Fundamentals - Cash Flow Statement
|
Year Ended December 31 |
2021 |
2020 |
2019 |
|
(In millions) |
|
|
|
|
|
|
|
|
|
Operating Activities: |
|
|
|
|
Net income (loss) |
$1,703 |
$(1,291) |
$871 |
|
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: |
|
|
|
|
Investment (gains) losses |
(660) |
1,246 |
(49) |
|
Equity method investees |
(74) |
102 |
20 |
|
Amortization of investments |
(81) |
(67) |
(89) |
|
Depreciation and amortization |
515 |
734 |
943 |
|
Asset impairments |
10 |
810 |
99 |
|
Provision for deferred income taxes |
213 |
(235) |
70 |
|
Other non-cash items |
71 |
61 |
87 |
|
Changes in operating assets and liabilities, net: |
|
|
|
|
Receivables |
(1,409) |
(425) |
114 |
|
Deferred acquisition costs |
(30) |
(43) |
(26) |
|
Insurance reserves |
2,463 |
1,681 |
358 |
|
Other assets |
(946) |
(513) |
(356) |
|
Other liabilities |
897 |
256 |
193 |
|
Trading securities |
(49) |
(571) |
(494) |
|
Net cash flow operating activities |
2,623 |
1,745 |
1,741 |
|
|
|
|
|
|
Investing Activities: |
|
|
|
|
Purchases of fixed maturities |
(9,307) |
(10,269) |
(8,661) |
|
Proceeds from sales of fixed maturities |
3,816 |
5,904 |
5,842 |
|
Proceeds from maturities of fixed maturities |
4,464 |
3,760 |
2,997 |
|
Purchases of equity securities |
(304) |
(452) |
(186) |
|
Proceeds from sales of equity securities |
316 |
355 |
214 |
|
Purchases of limited partnership investments |
(440) |
(224) |
(198) |
|
Proceeds from sales of limited partnership investments |
307 |
398 |
742 |
|
Purchases of property, plant and equipment |
(482) |
(710) |
(1,041) |
|
Acquisitions |
|
(58) |
(257) |
|
Dispositions |
80 |
65 |
140 |
|
Sale of interest in Altium Packaging |
417 |
|
|
|
Deconsolidation of Diamond Offshore |
|
(483) |
|
|
Change in short term investments |
(141) |
427 |
(57) |
|
Other, net |
87 |
(127) |
(206) |
|
Net cash flow investing activities |
(1,187) |
(1,414) |
(671) |
|
|
|
|
|
|
Financing Activities: |
|
|
|
|
Dividends paid |
(65) |
(70) |
(76) |
|
Dividends paid to noncontrolling interests |
(64) |
(99) |
(98) |
|
Purchases of Loews Corporation treasury stock |
(1,136) |
(923) |
(1,051) |
|
Purchases of subsidiary stock from noncontrolling interests |
(18) |
(37) |
(23) |
|
Principal payments on debt |
(1,193) |
(1,726) |
(1,956) |
|
Issuance of debt |
1,199 |
2,659 |
2,076 |
|
Other, net |
(12) |
(2) |
(16) |
|
Net cash flow financing activities |
(1,289) |
(198) |
(1,144) |
|
Effect of foreign exchange rate on cash |
(4) |
9 |
5 |
|
Net change in cash |
143 |
142 |
(69) |
|
Cash, beginning of year |
478 |
336 |
405 |
|
Cash, end of year |
$621 |
$478 |
$336 |