Supplementary Data on Cash Flows |
Supplementary Data on Cash FlowsA reconciliation of net income to net cash provided by operating activities as presented in the Statements of Cash Flows is as follows for the years ended December 31: | | | | | | | | | | | | | | | | | | | | | (in thousands) | | 2023 | | 2022 | | 2021 | | | | | | | | Cash flows from operating activities: | | | | | | | Net income | | $ | 446,061 | | | $ | 298,569 | | | $ | 297,860 | | Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | Depreciation and amortization | | 47,415 | | | 46,166 | | | 37,210 | | Deferred income tax (benefit) expense | | (1,002) | | | 9,468 | | | (1,854) | | | | | | | | | Lease amortization expense | | 6,177 | | | 5,554 | | | 11,887 | | Losses (gains) and impairment losses (recoveries) on investments | | 15,604 | | | 27,953 | | | (2,307) | | | | | | | | | Loss (gain) on disposal of fixed assets | | 1,607 | | | 172 | | | (13) | | Net investment loss (income) | | 13,772 | | | 12,916 | | | (25,944) | | Increase (decrease) in deferred compensation | | 6,143 | | | (1,463) | | | (5,006) | | | | | | | | | (Increase) decrease in receivables from affiliates | | (100,401) | | | (45,814) | | | 15,514 | | Increase in accrued investment income | | (1,157) | | | (1,998) | | | (157) | | | | | | | | | Increase in pension asset | | (101,250) | | | — | | | — | | Increase in pension liability | | — | | | 15,647 | | | 52,755 | | Decrease (increase) in prepaid expenses and other assets | | 7,729 | | | (25,843) | | | 12,161 | | Increase (decrease) in accounts payable and accrued expenses | | 7,237 | | | 18,993 | | | (4,823) | | Increase in commissions payable | | 53,681 | | | 29,282 | | | 8,408 | | (Decrease) increase in accrued agent incentive compensation | | (27,089) | | | (25,271) | | | 10,279 | | Increase (decrease) in contract liability | | 6,678 | | | 1,821 | | | (3,176) | | Net cash provided by operating activities | | $ | 381,205 | | | $ | 366,152 | | | $ | 402,794 | |
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