|
| | | | | | | | | | | | |
| | Fiscal |
| | 2016 | | 2015 | | 2014 |
Cash flows from operating activities: | | | | | | |
Net (loss) income | | $ | (449.4 | ) | | $ | (50.1 | ) | | $ | 199.3 |
|
(Loss) income from discontinued operations, net of tax | | (471.3 | ) | | 147.1 | | 155.0 |
|
Net income (loss) from continuing operations | | 21.9 |
| | (197.2 | ) | | 44.3 |
|
Adjustments to reconcile net income (loss) to operating cash flows from continuing operations: | | | | | | |
Depreciation of properties | | 0.3 |
| | 0.4 |
| | 0.3 |
|
Impairment of goodwill | | 10.7 |
| | — |
| | — |
|
Loan provision and bad debt expense | | 12.8 |
| | 93.1 |
| | 2.3 |
|
Gain on deconsolidation of subsidiary | | 0.9 |
| | — |
| | — |
|
Amortization of debt issuance costs | | 1.2 |
| | 1.2 |
| | 1.0 |
|
Deferred income taxes | | 26.6 |
| | (23.1 | ) | | 20.4 |
|
Interest credited/index credits to contractholder account balances | | 36.0 |
| | 32.3 |
| | 52.7 |
|
Net recognized gains (losses) on investments and derivatives | | (44.1 | ) | | 146.7 |
| | (83.8 | ) |
Charges assessed to contractholders for mortality and administration | | (1.1 | ) | | (1.1 | ) | | (1.2 | ) |
Non-cash restructuring and related charges | | 0.5 |
| | — |
| | — |
|
Changes in operating assets and liabilities | | 26.8 |
| | (48.0 | ) | | 103.4 |
|
Net change in cash due to continuing operating activities | | 92.5 |
| | 4.3 |
| | 139.4 |
|
Net change in cash due to discontinued operating activities | | 364.8 |
| | (6.3 | ) | | 173.8 |
|
Net change in cash due to operating activities | | 457.3 |
| | (2.0 | ) | | 313.2 |
|
Cash flows from investing activities: | | | | | | |
Proceeds from investments, sold, matured or repaid | | 18.6 |
| | 12.9 |
| | 43.7 |
|
Cost of investments acquired | | (5.2 | ) | | (5.4 | ) | | (18.3 | ) |
Net asset-based loan repayments (originations) | | 178.2 |
| | 269.7 |
| | (127.7 | ) |
Acquisition, net of cash acquired | | — |
| | (18.5 | ) | | (0.3 | ) |
Related party loans and investments | | 10.1 |
| | 18.7 |
| | — |
|
Capital expenditures | | — |
| | (0.2 | ) | | (0.9 | ) |
Proceeds from sales of assets, net of cash surrendered | | (1.0 | ) | | — |
| | — |
|
Net change in cash due to continuing investing activities | | 200.7 |
| | 277.2 |
| | (103.5 | ) |
Net change in cash due to discontinued investing activities | | (1,186.4 | ) | | (983.9 | ) | | (1,659.2 | ) |
Net change in cash due to investing activities | | (985.7 | ) | | (706.7 | ) | | (1,762.7 | ) |
Cash flows from financing activities: | | | | | | |
Repayments of debt | | (225.3 | ) | | (243.1 | ) | | — |
|
Proceeds from other debt financing | | — |
| | — |
| | 8.5 |
|
Contractholder account deposits | | 5.9 |
| | 78.9 |
| | 23.0 |
|
Contractholder account withdrawals | | (140.6 | ) | | (140.8 | ) | | (158.3 | ) |
Purchases of subsidiary stock, net | | — |
| | (5.2 | ) | | — |
|
Capital contributions | | 2.2 |
| | 36.0 |
| | 5.2 |
|
Dividends paid | | (0.8 | ) | | (3.5 | ) | | (13.9 | ) |
Net change in cash due to continuing financing activities | | (358.6 | ) | | (277.7 | ) | | (135.5 | ) |
Net change in cash due to discontinued financing activities | | 1,183.6 |
| | 915.2 |
| | 857.3 |
|
Net change in cash due to financing activities | | 825.0 |
| | 637.5 |
| | 721.8 |
|
Net change in cash and cash equivalents | | (65.4 | ) | | 3.8 |
| | (99.6 | ) |
Cash and cash equivalents at beginning of period | | 114.7 |
| | 110.9 |
| | 210.5 |
|
Cash and cash equivalents at end of period | | $ | 49.3 |
| | $ | 114.7 |
| | $ | 110.9 |
|
Supplemental disclosures of cash flow information | | | | | | |
Interest paid | | $ | 6.7 |
| | $ | 23.9 |
| | $ | 22.9 |
|
Income taxes paid | | — |
| | — |
| | — |
|
