) (694,127) (448,924)
Limited partnership interests, other corporation interests, and other investments (22,255) (5,766) (1,527)
Net change in short-term investments (53,097) (39,677) (2,238)
Policy loans, net (10,553) 5,527 98,143
Purchases of furniture, equipment, and software (40,997) (44,644) (78,778)
Net cash used in investing activities (1,609,860) (1,989,239) (830,569)
Cash flows from financing activities:      
Contract deposits 3,000,182 3,546,320 2,527,039
Contract withdrawals (2,240,275) (2,098,286) (1,782,571)
Change in due to/from parent and affiliates (16,227) (21,719) (22,359)
Dividends paid (145,301) (125,691) (139,533)
Capital contribution 76,429 0 0
Proceeds from issuance of common stock 8,515 19,750 60,803
Payments for and interest paid on financing element derivatives, net (3,233) (6,744) (9,383)
Payment of contingent consideration 0 (14,400) 0
Net commercial paper borrowings 837 5,678 (5,218)
Change in book overdrafts (12,332) 12,713 (1,651)
Employee taxes paid for withheld shares (818) (517) (1,264)
Income tax benefit of stock option exercises 0 277 953
Net cash provided by financing activities 667,777 1,317,381 626,816
Net (decrease) increase in cash and cash equivalents (1,110) (16,041) 21,587
Cash and cash equivalents, beginning of year 18,321 34,362 12,775
Cash and cash equivalents, end of year 17,211 18,321 34,362
Net cash (paid) received during the year for:      
Income taxes (22,668) (1,543) (4,093)
Interest (26,630) (31,254) (37,288)
Non-cash investing and financing transactions during the years:      
Share-based compensation expense (1,572) (2,190) (1,655)
Fair value of assets acquired in settlement of fixed maturity investments $ 9,659 $ 0 $ 0