| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|---|---|---|---|---|---|---|---|---|---|---|
Operating Activities: | |||||||||||
Net Income (Loss) Attributable to Parent | |||||||||||
401,000 | 521,000 | 730,000 | 881,000 | 1,056,000 | 1,088,000 | 808,000 | 110,000 | 773,000 | 484,000 | 84,822 | 68,883 |
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||||||
Non-cash interest and operating expenses | |||||||||||
-34,000 | -36,000 | -26,000 | -39,000 | -27,000 | -23,000 | -19,000 | -18,000 | 20,000 | 24,000 | 16,250 | 16,328 |
Net amortization of premium (discount) on investments | |||||||||||
35,000 | 31,000 | 46,000 | 34,000 | 25,000 | 16,000 | 8,000 | -8,000 | -23,000 | -46,000 | -21,997 | -2,397 |
Provision (benefit) for deferred income taxes | |||||||||||
65,000 | 74,000 | 250,000 | 19,000 | 300,000 | 347,000 | 177,000 | -35,000 | 383,000 | 75,000 | -185,143 | 43,116 |
Net realized investment losses (gains) | |||||||||||
22,000 | -32,000 | 40,000 | -29,000 | -17,000 | -60,000 | 52,000 | 1,000 | -18,000 | -2,000 | -32,662 | -69,801 |
Net unrealized losses (gains) on credit derivatives | |||||||||||
- | - | - | - | 746,000 | 800,000 | 107,000 | -477,000 | 554,000 | -155,000 | -337,810 | 38,034 |
Fair value losses (gains) on committed capital securities | |||||||||||
- | - | - | - | 27,000 | -11,000 | 10,000 | -18,000 | 35,000 | 9,000 | -122,940 | 42,746 |
Bargain purchase gain and settlement of pre-existing relationships | |||||||||||
0 | 0 | 58,000 | 259,000 | 214,000 | 0 | 0 | - | - | - | - | - |
Goodwill and settlements of pre-existing relationship | |||||||||||
- | - | - | - | - | - | - | - | - | - | 23,341 | - |
Non-cash items in other income | |||||||||||
- | - | - | - | - | - | - | - | - | -4,000 | 20,691 | - |
Change in deferred acquisition costs | |||||||||||
- | - | - | - | -9,000 | -3,000 | 8,000 | -18,000 | -18,000 | -18,000 | -31,646 | 29,318 |
Change in premiums receivable, net of premiums and commissions payable | |||||||||||
388,000 | 6,000 | 69,000 | -128,000 | 8,000 | -108,000 | -86,000 | -48,000 | -138,000 | -376,000 | -119,663 | -12,059 |
Change in ceded unearned premium reserve | |||||||||||
-20,000 | -58,000 | -90,000 | -22,000 | -79,000 | -69,000 | -109,000 | -141,000 | -102,000 | -256,000 | -203,063 | 5,326 |
Change in unearned premium reserve | |||||||||||
224,000 | 39,000 | -424,000 | -777,000 | -744,000 | -332,000 | -612,000 | -749,000 | -998,000 | -1,278,000 | -731,114 | 346,543 |
Change in loss and loss adjustment expense reserve, net | |||||||||||
-528,000 | -173,000 | 142,000 | -105,000 | 244,000 | 182,000 | 136,000 | 258,000 | -636,000 | 471,000 | -1,186 | -16,583 |
Change in current income tax | |||||||||||
- | - | - | 27,000 | -45,000 | -45,000 | 30,000 | 129,000 | -182,000 | -87,000 | 175,873 | -22,046 |
Change in financial guaranty variable interest entities' assets and liabilities, net | |||||||||||
27,000 | 5,000 | 15,000 | 24,000 | 6,000 | 170,000 | 295,000 | 7,000 | -352,000 | -541,000 | - | - |
Change in credit derivative assets and liabilities, net | |||||||||||
1,000 | 62,000 | 144,000 | 43,000 | - | - | - | - | - | - | -15,802 | -7,197 |
Purchases of securities | |||||||||||
267,000 | 0 | 0 | - | - | 78,000 | -16,000 | -59,000 | -6,000 | 0 | - | - |
Other changes in investment vehicles | |||||||||||
0 | 21,000 | 9,000 | 35,000 | -12,000 | 29,000 | 13,000 | 23,000 | 12,000 | 7,000 | -29,063 | 18,448 |
Other changes in investment vehicles | |||||||||||
15,000 | 0 | 0 | - | - | - | - | - | - | - | - | - |
Net cash flows provided by (used in) operating activities | |||||||||||
-509,000 | 462,000 | 433,000 | -132,000 | -71,000 | 577,000 | 244,000 | -165,000 | 676,000 | 129,000 | 279,170 | 426,989 |
Investing activities | |||||||||||
Fixed-maturity securities: | |||||||||||
Purchases | |||||||||||
873,000 | 1,881,000 | 2,552,000 | 1,646,000 | 2,577,000 | 2,801,000 | 1,886,000 | 1,649,000 | 2,308,000 | 2,462,000 | 2,287,668 | 1,272,024 |
Proceeds from Sale of Debt Securities, Available-for-sale | |||||||||||
1,805,000 | 1,180,000 | 1,701,000 | 1,365,000 | 2,107,000 | 1,251,000 | 1,029,000 | 912,000 | 1,107,000 | 1,064,000 | 1,519,300 | 532,144 |
Maturities and paydowns | |||||||||||
781,000 | 962,000 | 821,000 | 1,155,000 | 898,000 | 877,000 | 883,000 | 1,105,000 | 663,000 | 994,000 | 217,895 | 11,730 |
Short-term investments with maturities of over three months: | |||||||||||
Short-term investments with maturities of over three months: | |||||||||||
Purchases | |||||||||||
229,000 | 243,000 | 255,000 | 190,000 | - | - | - | - | - | - | - | - |
Sales | |||||||||||
2,000 | 23,000 | 102,000 | 172,000 | - | - | - | - | - | - | - | - |
Maturities and paydowns | |||||||||||
316,000 | 207,000 | 191,000 | 134,000 | - | - | - | - | - | - | - | - |
Net sales (purchases) of short-term investments with original maturities of less than three months | |||||||||||
-623,000 | -84,000 | 36,000 | 99,000 | -897,000 | -158,000 | 87,000 | -29,000 | -320,000 | -613,000 | 397,100 | -78,535 |
Net proceeds from paydowns on financial guaranty variable interest entities’ assets | |||||||||||
139,000 | 116,000 | 147,000 | 629,000 | 400,000 | 408,000 | 663,000 | 545,000 | 760,000 | 424,000 | - | - |
Net proceeds from sales of financial guaranty variable interest entities’ assets | |||||||||||
51,000 | 0 | 0 | - | - | - | - | - | - | - | - | - |
Acquisitions, net of cash acquired (see Note 2) | |||||||||||
145,000 | 0 | -95,000 | 435,000 | 800,000 | 0 | 0 | 91,000 | 0 | 0 | 458,998 | - |
Acquisition of MBIA UK Insurance Limited, net of cash acquired | |||||||||||
- | - | - | - | - | 0 | - | - | - | - | - | - |
Proceeds from maturity of other invested asset | |||||||||||
0 | 0 | 85,000 | 0 | - | - | - | - | - | - | - | - |
Proceeds from sales of other invested assets | |||||||||||
36,000 | 38,000 | 2,000 | - | - | - | - | - | - | - | - | - |
Purchases of other invested assets | |||||||||||
88,000 | 20,000 | 23,000 | - | - | - | - | - | - | - | - | - |
Other | |||||||||||
3,000 | 1,000 | 5,000 | 9,000 | -69,000 | -11,000 | -79,000 | -92,000 | -19,000 | -20,000 | -9,350 | - |
Net cash flows provided by (used in) investing activities | |||||||||||
1,169,000 | 297,000 | 345,000 | 1,076,000 | 994,000 | -96,000 | 681,000 | 943,000 | 561,000 | 653,000 | -1,397,221 | -649,615 |
Financing activities | |||||||||||
Proceeds from issuances of common stock | |||||||||||
- | - | - | - | - | - | - | 173,000 | 0 | 0 | 1,022,096 | 248,967 |
Net proceeds from issuance of equity units | |||||||||||
- | - | - | - | - | - | - | - | - | - | 167,972 | - |
Dividends paid | |||||||||||
74,000 | 71,000 | 70,000 | 69,000 | 72,000 | 76,000 | 75,000 | 69,000 | 33,000 | 33,000 | 22,332 | 16,015 |
Repurchases of common stock | |||||||||||
500,000 | 500,000 | 501,000 | 306,000 | 555,000 | 590,000 | 264,000 | 24,000 | 23,000 | 10,000 | 3,676 | - |
Repurchases of common stock to pay withholding taxes | |||||||||||
- | - | - | 2,000 | 7,000 | - | - | - | - | - | - | - |
Share activity under option and incentive plans | |||||||||||
- | - | - | - | - | -1,000 | 1,000 | 3,000 | 1,000 | 2,000 | 667 | 3,632 |
Tax benefit for stock options exercised | |||||||||||
- | - | - | - | - | - | - | - | - | - | -16 | 16 |
Net paydowns of financial guaranty variable interest entities’ liabilities | |||||||||||
181,000 | 116,000 | 157,000 | 611,000 | 214,000 | 396,000 | 511,000 | 724,000 | 1,053,000 | 651,000 | - | - |
Paydown of long-term debt | |||||||||||
4,000 | 101,000 | 30,000 | 2,000 | 4,000 | 19,000 | 27,000 | 209,000 | 22,000 | 21,000 | 14,823 | - |
Proceeds from option exercises | |||||||||||
- | - | - | 12,000 | 5,000 | - | - | - | - | - | - | - |
Other | |||||||||||
-15,000 | -7,000 | -8,000 | - | - | - | - | - | - | - | - | - |
Proceeds from issuance of collateralized loan obligations | |||||||||||
482,000 | 0 | 0 | - | - | 495,000 | 0 | 0 | - | - | - | - |
Repayment of warehouse loans and equity | |||||||||||
306,000 | 0 | 0 | - | - | - | - | - | - | - | - | - |
Contributions from noncontrolling interests to investment vehicles | |||||||||||
18,000 | 0 | 0 | - | - | - | - | - | - | - | - | - |
Distributions to redeemable noncontrolling interests from investment vehicles | |||||||||||
4,000 | 0 | 0 | - | - | - | - | - | - | - | - | - |
Net cash flows provided by (used in) financing activities | |||||||||||
-584,000 | -795,000 | -766,000 | -978,000 | -847,000 | -585,000 | -878,000 | -856,000 | -1,132,000 | -717,000 | 1,148,554 | 229,336 |
Effect of foreign exchange rate changes | |||||||||||
3,000 | -4,000 | 5,000 | -5,000 | -4,000 | -5,000 | -1,000 | 1,000 | 2,000 | -1,000 | 1,325 | -2,453 |
Increase (decrease) in cash and restricted cash | |||||||||||
79,000 | -40,000 | 17,000 | -39,000 | 72,000 | -109,000 | 46,000 | -77,000 | 107,000 | 64,000 | 31,828 | 4,257 |
Supplemental cash flow information | |||||||||||
Income taxes | |||||||||||
4,000 | -4,000 | 10,000 | 74,000 | 103,000 | 122,000 | 110,000 | -24,000 | 34,000 | 39,000 | 27,849 | 18,743 |
Interest on long-term debt | |||||||||||
84,000 | 99,000 | 77,000 | 95,000 | 95,000 | 86,000 | 76,000 | 85,000 | 92,000 | 92,000 | 56,418 | 23,600 |
Supplemental disclosure of non-cash investing and financing activities: | |||||||||||
Purchases of fixed-maturity investments | |||||||||||
188,000 | 4,000 | 32,000 | - | - | - | - | - | - | - | - | - |
Sales of fixed-maturity investments | |||||||||||
44,000 | 0 | 0 | - | - | - | - | - | - | - | - | - |