| |
Year Ended December 31 |
|
 |
|
| |
|
2001 |
|
|
|
2000 |
|
|
1999 |
|
| Cash flows from operating activities: |
| Net income |
$ |
167,268,000 |
|
$ |
82,223,000 |
|
$ |
33,003,000 |
| Adjustments to reconcile net income to cash provided by operating activities: |
| Provision for title losses and other claims |
|
180,646,000 |
|
|
141,632,000 |
|
|
116,218,000 |
| Depreciation and amortization |
|
108,348,000 |
|
|
86,336,000 |
|
|
77,031,000 |
| Minority interests in net income |
|
44,772,000 |
|
|
16,953,000 |
|
|
19,029,000 |
| Cumulative effect of a change in accounting principle (Note 1) |
|
– |
|
|
– |
|
|
55,640,000 |
| Investment gains |
|
(8,814,000 |
) |
|
(6,300,000 |
) |
|
(5,160,000 |
) |
| Other, net |
|
(9,996,000 |
) |
|
3,040,000 |
|
|
(1,164,000 |
) |
| Changes in assets and liabilities excluding effects of |
| company acquisitions and noncash transactions: |
| Claims paid, including assets acquired, net of recoveries |
|
(153,373,000 |
) |
|
(135,398,000 |
) |
|
(119,279,000 |
) |
| Net change in income tax accounts |
|
39,232,000 |
|
|
26,447,000 |
|
|
(26,895,000 |
) |
| (Increase) decrease in accounts and accrued income receivable |
|
(63,668,000 |
) |
|
(16,100,000 |
) |
|
27,037,000 |
| Increase (decrease) in accounts payable and accrued liabilities |
|
68,920,000 |
|
|
(32,522,000 |
) |
|
1,745,000 |
| Increase (decrease) in deferred revenue |
|
30,383,000 |
|
|
(23,325,000 |
) |
|
25,189,000 |
| Other, net |
|
(15,471,000 |
) |
|
(1,568,000 |
) |
|
(29,175,000 |
) |
|
| Cash provided by operating activities |
|
388,247,000 |
|
|
141,418,000 |
|
|
173,219,000 |
|
| Cash flows from investing activities: |
| Net cash effect of company acquisitions/dispositions |
|
(18,935,000 |
) |
|
(37,621,000 |
) |
|
(73,700,000 |
) |
| Net decrease in deposits with banks |
|
4,427,000 |
|
|
4,137,000 |
|
|
7,648,000 |
| Purchases of debt and equity securities |
|
(188,738,000 |
) |
|
(41,384,000 |
) |
|
(92,463,000 |
) |
| Proceeds from sales of debt and equity securities |
|
52,147,000 |
|
|
51,578,000 |
|
|
88,219,000 |
| Proceeds from maturities of debt securities |
|
89,746,000 |
|
|
15,824,000 |
|
|
21,789,000 |
| Net decrease in other long-term investments |
|
13,025,000 |
|
|
2,148,000 |
|
|
6,797,000 |
| Net increase in loans receivable |
|
(9,812,000 |
) |
|
(7,114,000 |
) |
|
(15,303,000 |
) |
| Capital expenditures |
|
(141,804,000 |
) |
|
(158,466,000 |
) |
|
(212,588,000 |
) |
| Net proceeds from sale of property and equipment |
|
4,299,000 |
|
|
35,940,000 |
|
|
86,037,000 |
|
| Cash used for investing activities |
|
(195,645,000 |
) |
|
(134,958,000 |
) |
|
(183,564,000 |
) |
|
| Cash flows from financing activities: |
| Net increase in demand deposits |
|
9,996,000 |
|
|
446,000 |
|
|
13,439,000 |
| Proceeds from issuance of notes |
|
212,717,000 |
|
|
3,340,000 |
|
|
– |
| Repayment of debt |
|
(34,235,000 |
) |
|
(25,401,000 |
) |
|
(14,897,000 |
) |
| Purchase of Company shares |
|
(965,000 |
) |
|
(20,785,000 |
) |
|
(3,093,000 |
) |
| Proceeds from exercise of stock options |
|
10,566,000 |
|
|
3,560,000 |
|
|
4,350,000 |
| Proceeds from issuance of stock to employee benefit plans |
|
160,000 |
|
|
– |
|
|
4,794,000 |
| Contributions from minority shareholders |
|
– |
|
|
4,500,000 |
|
|
– |
| Distributions to minority shareholders |
|
(28,296,000 |
) |
|
(5,969,000 |
) |
|
(9,691,000 |
) |
| Cash dividends |
|
(18,210,000 |
) |
|
(15,256,000 |
) |
|
(15,840,000 |
) |
|
| Cash provided by (used for) financing activities |
|
151,733,000 |
|
|
(55,565,000 |
) |
|
(20,938,000 |
) |
|
| Net increase (decrease) in cash and cash equivalents |
|
344,335,000 |
|
|
(49,105,000 |
) |
|
(31,283,000 |
) |
| Cash and cash equivalents — Beginning of year |
|
300,905,000 |
|
|
350,010,000 |
|
|
381,293,000 |
|
| Cash and cash equivalents — End of year |
$ |
645,240,000 |
|
$ |
300,905,000 |
|
$ |
350,010,000 |
|
| Supplemental information: |
| Cash paid during the year for: |
| Interest |
$ |
28,323,000 |
|
$ |
24,618,000 |
|
$ |
19,454,000 |
| Premium taxes |
$ |
20,349,000 |
|
$ |
22,867,000 |
|
$ |
27,527,000 |
| Income taxes |
$ |
93,361,000 |
|
$ |
38,842,000 |
|
$ |
91,926,000 |
| Noncash investing and financing activities: |
| Shares issued for benefits plans |
$ |
11,167,000 |
|
$ |
1,253,000 |
|
$ |
5,439,000 |
| Company acquisitions in exchange for common stock |
$ |
82,814,000 |
|
$ |
2,500,000 |
|
$ |
26,638,000 |
| Purchase of minority interest |
$ |
1,322,000 |
|
$ |
12,804,000 |
|
$ |
1,955,000 |
| Liabilities in connection with company acquisitions |
$ |
34,596,000 |
|
$ |
61,149,000 |
|
$ |
96,305,000 |
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS