Fundamentals - Annual Cash Flow
Income Statement | Balance Sheet | Cash Flow | Trading Statistics
Year Ended December 312014 2013 2012
(In millions)   
Operating Activities:   
Net income$962 $1,069  $1,110 
Adjustments to reconcile net income to net cash provided (used) by
operating activities:
   Loss on sale of subsidiaries451   
   Investment gains(47)(26) (57)
   Undistributed (earnings) losses64 (380)(103)
   Amortization of investments(24)(50)
   Depreciation, depletion and amortization899 871  905 
   Impairment of goodwill 636  
   Asset impairments228 325  742 
   Provision for deferred income taxes11 (22)
   Other non-cash items134 49  (7)
Changes in operating assets and liabilities, net:   
   Receivables738 87 327 
   Deferred acquisition costs44 (16)
   Insurance reserves(363)(68)430 
   Other assets(128)(20)74 
   Other liabilities123 470 (73)
   Trading securities(129)(901) (406)
Net cash flow operating activities2,990 2,096  2,854 
Investing Activities:   
Purchases of fixed maturities(9,381)(11,197)(10,299)
Proceeds from sales of fixed maturities4,914 6,869  6,123 
Proceeds from maturities of fixed maturities3,983 3,271  3,699 
Purchases of equity securities(67)(77)(54)
Proceeds from sales of equity securities31 103  86 
Purchases of limited partnership investments(271)(323)(372)
Proceeds from sales of limited partnership investments167 204 227 
Purchases of property, plant and equipment(2,753)(1,737)(1,405)
Acquisitions (448)(235)(987)
Dispositions1,031 182 221 
Change in short term investments1,396 (101)(192)
Other, net(72)(257)(142)
Net cash flow investing activities(1,470)(3,298)(3,095)
Financing Activities:   
Dividends paid(95)(97)(99)
Dividends paid to noncontrolling interests(338)(500)(450)
Purchases of subsidiary stock from noncontrolling interests(149)  
Purchases of Loews treasury stock(622)(228)(212)
Issuance of Loews common stock13 
Proceeds from sale of subsidiary stock370  849 
Principal payments on debt(2,269)(1,494)(2,910)
Issuance of debt2,004 3,255  3,152 
Other, net16 (40) (7)
Net cash flow financing activities(1,442)1,271  336 
Effect of foreign exchange rate on cash(8)(3)
Net change in cash70 66  99 
Cash, beginning of year294 228  129 
Cash, end of year$364 $294  $228 
For complete copies of our financial results, please refer to our SEC Filings