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Unaudited Interim Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ (270) $ 937
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Realized investment (gains) losses, net (1,667) 766
Policy charges and fee income (701) (601)
Interest credited to policyholders’ account balances 392 1,345
Depreciation and amortization 329 20
(Gains) losses on assets supporting experience-rated contractholder liabilities, net 838 (454)
Change in:    
Deferred policy acquisition costs 217 (326)
Future policy benefits and other insurance liabilities 2,825 2,504
Income taxes (115) 152
Derivatives, net 15,388 (159)
Other, net (2,470) (1,099)
Cash flows from (used in) operating activities 14,766 3,085
Proceeds from the sale/maturity/prepayment of:    
Fixed maturities, available-for-sale 9,997 14,063
Fixed maturities, held-to-maturity 40 14
Fixed maturities, trading 121 77
Assets supporting experience-rated contractholder liabilities 7,219 2,992
Equity securities 523 675
Commercial mortgage and other loans 1,593 1,080
Policy loans 572 576
Other invested assets 533 374
Short-term investments 8,713 8,202
Payments for the purchase/origination of:    
Fixed maturities, available-for-sale (13,379) (17,395)
Fixed maturities, trading (103) (178)
Assets supporting experience-rated contractholder liabilities (7,908) (3,063)
Equity securities (616) (737)
Commercial mortgage and other loans (1,632) (2,354)
Policy loans (505) (473)
Other invested assets (905) (559)
Short-term investments (11,131) (8,837)
Derivatives, net 1,106 341
Other, net (18) (97)
Cash flows from (used in) investing activities (5,780) (5,299)
CASH FLOWS FROM FINANCING ACTIVITIES    
Policyholders’ account deposits 14,444 7,417
Policyholders’ account withdrawals (9,354) (6,823)
Net change in securities sold under agreements to repurchase and cash collateral for loaned securities 59 88
Cash dividends paid on Common Stock (448) (420)
Net change in financing arrangements (maturities 90 days or less) 630 85
Common Stock acquired (485) (484)
Common Stock reissued for exercise of stock options 45 36
Proceeds from the issuance of debt (maturities longer than 90 days) 1,550 1,120
Repayments of debt (maturities longer than 90 days) (1) (55)
Proceeds from notes issued by consolidated VIEs 0 910
Repayments of notes issued by consolidated VIEs (16) (638)
Other, net (65) 330
Cash flows from (used in) financing activities 6,359 1,566
Effect of foreign exchange rate changes on cash balances (22) (2)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS 15,323 (650)
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF YEAR 16,474 15,495
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD 31,797 14,845
NON-CASH TRANSACTIONS DURING THE PERIOD    
Treasury Stock shares issued for stock-based compensation programs 140 165
RECONCILIATION TO THE UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION    
Cash and cash equivalents 31,646 [1] 14,699
Restricted cash and restricted cash equivalents (included in “Other assets”) 151 146
Total cash, cash equivalents, restricted cash and restricted cash equivalents $ 31,797 $ 14,845
[1]
See Note 4 for details of balances associated with variable interest entities.