National western life group, inc. (NWLI)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15
Cash flows from operating activities:
Net Income (Loss) Attributable to Parent

-2,062

37,733

19,989

33,696

40,198

21,776

35,641

32,466

26,875

39,587

21,813

25,483

23,538

23,612

33,735

26,286

17,259

31,991

16,221

28,858

21,326

Adjustments to reconcile net earnings to net cash from operating activities:
Universal life and annuity contract interest

-28,026

94,830

59,445

60,139

80,916

-47,261

124,144

60,990

-1,818

137,157

107,799

82,170

109,893

68,798

67,776

62,799

49,017

62,172

16,259

49,431

49,039

Surrender charges and other policy revenues

7,450

7,301

8,633

8,926

8,049

8,709

9,291

10,150

8,988

8,379

10,114

11,300

12,268

9,873

23,173

5,986

5,796

7,191

5,000

4,408

3,894

Realized (gains) losses on investments

3,485

2,539

-502

-425

4,629

2,841

2,275

2,696

611

3,858

2,073

6,247

2,585

2,481

5,426

2,782

2,381

1,160

813

4,258

978

Accretion/amortization of discounts and premiums, investments

-850

-466

-436

-872

-490

338

-64

273

-123

589

-87

-105

-116

227

-47

-27

23

-516

93

-106

4

Depreciation and amortization

2,885

3,085

2,721

1,009

4,455

3,056

2,837

2,911

3,021

2,626

2,417

2,488

2,474

2,234

1,811

2,027

1,985

670

646

830

841

Increase (decrease) in estimated credit losses on investments

3,411

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(Increase) decrease in value of equity securities

-5,816

1,412

301

387

1,951

-2,043

361

434

-541

0

0

0

0

-

-

-

-

-

-

-

-

(Increase) decrease in value of derivatives

-106,629

60,080

3,297

17,827

42,003

-115,585

69,683

10,292

-44,394

84,323

45,131

32,215

61,206

20,057

19,113

2,095

-12,901

8,134

-52,815

-8,782

-8,287

(Increase) decrease in deferred policy acquisition and sales inducement costs, and value of business acquired

-16,681

-15,339

-11,185

-22,310

-20,342

-11,834

-10,341

-9,631

-11,673

-1,659

1,092

-9,984

-11,003

1,593

878

-582

-11,095

-752

-1,558

5,109

-2,919

(Increase) decrease in accrued investment income

2,482

-5,320

62

-7,094

3,195

-4,725

2,384

-1,105

2,966

-6,220

5,004

-3,948

2,737

-1,992

2,274

-3,077

2,421

-1,100

1,281

-2,107

5,418

(Increase) decrease in other assets

-9,399

12,621

-3,037

967

1,790

-6,421

4,418

436

7,635

-993

4,455

917

2,390

-3,850

310

3,561

-188

6,351

-360

-289

7,227

Increase (decrease) in liabilities for future policy benefits

6,357

6,798

6,191

1,545

-776

-908

-12,955

-1,205

2,594

1,078

-132

2,577

4,171

5,580

3,941

-1,162

629

5,369

4,299

2,717

-129

Increase (decrease) in other policyholder liabilities

6,972

-2,108

-12,016

-7,078

-753

6,165

-3,815

-3,766

9,101

-9,063

-9,181

-6,422

9,284

-6,696

785

-4,897

-1,063

8,659

2,824

-9,610

14,168

Increase (decrease) in Federal income tax liability

-17,030

15,094

-1,409

-11,219

19,114

-19,939

15,776

-3,021

-13,451

10,559

6,535

-32,686

17,504

-8,360

-789

12,449

10,001

6,855

-11,821

-7,588

-3,294

Increase (decrease) in deferred Federal income tax

-15,971

7,792

4,196

4,483

8,823

-21,758

6,687

497

-11,864

25,857

2,089

1,262

11,019

435

-673

-1,378

-8,536

-8,970

-15,312

-7,408

-8,327

Increase (decrease) in other liabilities

-8,775

2,216

4,522

-1,720

-4,142

-8,846

8

-2,046

-1,844

14,926

3,266

2,610

6,654

6,573

3,957

-5,985

3,380

-5,250

-2,206

-2,146

6,804

Net cash provided by operating activities

105,661

87,028

78,114

74,483

89,404

104,521

76,942

72,287

72,873

82,736

62,646

38,316

92,432

62,917

60,762

82,157

103,307

98,968

89,080

67,409

90,767

Cash flows from investing activities:
Debt securities held to maturity

-

-

-

-

-

-

-

-

-

0

0

0

0

975

0

0

0

0

0

0

0

Debt securities available for sale

0

6,770

0

7,271

73,257

15,000

13,098

0

0

0

0

0

22,184

-964

8,121

273

7,693

192

880

7,379

5,752

Other investments

9,565

474

887

21,791

13,193

3,711

529

2,080

140

4,603

5,093

312

0

1,169

235

1,909

1,803

1,502

2,182

0

0

Proceeds from maturities and redemptions of:
Debt securities held to maturity

187,973

214,415

175,726

172,886

137,732

77,275

84,366

162,513

113,157

187,760

69,809

112,765

120,507

100,612

115,692

134,112

54,386

131,657

86,431

155,619

101,444

Debt securities available for sale

93,326

105,082

52,121

82,254

55,569

27,236

62,960

98,522

7,156

65,829

77,762

74,014

70,603

55,942

35,279

26,452

72,477

50,368

56,619

114,492

48,565

Equity securities

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

Derivatives, index options

52,973

24,311

7,052

18,358

3,047

30,937

54,479

46,294

59,321

68,567

50,782

51,660

48,856

8,575

11,183

0

2,090

16,215

19,216

38,169

26,450

Property and equipment

-

-

-

-

-

0

0

-1

9

293

0

2,721

10

1,528

0

0

0

-

-

-

-

Purchases of:
Debt securities held to maturity

75,836

96,311

57,907

83,020

20,690

80,676

48,403

200,278

142,867

192,895

81,115

79,431

217,275

151,918

46,615

109,997

75,192

125,659

150,062

262,866

271,797

Debt securities available for sale

92,963

59,759

50,693

56,644

20,474

36,827

66,756

34,872

126,544

99,917

75,285

71,408

44,817

117,563

107,919

72,643

49,370

105,570

113,035

157,895

152,742

Equity securities

488

365

682

33

262

764

1,272

30

376

0

458

702

0

-

-

-

-

-

-

-

-

Derivatives, index options

22,403

19,938

20,354

18,825

18,264

23,168

18,581

22,387

22,556

19,550

19,193

18,938

17,649

17,434

18,848

19,044

19,332

20,532

25,418

21,811

19,166

Other investments

11,446

1

-4,639

5,045

6,908

2,733

4,995

490

96

2

141

188

0

1,980

4,294

1,714

21,517

2,910

920

-1

421

Property and equipment

58

347

1,495

925

77

68

82

435

2,553

7,419

1,464

189

44

50,214

0

0

0

-

-

-

-

Payment to acquire businesses, net of cash acquired

0

0

0

1

189,120

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Net change in short-term investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-54,283

69,255

0

-

0

-14,989

14,989

Principal payments on mortgage loans

2,149

25,371

132

7,081

15,171

2,785

10,853

18,156

3,365

1,702

1,514

3,686

18,999

1,174

1,041

2,900

13,354

13,217

47,868

12,055

6,907

Cost of mortgage loans acquired

6,996

73,676

14,497

15,976

17,271

5,081

14,908

9,871

24

21,282

6,387

23,456

8,323

28,765

17,246

23,008

15,542

33,431

3,408

351

1,281

Decrease (increase) in policy loans

-1,972

-264

117

-1,007

-1,690

250

-1,129

88

-890

-1,061

-433

130

-930

-519

-1,369

99

-1,469

346

-322

-1,944

232

Other, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Net cash provided by (used in) investing activities

137,768

126,290

94,812

130,179

26,593

7,377

72,417

59,113

-110,978

-11,250

21,350

50,716

-6,019

-184,051

32,281

-130,114

-27,681

-75,297

-79,325

-98,275

-271,510

Cash flows from financing activities:
Deposits to account balances for universal life and annuity contracts

117,682

112,685

105,174

95,224

92,153

117,788

125,889

161,992

154,914

181,907

186,038

179,072

181,856

221,064

196,982

235,010

194,091

239,446

227,004

249,652

202,472

Return of account balances on universal life and annuity contracts

262,371

242,720

247,459

250,911

248,890

251,979

246,411

249,846

252,988

205,048

208,797

246,391

231,899

224,572

206,750

234,332

234,307

242,366

222,166

218,127

227,744

Borrowings under line of credit agreement

0

-

-

-

75,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Principal payments on line of credit borrowings

0

-

-

-

75,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Issuance of common stock under stock option plan

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Net cash provided by (used in) financing activities

-144,689

-131,308

-142,285

-155,687

-156,737

-135,464

-120,522

-87,854

-98,074

-24,414

-22,759

-67,319

-50,043

-4,781

-9,768

678

-40,216

-4,193

4,838

31,525

-25,272

Effect of foreign exchange

-50

6

66

-109

700

161

25

49

1,479

-8

255

-131

-131

-126

32

-311

154

172

54

-53

41

Net increase (decrease) in cash, cash equivalents, and restricted cash

98,690

82,016

30,707

48,866

-40,040

-23,405

28,862

43,595

-134,700

47,064

61,492

21,582

36,239

-126,041

83,307

-47,590

35,564

19,650

14,647

606

-205,974

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid (received) during the period for:
Interest

19

19

223

10

19

10

10

10

10

10

11

9

10

11

10

10

13

0

10

10

10

Income taxes

1

2,395

10,608

24,149

1

-481

3

11,397

8,283

12,145

7,598

47,266

5,440

23,211

15,032

0

-10,000

0

1,480

17,400

5,247

Noncash operating activities:
Net deferral and amortization of sales inducements

3,360

-

-

-

4,105

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferral of sales inducements

-

-

-

-

-

-

-

3,170

3,007

-

5,710

2,471

1,515

474

1,780

2,969

2,397

1,683

2,276

2,215

4,680

Noncash investing and financing activities:
Contingent consideration to acquire businesses

0

111

94

171

3,700

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-