Fundamentals - Annual Cash Flow

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 3(24)
   Depreciation, depletion and amortization955 899871
   Impairment of goodwill20 636
   Asset impairments865 228325
   Provision for deferred income taxes(225) 116
   Other non-cash items105 13449
Changes in operating assets and liabilities, net:   
   Receivables120 73887
   Deferred acquisition costs311 442
   Insurance reserves241 (363) (68)
   Other assets(43) (128) (20)
   Other liabilities(33) 123470
   Trading securities674 (129) (901)
Net cash flow operating activities3,547 2,9902,096
    
Investing Activities:   
Purchases of fixed maturities(8,675) (9,381) (11,197)
Proceeds from sales of fixed maturities4,390 4,9146,869
Proceeds from maturities of fixed maturities4,095 3,9833,271
Purchases of equity securities(62) (67) (77)
Proceeds from sales of equity securities57 31103
Purchases of limited partnership investments(188) (271) (323)
Proceeds from sales of limited partnership investments174 167204
Purchases of property, plant and equipment(1,555) (2,753) (1,737)
Acquisitions (157) (448) (235)
Dispositions33 1,031182
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 stock7 65
Proceeds from sale of subsidiary stock114 5370
Principal payments on debt(1,929) (2,269) (1,494)
Issuance of debt1,828 2,0043,255
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 7066
Cash, beginning of year364 294228
Cash, end of year$440 $364$294
For complete copies of our financial results, please refer to our SEC Filings