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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities    
Net income $ 3,074 $ 2,702
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization and other non-cash items 476 376
Realized capital gains and losses (1,183) (17)
Pension and other postretirement remeasurement gains and losses 365 (32)
Gain on disposition of operations (3) (4)
Interest credited to contractholder funds 487 489
Impairment of purchased intangibles 55 0
Changes in:    
Policy benefits and other insurance reserves 29 90
Unearned premiums 813 785
Deferred policy acquisition costs (66) (203)
Premium installment receivables, net (392) (422)
Reinsurance recoverables, net 167 (103)
Income taxes 254 (178)
Other operating assets and liabilities (181) 335
Net cash provided by operating activities 3,895 3,818
Proceeds from sales    
Fixed income securities 23,075 26,223
Equity securities 3,735 4,637
Limited partnership interests 557 490
Other investments 279 234
Investment collections    
Fixed income securities 1,847 2,388
Mortgage loans 451 378
Other investments 203 370
Investment purchases    
Fixed income securities (23,536) (29,049)
Equity securities (6,080) (4,791)
Limited partnership interests (989) (1,317)
Mortgage loans (475) (435)
Other investments (548) (686)
Change in short-term investments, net (1,509) (665)
Change in other investments, net 66 (28)
Purchases of property and equipment, net (293) (195)
Acquisition of operations (18) (10)
Net cash used in investing activities (3,235) (2,456)
Cash flows from financing activities    
Proceeds from issuance of long-term debt 491 498
Redemption and repayment of long-term debt (317) (401)
Proceeds from issuance of preferred stock 1,122 557
Contractholder fund deposits 751 756
Contractholder fund withdrawals (1,278) (1,474)
Dividends paid on common stock (490) (455)
Dividends paid on preferred stock (92) (97)
Treasury stock purchases (936) (1,062)
Shares reissued under equity incentive plans, net 98 66
Other 79 93
Net cash used in financing activities (572) (1,519)
Net increase (decrease) in cash 88 (157)
Cash at beginning of period 499 617
Cash at end of period $ 587 $ 460