Fundamentals - Cash Flow Statement
| Year Ended December 31 | 2019 | 2018 | 2017 |
|---|---|---|---|
| (In millions) | |||
| Operating Activities: | |||
| Net income | $871 | $706 | $1,412 |
| Adjustments to reconcile net income to net cash provided (used) by operating activities: |
|||
| Investment (gains) losses | (49) | 57 | (122) |
| Equity method investees | 20 | 572 | 25 |
| Amortization of investments | (89) | (70) | (40) |
| Depreciation and amortization | 943 | 912 | 874 |
| Asset impairments | 99 | 44 | 106 |
| Provision for deferred income taxes | 70 | 86 | (47) |
| Other non-cash items | 87 | 72 | 164 |
| Changes in operating assets and liabilities, net: | |||
| Receivables | 114 | (131) | 93 |
| Deferred acquisition costs | (26) | (6) | (24) |
| Insurance reserves | 358 | 482 | 22 |
| Other assets | (356) | (102) | (95) |
| Other liabilities | 193 | (102) | 114 |
| Trading securities | (494) | 1,702 | 108 |
| Net cash flow operating activities | 1,741 | 4,222 | 2,590 |
| Investing Activities: | |||
| Purchases of fixed maturities | (8,661) | (10,785) | (9,065) |
| Proceeds from sales of fixed maturities | 5,842 | 8,408 | 5,438 |
| Proceeds from maturities of fixed maturities | 2,997 | 2,370 | 3,641 |
| Purchases of limited partnership investments | (198) | (420) | (171) |
| Proceeds from sales of limited partnership investments | 742 | 470 | 212 |
| Purchases of property, plant and equipment | (1,041) | (995) | (1,031) |
| Acquisitions | (257) | (37) | (1,218) |
| Dispositions | 140 | 113 | 79 |
| Change in short term investments | (57) | (339) | (167) |
| Other, net | (178) | (229) | (373) |
| Net cash flow investing activities | (671) | (1,444) | (2,655) |
| Financing Activities: | |||
| Dividends paid | (76) | (80) | (84) |
| Dividends paid to noncontrolling interests | (98) | (121) | (139) |
| Purchase of Boardwalk Pipeline common units | (1,504) | ||
| Purchases of Loews treasury stock | (1,051) | (1,026) | (216) |
| Purchases of subsidiary stock from noncontrolling interests | (23) | ||
| Principal payments on debt | (1,956) | (1,043) | (2,411) |
| Issuance of debt | 2.076 | 865 | 3,067 |
| Other, net | (16) | 74 | (16) |
| Net cash flow financing activities | (1,144) | (2,835) | 201 |
| Effect of foreign exchange rate on cash | 5 | (10) | 9 |
| Net change in cash | (69) | (67) | 145 |
| Cash, beginning of year | 405 | 472 | 327 |
| Cash, end of year | $336 | $405 | $472 |
For complete copies of our financial results, please refer to our SEC Filings