Fundamentals - Annual Cash Flow
Income Statement | Balance Sheet | Cash Flow | Trading Statistics
Year Ended December 312015 2014 2013
(In millions)   
    
Operating Activities:   
Net income$287  $962  $1,069 
Adjustments to reconcile net income to net cash provided (used) by
operating activities:
   
   Loss on sale of subsidiaries  451   
   Investment (gains) losses71 (47) (26)
   Equity method investees182 64  (380)
   Amortization of investments17(24)
   Depreciation, depletion and amortization955  899  871 
   Impairment of goodwill20  636 
   Asset impairments865  228  325 
   Provision for deferred income taxes(225) 11 
   Other non-cash items105 134  49 
Changes in operating assets and liabilities, net:   
   Receivables120  738  87 
   Deferred acquisition costs311 44 
   Insurance reserves241  (363) (68)
   Other assets(43)  (128) (20)
   Other liabilities(33) 123  470 
   Trading securities674 (129) (901)
Net cash flow operating activities3,547  2,990  2,096 
    
Investing Activities:   
Purchases of fixed maturities(8,675) (9,381) (11,197)
Proceeds from sales of fixed maturities4,390  4,914  6,869 
Proceeds from maturities of fixed maturities4,095  3,983  3,271 
Purchases of equity securities(62) (67) (77)
Proceeds from sales of equity securities57  31  103 
Purchases of limited partnership investments(188) (271) (323)
Proceeds from sales of limited partnership investments174  167  204 
Purchases of property, plant and equipment(1,555) (2,753) (1,737)
Acquisitions (157) (448) (235)
Dispositions33  1,031  182 
Change in short term investments120 1,396  (101)
Other, net(167) (72) (257)
Net cash flow investing activities(1,935) (1,470) (3,298)
    
Financing Activities:   
Dividends paid(90) (95) (97)
Dividends paid to noncontrolling interests(165) (338) (500)
Purchases of subsidiary stock from noncontrolling interests(29) (149)  
Purchases of Loews treasury stock(1,265) (622) (228)
Issuance of Loews common stock
Proceeds from sale of subsidiary stock114 370 
Principal payments on debt(1,929) (2,269) (1,494)
Issuance of debt1,828  2,004  3,255 
Other, net4 16  (40)
Net cash flow financing activities(1,525)  (1,442) 1,271 
Effect of foreign exchange rate on cash(11)  (8) (3)
Net change in cash76  70  66 
Cash, beginning of year364  294  228 
Cash, end of year$440  $364  $294 
For complete copies of our financial results, please refer to our SEC Filings