Assurant 2012 Annual Report Download - page 137

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ASSURANT, INC.2012 Form10-K F-61
Schedule II—Condensed Cash Flows (Parent Only)
ASSURANT, INC.
(in thousands)
Years Ended December31,
2012 2011 2010
Operating Activities
Net income $ 483,705 $ 538,956 $ 278,607
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries (601,356) (576,500) (418,506)
Dividends received from subsidiaries 524,508 432,258 557,000
Change in receivables (1,035) (674) (995)
Change in income taxes 10,903 4,186 4,792
Change in tax valuation allowance (682) (67,448) (5,610)
Change in accounts payable and other liabilities 19,330 (18,437) 6,890
Change in securities classi ed as trading (6,862) 13,305 (2,237)
Depreciation and amortization 34,471 39,523 40,221
Net realized (gains) losses on investments (7,464) 6,119 (1,468)
Change in tax bene t from share-based payment arrangements (1,728) 3,267 6,712
Stock based compensation expense 37,589 36,888 34,591
Goodwill impairment 0 0 37,000
Other (11,034) (6,429) 6,567
NET CASH PROVIDED BY OPERATING ACTIVITIES 480,345 405,014 543,564
Investing Activities
Sales of:
Equity securities available for sale 11,756 0 0
Property and equipment and other 552 3,746 214
Other invested assets 0 11,408 0
Subsidiary 2,231 0 0
Maturities, prepayments, and scheduled redemption of:
Fixed maturity securities available for sale 482,699 307,025 93,298
Purchases of:
Fixed maturity securities available for sale (793,938) (324,346) (335,945)
Equity securities available for sale (17,329) (5,291) (4,638)
Property and equipment and other (40,750) (21,055) (29,152)
Other invested assets (1) (15,810) (4,642)
Subsidiary (3,500) 0 0
Capital contributed to subsidiaries (9,000) (7,000) (50,000)
Return of capital contributions from subsidiaries 67,500 92,000 323,200
Change in short-term investments (255) 3,329 (4,904)
NET CASH USED IN PROVIDED BY INVESTING ACTIVITIES 300,035 44,006 12,569
Financing Activities
Repayment of mandatorily redeemable preferred stock 0 (5,000) (3,160)
Change in tax bene t from share-based payment arrangements 1,728 (3,267) (6,712)
Acquisition of common stock (412,196) (532,011) (522,546)
Dividends paid (69,393) (67,385) (69,618)
Change in receivables under securities loan agreements 0 14,370 (14,370)
Change in obligations to return borrowed securities 0 (14,281) 14,281
NET CASH USED IN FINANCING ACTIVITIES 479,861 607,574 602,125
E ect of exchange rate changes on cash and cash equivalents 0 (339) 326
Change in cash and cash equivalents (299,551) (158,893) (70,804)
Cash and cash equivalents at beginning of period 497,489 656,382 727,186
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 197,938 $ 497,489 $ 656,382