XML 112 R34.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT
 12 Months Ended
Dec. 31, 2019
INFORMATION PROVIDED IN CONNECTION WITH OUTSTADING DEBT  
INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT

25. Information Provided in Connection with Outstanding Debt

The following Condensed Consolidating Financial Statements reflect the results of Validus and AIGLH, each a holding company and a 100 percent owned subsidiary of AIG. AIG provides a full and unconditional guarantee of the senior notes of Validus and all outstanding debt of AIGLH.

Condensed Consolidating Balance Sheets

 

 

American

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International

 

Validus

 

 

 

 

 

Reclassifications

 

 

 

 

 

Group, Inc.

 

Holdings,

 

 

 

 

Other

 

and

 

Consolidated

(in millions)

(As Guarantor)

 

Ltd.

 

AIGLH

 

 

Subsidiaries

 

Eliminations

 

 

AIG

December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term investments(a)

$

3,329

$

-

$

-

 

$

12,496

$

(2,595)

 

$

13,230

Other investments(b)

 

4,804

 

-

 

-

 

 

319,622

 

(41)

 

 

324,385

Total investments

 

8,133

 

-

 

-

 

 

332,118

 

(2,636)

 

 

337,615

Cash

 

2

 

8

 

9

 

 

2,837

 

-

 

 

2,856

Loans to subsidiaries(c)

 

35,352

 

-

 

-

 

 

715

 

(36,067)

 

 

-

Investment in consolidated subsidiaries(c)

 

39,921

 

3,646

 

30,216

 

 

-

 

(73,783)

 

 

-

Other assets, including deferred income taxes(d)

 

14,391

 

1,793

 

17

 

 

170,642

 

(2,250)

 

 

184,593

Total assets

$

97,799

$

5,447

$

30,242

 

$

506,312

$

(114,736)

 

$

525,064

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance liabilities

$

-

$

-

$

-

 

$

302,406

$

-

 

$

302,406

Long-term debt and debt of consolidated investment entities

 

22,030

 

353

 

643

 

 

12,324

 

-

 

 

35,350

Other liabilities, including intercompany balances(b)

 

9,379

 

10

 

42

 

 

115,313

 

(4,863)

 

 

119,881

Loans from subsidiaries(c)

 

715

 

-

 

-

 

 

35,353

 

(36,068)

 

 

-

Total liabilities

 

32,124

 

363

 

685

 

 

465,396

 

(40,931)

 

 

457,637

Total AIG shareholders’ equity

 

65,675

 

5,084

 

29,557

 

 

39,164

 

(73,805)

 

 

65,675

Non-redeemable noncontrolling interests

 

-

 

-

 

-

 

 

1,752

 

-

 

 

1,752

Total equity

 

65,675

 

5,084

 

29,557

 

 

40,916

 

(73,805)

 

 

67,427

Total liabilities and equity

$

97,799

$

5,447

$

30,242

 

$

506,312

$

(114,736)

 

$

525,064

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term investments(a)

$

1,141

$

2

$

-

 

$

10,329

$

(1,798)

 

$

9,674

Other investments(b)

 

3,377

 

-

 

-

 

 

301,158

 

-

 

 

304,535

Total investments

 

4,518

 

2

 

-

 

 

311,487

 

(1,798)

 

 

314,209

Cash

 

2

 

9

 

9

 

 

2,853

 

-

 

 

2,873

Loans to subsidiaries(c)

 

34,963

 

-

 

-

 

 

615

 

(35,578)

 

 

-

Investment in consolidated subsidiaries(c)

 

33,300

 

4,029

 

25,058

(e)

 

-

 

(62,387)

(e)

 

-

Other assets, including deferred income taxes(d)

 

15,389

 

1,798

 

124

 

 

159,430

 

(1,839)

 

 

174,902

Total assets

$

88,172

$

5,838

$

25,191

 

$

474,385

$

(101,602)

 

$

491,984

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance liabilities

$

-

$

-

$

-

 

$

293,652

$

-

 

$

293,652

Long-term debt and debt of consolidated investment entities

 

22,422

 

359

 

643

 

 

11,116

 

-

 

 

34,540

Other liabilities, including intercompany balances(b)

 

8,774

 

228

 

144

 

 

100,974

 

(3,637)

 

 

106,483

Loans from subsidiaries(c)

 

615

 

-

 

-

 

 

34,963

 

(35,578)

 

 

-

Total liabilities

 

31,811

 

587

 

787

 

 

440,705

 

(39,215)

 

 

434,675

Total AIG shareholders’ equity

 

56,361

 

5,251

 

24,404

(e)

 

32,732

 

(62,387)

(e)

 

56,361

Non-redeemable noncontrolling interests

 

-

 

-

 

-

 

 

948

 

-

 

 

948

Total equity

 

56,361

 

5,251

 

24,404

 

 

33,680

 

(62,387)

 

 

57,309

Total liabilities and equity

$

88,172

$

5,838

$

25,191

 

$

474,385

$

(101,602)

 

$

491,984

(a)At December 31, 2019, includes restricted cash of $102 million and $86 million for American International Group, Inc. (as Guarantor) and Other Subsidiaries, respectively. At December 31, 2018, includes restricted cash of $124 million and $18 million for American International Group, Inc. (as Guarantor) and Other Subsidiaries, respectively.

(b)Includes intercompany derivative positions, which are reported at fair value before credit valuation adjustment.

(c)Eliminated in consolidation.

(d)At December 31, 2019, includes restricted cash of $1 million and $242 million for American International Group, Inc. (as Guarantor) and Other Subsidiaries, respectively. At December 31, 2018, includes restricted cash of $1 million and $342 million for American International Group, Inc. (as Guarantor) and Other Subsidiaries, respectively.

(e)The Investment in consolidated subsidiaries amounts for AIGLH and Reclassifications and Eliminations in 2018 have been revised from $26.3 billion to $25.1 billion and from $(63.7) billion to $(62.4) billion, respectively, to correct Total assets in 2018. The AIG shareholders’ equity amounts for AIGLH and Reclassifications and Eliminations in 2018 have been revised from $25.7 billion to $24.4 billion and from $(63.7) billion to $(62.4) billion, respectively, to correct Total equity in 2018. These corrections in 2018 have no impact on AIG’s consolidated financial statements and are not considered material to previously issued financial statements.

Condensed Consolidating Statements of Income (Loss)

 

 

American

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International

 

Validus

 

 

 

 

 

 

Reclassifications

 

 

 

 

 

Group, Inc.

 

Holdings,

 

 

 

 

Other

 

and

 

 

Consolidated

(in millions)

 

(As Guarantor)

 

Ltd.

 

AIGLH

 

 

Subsidiaries

 

Eliminations

 

 

AIG

Year Ended December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of consolidated subsidiaries(a)

$

3,863

$

303

$

325

 

$

-

$

(4,491)

 

$

-

Other income

 

1,156

 

9

 

-

 

 

48,751

 

(170)

 

 

49,746

Total revenues

 

5,019

 

312

 

325

 

 

48,751

 

(4,661)

 

 

49,746

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

985

 

17

 

50

 

 

380

 

(15)

 

 

1,417

Loss on extinguishment of debt

 

-

 

-

 

-

 

 

32

 

-

 

 

32

Other expenses

 

729

 

18

 

3

 

 

42,415

 

(155)

 

 

43,010

Total expenses

 

1,714

 

35

 

53

 

 

42,827

 

(170)

 

 

44,459

Income (loss) from continuing operations before income tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

expense (benefit)

 

3,305

 

277

 

272

 

 

5,924

 

(4,491)

 

 

5,287

Income tax expense (benefit)

 

(45)

 

-

 

(6)

 

 

1,217

 

-

 

 

1,166

Income (loss) from continuing operations

 

3,350

 

277

 

278

 

 

4,707

 

(4,491)

 

 

4,121

Income (loss) from discontinued operations, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

of income taxes

 

(2)

 

-

 

-

 

 

50

 

-

 

 

48

Net income (loss)

 

3,348

 

277

 

278

 

 

4,757

 

(4,491)

 

 

4,169

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

attributable to noncontrolling interests

 

-

 

-

 

-

 

 

821

 

-

 

 

821

Net income (loss) attributable to AIG

$

3,348

$

277

$

278

 

$

3,936

$

(4,491)

 

$

3,348

Year Ended December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of consolidated subsidiaries(a)

$

(580)

$

(240)

$

3,359

(b)

$

-

$

(2,539)

(b)

$

-

Other income

 

938

 

23

 

1

 

 

46,506

 

(79)

 

 

47,389

Total revenues

 

358

 

(217)

 

3,360

 

 

46,506

 

(2,618)

 

 

47,389

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

954

 

18

 

50

 

 

302

 

(15)

 

 

1,309

Loss on extinguishment of debt

 

-

 

-

 

-

 

 

7

 

-

 

 

7

Other expenses

 

803

 

27

 

3

 

 

45,048

 

(65)

 

 

45,816

Total expenses

 

1,757

 

45

 

53

 

 

45,357

 

(80)

 

 

47,132

Income (loss) from continuing operations before income tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

expense (benefit)

 

(1,399)

 

(262)

 

3,307

 

 

1,149

 

(2,538)

 

 

257

Income tax expense (benefit)

 

(1,433)

 

-

 

39

 

 

1,548

 

-

 

 

154

Income (loss) from continuing operations

 

34

 

(262)

 

3,268

 

 

(399)

 

(2,538)

 

 

103

Loss from discontinued operations, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

of income taxes

 

(40)

 

-

 

-

 

 

(2)

 

-

 

 

(42)

Net income (loss)

 

(6)

 

(262)

 

3,268

 

 

(401)

 

(2,538)

 

 

61

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

attributable to noncontrolling interests

 

-

 

-

 

-

 

 

67

 

-

 

 

67

Net income (loss) attributable to AIG

$

(6)

$

(262)

$

3,268

 

$

(468)

$

(2,538)

 

$

(6)

 

 

American

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International

 

Validus

 

 

 

 

 

 

Reclassifications

 

 

 

 

 

Group, Inc.

 

Holdings,

 

 

 

 

Other

 

and

 

 

Consolidated

(in millions)

 

(As Guarantor)

 

Ltd.

 

AIGLH

 

 

Subsidiaries

 

Eliminations

 

 

AIG

Year Ended December 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of consolidated subsidiaries(a)

$

(149)

$

-

$

1,328

(b)

$

-

$

(1,179)

(b)

$

-

Other income

 

891

 

-

 

-

 

 

48,802

 

(173)

 

 

49,520

Total revenues

 

742

 

-

 

1,328

 

 

48,802

 

(1,352)

 

 

49,520

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

949

 

-

 

50

 

 

176

 

(7)

 

 

1,168

(Gain) loss on extinguishment of debt

 

2

 

-

 

-

 

 

(7)

 

-

 

 

(5)

Other expenses

 

952

 

-

 

2

 

 

46,116

 

(179)

 

 

46,891

Total expenses

 

1,903

 

-

 

52

 

 

46,285

 

(186)

 

 

48,054

Income (loss) from continuing operations before income tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

expense (benefit)

 

(1,161)

 

-

 

1,276

 

 

2,517

 

(1,166)

 

 

1,466

Income tax expense (benefit)

 

4,922

 

-

 

(3)

 

 

2,607

 

-

 

 

7,526

Income (loss) from continuing operations

 

(6,083)

 

-

 

1,279

 

 

(90)

 

(1,166)

 

 

(6,060)

Income (loss) from discontinued operations, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

of income taxes

 

(1)

 

-

 

-

 

 

5

 

-

 

 

4

Net income (loss)

 

(6,084)

 

-

 

1,279

 

 

(85)

 

(1,166)

 

 

(6,056)

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

attributable to noncontrolling interests

 

-

 

-

 

-

 

 

28

 

-

 

 

28

Net income (loss) attributable to AIG

$

(6,084)

$

-

$

1,279

 

$

(113)

$

(1,166)

 

$

(6,084)

(a)Eliminated in consolidation.

(b)Equity in earnings of consolidated subsidiaries amounts for AIGLH and Reclassifications and Eliminations in 2018 have been revised from $2.8 billion to $3.4 billion and from $(2.0) billion to $(2.5) billion, respectively, to correct Total revenues in 2018. Equity in earnings of consolidated subsidiaries amounts for AIGLH and Reclassifications and Eliminations in 2017 have been revised from $1.9 billion to $1.3 billion and from $(1.8) billion to $(1.2) billion, respectively, to correct Total revenues in 2017. These corrections in 2018 and 2017 have no impact on AIG’s consolidated financial statements and are not considered material to previously issued financial statements.

Condensed Consolidating Statements of Comprehensive Income (Loss)

 

 

American

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International

 

Validus

 

 

 

 

 

 

 

Reclassifications

 

 

 

 

 

Group, Inc.

 

Holdings,

 

 

 

 

Other

 

 

and

 

 

Consolidated

(in millions)

 

(As Guarantor)

 

Ltd.

 

AIGLH

 

 

Subsidiaries

 

 

Eliminations

 

 

AIG

Year Ended December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

3,348

$

277

$

278

 

$

4,757

 

$

(4,491)

 

$

4,169

Other comprehensive income (loss)

 

6,395

 

1

 

6,209

 

 

6,370

 

 

(12,560)

 

 

6,415

Comprehensive income (loss)

 

9,743

 

278

 

6,487

 

 

11,127

 

 

(17,051)

 

 

10,584

Total comprehensive income attributable to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

noncontrolling interests

 

-

 

-

 

-

 

 

841

 

 

-

 

 

841

Comprehensive income (loss) attributable to AIG

$

9,743

$

278

$

6,487

 

$

10,286

 

$

(17,051)

 

$

9,743

Year Ended December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

(6)

$

(262)

$

3,268

(a)

$

(401)

 

$

(2,538)

(a)

$

61

Other comprehensive income (loss)

 

(6,302)

 

-

 

(4,555)

(b)

 

(6,810)

(b)

 

11,374

(b)

 

(6,293)

Comprehensive income (loss)

 

(6,308)

 

(262)

 

(1,287)

 

 

(7,211)

 

 

8,836

 

 

(6,232)

Total comprehensive income attributable to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

noncontrolling interests

 

-

 

-

 

-

 

 

76

 

 

-

 

 

76

Comprehensive income (loss) attributable to AIG

$

(6,308)

$

(262)

$

(1,287)

 

$

(7,287)

 

$

8,836

 

$

(6,308)

Year Ended December 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

(6,084)

$

-

$

1,279

(a)

$

(85)

 

$

(1,166)

(a)

$

(6,056)

Other comprehensive income (loss)

 

2,235

 

-

 

1,844

(b)

 

2,021

(b)

 

(3,865)

(b)

 

2,235

Comprehensive income (loss)

 

(3,849)

 

-

 

3,123

 

 

1,936

 

 

(5,031)

 

 

(3,821)

Total comprehensive income attributable to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

noncontrolling interests

 

-

 

-

 

-

 

 

28

 

 

-

 

 

28

Comprehensive income (loss) attributable to AIG

$

(3,849)

$

-

$

3,123

 

$

1,908

 

$

(5,031)

 

$

(3,849)

(a)Net income (loss) amounts for AIGLH and Reclassifications and Eliminations in 2018 have been revised from $2.8 billion to $3.3 billion and from $(2.0) billion to $(2.5) billion, respectively, to correct Comprehensive income (loss) in 2018. Net income (loss) amounts for AIGLH and Reclassifications and Eliminations in 2017 have been revised from $1.9 billion to $1.3 billion and from $(1.8) billion to $(1.2) billion, respectively, to correct Comprehensive income (loss) in 2017. These corrections in 2018 and 2017 have no impact on AIG’s consolidated financial statements and are not considered material to previously issued financial statements. (b)The Other comprehensive income (loss) amounts for AIGLH, Other Subsidiaries, and Reclassifications and Eliminations in 2018 have been revised from $2.5 billion to $(4.6) billion, from $12.3 billion to $(6.8) billion, and from $(14.8) billion to $11.4 billion, respectively, to correct Comprehensive income (loss) in 2018. The Other comprehensive income (loss) amounts for AIGLH, Other Subsidiaries, and Reclassifications and Eliminations in 2017 have been revised from $7.8 billion to $1.8 billion, from $17.8 billion to $2.0 billion, and from $(25.7) billion to $(3.9) billion, respectively, to correct Comprehensive income (loss) in 2017. These corrections in 2018 and 2017 have no impact on AIG’s consolidated financial statements and are not considered material to previously issued financial statements.Condensed Consolidating Statements of Cash Flows

 

 

American

 

 

 

 

 

 

 

 

 

 

 

 

International

 

Validus

 

 

 

 

Reclassifications

 

 

 

 

Group, Inc.

 

Holdings,

 

 

 

Other

 

and

Consolidated

(in millions)

(As Guarantor)

 

Ltd.

 

AIGLH

 

Subsidiaries

 

Eliminations

 

AIG

Year Ended December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Net cash (used in) provided by operating activities

$

3,484

$

187

$

1,470

$

(1,439)

$

(4,630)

$

(928)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

Sales of investments

 

2,313

 

2

 

-

 

63,830

 

(583)

 

65,562

Sales of divested businesses, net

 

-

 

-

 

-

 

2

 

-

 

2

Purchase of investments

 

(2,957)

 

-

 

-

 

(66,535)

 

583

 

(68,909)

Loans to subsidiaries - net

 

513

 

-

 

-

 

(93)

 

(420)

 

-

Contributions from (to) subsidiaries - net

 

(237)

 

-

 

-

 

-

 

237

 

-

Net change in short-term investments

 

(2,170)

 

-

 

-

 

(1,463)

 

-

 

(3,633)

Other, net

 

67

 

-

 

-

 

1,436

 

-

 

1,503

Net cash (used in) provided by investing activities

 

(2,471)

 

2

 

-

 

(2,823)

 

(183)

 

(5,475)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of long-term debt and debt of

 

 

 

 

 

 

 

 

 

 

 

 

consolidated investment entities

 

595

 

-

 

-

 

3,286

 

-

 

3,881

Repayments of long-term debt and debt of

 

 

 

 

 

 

 

 

 

 

 

 

consolidated investment entities

 

(1,006)

 

-

 

-

 

(2,196)

 

-

 

(3,202)

Issuance of preferred stock

 

485

 

-

 

-

 

-

 

-

 

485

Purchase of common stock

 

-

 

-

 

-

 

-

 

-

 

-

Intercompany loans - net

 

93

 

-

 

-

 

(513)

 

420

 

-

Cash dividends paid on preferred stock

 

(22)

 

-

 

-

 

-

 

-

 

(22)

Cash dividends paid on common stock

 

(1,114)

 

(190)

 

(1,470)

 

(2,970)

 

4,630

 

(1,114)

Other, net

 

(66)

 

-

 

-

 

6,654

 

(237)

 

6,351

Net cash (used in) provided by financing activities

 

(1,035)

 

(190)

 

(1,470)

 

4,261

 

4,813

 

6,379

Effect of exchange rate changes on cash and

 

 

 

 

 

 

 

 

 

 

 

 

restricted cash

 

-

 

-

 

-

 

16

 

-

 

16

Change in cash and restricted cash

 

(22)

 

(1)

 

-

 

15

 

-

 

(8)

Cash and restricted cash at beginning of year

 

127

 

9

 

9

 

3,213

 

-

 

3,358

Change in cash of businesses held for sale

 

-

 

-

 

-

 

(63)

 

-

 

(63)

Cash and restricted cash at end of year

$

105

$

8

$

9

$

3,165

$

-

$

3,287

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

Net cash (used in) provided by operating activities

$

1,256

$

656

$

2,445

$

1,651

$

(5,947)

$

61

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

Sales of investments

 

5,587

 

13

 

-

 

59,918

 

(3,206)

 

62,312

Sales of divested businesses, net

 

-

 

-

 

-

 

10

 

-

 

10

Purchase of investments

 

(1,980)

 

-

 

-

 

(59,778)

 

3,206

 

(58,552)

Loans to subsidiaries - net

 

868

 

-

 

-

 

(90)

 

(778)

 

-

Contributions from (to) subsidiaries - net

 

1

 

-

 

-

 

-

 

(1)

 

-

Acquisition of businesses, net of cash and

 

 

 

 

 

 

 

 

 

 

 

 

restricted cash acquired

 

(5,475)

 

112

 

-

 

(354)

 

-

 

(5,717)

Net change in short-term investments

 

1,533

 

-

 

-

 

(9)

 

-

 

1,524

Other, net

 

(73)

 

-

 

-

 

273

 

-

 

200

Net cash (used in) provided by investing activities

 

461

 

125

 

-

 

(30)

 

(779)

 

(223)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of long-term debt and debt of

 

 

 

 

 

 

 

 

 

 

 

 

consolidated investment entities

 

2,470

 

-

 

-

 

2,264

 

-

 

4,734

Repayments of long-term debt and debt of

 

 

 

 

 

 

 

 

 

 

 

 

consolidated investment entities

 

(1,493)

 

(350)

 

-

 

(1,829)

 

-

 

(3,672)

Purchase of common stock

 

(1,739)

 

-

 

-

 

-

 

-

 

(1,739)

Intercompany loans - net

 

90

 

-

 

-

 

(868)

 

778

 

-

Cash dividends paid on common stock

 

(1,138)

 

(6)

 

(2,456)

 

(3,485)

 

5,947

 

(1,138)

Other, net

 

212

 

(416)

 

-

 

2,812

 

1

 

2,609

Net cash (used in) provided by financing activities

 

(1,598)

 

(772)

 

(2,456)

 

(1,106)

 

6,726

 

794

Effect of exchange rate changes on cash and

 

 

 

 

 

 

 

 

 

 

 

 

restricted cash

 

-

 

-

 

-

 

(11)

 

-

 

(11)

Change in cash and restricted cash

 

119

 

9

 

(11)

 

504

 

-

 

621

Cash and restricted cash at beginning of year

 

8

 

-

 

20

 

2,709

 

-

 

2,737

Cash and restricted cash at end of year

$

127

$

9

$

9

$

3,213

$

-

$

3,358

 

 

American

 

 

 

 

 

 

 

 

 

 

 

 

International

 

Validus

 

 

 

 

Reclassifications

 

 

 

 

Group, Inc.

 

Holdings,

 

 

 

Other

 

and

 

Consolidated

(in millions)

(As Guarantor)

 

Ltd.

 

AIGLH

 

Subsidiaries

 

Eliminations

 

AIG

Year Ended December 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

Net cash (used in) provided by operating activities

$

36

$

-

$

1,413

$

(6,659)

$

(2,608)

$

(7,818)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

Sales of investments

 

5,821

 

-

 

-

 

74,477

 

(3,758)

 

76,540

Sales of divested businesses, net

 

40

 

-

 

-

 

752

 

-

 

792

Purchase of investments

 

(2,465)

 

-

 

-

 

(64,539)

 

3,758

 

(63,246)

Loans to subsidiaries - net

 

199

 

-

 

-

 

63

 

(262)

 

-

Contributions from (to) subsidiaries - net

 

2,446

 

-

 

-

 

-

 

(2,446)

 

-

Net change in short-term investments

 

1,994

 

-

 

-

 

104

 

-

 

2,098

Other, net

 

(183)

 

-

 

(5)

 

(1,955)

 

-

 

(2,143)

Net cash (used in) provided by investing activities

 

7,852

 

-

 

(5)

 

8,902

 

(2,708)

 

14,041

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of long-term debt and debt of

 

 

 

 

 

 

 

 

 

 

 

 

consolidated investment entities

 

1,505

 

-

 

-

 

1,851

 

-

 

3,356

Repayments of long-term debt and debt of

 

 

 

 

 

 

 

 

 

 

 

 

consolidated investment entities

 

(1,724)

 

-

 

-

 

(1,974)

 

-

 

(3,698)

Purchase of common stock

 

(6,275)

 

-

 

-

 

-

 

-

 

(6,275)

Intercompany loans - net

 

(63)

 

-

 

-

 

(199)

 

262

 

-

Cash dividends paid on common stock

 

(1,172)

 

-

 

(1,422)

 

(1,186)

 

2,608

 

(1,172)

Other, net

 

(154)

 

-

 

-

 

(200)

 

2,446

 

2,092

Net cash (used in) provided by financing activities

 

(7,883)

 

-

 

(1,422)

 

(1,708)

 

5,316

 

(5,697)

Effect of exchange rate changes on cash and

 

 

 

 

 

 

 

 

 

 

 

 

restricted cash

 

-

 

-

 

-

 

(29)

 

-

 

(29)

Change in cash and restricted cash

 

5

 

-

 

(14)

 

506

 

-

 

497

Cash and restricted cash at beginning of year

 

3

 

-

 

34

 

2,070

 

-

 

2,107

Change in cash of businesses held for sale

 

-

 

-

 

-

 

133

 

-

 

133

Cash and restricted cash at end of year

$

8

$

-

$

20

$

2,709

$

-

$

2,737

Supplementary Disclosure of Condensed Consolidating Cash Flow Information

 

 

American

 

 

 

 

 

 

 

 

 

 

 

 

International

 

Validus

 

 

 

 

Reclassifications

 

 

 

 

Group, Inc.

 

Holdings,

 

 

 

Other

 

and

Consolidated

(in millions)

 

(As Guarantor)

 

Ltd.

 

AIGLH

 

Subsidiaries

 

Eliminations

 

AIG

Year Ended December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Cash

$

2

$

8

$

9

$

2,837

$

-

$

2,856

Restricted cash included in Short-term investments

 

102

 

-

 

-

 

86

 

-

 

188

Restricted cash included in Other assets

 

1

 

-

 

-

 

242

 

-

 

243

Total cash and restricted cash shown in the Condensed

 

 

 

 

 

 

 

 

 

 

 

 

Consolidating Statements of Cash Flows

$

105

$

8

$

9

$

3,165

$

-

$

3,287

Cash (paid) received during the year ended

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2019 for:

 

 

 

 

 

 

 

 

 

 

 

 

Interest:

 

 

 

 

 

 

 

 

 

 

 

 

Third party

$

(941)

$

(22)

$

(50)

$

(313)

$

-

$

(1,326)

Intercompany

 

(3)

 

45

 

-

 

(42)

 

-

 

-

Taxes:

 

 

 

 

 

 

 

 

 

 

 

 

Income tax authorities

$

(11)

$

-

$

-

$

(241)

$

-

$

(252)

Intercompany

 

1,179

 

2

 

-

 

(1,181)

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

Cash

$

2

$

9

$

9

$

2,853

$

-

$

2,873

Restricted cash included in Short-term investments

 

124

 

-

 

-

 

18

 

-

 

142

Restricted cash included in Other assets

 

1

 

-

 

-

 

342

 

-

 

343

Total cash and restricted cash shown in the Condensed

 

 

 

 

 

 

 

 

 

 

 

 

Consolidating Statements of Cash Flows

$

127

$

9

$

9

$

3,213

$

-

$

3,358

Cash (paid) received during the year ended

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2018 for:

 

 

 

 

 

 

 

 

 

 

 

 

Interest:

 

 

 

 

 

 

 

 

 

 

 

 

Third party

$

(914)

$

(17)

$

(48)

$

(333)

$

-

$

(1,312)

Intercompany

 

1

 

-

 

(1)

 

-

 

-

 

-

Taxes:

 

 

 

 

 

 

 

 

 

 

 

 

Income tax authorities

$

(32)

$

-

$

-

$

(122)

$

-

$

(154)

Intercompany

 

895

 

-

 

-

 

(895)

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

Cash

$

3

$

-

$

20

$

2,339

$

-

$

2,362

Restricted cash included in Short-term investments

 

4

 

-

 

-

 

54

 

-

 

58

Restricted cash included in Other assets

 

1

 

-

 

-

 

316

 

-

 

317

Total cash and restricted cash shown in the Condensed

 

 

 

 

 

 

 

 

 

 

 

 

Consolidating Statements of Cash Flows

$

8

$

-

$

20

$

2,709

$

-

$

2,737

Cash (paid) received during the year ended

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2017 for:

 

 

 

 

 

 

 

 

 

 

 

 

Interest:

 

 

 

 

 

 

 

 

 

 

 

 

Third party

$

(948)

$

-

$

(48)

$

(286)

$

-

$

(1,282)

Intercompany

 

-

 

-

 

(1)

 

1

 

-

 

-

Taxes:

 

 

 

 

 

 

 

 

 

 

 

 

Income tax authorities

$

(329)

$

-

$

-

$

(215)

$

-

$

(544)

Intercompany

 

614

 

-

 

-

 

(614)

 

-

 

-

AMERICAN INTERNATIONAL GROUP, INC. (AS GUARANTOR) SUPPLEMENTARY DISCLOSURE OF NON-CASH ACTIVITIES:

Years Ended December 31,

 

 

 

 

 

 

(in millions)

 

2019

 

2018

 

2017

Intercompany non-cash financing and investing activities:

 

 

 

 

 

 

Capital contributions

$

15

$

2,369

$

259

Dividends received in the form of securities

 

702

 

745

 

735

Return of capital

 

15

 

2,706

 

26