XML 108 R91.htm IDEA: XBRL DOCUMENT v3.22.4
Schedule II - Condensed Financial Information of Registrant - Condensed Statements of Cash Flows (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Jun. 30, 2020
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Activities        
Net income   $ 831,353 $ 681,783 $ 413,041
Adjustments to reconcile net income to net cash provided by operating activities:        
Loss on the sale of investments, net   13,172 (418) (2,697)
Stock-based compensation expense   18,381 20,844 18,462
Amortization of premium on investment securities   18,347 33,739 23,393
Changes in assets and liabilities:        
Other assets   (50,333) (3,948) (16,840)
Other accrued liabilities   (2,036) 9,666 24,283
Net cash provided by operating activities   588,817 709,256 727,931
Investing Activities        
Net change in short-term investments   61,060 413,773 (411,498)
Investments in subsidiaries   (74,620) (67,397) (17,012)
Purchase of investments available for sale   (1,378,231) (2,270,701) (1,575,082)
Proceeds from maturities and paydowns of investments available for sale   247,296 266,930 262,321
Proceeds from sales of investments available for sale   747,883 1,067,882 577,409
Net cash used in investing activities   (398,872) (583,167) (1,154,417)
Financing Activities        
Issuance of common shares, net of costs $ 440,000 0 0 439,962
Credit facility borrowings   0 225,000 200,000
Credit facility repayments   0 (125,000) (100,000)
Treasury stock acquired   (97,914) (163,855) (6,354)
Payment of issuance costs for credit facility   (154) (5,849) (6,232)
Dividends paid   (92,128) (77,724) (69,410)
Net cash (used in) provided by financing activities   (190,196) (147,428) 457,966
Net (decrease) increase in cash   (251) (21,339) 31,480
Supplemental Disclosure of Cash Flow Information        
Interest payments   (13,595) (6,951) (8,263)
Noncash Transactions        
Repayment of borrowings with term loan proceeds   0 (225,000) (325,000)
Parent Company        
Operating Activities        
Net income   831,353 681,783 413,041
Adjustments to reconcile net income to net cash provided by operating activities:        
Equity in net income of subsidiaries   (863,579) (693,251) (427,101)
Loss on the sale of investments, net   12,170 108 10
Stock-based compensation expense   927 917 935
Amortization of premium on investment securities   800 1,438 435
Changes in assets and liabilities:        
Other assets   1,775 312 (319)
Other accrued liabilities   19,232 21,447 18,208
Net cash provided by operating activities   2,678 12,754 5,209
Investing Activities        
Net change in short-term investments   94,988 189,804 (255,884)
Investments in subsidiaries   0 0 0
Purchase of investments available for sale   (157,468) (273,747) (205,668)
Proceeds from maturities and paydowns of investments available for sale   81,351 18,384 838
Proceeds from sales of investments available for sale   164,733 101,618 3,386
Net cash used in investing activities   183,604 36,059 (457,328)
Financing Activities        
Issuance of common shares, net of costs   0 0 439,962
Credit facility borrowings   0 200,000 200,000
Credit facility repayments   0 0 (100,000)
Treasury stock acquired   (97,914) (163,855) (6,354)
Payment of issuance costs for credit facility   (154) (5,849) (5,236)
Dividends paid   (92,128) (77,724) (69,410)
Net cash (used in) provided by financing activities   (190,196) (47,428) 458,962
Net (decrease) increase in cash   (3,914) 1,385 6,843
Cash at beginning of year   10,073 8,688 1,845
Cash at end of year   6,159 10,073 8,688
Supplemental Disclosure of Cash Flow Information        
Interest payments   (13,595) (4,792) (5,714)
Noncash Transactions        
Repayment of borrowings with term loan proceeds   $ 0 $ (225,000) $ (225,000)