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CONSOLIDATED STATEMENTS OF CASH FLOWS
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Click to go to the Excel version of Consolidated Statements of Cash Flows
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Year Ended December 31 |
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2002 |
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2001 |
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2000 |
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Cash flows from operating activities:
Net income |
$ |
234,367,000 |
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$ |
167,268,000 |
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$ |
82,223,000 |
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Adjustments to reconcile net income to cash provided by
operating activities:
Provision for title losses and other claims |
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224,589,000 |
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180,646,000 |
|
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141,632,000 |
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| Depreciation and amortization |
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96,829,000 |
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108,348,000 |
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86,336,000 |
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| Minority interests in net income |
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65,640,000 |
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44,772,000 |
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16,953,000 |
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| Investment losses (gains) |
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18,892,000 |
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(6,644,000 |
) |
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(1,890,000 |
) |
| Other, net |
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(43,337,000 |
) |
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(12,166,000 |
) |
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(1,370,000 |
) |
Changes in assets and liabilities excluding effects of
company acquisitions and noncash transactions:
Claims paid, including assets acquired, net of recoveries |
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(193,105,000 |
) |
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(153,373,000 |
) |
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(135,398,000 |
) |
| Net change in income tax accounts |
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(8,376,000 |
) |
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39,232,000 |
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26,447,000 |
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| Increase in accounts and accrued income receivable |
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(17,223,000 |
) |
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(63,668,000 |
) |
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(16,100,000 |
) |
| Increase (decrease) in accounts payable and accrued liabilities |
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95,531,000 |
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68,920,000 |
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(32,522,000 |
) |
| Increase (decrease) in deferred revenue |
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66,047,000 |
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30,383,000 |
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(23,325,000 |
) |
| Other, net |
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753,000 |
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(15,471,000 |
) |
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(1,568,000 |
) |
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| Cash provided by operating activities |
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540,607,000 |
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388,247,000 |
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141,418,000 |
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Cash flows from investing activities:
Net cash effect of company acquisitions/dispositions |
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(51,450,000 |
) |
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(18,935,000 |
) |
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(37,621,000 |
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| Net (increase) decrease in deposits with banks |
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(11,905,000 |
) |
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4,427,000 |
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4,137,000 |
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| Purchases of debt and equity securities |
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(284,776,000 |
) |
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(188,738,000 |
) |
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(41,384,000 |
) |
| Proceeds from sales of debt and equity securities |
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116,701,000 |
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52,147,000 |
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51,578,000 |
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| Proceeds from maturities of debt securities |
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127,187,000 |
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89,746,000 |
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15,824,000 |
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| Net decrease in other long-term investments |
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24,859,000 |
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13,025,000 |
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2,148,000 |
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| Net increase in loans receivable |
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(3,898,000 |
) |
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(9,812,000 |
) |
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(7,114,000 |
) |
| Capital expenditures |
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(94,672,000 |
) |
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(129,221,000 |
) |
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(147,041,000 |
) |
| Purchases of capitalized data |
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(17,745,000 |
) |
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(12,583,000 |
) |
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(11,425,000 |
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| Net proceeds from sale of property and equipment |
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3,661,000 |
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4,299,000 |
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35,940,000 |
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| Cash used for investing activities |
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(192,038,000 |
) |
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(195,645,000 |
) |
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(134,958,000 |
) |
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Cash flows from financing activities:
Net change in demand deposits |
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(6,812,000 |
) |
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9,996,000 |
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446,000 |
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| Proceeds from issuance of notes |
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9,919,000 |
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212,717,000 |
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3,340,000 |
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| Repayment of debt |
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(40,414,000 |
) |
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(34,235,000 |
) |
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(25,401,000 |
) |
| Purchase of Company shares |
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– |
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(965,000 |
) |
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(20,785,000 |
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| Proceeds from exercise of stock options |
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8,401,000 |
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10,566,000 |
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3,560,000 |
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| Proceeds from issuance of stock to employee benefit plans |
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4,433,000 |
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160,000 |
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– |
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| Contributions from minority shareholders |
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– |
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– |
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4,500,000 |
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| Distributions to minority shareholders |
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(43,903,000 |
) |
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(28,296,000 |
) |
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(5,969,000 |
) |
| Cash dividends |
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(24,570,000 |
) |
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(18,210,000 |
) |
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(15,256,000 |
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| Cash (used for) provided by financing activities |
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(92,946,000 |
) |
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151,733,000 |
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(55,565,000 |
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| Net increase (decrease) in cash and cash equivalents |
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255,623,000 |
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344,335,000 |
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(49,105,000 |
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| Cash and cash equivalents — Beginning of year |
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645,240,000 |
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300,905,000 |
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350,010,000 |
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| Cash and cash equivalents — End of year |
$ |
900,863,000 |
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$ |
645,240,000 |
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$ |
300,905,000 |
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Supplemental information:
Cash paid during the year for:
Interest |
$ |
33,281,000 |
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$ |
28,323,000 |
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$ |
24,618,000 |
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| Premium taxes |
$ |
30,655,000 |
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$ |
20,349,000 |
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$ |
22,867,000 |
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| Income taxes |
$ |
157,528,000 |
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$ |
93,361,000 |
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$ |
38,842,000 |
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| Noncash investing and financing activities: |
| Shares issued for benefits plans |
$ |
18,998,000 |
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$ |
11,167,000 |
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$ |
1,253,000 |
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| Company acquisitions in exchange for common stock |
$ |
61,351,000 |
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$ |
82,814,000 |
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$ |
2,500,000 |
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| Purchase of minority interest |
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– |
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$ |
1,322,000 |
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$ |
12,804,000 |
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| Liabilities in connection with company acquisitions |
$ |
55,761,000 |
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$ |
34,596,000 |
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$ |
61,149,000 |
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