Supplementary Data on Cash Flows

12 Months Ended

Dec. 31, 2024

Supplemental Cash Flow Information [Abstract]

A reconciliation of net income to net cash provided by operating activities as presented in the Consolidated Statements of Cash Flows is as follows for the years ended December 31:


(in thousands)	2024		2023		2022

Cash flows from operating activities:
Net income	$	600,314	$	446,061	$	298,569
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	56,530		47,415		46,166
Deferred income tax expense (benefit)	4,026		(1,002)		9,468

Lease amortization expense	7,377		6,177		5,554
Losses (gains) and impairment losses on investments	895		15,604		27,953

Loss on disposal of fixed assets	3,874		1,607		172
Net investment (income) loss	(874)		13,772		12,916
Increase (decrease) in deferred compensation	2,677		6,143		(1,463)

Increase in receivables from affiliates	(81,722)		(100,401)		(45,814)
Increase in accrued investment income	(1,611)		(1,157)		(1,998)

Increase in pension asset	(34,516)		(101,250)		—
Increase in pension liability	—		—		15,647
(Increase) decrease in prepaid expenses and other assets	(2,996)		7,729		(25,843)
(Decrease) increase in accounts payable and accrued expenses	(7,517)		7,237		18,993
Increase in commissions payable	54,600		53,681		29,282
Increase (decrease) in accrued agent incentive compensation	7,381		(27,089)		(25,271)
Increase in contract liability	2,811		6,678		1,821
Net cash provided by operating activities	$	611,249	$	381,205	$	366,152