XML 20 R8.htm IDEA: XBRL DOCUMENT v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net income $ 604,440 $ 603,119 $ 742,934
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Purchases of residential mortgage loans held for sale (1,649,063) (220,885) (3,890)
Proceeds from sales of residential mortgage loans held for sale 338,862 172,573 0
Principal payments from residential mortgage loans held for sale 29,952 17,064 393
Net (gains) losses on investments and other financial instruments 10,114 (10,241) 80,733
Net (gains) losses on consolidated VIE assets and liabilities 1,169 0 0
Loss on extinguishment of debt 4,275 0 0
Amortization and impairment of goodwill and other acquired intangible assets 0 15,285 4,308
Depreciation, other amortization, and other impairments, net 78,750 73,632 72,267
Deferred income tax provision 162,275 165,001 206,925
Change in:      
Accrued investment income (7,350) (5,690) (7,281)
Accounts and notes receivable (1,482) (1,618) 4,210
Reinsurance recoverable (10,524) (276) 42,263
Deferred policy acquisition costs 972 (258) (2,143)
Prepaid federal income tax (170,760) (153,952) (242,245)
Other assets 28,105 37,960 65,744
Unearned premiums (37,059) (46,083) (57,611)
Reserve for losses and LAE (9,822) (56,695) (401,799)
Reinsurance funds withheld (8,581) (21,503) (76,011)
Other liabilities (27,845) (37,999) (40,499)
Net cash provided by (used in) operating activities (663,572) 529,434 388,298
Proceeds from sales of:      
Available for sale securities 511,647 331,880 399,371
Trading securities 0 9,123 8,868
Equity securities 45,747 67,953 8,004
Proceeds from redemptions of:      
Available for sale securities 903,395 498,081 789,929
Trading securities 17,081 1,707 102,121
Purchases of:      
Available for sale securities (1,344,925) (933,264) (1,414,966)
Equity securities (23,425) (8,334) (24,637)
Sales, redemptions and (purchases) of:      
Short-term investments, net 153,243 (251,662) 150,694
Other assets and other invested assets, net 1,115 (45) (6,887)
Principal payments from securitized residential mortgage loans held for investment 67,041 0 0
Additions to property and equipment (3,173) (16,281) (17,672)
Net cash provided by (used in) investing activities 327,746 (300,842) (5,175)
Cash flows from financing activities      
Dividends and dividend equivalents paid (151,961) (145,908) (135,437)
Issuance of common stock 928 1,755 1,341
Repurchases of common stock (225,059) (133,314) (400,195)
Issuance of senior notes 616,745 0 0
Redemption of senior notes (977,079) 0 0
Issuance of securitized nonrecourse debt 766,336 0 0
Repayments of securitized nonrecourse debt (67,041) 0 0
Proceeds (repayments) related to cash collateral for loaned securities, net (23,641) 49,629 51,083
Proceeds from secured borrowings 2,188,897 761,560 381,887
Repayments of secured borrowings (1,770,080) (797,905) (377,048)
Credit facility commitment fees paid (812) (904) (814)
Net cash provided by (used in) financing activities 357,233 (265,087) (479,183)
Increase (decrease) in cash and restricted cash 21,407 (36,495) (96,060)
Cash and restricted cash, beginning of period 20,065 56,560 152,620
Cash and restricted cash, end of period 41,472 20,065 56,560
Supplemental disclosures of cash flow information      
Income taxes paid (Note 10) 172,647 153,974 243,500
Interest paid 107,692 86,532 79,062
Supplemental noncash information      
Transfer from residential mortgage loans held for sale to securitized residential mortgage loans held for investment 778,523 0 0
Retention of mortgage servicing rights from residential mortgage loan sales 2,615 41 0
Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 1,242 $ 1,097 $ 4,804