BERKLEY W R CORP
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Income Statement
| Metric | FY 2025 | FY 2024 | YoY |
|---|---|---|---|
| Premiums Written Net | 12,711,327 | 11,972,096 | +6.2% |
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| Insurance | 11,183,713 | 10,549,550 | +6.0% |
| Reinsurance & Monoline Excess | 1,527,614 | 1,422,546 | +7.4% |
| Increase Decrease In Unearned Premiums Net | -264,389 | -423,611 | +37.6% |
| Premiums Earned Net | 12,446,938 | 11,548,485 | +7.8% |
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| Auto · Insurance | 1,617,908 | 1,481,569 | +9.2% |
| Casualty · Reinsurance & Monoline Excess | 741,671 | 771,329 | -3.8% |
| Monoline Excess (3) · Reinsurance & Monoline Excess | 290,557 | 266,552 | +9.0% |
| Other liability · Insurance | 4,429,621 | 4,068,662 | +8.9% |
| Professional liability · Insurance | 1,132,728 | 1,096,528 | +3.3% |
| Property (2) · Reinsurance & Monoline Excess | 478,682 | 424,296 | +12.8% |
| Short-tail lines · Insurance | 2,496,481 | 2,201,661 | +13.4% |
| Workers' compensation · Insurance | 1,259,290 | 1,237,888 | +1.7% |
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| Insurance | 10,936,028 | 10,086,308 | +8.4% |
| Insurance · Operating Segments | 10,936,028 | 10,086,308 | +8.4% |
| Reinsurance & Monoline Excess | 1,510,910 | 1,462,177 | +3.3% |
| Reinsurance & Monoline Excess · Operating Segments | 1,510,910 | 1,462,177 | +3.3% |
| Net Investment Income | 1,429,067 | 1,333,161 | +7.2% |
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| Insurance · Operating Segments | 1,118,607 | 1,057,738 | +5.8% |
| Reinsurance & Monoline Excess · Operating Segments | 270,851 | 234,728 | +15.4% |
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| Corporate Reconciling Items And Eliminations [Member] | 39,609 | 40,695 | -2.7% |
| Marketable Securities Realized Gain Loss Excluding Other Than Temporary Impairments | 130,670 | 79,738 | +63.9% |
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| Accumulated Net Unrealized Investment Gain Loss · Reclassification Out Of Accumulated Other Comprehensive Income | 61,276 | 120,646 | -49.2% |
| Investments Allowancefor Credit Loss Period Increase Decrease | 1,550 | 37,970 | -95.9% |
| Gain Loss On Investments | 132,220 | 117,708 | +12.3% |
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| Parent Company | 945 | 90,284 | -99.0% |
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| Corporate Non Segment | 132,220 | 117,708 | +12.3% |
| Revenues From Wholly Owned Investees | 577,420 | 528,012 | +9.4% |
| Insurance Commissions And Fees | 118,511 | 108,935 | +8.8% |
| Other Income | 3,700 | 2,451 | +51.0% |
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| Parent Company | 834 | 853 | -2.2% |
| Revenue | 14,707,856 | 13,638,752 | +7.8% |
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| Insurance · Non Us | 1,408 | 1,471 | -4.3% |
| Insurance · Operating Segments | 12,095,601 | 11,181,501 | +8.2% |
| Reinsurance & Monoline Excess · Non Us | 516 | 485 | +6.4% |
| Reinsurance & Monoline Excess · Operating Segments | 1,781,761 | 1,696,905 | +5.0% |
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| Parent Company | 1,718,459 | 1,343,331 | +27.9% |
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| Corporate Reconciling Items And Eliminations [Member] | 698,274 | 642,638 | +8.7% |
| Policyholder Benefits And Claims Incurred Net | 7,771,657 | 7,131,595 | +9.0% |
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| Insurance · Operating Segments | 6,947,232 | 6,332,490 | +9.7% |
| Reinsurance & Monoline Excess · Operating Segments | 824,425 | 799,105 | +3.2% |
| Other Cost And Expense Operating | 3,976,834 | 3,602,306 | +10.4% |
| Expenses From Wholly Owned Investees | 551,930 | 513,451 | +7.5% |
| Interest Expense | 126,892 | 126,907 | -0.0% |
| Operating Costs And Expenses | 12,427,313 | 11,374,259 | +9.3% |
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| Insurance · Operating Segments | 10,068,357 | 9,239,418 | +9.0% |
| Reinsurance & Monoline Excess · Operating Segments | 1,264,223 | 1,230,310 | +2.8% |
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| Parent Company | 315,233 | 277,679 | +13.5% |
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| Corporate Reconciling Items And Eliminations [Member] | 1,094,733 | 904,531 | +21.0% |
| Income Before Taxes | 2,280,543 | 2,264,493 | +0.7% |
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| Insurance · Operating Segments | 2,027,244 | 1,942,083 | +4.4% |
| Reinsurance & Monoline Excess · Operating Segments | 517,538 | 466,595 | +10.9% |
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| Accumulated Other Comprehensive Income · Reclassification Out Of Accumulated Other Comprehensive Income | 61,276 | 120,646 | -49.2% |
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| Parent Company | 1,276,826 | 939,252 | +35.9% |
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| Corporate Non Segment | 132,220 | 117,708 | +12.3% |
| Corporate Reconciling Items And Eliminations [Member] | -396,459 | -261,893 | -51.4% |
| Income Tax Expense (Benefit) | -495,764 | -509,916 | +2.8% |
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| Accumulated Net Unrealized Investment Gain Loss · Reclassification Out Of Accumulated Other Comprehensive Income | -12,868 | -25,336 | +49.2% |
| Accumulated Other Comprehensive Income · Reclassification Out Of Accumulated Other Comprehensive Income | -12,868 | -25,336 | +49.2% |
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| Parent Company | 44,172 | 67,513 | -34.6% |
| Net Income | 1,784,779 | 1,754,577 | +1.7% |
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| Accumulated Net Unrealized Investment Gain Loss · Reclassification Out Of Accumulated Other Comprehensive Income | 48,408 | 95,310 | -49.2% |
| Accumulated Other Comprehensive Income · Reclassification Out Of Accumulated Other Comprehensive Income | 48,408 | 95,310 | -49.2% |
| Noncontrolling Interest | 5,376 | -1,538 | +449.5% |
| Retained Earnings | 1,779,403 | 1,756,115 | +1.3% |
| Net Income Loss Attributable To Noncontrolling Interest | -5,376 | 1,538 | -449.5% |
| Net Income | 1,779,403 | 1,756,115 | +1.3% |
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| Insurance · Operating Segments | 1,584,440 | 1,503,875 | +5.4% |
| Reinsurance & Monoline Excess · Operating Segments | 407,659 | 367,569 | +10.9% |
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| Parent Company | 1,779,403 | 1,756,115 | +1.3% |
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| Corporate Non Segment | 103,708 | 88,503 | +17.2% |
| Corporate Reconciling Items And Eliminations [Member] | -316,404 | -203,832 | -55.2% |
| EPS (Basic) | 4.48 | 4.39 | +2.1% |
| EPS (Diluted) | 4.45 | 4.36 | +2.1% |
| Comprehensive Income | 2,262,577 | 1,747,680 | +29.5% |
| Wtd Avg Shares (Basic) | 396,968 | 399,734 | -0.7% |
| Wtd Avg Shares (Diluted) | 399,861 | 403,224 | -0.8% |
| Income Loss From Equity Method Investments | 27,582 | -11,491 | +340.0% |
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| Parent Company | 458,405 | 749,350 | -38.8% |
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| Energy | 146 | 14,501 | -99.0% |
| Financial services (1) | -20,504 | -39,418 | +48.0% |
| Infrastructure | 15,258 | 17,071 | -10.6% |
| Other funds | -3,782 | -29,175 | +87.0% |
| Real Estate Funds | 4,023 | 12,195 | -67.0% |
| Transportation | 32,441 | 13,335 | +143.3% |
| Revenue From Contract With Customer Including Assessed Tax | 555,763 | 505,753 | +9.9% |
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| Management And Performance Fees · Lifson Re | 11 | 6 | +83.3% |
| Brokerage Commissions Revenue (FY) | — | — | — |
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| Lifson Re · Reinsurance Recoverable For Paid And Unpaid Claims And Claims Adjustments | 133,479 | 104,075 | +28.3% |
| Mitsui Sumitomo Insurance Co., Ltd. · Reinsurance Recoverable For Paid And Unpaid Claims And Claims Adjustments | 13 | — | — |
| Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1 | 7,771,657 | 7,131,595 | +9.0% |
| Foreign Currency Transaction Gain Loss Before Tax | 68,006 | -52,376 | +229.8% |
Balance Sheet
| Metric | FY 2025 | FY 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 2,539,938 | 1,974,747 | +28.6% |
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| Parent Company | 55,322 | 112,931 | -51.0% |
| Non-Current Assets | |||
| Equity Securities Fv Ni Current And Noncurrent | 1,358,201 | 1,203,788 | +12.8% |
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| Carrying Reported Amount Fair Value Disclosure | 1,358,201 | 1,203,788 | +12.8% |
| Estimate Of Fair Value Fair Value Disclosure | 1,358,201 | 1,203,788 | +12.8% |
| Property, Plant & Equipment | 596,235 | 478,511 | +24.6% |
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| Parent Company | 8,581 | 9,320 | -7.9% |
| Goodwill | 184,332 | 184,332 | 0.0% |
| Deferred Tax Assets | 141,496 | 220,217 | -35.7% |
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| Parent Company | 151,031 | 228,329 | -33.9% |
| Total Assets | 44,071,071 | 40,567,268 | +8.6% |
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| Insurance · Operating Segments | 35,830,534 | 33,030,140 | +8.5% |
| Reinsurance & Monoline Excess · Operating Segments | 5,891,538 | 5,669,729 | +3.9% |
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| Parent Company | 12,886,438 | 11,567,419 | +11.4% |
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| Corporate Reconciling Items And Eliminations [Member] | 2,348,999 | 1,867,399 | +25.8% |
| Operating Lease Right-of-Use Assets | 221,480 | 180,035 | +23.0% |
| Other Assets | |||
| Equity Method Investments | 1,361,802 | 1,468,246 | -7.2% |
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| Energy | 41,966 | 42,776 | -1.9% |
| Financial services (1) | 360,320 | 430,163 | -16.2% |
| Infrastructure | 169,847 | 151,560 | +12.1% |
| Other funds | 353,796 | 378,636 | -6.6% |
| Real Estate Funds | 163,098 | 178,685 | -8.7% |
| Transportation | 272,775 | 286,426 | -4.8% |
| Real Estate Investments | 1,279,748 | 1,291,455 | -0.9% |
| Other Investments | 1,221,103 | 1,122,599 | +8.8% |
| Investments | 30,687,429 | 27,889,406 | +10.0% |
| Premiums And Other Receivables Net | 3,417,112 | 3,266,845 | +4.6% |
| Reinsurance Recoverables On Paid And Unpaid Losses | 3,543,013 | 3,557,695 | -0.4% |
| Deferred Policy Acquisition Costs | 1,000,691 | 951,728 | +5.1% |
| Prepaid Reinsurance Premiums | 881,831 | 823,207 | +7.1% |
| Receivables From Brokers Dealers And Clearing Organizations | 11,669 | 60,327 | -80.7% |
| Accrued Investment Income Receivable | 255,199 | 243,772 | +4.7% |
| Income Taxes Receivable | 2,732 | 39,382 | -93.1% |
| Other Assets | 809,394 | 877,099 | -7.7% |
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| Parent Company | 62,179 | 126,799 | -51.0% |
| Current Liabilities | |||
| Taxes Payable Current | 83,373 | 53,482 | +55.9% |
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| Parent Company | 19,626 | — | — |
| Non-Current Liabilities | |||
| Deferred Tax Liabilities | 99,873 | 65,151 | +53.3% |
| Total Liabilities | 34,359,177 | 32,159,829 | +6.8% |
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| Parent Company | 3,185,620 | 3,172,308 | +0.4% |
| Long-Term Debt (Q) | — | — | — |
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| Senior Notes due August 1, 2044 · Senior Notes | 346,574 | 346,389 | +0.1% |
| Senior Notes due February 15, 2037 · Senior Notes | 248,776 | 248,666 | 0.0% |
| Senior Notes Due March 30, 2052 · Senior Notes | 394,807 | 394,609 | +0.1% |
| Senior Notes Due May 12 2050 · Senior Notes | 488,449 | 489,207 | -0.2% |
| Senior Notes Due September 30, 2061 · Senior Notes | 343,498 | 343,314 | +0.1% |
| Subordinated Debt due December 30, 2059 · Subordinated Debt | 291,895 | 291,418 | +0.2% |
| Subordinated Debt due March 30, 2058 · Subordinated Debt | 179,811 | 179,489 | +0.2% |
| Subordinated Debt Due March 30, 2061 · Subordinated Debt | 293,863 | 293,515 | +0.1% |
| Subordinated Debt Due September 30 2060 · Subordinated Debt | 244,958 | 244,668 | +0.1% |
| Subsidiary Debt | 7,094 | 8,973 | -20.9% |
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| Subordinated Debt | 1,010,527 | 1,009,090 | +0.1% |
| Total senior notes and other debt | 1,829,198 | 1,831,158 | -0.1% |
| Other Liabilities | |||
| Debt Securities Available For Sale And Held To Maturity | 25,047,662 | 22,397,865 | +11.8% |
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| Parent Company | 642,451 | 251,800 | +155.1% |
| Liability For Claims And Claims Adjustment Expense | 22,207,773 | 20,368,030 | +9.0% |
| Unearned Premiums | 6,721,570 | 6,375,112 | +5.4% |
| Reinsurance Payable | 615,781 | 668,652 | -7.9% |
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| Lifson Re · Reinsurance Recoverable For Paid And Unpaid Claims And Claims Adjustments | 118,788 | 166,304 | -28.6% |
| Mitsui Sumitomo Insurance Co., Ltd. · Reinsurance Recoverable For Paid And Unpaid Claims And Claims Adjustments | 16 | — | — |
| Trading Liabilities | 66,285 | 73,358 | -9.6% |
| Senior Notes And Other Debt | 1,829,198 | 1,831,158 | -0.1% |
| Junior Subordinated Notes | 1,010,527 | 1,009,808 | +0.1% |
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| Parent Company | 1,010,527 | 1,009,808 | +0.1% |
| Other Liabilities | 1,724,797 | 1,715,078 | +0.6% |
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| Parent Company · Nonrelated Party | 188,851 | 158,281 | +19.3% |
| Parent Company · Related Party | 144,740 | 182,445 | -20.7% |
| Stockholders' Equity | |||
| Common Stock | 158,705 | 158,705 | 0.0% |
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| Parent Company | 158,705 | 158,705 | 0.0% |
| Additional Paid In Capital Common Stock | 987,708 | 984,825 | +0.3% |
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| Parent Company | 987,708 | 984,825 | +0.3% |
| Retained Earnings | 13,344,204 | 12,265,070 | +8.8% |
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| Parent Company | 13,344,204 | 12,265,070 | +8.8% |
| Accumulated Other Comprehensive Income | -451,097 | -934,269 | +51.7% |
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| Parent Company | -451,097 | -934,269 | +51.7% |
| Treasury Stock Value | -4,338,702 | -4,079,220 | -6.4% |
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| Parent Company | -4,338,702 | -4,079,220 | -6.4% |
| Total Stockholders' Equity | 9,700,818 | 8,395,111 | +15.6% |
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| Lifson Re · Nonrelated Party | 418 | — | — |
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| Parent Company | 9,700,818 | 8,395,111 | +15.6% |
| Minority Interest | 11,076 | 12,328 | -10.2% |
| Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 9,711,894 | 8,407,439 | +15.5% |
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| Accumulated Net Unrealized Investment Gain Loss | -124,680 | -517,170 | +75.9% |
| Accumulated Other Comprehensive Income | -451,097 | -934,269 | +51.7% |
| Accumulated Translation Adjustment | -326,417 | -417,099 | +21.7% |
| Additional Paid In Capital | 987,708 | 984,825 | +0.3% |
| Noncontrolling Interest | 11,076 | 12,328 | -10.2% |
| Retained Earnings | 13,344,204 | 12,265,070 | +8.8% |
| Treasury Stock Common | -4,338,702 | -4,079,220 | -6.4% |
| Total Liabilities & Equity | 44,071,071 | 40,567,268 | +8.6% |
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| Parent Company | 12,886,438 | 11,567,419 | +11.4% |
| Common Stock Shares Authorized | 1,875,000,000 | 1,875,000,000 | 0.0% |
| Mortgage Loans On Real Estate Commercial And Consumer Net | 418,913 | 405,453 | +3.3% |
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| Parent Company | 23,089 | 27,659 | -16.5% |
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| Commercial Real Estate Portfolio Segment | 418,913 | 402,382 | +4.1% |
Cash Flow Statement
| Metric | FY 2025 | FY 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Depreciation Amortization And Accretion Net | -48,126 | -170,638 | +71.8% |
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| Parent Company | -5,780 | -5,120 | -12.9% |
| Income Loss From Equity Method Investments Net Of Dividends Or Distributions | -27,582 | 11,491 | -340.0% |
| Stock-Based Compensation | 54,524 | 54,381 | +0.3% |
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| Parent Company | 54,524 | 54,381 | +0.3% |
| Increase Decrease In Trading Securities | -56,919 | 122,738 | -146.4% |
| Increase Decrease In Premiums Receivable | -129,586 | -184,431 | +29.7% |
| Increase Decrease In Reinsurance Recoverable | -114,564 | -31,738 | -261.0% |
| Increase Decrease In Deferred Policy Acquisition Costs | -48,859 | -91,150 | +46.4% |
| Increase Decrease In Income Taxes | 63,905 | -28,526 | +324.0% |
| Increase Decrease In Deferred Income Taxes | 9,437 | 95,311 | -90.1% |
| Increase Decrease In Liability For Claims And Claims Adjustment Expense Reserve | 1,766,882 | 1,707,722 | +3.5% |
| Increase Decrease In Unearned Premiums | 321,735 | 485,488 | -33.7% |
| Increase Decrease In Other Operating Liabilities | 139,210 | 70,851 | +96.5% |
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| Parent Company | 30,248 | 114,418 | -73.6% |
| Net Cash from Operations | 3,582,616 | 3,678,368 | -2.6% |
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| Parent Company | 1,362,439 | 1,056,688 | +28.9% |
| Deferred Income Taxes | -14,489 | 96,394 | -115.0% |
| Investing Activities | |||
| Proceeds From Sale Of Available For Sale Securities Debt | 1,149,313 | 2,310,746 | -50.3% |
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| Parent Company | 81,035 | 598,915 | -86.5% |
| Proceeds From Sale Of Equity Securities Available For Sale | 430,405 | 331,291 | +29.9% |
| Proceeds From Payments To Equity Method Investments | 139,711 | 134,853 | +3.6% |
| Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities | 5,312,043 | 4,890,572 | +8.6% |
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| Parent Company | 562,308 | 260,999 | +115.4% |
| Purchases of Investments | -8,428,883 | -9,368,703 | +10.0% |
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| Parent Company | -1,029,227 | -824,476 | -24.8% |
| Payments To Acquire Equity Securities Available For Sale | -418,440 | -207,457 | -101.7% |
| Payments For Proceeds From Real Estate | 14,627 | -66,632 | +122.0% |
| Payments For Proceeds From Loans Receivable | 12,695 | -210,816 | +106.0% |
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| Parent Company | 5,000 | 64,200 | -92.2% |
| Paymentsto Acquire Property Plantand Equipment Net | -169,994 | -105,623 | -60.9% |
| Increase Decrease In Broker Dealer Related Receivables Payables Investing Activities | -70,812 | 107,280 | -166.0% |
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| Parent Company | 71,083 | -71,143 | +199.9% |
| Net Cash from Investing | -2,029,335 | -2,184,489 | +7.1% |
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| Parent Company | -408,656 | -209,806 | -94.8% |
| Capital Expenditures (FY) | — | — | — |
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| Parent Company | -63 | -37 | -70.3% |
| Other Investing Activities (FY) | — | — | — |
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| Parent Company | 3,823 | 73 | +5137.0% |
| Financing Activities | |||
| Debt Repayments | -2,063 | — | — |
| Payments Of Dividends Common Stock | -700,269 | -531,953 | -31.6% |
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| Parent Company | -700,269 | -531,953 | -31.6% |
| Share Repurchases | -270,221 | -303,655 | +11.0% |
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| Parent Company | -270,221 | -303,655 | +11.0% |
| Proceeds From Payments For Other Financing Activities | -53,894 | -19,984 | -169.7% |
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| Parent Company | -40,902 | -26,777 | -52.8% |
| Net Cash from Financing | -1,026,447 | -852,487 | -20.4% |
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| Parent Company | -1,011,392 | -862,385 | -17.3% |
| Supplemental | |||
| Interest Paid | 126 | 138 | -8.7% |
| Other Cash Flow | |||
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 38,357 | -29,840 | +228.5% |
| Net Change in Cash | 565,191 | 611,552 | -7.6% |
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| Parent Company | -57,609 | -15,503 | -271.6% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 2,539,938 | 1,974,747 | +28.6% |
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| Parent Company | 55,322 | 112,931 | -51.0% |
Values in thousands USD. Source: SEC EDGAR 10-K filing.