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)	2025		2024		2023

Cash flows from operating activities:
Net income	$	559,335	$	600,314	$	446,061
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	69,450		56,530		47,415
Deferred income tax expense (benefit)	19,547		4,026		(1,002)

Lease amortization expense	7,333		7,377		6,177
Losses and impairments on investments	976		895		15,604

Loss on disposal and impairments of fixed assets	5,741		3,874		1,607
Net investment (income) loss	(4,385)		(874)		13,772
Receipt of donated equipment and other	(2,634)		—		—
(Decrease) increase in deferred compensation	(3,119)		2,677		6,143

Increase in receivables from affiliates	(28,529)		(81,722)		(100,401)
Increase in accrued investment income	(3,242)		(1,611)		(1,157)

Increase in pension asset	(29,380)		(34,516)		(101,250)

Decrease (increase) in prepaid expenses and other assets	22,345		(2,996)		7,729
(Decrease) increase in accounts payable and accrued expenses	(7,798)		(7,517)		7,237
Increase in commissions payable	17,011		54,600		53,681
Increase (decrease) in accrued agent incentive compensation	57,102		7,381		(27,089)
Increase in contract liability	6,904		2,811		6,678
Net cash provided by operating activities	$	686,657	$	611,249	$	381,205