Fundamentals - Cash Flow Statement

Year Ended December 31

2020

2019

2018

(In millions)

 

 

 

 

 

 

 

Operating Activities:

 

 

 

Net income (loss)

$(1,291)

$871

$706

Adjustments to reconcile net income (loss) to net cash provided (used) by

 operating activities:

 

 

 

   Investment (gains) losses

1,246

(49)

57

   Equity method investees

102

20

572

   Amortization of investments

(67)

(89)

(70)

   Depreciation and amortization

734

943

912

   Asset impairments

810

99

44

   Provision for deferred income taxes

(235)

70

86

   Other non-cash items

61

87

72

Changes in operating assets and liabilities, net:

 

 

 

   Receivables

(425)

114

(131)

   Deferred acquisition costs

(43)

(26)

(6)

   Insurance reserves

1,681

358

482

   Other assets

(513)

(356)

(102)

   Other liabilities

256

193

(102)

   Trading securities

(571)

(494)

1,702

Net cash flow operating activities

1,745

1,741

4,222

 

 

 

 

Investing Activities:

 

 

 

Purchases of fixed maturities

(10,269)

(8,661)

(10,785)

Proceeds from sales of fixed maturities

5,904

5,842

8,408

Proceeds from maturities of fixed maturities

3,760

2,997

2,370

Purchases of equity securities

(452)

(186)

(258)

Proceeds from sales of equity securities

355

214

89

Purchases of limited partnership investments

(224)

(198)

(420)

Proceeds from sales of limited partnership investments

398

742

470

Purchases of property, plant and equipment

(710)

(1,041)

(995)

Acquisitions

(58)

(257)

(37)

Dispositions

65

140

113

Deconsolidation of Diamond Offshore

(483)

 

 

Change in short term investments

427

(57)

(339)

Other, net

(127)

(206)

(60)

Net cash flow investing activities

(1,414)

(671)

(1,444)

 

 

 

 

Financing Activities:

 

 

 

Dividends paid

(70)

(76)

(80)

Dividends paid to noncontrolling interests

(99)

(98)

(121)

Purchase of Boardwalk Pipeline common units

   

(1,504)

Purchases of Loews Corporation treasury stock

(923)

(1,051)

(1,026)

Purchases of subsidiary stock from noncontrolling interests

(37)

(23)

 

Principal payments on debt

(1,726)

(1,956)

(1,043)

Issuance of debt

2,659

2,076

865

Other, net

(2)

(16)

74

Net cash flow financing activities

(198)

(1,144)

(2,835)

Effect of foreign exchange rate on cash

9

5

(10)

Net change in cash

142

(69)

(67)

Cash, beginning of year

336

405

472

Cash, end of year

$478

$336

$405

 

For complete copies of our financial results, please refer to our SEC Filings