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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating activities      
Net income $ 4,572 $ 4,807 $ 3,750
Adjustments to reconcile net income to net cash provided by operating activities:      
Net realized (gains) losses on financial instruments (182) (67) 206
Depreciation and amortization 1,154 1,133 1,132
Deferred income taxes (540) 81 91
Impairment of property and equipment 198 0 0
Share-based compensation 283 294 226
Changes in operating assets and liabilities:      
Receivables, net (256) (1,053) (695)
Other invested assets (32) (48) (1)
Other assets (283) (170) (26)
Policy liabilities 3,528 1,826 (1,059)
Unearned income 202 115 (36)
Accounts payable and other liabilities 1,978 (445) 97
Income taxes 72 (325) 323
Other, net (6) (87) (181)
Net cash provided by operating activities 10,688 6,061 3,827
Investing activities      
Purchases of investments (19,492) (22,954) (9,671)
Proceeds from sale of investments 11,318 18,598 9,662
Maturities, calls and redemptions from investments 4,741 2,437 1,938
Changes in securities lending collateral (849) 254 (149)
Purchases of subsidiaries, net of cash acquired (1,976) 0 (1,760)
Purchases of property and equipment (1,021) (1,077) (1,208)
Other, net (45) (50) (71)
Net cash used in investing activities (7,324) (2,792) (1,259)
Financing activities      
Net repayments of commercial paper borrowings (150) (297) (107)
Proceeds from long-term borrowings 2,484 2,473 835
Repayments of long-term borrowings (1,932) (1,123) (1,684)
Proceeds from short-term borrowings 970 7,590 9,120
Repayments of short-term borrowings (1,670) (8,035) (9,250)
Changes in securities lending payable 849 (254) 150
Proceeds from issuance of common stock under Equity Units stock purchase agreements 0 0 1,250
Repurchase and retirement of common stock (2,700) (1,701) (1,685)
Cash dividends (954) (818) (776)
Proceeds from issuance of common stock under employee stock plans 176 187 173
Taxes paid through withholding of common stock under employee stock plans (128) (84) (81)
Other, net 488 (204) (186)
Net cash used in financing activities (2,567) (2,266) (2,241)
Effect of foreign exchange rates on cash and cash equivalents 7 0 (2)
Change in cash and cash equivalents 804 1,003 325
Cash and cash equivalents at beginning of year 4,937 3,934 3,609
Cash and cash equivalents at end of year $ 5,741 $ 4,937 $ 3,934