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