XML 22 R6.htm IDEA: XBRL DOCUMENT v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Reconciliation of net income to cash provided by operating activities:      
Net income $ 45,598 $ 181,788 $ 339,982
Adjustments for:      
Depreciation and amortization 62,447 57,178 36,386
Provision for credit losses on receivables 2,425 824 3,023
Net realized and unrealized losses (gains) 34 1,476 (24,321)
Amortization of net premium on debt securities investments 486 2,162 3,624
Payments for title losses (in excess of) less than provisions (24,035) 9,635 54,744
Adjustments for insurance recoveries of title losses (208) 220 (220)
(Increase) decrease in receivables – net (5,355) 10,154 (18,822)
Decrease (increase) in other assets – net 3,178 2,503 (5,931)
Decrease in payables and accrued liabilities – net (6,432) (87,502) (22,316)
Change in net deferred income taxes (6,772) 293 12,721
Net income from equity investees (1,071) (3,257) (9,488)
Dividends received from equity investees 1,408 3,659 9,180
Stock-based compensation expense 10,920 12,282 11,966
Other – net 419 445 (237)
Cash provided by operating activities 83,042 191,860 390,291
Investing activities:      
Proceeds from sales of investments in securities 60,457 66,695 69,293
Proceeds from matured investments in debt securities 71,753 37,089 74,528
Purchases of investments in securities (78,017) (207,512) (143,925)
Net (purchases) sales of short-term investments (14,275) (7,220) 2,358
Purchases of property and equipment (37,791) (47,948) (39,799)
Proceeds from the sale of property and equipment, and other assets 1,057 644 10,682
Net cash paid for acquisition of businesses (25,100) (142,859) (599,984)
Other – net (8,053) 446 (18,429)
Cash used by investing activities (29,969) (300,665) (645,276)
Financing activities:      
Proceeds from notes payable 3,538 39,499 1,197,351
Payments on notes payable (5,776) (76,486) (809,816)
Purchase of remaining interest of consolidated subsidiaries 0 (3,838) (5,616)
Cash dividends paid (50,523) (44,672) (36,637)
Distributions to noncontrolling interests (16,135) (20,640) (16,407)
Payment of acquisition contingent consideration (3,390) (19,764) (11,560)
Repurchases of Common Stock (1,783) (3,262) (2,252)
Proceeds from stock option and employee stock purchase plan exercises 4,970 5,828 2,715
Other - net 0 115 (7,404)
Cash (used) provided by financing activities (69,099) (123,220) 310,374
Effects of changes in foreign currency exchange rates 1,024 (5,527) (2,153)
(Decrease) increase in cash and cash equivalents (15,002) (237,552) 53,236
Cash and cash equivalents at beginning of year 248,367 485,919 432,683
Cash and cash equivalents at end of year 233,365 248,367 485,919
Net changes in financial statement amounts due to acquisition of businesses and purchase accounting adjustments:      
Goodwill (adjusted) acquired (706) 149,436 493,383
Intangible assets acquired 28,710 12,621 211,591
Receivables and other assets acquired 296 8,038 5,316
Fixed assets and title plants (adjusted) acquired (225) 669 14,277
Liabilities recognized (2,975) (27,760) (102,047)
Deferred tax liabilities, net recognized 0 0 (16,587)
Noncontrolling interests recognized 0 (145) (5,949)
Net cash paid for acquisition of businesses 25,100 142,859 599,984
Income taxes paid, net 5,345 60,088 106,101
Interest paid $ 17,169 $ 17,398 $ 2,828