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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating Activities    
Net income $ 49,419 $ 133,614
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 29,634 28,327
Stock-based compensation expense 11,198 11,654
Undistributed losses (gains) of equity method investments 7,319 (4,934)
Distributions in excess of current year income of equity method investments 8,488 2,157
Net realized and unrealized losses (gains) 32,017 (17,478)
Loss on disposal of fixed assets 17 0
Changes in assets and liabilities:    
Increase in reserve for loss and loss expense, net of reinsurance recoverable 101,151 105,082
Increase in unearned premiums, net of prepaid reinsurance 89,705 99,152
Decrease in net federal income taxes 8,340 1,698
Increase in premiums receivable (44,095) (107,190)
Increase in deferred policy acquisition costs (14,269) (20,516)
Increase in interest and dividends due or accrued (934) (1,399)
Decrease in accrued salaries and benefits (44,082) (29,124)
Increase in other assets (2,753) (22,320)
Decrease in other liabilities (33,770) (13,583)
Net Cash Provided by Operating Activities 197,385 165,140
Investing Activities    
Purchase of fixed income securities, available-for-sale (961,803) (891,241)
Purchase of commercial mortgage loans (17,934) 0
Purchase of equity securities (73,879) (24,699)
Purchase of other investments (39,400) (25,822)
Purchase of short-term investments (3,368,828) (3,258,852)
Sale of fixed income securities, available-for-sale 302,342 372,159
Proceeds from commercial mortgage loans 54 0
Sale of short-term investments 3,278,106 3,291,878
Redemption and maturities of fixed income securities, held-to-maturity 1,200 4,643
Redemption and maturities of fixed income securities, available-for-sale 461,527 236,705
Sale of equity securities 1,320 30,094
Sale of other investments 53 12,609
Distributions from other investments 7,349 14,489
Purchase of property and equipment (12,634) (16,985)
Net Cash Used in Investing Activities (422,527) (255,022)
Financing Activities    
Dividends to stockholders (26,631) (22,940)
Acquisition of treasury stock (6,982) (6,715)
Net proceeds from stock purchase and compensation plans 4,731 5,100
Proceeds from borrowings 387,000 340,757
Repayments of borrowings (135,000) (235,000)
Repayments of finance lease obligations (314) (596)
Net Cash Provided by Financing Activities 222,804 80,606
Cash and restricted cash, beginning of year 7,975 16,919
Cash and restricted cash, end of period 5,637 7,643
Net decrease in cash and restricted cash $ (2,338) $ (9,276)