Fundamentals - Annual Cash Flow

Year Ended December 312017 2016 2015
(In millions)   
    
Operating Activities:   
Net income$1,412 $716 $287
Adjustments to reconcile net income to net cash provided (used) by
operating activities:
   
   Investment (gains) losses(122) (50) 71
   Equity method investees25 221 182
   Amortization of investments(40) (27) 17
   Depreciation and amortization874 841 955
   Impairment of goodwill  20
   Asset impairments106 697 865
   Provision for deferred income taxes(47) 102 (225)
   Other non-cash items164 73 105
Changes in operating assets and liabilities, net:   
   Receivables93 24 120
   Deferred acquisition costs(24) (8) 311
   Insurance reserves22 237 241
   Other assets(95) (71) (43)
   Other liabilities114 26 (33)
   Trading securities108 (528) 674
Net cash flow operating activities2,590 2,253 3,547
    
Investing Activities:   
Purchases of fixed maturities(9,065) (9,827) (8,675)
Proceeds from sales of fixed maturities5,438 5,332 4,390
Proceeds from maturities of fixed maturities3,641 3,219 4,095
Purchases of limited partnership investments(171) (355) (188)
Proceeds from sales of limited partnership investments212 327 174
Purchases of property, plant and equipment(1,031) (1,450) (1,555)
Acquisitions (1,218) (79) (157)
Dispositions79 330 33
Change in short term investments(167) 158 120
Other, net(373) 158 (172)
Net cash flow investing activities(2,655) (2,187) (1,935)
    
Financing Activities:   
Dividends paid(84) (84) (90)
Dividends paid to noncontrolling interests(139) (134) (165)
Purchases of subsidiary stock from noncontrolling interests (8) (29)
Purchases of Loews treasury stock(216) (134) (1,265)
Issuance of Loews common stock    7
Proceeds from sale of subsidiary stock    114
Principal payments on debt(2,411) (3,418) (1,929)
Issuance of debt3,067 3,614 1,828
Other, net(16) (2) 4
Net cash flow financing activities201 (166) (1,525)
Effect of foreign exchange rate on cash9 (13) (11)
Net change in cash145 (113) 76
Cash, beginning of year327 440 364
Cash, end of year$472 $327 $440
For complete copies of our financial results, please refer to our SEC Filings