| Dec'19 | Dec'18 | Dec'17 | Dec'16 | |||
|---|---|---|---|---|---|---|
Operating activities | ||||||
Adjustments to reconcile net earnings (loss) to operating cash flows: | ||||||
Changes in operating assets and liabilities | ||||||
Investing activities | ||||||
Financing activities | ||||||
Consolidated | ||||||
Net earnings | ||||||
45,380 | 19,392 | 50,071 | 99,451 | |||
Depreciation and amortization | ||||||
29,578 | 19,318 | 21,448 | 22,925 | |||
Provision for deferred income taxes | ||||||
38,545 | 2,153 | 64,321 | -38,485 | |||
Asset impairments and other non-cash expenses | ||||||
9,113 | 6,481 | 3,860 | 1,693 | |||
(Gain) loss on disposal of assets | ||||||
-264 | -993 | 777 | -1,806 | |||
Investment (gains) losses | ||||||
1,172 | 559 | 0 | 135,886 | |||
Investment partnership gains | ||||||
-78,133 | -40,411 | -6,965 | 306 | |||
Distributions from investment partnerships | ||||||
129,329 | 29,660 | 9,395 | 26,265 | |||
Changes in receivables and inventories | ||||||
-3,669 | 359 | 2,235 | -4,280 | |||
Changes in other assets | ||||||
-10,450 | -536 | -268 | -116 | |||
Changes in accounts payable and accrued expenses | ||||||
-16,250 | -12,220 | 15,036 | 3,908 | |||
Net cash provided by operating activities | ||||||
93,683 | 20,678 | 25,780 | 63,349 | |||
Capital expenditures | ||||||
17,679 | 15,293 | 8,034 | 8,663 | |||
Purchases of perpetual lease rights | ||||||
0 | 2,503 | 0 | 3,367 | |||
Proceeds from property and equipment disposals | ||||||
4,577 | 2,590 | 1,004 | 1,084 | |||
Acquisition of business, net of cash acquired | ||||||
51,062 | 0 | 0 | - | |||
Distributions from investment partnerships | ||||||
40,000 | 39,040 | 0 | 0 | |||
Purchases of limited partner interests | ||||||
40,000 | 39,040 | 3,707 | 14,150 | |||
Purchases of investments | ||||||
154,848 | 58,642 | 42,648 | 35,784 | |||
Redemptions of fixed maturity securities | ||||||
149,030 | 48,558 | 41,837 | 32,085 | |||
Net cash used in investing activities | ||||||
-69,982 | -25,290 | -11,548 | -28,795 | |||
Payments on revolving credit facility | ||||||
0 | 175 | 202 | 409 | |||
Principal payments on long-term debt | ||||||
2,200 | 2,200 | 17,200 | 9,277 | |||
Principal payments on direct financing lease obligations | ||||||
5,810 | 5,204 | 5,628 | 5,609 | |||
Proceeds from exercise of stock options | ||||||
0 | 49 | 30 | 64 | |||
Net cash used in financing activities | ||||||
-8,010 | -7,530 | -23,000 | -15,231 | |||
Effect of exchange rate changes on cash | ||||||
-5 | -78 | 165 | -38 | |||
Increase (decrease) in cash, cash equivalents and restricted cash | ||||||
15,686 | -12,220 | -8,603 | 19,285 | |||