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Consolidated Statements of Cash Flow - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Operating Activities    
Net income $ 133,179 $ 138,584
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 34,961 38,163
Stock-based compensation expense 12,150 10,139
Undistributed gains of equity method investments (4,243) (4,247)
Distributions in excess of current year income of equity method investments 3,210 552
Loss on disposal of fixed assets 62 998
Net realized and unrealized losses (gains) 16,988 (7,487)
Changes in assets and liabilities:    
Increase in reserve for loss and loss expense, net of reinsurance recoverable 144,920 104,429
Increase in unearned premiums, net of prepaid reinsurance 120,535 115,855
Decrease in net federal income taxes 18,339 15,674
Increase in premiums receivable (79,894) (88,175)
Increase in deferred policy acquisition costs (22,978) (19,592)
Decrease (increase) in interest and dividends due or accrued 72 (1,088)
Decrease in accrued salaries and benefits (36,498) (19,804)
Increase in other assets (13,881) (6,304)
(Decrease) increase in other liabilities (34,437) 12,621
Net cash provided by operating activities 292,485 290,318
Investing Activities    
Purchase of fixed income securities, held-to-maturity (7,150) 0
Purchase of fixed income securities, available-for-sale (1,974,253) (1,517,474)
Purchase of equity securities (57,834)  
Purchase of equity securities, available-for-sale   (44,480)
Purchase of other investments (47,238) (34,586)
Purchase of short-term investments (2,711,360) (3,025,824)
Sale of fixed income securities, available-for-sale 1,382,677 811,991
Sale of short-term investments 2,572,399 3,032,802
Redemption and maturities of fixed income securities, held-to-maturity 3,923 36,092
Redemption and maturities of fixed income securities, available-for-sale 456,037 439,616
Sale of equity securities 79,676  
Sale of equity securities, available-for-sale   19,007
Sale of other investments 3,497 0
Distributions from other investments 23,420 17,041
Purchase of property and equipment (11,150) (11,806)
Net cash used in investing activities (287,356) (277,621)
Financing Activities    
Dividends to stockholders (30,694) (26,915)
Acquisition of treasury stock (6,423) (6,005)
Net proceeds from stock purchase and compensation plans 5,001 4,744
Proceeds from borrowings 130,000 64,000
Repayments of borrowings (130,000) (64,000)
Repayments of capital lease obligations (4,891) (3,267)
Net cash used in financing activities (37,007) (31,443)
Net decrease in cash and restricted cash (31,878) (18,746)
Cash and restricted cash, beginning of year 44,710 37,405
Cash and restricted cash, end of period $ 12,832 $ 18,659