Fundamentals - Annual Cash Flow

Year Ended December 31 2018 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) losses 57 (122) (50)
   Equity method investees 572 25 221
   Amortization of investments (70) (40) (27)
   Depreciation and amortization 912 874 841
   Asset impairments 44 106 697
   Provision for deferred income taxes 86 (47) 102
   Other non-cash items 72 164 73
Changes in operating assets and liabilities, net:      
   Receivables (131) 93 24
   Deferred acquisition costs (6) (24) (8)
   Insurance reserves 482 22 237
   Other assets (102) (95) (71)
   Other liabilities (102) 114 26
   Trading securities 1,702 108 (528)
Net cash flow operating activities 4,222 2,590 2,253
       
Investing Activities:      
Purchases of fixed maturities (10,785) (9,065) (9,827)
Proceeds from sales of fixed maturities 8,408 5,438 5,332
Proceeds from maturities of fixed maturities 2,370 3,641 3,219
Purchases of limited partnership investments (420) (171) (355)
Proceeds from sales of limited partnership investments 470 212 327
Purchases of property, plant and equipment (995) (1,031) (1,450)
Acquisitions (37) (1,218) (79)
Dispositions 113 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, net 74 (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 year 472 327 440
Cash, end of year $405 $472 $327
For complete copies of our financial results, please refer to our SEC Filings