Fundamentals - Cash Flow Statement
|
Year Ended December 31 |
2022 |
|
2021 |
|
2020 |
|
(In millions) |
|
|
|
|
|
|
Operating Activities: |
|
|
|
|
|
|
Net income (loss) |
$ 1,103 |
|
$ 1,703 |
|
$ (1,291) |
|
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: |
|
|
|
|
|
|
Investment (gains) losses |
199 |
|
(660) |
|
1,246 |
|
Equity method investees |
236 |
|
(74) |
|
102 |
|
Amortization of investments |
(129) |
|
(81) |
|
(67) |
|
Depreciation and amortization |
509 |
|
515 |
|
734 |
|
Asset impairments |
33 |
|
10 |
|
810 |
|
Provision for deferred income taxes |
5 |
|
213 |
|
(235) |
|
Other non-cash items |
57 |
|
71 |
|
61 |
|
Changes in operating assets and liabilities, net: |
|
|
|
|
|
|
Receivables |
(316) |
|
(1,409) |
|
(425) |
|
Deferred acquisition costs |
(79) |
|
(30) |
|
(43) |
|
Insurance reserves |
1,791 |
|
2,463 |
|
1,681 |
|
Other assets |
(391) |
|
(946) |
|
(513) |
|
Other liabilities |
137 |
|
897 |
|
256 |
|
Trading securities |
159 |
|
(49) |
|
(571) |
|
Net cash flow provided by operating activities |
3,314 |
|
2,623 |
|
1,745 |
|
|
|
|
|
|
|
|
Investing Activities: |
|
|
|
|
|
|
Purchases of fixed maturities |
(9,821) |
|
(9,307) |
|
(10,269) |
|
Proceeds from sales of fixed maturities |
5,909 |
|
3,816 |
|
5,904 |
|
Proceeds from maturities of fixed maturities |
2,358 |
|
4,464 |
|
3,760 |
|
Purchases of equity securities |
(294) |
|
(304) |
|
(452) |
|
Proceeds from sales of equity securities |
509 |
|
316 |
|
355 |
|
Purchases of limited partnership investments |
(337) |
|
(440) |
|
(224) |
|
Proceeds from sales of limited partnership investments |
171 |
|
307 |
|
398 |
|
Purchases of property, plant and equipment |
(660) |
|
(482) |
|
(710) |
|
Acquisitions |
|
|
|
|
(58) |
|
Dispositions |
16 |
|
80 |
|
65 |
|
(Investment in) sale of interest in Altium Packaging |
(79) |
|
417 |
|
|
|
Deconsolidation of Diamond Offshore |
|
|
|
|
(483) |
|
Change in short term investments |
(27) |
|
(141) |
|
427 |
|
Other, net |
(92) |
|
87 |
|
(127) |
|
Net cash flow used by investing activities |
$ (2,347) |
|
$ (1,187) |
|
$ (1,414) |
|
|
|
|
|
|
|
|
Financing Activities: |
|
|
|
|
|
|
Dividends paid |
$ (61) |
|
$ (65) |
|
$ (70) |
|
Dividends paid to noncontrolling interests |
(98) |
|
(64) |
|
(99) |
|
Purchases of Loews Corporation treasury stock |
(729) |
|
(1,136) |
|
(923) |
|
Purchases of subsidiary stock from noncontrolling interests |
(66) |
|
(18) |
|
(37) |
|
Principal payments on debt |
(640) |
|
(1,193) |
|
(1,726) |
|
Issuance of debt |
573 |
|
1,199 |
|
2,659 |
|
Other, net |
(16) |
|
(12) |
|
(2) |
|
Net cash flow used by financing activities |
(1,037) |
|
(1,289) |
|
(198) |
|
Effect of foreign exchange rate on cash |
(19) |
|
(4) |
|
9 |
|
Net change in cash |
(89) |
|
143 |
|
142 |
|
Cash, beginning of year |
621 |
|
478 |
|
336 |
|
Cash, end of year |
$ 532 |
|
$ 621 |
|
$ 478 |