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ASSURANT, INC. – 2014 Form 10-K F-67
Schedule II—Condensed Cash Flows (Parent Only)
ASSURANT, INC.
(in thousands)
Years Ended December 31,
2014 2013 2012
Operating Activities
Net income $ 470,907 $ 488,907 $ 483,705
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries (584,464) (628,894) (601,356)
Dividends received from subsidiaries 505,225 446,592 524,508
Change in receivables (5,075) (4,609) (1,035)
Change in accrued interest (9,852) 5,941 —
Change in accounts payable and other liabilities (16,146) 57,229 19,330
Change in securities classifi ed as trading (7,309) (9,600) (6,862)
Change in income taxes 2,732 18,159 10,903
Change in tax valuation allowance — — (682)
Depreciation and amortization 32,094 34,047 34,471
Net realized gains on investments (4,288) (1,763) (7,464)
Loss on extinguishment of debt — 964 —
Stock based compensation expense 49,354 50,004 37,589
Change in tax benefi t from share-based payment arrangements (14,900) 1,112 (1,728)
Other (20,613) (17,491) (11,034)
NET CASH PROVIDED BY OPERATING ACTIVITIES 397,665 440,598 480,345
Investing Activities
Sales of:
Fixed maturity securities available for sale 444,589 394,997 404,548
Equity securities available for sale 8,895 19,315 11,756
Property and equipment and other — 41 552
Subsidiary — — 2,231
Maturities, calls, prepayments, and scheduled redemption of:
Fixed maturity securities available for sale 45,145 69,156 78,151
Purchases of:
Fixed maturity securities available for sale (253,866) (314,864) (793,938)
Equity securities available for sale (9,433) (15,557) (17,329)
Other invested assets (4,134) (152) (1)
Property and equipment and other (49,569) (29,635) (40,750)
Subsidiary — — (3,500)
Capital contributed to subsidiaries (453,700) (323,600) (9,000)
Return of capital contributions from subsidiaries 205,250 174,277 67,500
Change in short-term investments 115,856 (118,123) (255)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 49,033 (144,145) (300,035)
Financing Activities
Issuance of debt — 698,093 —
Repurchase of debt — (33,634) —
Repayment of debt (467,330) — —
Change in tax benefi t from share-based payment arrangements 14,900 (1,112) 1,728
Acquisition of common stock (215,183) (393,012) (412,196)
Dividends paid (77,495) (74,128) (69,393)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (745,108) 196,207 (479,861)
Effect of exchange rate changes on cash and cash equivalents 50 (49) —
Change in cash and cash equivalents (298,360) 492,611 (299,551)
Cash and cash equivalents at beginning of period 690,549 197,938 497,489
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 392,189 $ 690,549 $ 197,938