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Fundamentals - Annual Cash Flow

Year Ended December 312018 2017 2016
(In millions)   
    
Operating Activities:   
Net income$706 $1,412 $716
Adjustments to reconcile net income to net cash provided (used) by
operating activities:
   
   Investment (gains) losses57 (122) (50)
   Equity method investees572 25 221
   Amortization of investments(70) (40) (27)
   Depreciation and amortization912 874 841
   Asset impairments44 106 697
   Provision for deferred income taxes86 (47) 102
   Other non-cash items72 164 73
Changes in operating assets and liabilities, net:   
   Receivables(131) 93 24
   Deferred acquisition costs(6) (24) (8)
   Insurance reserves482 22 237
   Other assets(102) (95) (71)
   Other liabilities(102) 114 26
   Trading securities1,702 108 (528)
Net cash flow operating activities4,222 2,590 2,253
    
Investing Activities:   
Purchases of fixed maturities(10,785) (9,065) (9,827)
Proceeds from sales of fixed maturities8,408 5,438 5,332
Proceeds from maturities of fixed maturities2,370 3,641 3,219
Purchases of limited partnership investments(420) (171) (355)
Proceeds from sales of limited partnership investments470 212 327
Purchases of property, plant and equipment(995) (1,031) (1,450)
Acquisitions (37) (1,218) (79)
Dispositions113 79 330
Change in short term investments(339) (167) 158
Other, net(229) (373) 158
Net cash flow investing activities(1,444) (2,655) (2,187)
    
Financing Activities:   
Dividends paid(80) (84) (84)
Dividends paid to noncontrolling interests(121) (139) (134)
Purchase of Boardwalk Pipeline common units(1,504)
Purchases of Loews treasury stock(1,026) (216) (134)
Principal payments on debt(1,043) (2,411) (3,418)
Issuance of debt 865 3,067 3,614
Other, net74 (16) (10)
Net cash flow financing activities(2,835) 201 (166)
Effect of foreign exchange rate on cash(10) 9 (13)
Net change in cash(67) 145 (113)
Cash, beginning of year472 327 440
Cash, end of year$405 $472 $327
For complete copies of our financial results, please refer to our SEC Filings