XML 37 R7.htm IDEA: XBRL DOCUMENT v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash Flows from Operating Activities:      
Net Loss $ (272.3) $ (286.6) [1] $ (123.7) [1]
Adjustments to Reconcile Net Loss to Net Cash (Used in) Provided by Operating Activities:      
Net Realized Gain on Sale of Investments 18.6 (4.3) [1] (64.8) [1]
Impairment Losses 1.1 25.8 [1] 11.0 [1]
Depreciation and Amortization of Property, Equipment and Software 44.4 50.5 [2] 46.3 [2]
Amortization of Intangible Assets Acquired 14.2 20.4 [2] 53.5 [2]
Settlement Costs Related to Defined Benefit Pension Plan 70.2 0.0 [2] 0.0 [2]
Loss from Early Extinguishment of Debt 0.0 3.7 [2] 0.0 [1]
(Increase) Decrease in Value of Equity and Convertible Securities (4.7) 79.9 [1] (114.6) [1]
Goodwill impairment 49.6 0.0 [2] 0.0 [1]
Changes in:      
Receivables from Policyholders 326.4 129.4 [2] (75.2) [2]
Reinsurance Recoverables 12.1 (1.9) [2] 20.6 [2]
Deferred Policy Acquisition Costs 43.9 14.2 [2] (77.6) [2]
Insurance Reserves (30.8) 26.5 [2] 616.4 [2]
Unearned Premiums (403.1) (183.5) [2] 105.9 [2]
Income Taxes 33.2 (83.6) [2] (163.9) [2]
Other Assets and Liabilities (33.0) (11.2) [2] 89.1 [2]
Net Cash (Used in) Provided by Operating Activities (134.2) (210.3) [2] 350.7 [2]
Cash Flows from Investing Activities:      
Proceeds from the Sales, Calls and Maturities of Fixed Maturities 673.0 1,295.5 [2] 1,388.9 [2]
Equity Securities 149.0 536.0 [2] 316.6 [2]
Real Estate Investments 0.0 0.0 [2] 8.0 [2]
Mortgage Loans 95.2 91.3 [2] 70.8 [2]
Other Investments 18.3 52.1 [2] 47.5 [2]
Fixed Maturities (447.4) (1,815.8) [2] (1,825.4) [2]
Equity Securities (44.4) (58.9) [2] (124.3) [2]
Real Estate Investments (1.0) (3.1) [2] (5.1) [2]
Corporate-Owned Life Insurance 0.0 (110.0) [2] (100.0) [2]
Mortgage Loans (104.1) (81.1) [2] (119.9) [2]
Other Investments (19.8) (13.0) [2] (104.9) [2]
Net (Purchases) Sales of Short-term Investments (238.4) 6.1 [2] 687.2 [2]
Acquisition of Business, Net of Cash Acquired 0.0 0.0 [2] (316.6) [2]
Sale of Reserve National, Net of Cash Disposed 0.0 14.8 [2] 0.0 [2]
Acquisition of Software and Long-lived Assets (53.8) (30.8) [2] (57.8) [2]
Settlement Proceeds from Company-Owned Life Insurance 102.2 0.0 [2] 0.0 [2]
Other (20.9) 8.5 [2] 16.8 [2]
Net Cash Provided by (Used in) Investing Activities 107.9 (108.4) [2] (118.2) [2]
Cash Flows from Financing Activities:      
Repayments of Long-term Debt 0.0 (280.0) (50.0)
Proceeds from Issuance of 5.875% Fixed-Rate Reset Junior Subordinated Debentures Due 2062 0.0 145.6 0.0
Proceeds from Policyholder Contract Obligations 123.3 335.5 386.8
Repayment of Policyholder Contract Obligations (169.0) (138.2) (394.0)
Proceeds from Shares Issued under Employee Stock Purchase Plan 4.3 4.9 5.4
Common Stock Repurchases 0.0 0.0 (161.7)
Dividends Paid (80.1) (79.7) (80.6)
Other (0.5) 0.6 3.7
Net Cash (Used in) Provided by Financing Activities (122.0) 382.9 (290.4)
Net (decrease) increase in cash (148.3) 64.2 (57.9)
Cash, Beginning of Year 212.4 148.2 206.1
Cash, End of Year 64.1 212.4 148.2
Cash (paid) received during the year for:      
Interest (54.5) (51.5) (43.9)
Income taxes paid 106.7 (0.7) (38.0)
Non-Cash Activities:      
Operating Leases (25.4) (24.0) (23.6)
Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities 13.8 9.7 15.5
Equity Method Limited Liability Investments      
Adjustments to Reconcile Net Loss to Net Cash (Used in) Provided by Operating Activities:      
(Income) Loss from Change in Value of Alternative Energy Partnership Investments (1.1) (9.5) [2] (33.5) [2]
Alternative Energy Partnership Investments      
Adjustments to Reconcile Net Loss to Net Cash (Used in) Provided by Operating Activities:      
(Income) Loss from Change in Value of Alternative Energy Partnership Investments (2.9) 19.9 [2] 61.2 [2]
Senior Notes, 3.800 Percent Due February 23, 2032      
Cash Flows from Financing Activities:      
Proceeds from Issuance of 3.800% Senior Notes due February 23, 2032 0.0 396.3 0.0
Issue Fess 0.0 (1.2) 0.0
5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062      
Cash Flows from Financing Activities:      
Issue Fess $ 0.0 $ (0.9) $ 0.0
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
[2] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.