Assurant 2013 Annual Report Download - page 151

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ASSURANT, INC. – 2013 Form 10-K F-65
Schedule II—Condensed Cash Flows (Parent Only)
ASSURANT, INC.
(in thousands)
Years Ended December 31,
2013 2012 2011
Operating Activities
Net income $ 488,907 $ 483,705 $ 538,956
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries (628,894) (601,356) (576,500)
Dividends received from subsidiaries 446,592 524,508 432,258
Change in receivables (4,609) (1,035) (674)
Change in accrued interest 5,941 0 0
Change in accounts payable and other liabilities 57,229 19,330 (18,437)
Change in securities classifi ed as trading (9,600) (6,862) 13,305
Change in income taxes 18,159 10,903 4,186
Change in tax valuation allowance 0 (682) (67,448)
Depreciation and amortization 34,047 34,471 39,523
Net realized (gains) losses on investments (1,763) (7,464) 6,119
Loss on extinguishment of debt 964 0 0
Stock based compensation expense 50,004 37,589 36,888
Change in tax benefi t from share-based payment arrangements 1,112 (1,728) 3,267
Other (17,491) (11,034) (6,429)
NET CASH PROVIDED BY OPERATING ACTIVITIES 440,598 480,345 405,014
Investing Activities
Sales of:
Equity securities available for sale 19,315 11,756 0
Other invested assets 0 0 11,408
Property and equipment and other 41 552 3,746
Subsidiary 0 2,231 0
Maturities, calls, prepayments, and scheduled redemption of:
Fixed maturity securities available for sale 464,153 482,699 307,025
Purchases of:
Fixed maturity securities available for sale (314,864) (793,938) (324,346)
Equity securities available for sale (15,557) (17,329) (5,291)
Other invested assets (152) (1) (15,810)
Property and equipment and other (29,635) (40,750) (21,055)
Subsidiary 0 (3,500) 0
Capital contributed to subsidiaries (323,600) (9,000) (7,000)
Return of capital contributions from subsidiaries 174,277 67,500 92,000
Change in short-term investments (118,123) (255) 3,329
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES (144,145) (300,035) 44,006
Financing Activities
Issuance of debt 698,093 0 0
Repurchase of debt (33,634) 0 0
Repayment of mandatorily redeemable preferred stock 0 0 (5,000)
Change in tax benefi t from share-based payment arrangements (1,112) 1,728 (3,267)
Acquisition of common stock (393,012) (412,196) (532,011)
Dividends paid (74,128) (69,393) (67,385)
Change in obligations to return borrowed securities 0 0 (14,281)
Change in receivables under securities loan agreements 0 0 14,370
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 196,207 (479,861) (607,574)
Effect of exchange rate changes on cash and cash equivalents (49) 0 (339)
Change in cash and cash equivalents 492,611 (299,551) (158,893)
Cash and cash equivalents at beginning of period 197,938 497,489 656,382
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 690,549 $ 197,938 $ 497,489