Assurant 2011 Annual Report Download - page 138

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ASSURANT, INC.2011 Form10-KF-62
Schedule II—Condensed Cash Flows (Parent Only)
ASSURANT, INC.
(in thousands)
Years Ended December31,
2011 2010 2009
Operating Activities
Net income $ 545,839 $ 279,177 $ 430,574
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed and distributed net income of subsidiaries (583,383) (419,077) (534,781)
Dividends received from subsidiaries 432,258 557,000 665,780
Change in receivables (674) (995) (21,928)
Change in income taxes 4,186 4,792 38,401
Change in tax valuation allowance (67,448) (5,610) 18,034
Change in accounts payable and other liabilities (18,437) 6,890 (24,668)
Change in trading portfolio 13,305 (2,237) 2,631
Depreciation and amortization 39,523 40,221 37,975
Net realized losses (gains) on investments 6,119 (1,468) 1,223
Change in tax bene t from share-based payment arrangements 3,267 6,712 1,790
Stock based compensation expense 36,888 34,591 30,288
Goodwill impairment — 37,000 6,832
Other (6,429) 6,568 6,213
NET CASH PROVIDED BY OPERATING ACTIVITIES 405,014 543,564 658,364
Investing Activities
Sales of:
Property and equipment and other 3,746 214 1,104
Other invested assets 11,408 — 74
Maturities, prepayments, and scheduled redemption of:
Fixed maturity securities available for sale 307,025 93,298 15,856
Purchases of:
Fixed maturity securities available for sale (324,346) (335,945) (73,223)
Equity securities available for sale (5,291) (4,638) —
Property and equipment and other (21,055) (29,152) (33,817)
Other invested assets (15,810) (4,642) —
Capital contributed to subsidiaries (7,000) (50,000) (64,000)
Return of capital contributions from subsidiaries 92,000 323,200 26,319
Change in short-term investments 3,329 (4,904) 525
NET CASH PROVIDED BY USED IN INVESTING ACTIVITIES 44,006 12,569 127,162
Financing Activities
Repayment of mandatorily redeemable preferred stock (5,000) (3,160) (3,000)
Change in tax bene t from share-based payment arrangements (3,267) (6,712) (1,790)
Acquisition of common stock (532,011) (522,546) (31,949)
Dividends paid (67,385) (69,618) (69,596)
Change in receivables under securities loan agreements 14,370 (14,370) —
Change in obligations to return borrowed securities (14,281) 14,281 —
NET CASH USED IN FINANCING ACTIVITIES 607,574 602,125 106,335
E ect of exchange rate changes on cash and cash equivalents (339) 326 —
Change in cash and cash equivalents (158,893) (70,804) 424,867
Cash and cash equivalents at beginning of period 656,382 727,186 302,319
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 497,489 $ 656,382 $ 727,186