State Auto Financial (STFC) annual cash flow statement covering fiscal 2015 through 2020, as reported to the SEC.
Net cash provided by operating activities has shrunk 20% a year on average since fiscal 2015, from $149.8M to $49M.
A cash flow statement shows the cash that actually came in and went out, split between running the business, investing and financing.
| Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | |||||||||||||||||||||
Net loss | |||||||||||||||||||||
13,100 | 85,800 | 12,200 | -17,800 | 19,200 | 51,200 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net loss | 13,100 | 85,800 | 12,200 | -17,800 | 19,200 | 51,200 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities | |||||||||||||||||||||
Depreciation and amortization, net | |||||||||||||||||||||
10,600 | 9,400 | 8,900 | 12,500 | 14,600 | 15,700 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Depreciation and amortization, net | 10,600 | 9,400 | 8,900 | 12,500 | 14,600 | 15,700 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Share-based compensation | |||||||||||||||||||||
900 | 6,100 | 11,100 | 4,200 | 3,700 | 4,500 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Share-based compensation | 900 | 6,100 | 11,100 | 4,200 | 3,700 | 4,500 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net investment (gain) loss | |||||||||||||||||||||
27,300 | 74,200 | -49,700 | 65,100 | 36,500 | 24,300 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net investment (gain) loss | 27,300 | 74,200 | -49,700 | 65,100 | 36,500 | 24,300 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Changes in operating assets and liabilities: | |||||||||||||||||||||
Deferred policy acquisition costs | |||||||||||||||||||||
11,100 | 9,200 | -8,400 | -11,500 | 1,400 | 2,600 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Deferred policy acquisition costs | 11,100 | 9,200 | -8,400 | -11,500 | 1,400 | 2,600 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Accrued investment income and other assets | |||||||||||||||||||||
-2,000 | -700 | -3,900 | -3,500 | 4,500 | 2,400 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Accrued investment income and other assets | -2,000 | -700 | -3,900 | -3,500 | 4,500 | 2,400 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Premiums receivables | |||||||||||||||||||||
-400 | -900 | -2,700 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Premiums receivables | -400 | -900 | -2,700 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Postretirement and pension benefits | |||||||||||||||||||||
-16,900 | -14,500 | -16,900 | -14,800 | -48,000 | -6,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Postretirement and pension benefits | -16,900 | -14,500 | -16,900 | -14,800 | -48,000 | -6,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Other liabilities and due to/from affiliates, net | |||||||||||||||||||||
-25,800 | 42,500 | -51,100 | -11,300 | -33,700 | 39,900 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Other liabilities and due to/from affiliates, net | -25,800 | 42,500 | -51,100 | -11,300 | -33,700 | 39,900 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Reinsurance recoverable on losses and loss expenses payable and prepaid reinsurance premiums | |||||||||||||||||||||
11,500 | 9,000 | 2,600 | -200 | -3,000 | -3,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Reinsurance recoverable on losses and loss expenses payable and prepaid reinsurance premiums | 11,500 | 9,000 | 2,600 | -200 | -3,000 | -3,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Losses and loss expenses payable | |||||||||||||||||||||
-16,600 | -80,300 | -108,800 | 74,000 | 128,600 | 69,800 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Losses and loss expenses payable | -16,600 | -80,300 | -108,800 | 74,000 | 128,600 | 69,800 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Unearned premiums | |||||||||||||||||||||
74,200 | 65,000 | -27,600 | -6,000 | 1,500 | 3,900 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Unearned premiums | 74,200 | 65,000 | -27,600 | -6,000 | 1,500 | 3,900 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Excess Tax Benefit from Share-based Compensation, Operating Activities | |||||||||||||||||||||
- | 900 | -900 | - | 200 | 300 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Excess Tax Benefit from Share-based Compensation, Operating Activities | - | 900 | -900 | - | 200 | 300 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Federal income taxes | |||||||||||||||||||||
6,200 | 20,600 | -1,000 | 54,400 | -200 | 13,700 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Federal income taxes | 6,200 | 20,600 | -1,000 | 54,400 | -200 | 13,700 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Cash provided from December 31, 2014 unearned premium transfer related to the homeowners quota-share reinsurance arrangement | |||||||||||||||||||||
- | - | - | - | - | -63,500 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Cash provided from December 31, 2014 unearned premium transfer related to the homeowners quota-share reinsurance arrangement | - | - | - | - | - | -63,500 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Cash used in pooling changes, December 31, 2011 and January 1, 2011 | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Cash used in pooling changes, December 31, 2011 and January 1, 2011 | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net cash (used in) provided by operating activities | |||||||||||||||||||||
49,000 | -43,900 | -13,400 | 67,900 | 113,500 | 149,800 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net cash (used in) provided by operating activities | 49,000 | -43,900 | -13,400 | 67,900 | 113,500 | 149,800 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Cash flows from investing activities: | |||||||||||||||||||||
Purchases of fixed maturities available-for-sale | |||||||||||||||||||||
661,000 | 592,600 | 349,600 | 505,400 | 589,300 | 573,900 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Purchases of fixed maturities available-for-sale | 661,000 | 592,600 | 349,600 | 505,400 | 589,300 | 573,900 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Maturities, calls and pay downs of fixed maturities available-for-sale | |||||||||||||||||||||
384,100 | 386,300 | 229,800 | 233,600 | 240,900 | 241,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Maturities, calls and pay downs of fixed maturities available-for-sale | 384,100 | 386,300 | 229,800 | 233,600 | 240,900 | 241,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Sales of fixed maturities available-for-sale | |||||||||||||||||||||
229,000 | 308,800 | 98,000 | 184,800 | 211,600 | 180,700 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Sales of fixed maturities available-for-sale | 229,000 | 308,800 | 98,000 | 184,800 | 211,600 | 180,700 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Sales of equity securities | |||||||||||||||||||||
121,100 | 45,400 | 97,800 | 252,700 | 153,000 | 144,800 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Sales of equity securities | 121,100 | 45,400 | 97,800 | 252,700 | 153,000 | 144,800 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Sales of other invested assets | |||||||||||||||||||||
1,300 | 1,300 | 1,200 | 1,100 | 800 | 700 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Sales of other invested assets | 1,300 | 1,300 | 1,200 | 1,100 | 800 | 700 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Proceeds from Sale of Property, Plant, and Equipment | |||||||||||||||||||||
200 | 1,600 | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Proceeds from Sale of Property, Plant, and Equipment | 200 | 1,600 | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Note to affiliate | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Note to affiliate | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Sale of subsidiary | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Sale of subsidiary | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net disposals of property and equipment | |||||||||||||||||||||
- | - | - | - | - | 100 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net disposals of property and equipment | - | - | - | - | - | 100 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net cash provided by investing activities | |||||||||||||||||||||
-21,800 | 74,100 | -16,000 | -20,500 | -127,600 | -167,700 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net cash provided by investing activities | -21,800 | 74,100 | -16,000 | -20,500 | -127,600 | -167,700 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Cash flows from financing activities: | |||||||||||||||||||||
Proceeds from issuance of common stock | |||||||||||||||||||||
3,900 | 5,900 | 15,400 | 10,200 | 2,200 | 6,200 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Proceeds from issuance of common stock | 3,900 | 5,900 | 15,400 | 10,200 | 2,200 | 6,200 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Payments to acquire treasury stock | |||||||||||||||||||||
900 | 500 | 200 | 300 | 200 | 300 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Payments to acquire treasury stock | 900 | 500 | 200 | 300 | 200 | 300 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Payment of dividends | |||||||||||||||||||||
17,500 | 17,400 | 17,100 | 16,900 | 16,600 | 16,500 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Payment of dividends | 17,500 | 17,400 | 17,100 | 16,900 | 16,600 | 16,500 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Payment for Debt Extinguishment or Debt Prepayment Cost | |||||||||||||||||||||
- | - | 400 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | - | - | 400 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Proceeds from short-term debt | |||||||||||||||||||||
60,000 | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Proceeds from short-term debt | 60,000 | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Repayment of short-term debt | |||||||||||||||||||||
60,000 | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Repayment of short-term debt | 60,000 | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Payment of credit facility issue costs | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Payment of credit facility issue costs | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Excess tax expense on share-based awards | |||||||||||||||||||||
- | - | - | - | 200 | 300 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Excess tax expense on share-based awards | - | - | - | - | 200 | 300 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Proceeds from long-term debt | |||||||||||||||||||||
21,500 | - | - | - | 21,500 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Proceeds from long-term debt | 21,500 | - | - | - | 21,500 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Repayment of long-term debt | |||||||||||||||||||||
21,500 | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Repayment of long-term debt | 21,500 | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net cash used in financing activities | |||||||||||||||||||||
-14,500 | -12,000 | -2,300 | -7,000 | 7,100 | -10,300 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net cash used in financing activities | -14,500 | -12,000 | -2,300 | -7,000 | 7,100 | -10,300 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net (decrease) increase in cash and cash equivalents | |||||||||||||||||||||
12,700 | 18,200 | -31,700 | 40,400 | -7,000 | -28,200 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net (decrease) increase in cash and cash equivalents | 12,700 | 18,200 | -31,700 | 40,400 | -7,000 | -28,200 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Supplemental disclosures: | |||||||||||||||||||||
Proceeds from Income Tax Refunds | |||||||||||||||||||||
4,900 | - | - | 1,600 | - | 6,400 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Proceeds from Income Tax Refunds | 4,900 | - | - | 1,600 | - | 6,400 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | |||||||||||||||||||||
4,700 | 4,800 | 5,700 | 5,700 | 5,400 | 5,300 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 4,700 | 4,800 | 5,700 | 5,700 | 5,400 | 5,300 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Purchases of equity securities | |||||||||||||||||||||
88,900 | 63,400 | 91,400 | 185,900 | 143,100 | 154,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Purchases of equity securities | 88,900 | 63,400 | 91,400 | 185,900 | 143,100 | 154,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Payments to Acquire Other Investments | |||||||||||||||||||||
7,600 | 13,300 | 1,800 | 1,400 | 1,500 | 6,900 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Payments to Acquire Other Investments | 7,600 | 13,300 | 1,800 | 1,400 | 1,500 | 6,900 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||