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Consolidated Statements of Cash Flows
$ in Millions
12 Months Ended
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Cash flows from operating activities      
Net income (loss) $ 5,909 $ 5,128 $ 4,020
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization expenses 630 628 795
Amortization of premiums and accretion of discounts associated with investments, net (999) (1,013) (1,044)
(Gains) losses on investments and from sales of businesses, net (444) 298 363
(Gains) losses on derivatives, net (135) (207) 3,610
(Income) loss from equity method investments, net of dividends or distributions 254 251 194
Interest credited to policyholder account balances 6,464 4,013 6,260
Universal life and investment-type product policy fees (5,603) (5,502) (7,708)
Change in contractholder-directed equity securities and fair value option securities (139) 2,212 (436)
Change in accrued investment income 8 (121) (280)
Change in premiums, reinsurance and other receivables (514) (1,809) (991)
Change in deferred policy acquisition costs and value of business acquired, net (463) (249) (693)
Change in income tax 233 940 (2,796)
Change in other assets 426 260 691
Change in insurance-related liabilities and policy-related balances 7,803 7,454 8,511
Change in other liabilities 71 (483) 1,603
Other, net 285 (62) 184
Net cash provided by (used in) operating activities 13,786 11,738 12,283
Cash flows from investing activities      
Sales, maturities and repayments of fixed maturity securities available-for-sale 77,820 106,677 95,945
Sales, maturities and repayments of equity securities 294 342 1,433
Sales, maturities and repayments of mortgage loans 12,838 9,918 10,353
Sales, maturities and repayments of real estate and real estate joint ventures 1,123 1,227 972
Sales, maturities and repayments of other limited partnership interests 625 675 1,082
Purchases of fixed maturity securities available-for-sale (87,455) (105,401) (105,683)
Purchases of equity securities (130) (235) (920)
Purchases of mortgage loans (17,657) (17,059) (14,374)
Purchases of real estate and real estate joint ventures (1,962) (1,118) (1,446)
Purchases of other limited partnership interests (1,674) (1,406) (1,486)
Cash received in connection with freestanding derivatives 2,914 3,778 5,315
Cash paid in connection with freestanding derivatives (3,749) (4,173) (8,696)
Cash disposed due to distribution of Brighthouse 0 0 (663)
Purchases of businesses (32) 0 (211)
Net change in policy loans 5 (37) (67)
Net change in short-term investments 152 870 2,087
Net change in other invested assets (567) 340 (171)
Other, net (131) (32) (346)
Net cash provided by (used in) investing activities (17,586) (5,634) (16,876)
Cash flows from financing activities      
Policyholder account balances: Deposits 92,122 92,327 88,511
Policyholder account balances: Withdrawals (85,598) (88,061) (82,380)
Net change in payables for collateral under securities loaned and other transactions 2,019 (821) 903
Cash received for other transactions with tenors greater than three months 125 200 0
Cash paid for other transactions with tenors greater than three months (200) 0 0
Long-term debt issued 1,382 24 3,657
Long-term debt repaid (906) (1,871) (1,073)
Collateral financing arrangements repaid (67) (61) (2,951)
Distribution of Brighthouse 0 0 (2,793)
Financing element on certain derivative instruments and other derivative related transactions, net (126) 144 (151)
Treasury stock acquired in connection with share repurchases (2,285) (3,992) (2,927)
Preferred stock issued, net of issuance costs 0 1,274 0
Dividends on preferred stock (178) (141) (103)
Dividends on common stock (1,643) (1,678) (1,717)
Other, net (77) (145) 118
Net cash provided by (used in) financing activities 4,568 (2,801) (906)
Effect of change in foreign currency exchange rates on cash and cash equivalents balances 9 (183) 323
Change in cash and cash equivalents 777 3,120 (5,176)
Cash and cash equivalents, beginning of year 15,821 12,701 17,877
Cash and cash equivalents, end of year 16,598 15,821 12,701
Cash and cash equivalents, of disposed subsidiary, beginning of year 0 0 5,226
Cash and cash equivalents, of disposed subsidiary, end of year 0 0 0
Cash and cash equivalents, from continuing operations, beginning of year 15,821 12,701 12,651
Cash and cash equivalents, from continuing operations, end of year 16,598 15,821 12,701
Supplemental disclosures of cash flow information      
Net cash paid for Interest 964 1,130 1,118
Net cash paid (received) for Income tax 1,099 1,935 1,530
Non-cash transactions      
Fixed maturity securities available-for-sale received in connection with pension risk transfer transactions 637 3,016 0
Operating lease liability associated with the recognition of right-of-use assets 341 0 0
Reduction of long-term debt 0 944 0
Reduction of fair value option securities 0 1,030 0
Reclassification of certain equity securities to other invested assets 0 792 0
Assets disposed, date of Separation 0 0 225,502
Liabilities disposed, date of Separation 0 0 (210,999)
Net Assets disposed, date of Separation 0 0 14,503
Cash disposed, date of Separation 0 0 (3,456)
Net non-cash disposed, date of Separation $ 0 $ 0 $ 11,047