20. Condensed Consolidating Financial Information

Principal Life has established special purpose entities to issue secured medium-term notes. Under the program, the payment obligations of principal and interest on the notes are secured by funding agreements issued by Principal Life. Principal Life's payment obligations on the funding agreements are fully and unconditionally guaranteed by PFG. All of the outstanding stock of Principal Life is indirectly owned by PFG and PFG is the only guarantor of the payment obligations of the funding agreements.

The following tables set forth condensed consolidating financial information of (i) PFG, (ii) Principal Life, (iii) Principal Financial Services, Inc. ("PFS") and all other direct and indirect subsidiaries of PFG on a combined basis and (iv) the eliminations necessary to arrive at the information for PFG on a consolidated basis as of December 31, 2015 and December 31, 2014, and for the years ended December 31, 2015, 2014 and 2013.

In presenting the condensed consolidating financial statements, the equity method of accounting has been applied to (i) PFG's interest in all direct subsidiaries of PFG, (ii) Principal Life's interest in all direct subsidiaries of Principal Life and (iii) PFS's interest in Principal Life even though all such subsidiaries meet the requirements to be consolidated under U.S. GAAP. Earnings of subsidiaries are, therefore, reflected in the parent's investment and earnings. All intercompany balances and transactions, including elimination of the parent's investment in subsidiaries, between PFG, Principal Life and PFS and all other subsidiaries have been eliminated, as shown in the column "Eliminations." These condensed consolidating financial statements should be read in conjunction with the consolidated financial statements. The financial information may not necessarily be indicative of results of operations, cash flows or financial position had the subsidiaries operated as independent entities.

Condensed Consolidating Statements of Financial Position
December 31, 2015

	Principal Financial Group, Inc. Parent Only			Principal Life Insurance Company Only		Principal Financial Services, Inc. and Other Subsidiaries Combined			Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Assets
Fixed maturities, available-for-sale	$	—		$	43,862.7	$	6,482.5		$	(378.7	)	$	49,966.5
Fixed maturities, trading		—			436.2		250.6			—			686.8
Equity securities, available-for-sale		—			101.7		2.8			—			104.5
Equity securities, trading		—			0.3		1,202.4			—			1,202.7
Mortgage loans		—			11,696.9		1,155.3			(512.8	)		12,339.4
Real estate		—			6.3		1,445.5			—			1,451.8
Policy loans		—			786.3		30.8			—			817.1
Investment in unconsolidated entities		12,223.4			2,220.5		6,229.8			(20,041.0	)		632.7
Other investments		9.7			3,944.3		1,636.5			(2,971.5	)		2,619.0
Cash and cash equivalents		578.7			1,127.9		1,253.7			(395.5	)		2,564.8
Accrued investment income		—			477.9		76.7			(9.0	)		545.6
Premiums due and other receivables		—			1,512.7		2,465.9			(2,549.3	)		1,429.3
Deferred acquisition costs		—			3,057.3		218.8			—			3,276.1
Property and equipment		—			552.0		81.8			—			633.8
Goodwill		—			54.3		954.7			—			1,009.0
Other intangibles		—			24.6		1,334.6			—			1,359.2
Separate account assets		—			94,762.8		42,216.1			—			136,978.9
Other assets		482.1			878.0		2,997.1			(3,288.5	)		1,068.7

Total assets	$	13,293.9		$	165,502.7	$	70,035.6		$	(30,146.3	)	$	218,685.9


Liabilities
Contractholder funds	$	—		$	33,151.7	$	2,885.1		$	(320.7	)	$	35,716.1
Future policy benefits and claims		—			21,914.0		4,479.3			(536.8	)		25,856.5
Other policyholder funds		—			718.1		88.2			(0.9	)		805.4
Short-term debt		—			—		181.1			—			181.1
Long-term debt		3,247.9			—		536.7			(493.8	)		3,290.8
Income taxes currently payable		—			—		101.9			(83.5	)		18.4
Deferred income taxes		—			415.2		928.9			(646.9	)		697.2
Separate account liabilities		—			94,762.8		42,216.1			—			136,978.9
Other liabilities		734.4			6,330.1		6,323.6			(7,709.7	)		5,678.4

Total liabilities		3,982.3			157,291.9		57,740.9			(9,792.3	)		209,222.8
Redeemable noncontrolling interest		—			—		85.7			—			85.7
Stockholders' equity
Common stock		4.7			2.5		—			(2.5	)		4.7
Additional paid-in capital		9,544.8			5,334.4		9,000.0			(14,334.4	)		9,544.8
Retained earnings		6,875.9			2,232.6		3,522.3			(5,754.9	)		6,875.9
Accumulated other comprehensive income (loss)		(882.5	)		641.3		(383.6	)		(257.7	)		(882.5	)
Treasury stock, at cost		(6,231.3	)		—		—			—			(6,231.3	)

Total stockholders' equity attributable to PFG		9,311.6			8,210.8		12,138.7			(20,349.5	)		9,311.6
Noncontrolling interest		—			—		70.3			(4.5	)		65.8

Total stockholders' equity		9,311.6			8,210.8		12,209.0			(20,354.0	)		9,377.4

Total liabilities and stockholders' equity	$	13,293.9		$	165,502.7	$	70,035.6		$	(30,146.3	)	$	218,685.9

Condensed Consolidating Statements of Financial Position
December 31, 2014

	Principal Financial Group, Inc. Parent Only			Principal Life Insurance Company Only		Principal Financial Services, Inc. and Other Subsidiaries Combined		Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Assets
Fixed maturities, available-for-sale	$	—		$	43,649.7	$	6,411.6	$	(390.5	)	$	49,670.8
Fixed maturities, trading		—			298.5		306.1		—			604.6
Equity securities, available-for-sale		—			108.9		14.1		—			123.0
Equity securities, trading		—			0.3		839.9		—			840.2
Mortgage loans		—			10,972.6		1,188.6		(349.6	)		11,811.6
Real estate		—			7.0		1,337.6		—			1,344.6
Policy loans		—			799.0		30.2		—			829.2
Investment in unconsolidated entities		12,446.5			2,787.9		5,745.7		(20,164.3	)		815.8
Other investments		9.5			3,416.7		1,578.5		(2,610.7	)		2,394.0
Cash and cash equivalents		412.4			602.7		1,253.6		(404.8	)		1,863.9
Accrued investment income		—			449.2		58.1		(1.4	)		505.9
Premiums due and other receivables		—			1,237.4		2,165.6		(2,190.0	)		1,213.0
Deferred acquisition costs		—			2,754.6		238.4		—			2,993.0
Property and equipment		—			505.8		84.4		—			590.2
Goodwill		—			54.3		953.1		—			1,007.4
Other intangibles		—			25.7		1,297.8		—			1,323.5
Separate account assets		—			94,328.4		45,744.4		—			140,072.8
Other assets		450.7			873.2		2,768.6		(3,009.0	)		1,083.5

Total assets	$	13,319.1		$	162,871.9	$	72,016.3	$	(29,120.3	)	$	219,087.0


Liabilities
Contractholder funds	$	—		$	33,428.3	$	1,607.5	$	(309.1	)	$	34,726.7
Future policy benefits and claims		—			19,768.1		4,718.2		(449.7	)		24,036.6
Other policyholder funds		—			742.8		70.4		(0.5	)		812.7
Short-term debt		—			—		28.0		—			28.0
Long-term debt		2,448.9			—		417.5		(335.2	)		2,531.2
Income taxes currently payable		—			—		83.1		(71.6	)		11.5
Deferred income taxes		—			629.9		1,022.5		(617.1	)		1,035.3
Separate account liabilities		—			94,328.4		45,744.4		—			140,072.8
Other liabilities		686.2			5,793.0		5,845.5		(6,782.5	)		5,542.2

Total liabilities		3,135.1			154,690.5		59,537.1		(8,565.7	)		208,797.0
Redeemable noncontrolling interest		—			—		58.0		—			58.0
Stockholders' equity
Series A preferred stock		—			—		—		—			—
Series B preferred stock		0.1			—		—		—			0.1
Common stock		4.6			2.5		—		(2.5	)		4.6
Additional paid-in capital		9,945.5			5,275.0		8,964.2		(14,239.2	)		9,945.5
Retained earnings		6,114.1			1,817.2		2,858.6		(4,675.8	)		6,114.1
Accumulated other comprehensive income		50.4			1,086.7		545.9		(1,632.6	)		50.4
Treasury stock, at cost		(5,930.7	)		—		—		—			(5,930.7	)

Total stockholders' equity attributable to PFG		10,184.0			8,181.4		12,368.7		(20,550.1	)		10,184.0
Noncontrolling interest		—			—		52.5		(4.5	)		48.0

Total stockholders' equity		10,184.0			8,181.4		12,421.2		(20,554.6	)		10,232.0

Total liabilities and stockholders' equity	$	13,319.1		$	162,871.9	$	72,016.3	$	(29,120.3	)	$	219,087.0

Condensed Consolidating Statements of Operations
For the year ended December 31, 2015

	Principal Financial Group, Inc. Parent Only			Principal Life Insurance Company Only			Principal Financial Services, Inc. and Other Subsidiaries Combined			Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Revenues
Premiums and other considerations	$	—		$	4,950.0		$	360.3		$	—		$	5,310.3
Fees and other revenues		—			2,014.1			2,037.1			(398.1	)		3,653.1
Net investment income		1.6			2,164.0			1,632.5			(746.0	)		3,052.1
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities		—			357.2			(378.1	)		—			(20.9	)
Net other-than-temporary impairment losses on available-for-sale securities		—			(0.4	)		(0.4	)		—			(0.8	)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified from other comprehensive income		—			(29.4	)		—			—			(29.4	)

Net impairment losses on available-for-sale securities		—			(29.8	)		(0.4	)		—			(30.2	)

Net realized capital gains (losses)		—			327.4			(378.5	)		—			(51.1	)

Total revenues		1.6			9,455.5			3,651.4			(1,144.1	)		11,964.4
Expenses
Benefits, claims and settlement expenses		—			6,047.1			661.9			(11.3	)		6,697.7
Dividends to policyholders		—			163.5			—			—			163.5
Operating expenses		175.4			2,189.2			1,643.3			(335.5	)		3,672.4

Total expenses		175.4			8,399.8			2,305.2			(346.8	)		10,533.6

Income (loss) before income taxes		(173.8	)		1,055.7			1,346.2			(797.3	)		1,430.8
Income taxes (benefits)		(71.2	)		235.7			14.7			(1.6	)		177.6
Equity in the net income of subsidiaries		1,336.6			114.6			17.4			(1,468.6	)		—

Net income		1,234.0			934.6			1,348.9			(2,264.3	)		1,253.2
Net income attributable to noncontrolling interest		—			—			19.2			—			19.2

Net income attributable to PFG		1,234.0			934.6			1,329.7			(2,264.3	)		1,234.0
Preferred stock dividends		16.5			—			—			—			16.5
Excess of redemption value over carrying value of preferred shares redeemed		8.2			—			—			—			8.2

Net income available to common stockholders	$	1,209.3		$	934.6		$	1,329.7		$	(2,264.3	)	$	1,209.3


Net income	$	1,234.0		$	934.6		$	1,348.9		$	(2,264.3	)	$	1,253.2
Other comprehensive loss		(988.0	)		(446.9	)		(935.0	)		1,426.8			(943.1	)

Comprehensive income	$	246.0		$	487.7		$	413.9		$	(837.5	)	$	310.1

Condensed Consolidating Statements of Operations
For the year ended December 31, 2014

	Principal Financial Group, Inc. Parent Only			Principal Life Insurance Company Only			Principal Financial Services, Inc. and Other Subsidiaries Combined			Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Revenues
Premiums and other considerations	$	—		$	3,329.2		$	393.7		$	—		$	3,722.9
Fees and other revenues		—			1,892.5			1,981.3			(391.7	)		3,482.1
Net investment income		0.5			2,288.3			1,738.2			(769.1	)		3,257.9
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities		—			1,117.6			(1,024.9	)		—			92.7
Net other-than-temporary impairment (losses) recoveries on available-for-sale securities		—			33.0			(9.2	)		—			23.8
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to (from) other comprehensive income		—			(102.1	)		0.3			—			(101.8	)

Net impairment losses on available-for-sale securities		—			(69.1	)		(8.9	)		—			(78.0	)

Net realized capital gains (losses)		—			1,048.5			(1,033.8	)		—			14.7

Total revenues		0.5			8,558.5			3,079.4			(1,160.8	)		10,477.6
Expenses
Benefits, claims and settlement expenses		—			4,521.2			721.3			(11.5	)		5,231.0
Dividends to policyholders		—			177.4			—			—			177.4
Operating expenses		144.3			2,168.8			1,589.3			(328.1	)		3,574.3

Total expenses		144.3			6,867.4			2,310.6			(339.6	)		8,982.7

Income (loss) before income taxes		(143.8	)		1,691.1			768.8			(821.2	)		1,494.9
Income taxes (benefits)		(86.3	)		426.8			(19.8	)		(2.2	)		318.5
Equity in the net income (loss) of subsidiaries		1,201.6			(306.8	)		449.6			(1,344.4	)		—

Net income		1,144.1			957.5			1,238.2			(2,163.4	)		1,176.4
Net income attributable to noncontrolling interest		—			—			32.3			—			32.3

Net income attributable to PFG		1,144.1			957.5			1,205.9			(2,163.4	)		1,144.1
Preferred stock dividends		33.0			—			—			—			33.0

Net income available to common stockholders	$	1,111.1		$	957.5		$	1,205.9		$	(2,163.4	)	$	1,111.1


Net income	$	1,144.1		$	957.5		$	1,238.2		$	(2,163.4	)	$	1,176.4
Other comprehensive income (loss)		(198.8	)		367.7			180.3			(493.3	)		(144.1	)

Comprehensive income	$	945.3		$	1,325.2		$	1,418.5		$	(2,656.7	)	$	1,032.3

Condensed Consolidating Statements of Operations
For the year ended December 31, 2013

	Principal Financial Group, Inc. Parent Only			Principal Life Insurance Company Only			Principal Financial Services, Inc. and Other Subsidiaries Combined			Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Revenues
Premiums and other considerations	$	—		$	2,788.1		$	366.0		$	—		$	3,154.1
Fees and other revenues		—			1,723.8			1,855.0			(356.6	)		3,222.2
Net investment income		0.4			2,354.5			753.8			29.7			3,138.4
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities		6.3			(779.5	)		663.9			0.1			(109.2	)
Net other-than-temporary impairment losses on available-for-sale securities		—			(85.6	)		(5.9	)		—			(91.5	)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified from other comprehensive income		—			(17.0	)		(7.5	)		—			(24.5	)

Net impairment losses on available-for-sale securities		—			(102.6	)		(13.4	)		—			(116.0	)

Net realized capital gains (losses)		6.3			(882.1	)		650.5			0.1			(225.2	)

Total revenues		6.7			5,984.3			3,625.3			(326.8	)		9,289.5
Expenses
Benefits, claims and settlement expenses		—			4,056.6			639.2			(12.2	)		4,683.6
Dividends to policyholders		—			189.0			—			—			189.0
Operating expenses		140.5			1,887.7			1,567.5			(302.8	)		3,292.9

Total expenses		140.5			6,133.3			2,206.7			(315.0	)		8,165.5

Income (loss) before income taxes		(133.8	)		(149.0	)		1,418.6			(11.8	)		1,124.0
Income taxes (benefits)		(54.0	)		(167.5	)		412.6			(3.2	)		187.9
Equity in the net income of subsidiaries		992.5			678.1			10.1			(1,680.7	)		—

Net income		912.7			696.6			1,016.1			(1,689.3	)		936.1
Net income attributable to noncontrolling interest		—			—			23.6			(0.2	)		23.4

Net income attributable to PFG		912.7			696.6			992.5			(1,689.1	)		912.7
Preferred stock dividends		33.0			—			—			—			33.0

Net income available to common stockholders	$	879.7		$	696.6		$	992.5		$	(1,689.1	)	$	879.7


Net income	$	912.7		$	696.6		$	1,016.1		$	(1,689.3	)	$	936.1
Other comprehensive loss		(450.1	)		(146.6	)		(300.1	)		424.9			(471.9	)

Comprehensive income	$	462.6		$	550.0		$	716.0		$	(1,264.4	)	$	464.2

Condensed Consolidating Statements of Cash Flows
For the year ended December 31, 2015

	Principal Financial Group, Inc. Parent Only			Principal Life Insurance Company Only			Principal Financial Services, Inc. and Other Subsidiaries Combined			Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Operating activities
Net cash provided by (used in) operating activities	$	(85.1	)	$	3,803.0		$	317.0		$	342.2		$	4,377.1
Investing activities
Available-for-sale securities:
Purchases		—			(8,835.2	)		(1,085.1	)		—			(9,920.3	)
Sales		—			1,017.2			546.4			(0.6	)		1,563.0
Maturities		—			5,847.9			778.0			—			6,625.9
Mortgage loans acquired or originated		—			(2,177.1	)		(325.8	)		227.8			(2,275.1	)
Mortgage loans sold or repaid		—			1,441.8			307.6			(62.1	)		1,687.3
Real estate acquired		—			(0.3	)		(321.7	)		—			(322.0	)
Net purchases of property and equipment		—			(109.3	)		(27.1	)		—			(136.4	)
Purchases of interests in subsidiaries, net of cash acquired		—			—			(291.2	)		—			(291.2	)
Dividends and returns of capital received from (contributed to) unconsolidated entities		685.5			(1.5	)		485.6			(1,169.6	)		—
Net change in other investments		5.4			555.0			(319.8	)		(339.4	)		(98.8	)

Net cash provided by (used in) investing activities		690.9			(2,261.5	)		(253.1	)		(1,343.9	)		(3,167.6	)
Financing activities
Issuance of common stock		76.1			—			—			—			76.1
Acquisition of treasury stock		(300.6	)		—			—			—			(300.6	)
Proceeds from financing element derivatives		—			0.3			—			—			0.3
Payments for financing element derivatives		—			(82.0	)		—			—			(82.0	)
Excess tax benefits from share-based payment arrangements		0.7			5.7			9.3			—			15.7
Purchase of subsidiary shares from noncontrolling interest		—			—			(23.4	)		0.9			(22.5	)
Sale of subsidiary shares to noncontrolling interest		—			—			0.9			(0.9	)		—
Dividends to common stockholders		(441.0	)		—			—			—			(441.0	)
Dividends to preferred stockholders		(16.5	)		—			—			—			(16.5	)
Preferred stock redemption		(550.0	)		—			—			—			(550.0	)
Issuance of long-term debt		791.8			—			235.5			(222.4	)		804.9
Principal repayments of long-term debt		—			—			(116.4	)		63.8			(52.6	)
Net proceeds from short-term borrowings		—			—			157.0			—			157.0
Dividends and capital paid to parent		—			(485.6	)		(684.0	)		1,169.6			—
Investment contract deposits		—			6,214.8			277.5			—			6,492.3
Investment contract withdrawals		—			(6,655.5	)		(11.3	)		—			(6,666.8	)
Net increase in banking operation deposits		—			—			91.1			—			91.1
Other		—			(14.0	)		—			—			(14.0	)

Net cash used in financing activities		(439.5	)		(1,016.3	)		(63.8	)		1,011.0			(508.6	)

Net increase in cash and cash equivalents		166.3			525.2			0.1			9.3			700.9
Cash and cash equivalents at beginning of period		412.4			602.7			1,253.6			(404.8	)		1,863.9

Cash and cash equivalents at end of period	$	578.7		$	1,127.9		$	1,253.7		$	(395.5	)	$	2,564.8

Condensed Consolidating Statements of Cash Flows
For the year ended December 31, 2014

	Principal Financial Group, Inc. Parent Only			Principal Life Insurance Company Only			Principal Financial Services, Inc. and Other Subsidiaries Combined			Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Operating activities
Net cash provided by (used in) operating activities	$	(81.6	)	$	2,461.0		$	1,205.0		$	(481.5	)	$	3,102.9
Investing activities
Available-for-sale securities:
Purchases		—			(8,038.3	)		(1,025.9	)		10.2			(9,054.0	)
Sales		—			2,066.1			445.9			—			2,512.0
Maturities		—			5,696.6			548.1			—			6,244.7
Mortgage loans acquired or originated		—			(2,141.0	)		(188.6	)		160.0			(2,169.6	)
Mortgage loans sold or repaid		—			1,658.3			254.8			(119.5	)		1,793.6
Real estate acquired		—			(0.8	)		(280.9	)		—			(281.7	)
Net purchases of property and equipment		—			(115.1	)		(20.9	)		—			(136.0	)
Dividends and returns of capital received from unconsolidated entities		917.7			255.2			867.7			(2,040.6	)		—
Net change in other investments		(0.7	)		175.7			(290.7	)		34.0			(81.7	)

Net cash provided by (used in) investing activities		917.0			(443.3	)		309.5			(1,955.9	)		(1,172.7	)
Financing activities
Issuance of common stock		77.5			—			—			—			77.5
Acquisition of treasury stock		(222.7	)		—			—			—			(222.7	)
Proceeds from financing element derivatives		—			15.1			—			—			15.1
Payments for financing element derivatives		—			(58.0	)		—			—			(58.0	)
Excess tax benefits from share-based payment arrangements		0.3			4.2			5.2			—			9.7
Purchase of subsidiary shares from noncontrolling interest		—			—			(227.5	)		0.5			(227.0	)
Sale of subsidiary shares to noncontrolling interest		—			—			0.5			(0.5	)		—
Dividends to common stockholders		(376.6	)		—			—			—			(376.6	)
Dividends to preferred stockholders		(33.0	)		—			—			—			(33.0	)
Issuance of long-term debt		—			—			140.9			(102.4	)		38.5
Principal repayments of long-term debt		—			(100.0	)		(81.1	)		80.8			(100.3	)
Net repayments of short-term borrowings		—			—			(118.3	)		—			(118.3	)
Dividends and capital paid to parent		—			(867.7	)		(1,172.9	)		2,040.6			—
Investment contract deposits		—			5,349.1			289.3			—			5,638.4
Investment contract withdrawals		—			(7,088.8	)		(10.4	)		—			(7,099.2	)
Net increase in banking operation deposits		—			—			30.7			—			30.7
Other		—			(1.1	)		(11.8	)		—			(12.9	)

Net cash used in financing activities		(554.5	)		(2,747.2	)		(1,155.4	)		2,019.0			(2,438.1	)

Net increase (decrease) in cash and cash equivalents		280.9			(729.5	)		359.1			(418.4	)		(507.9	)
Cash and cash equivalents at beginning of period		131.5			1,332.2			894.5			13.6			2,371.8

Cash and cash equivalents at end of period	$	412.4		$	602.7		$	1,253.6		$	(404.8	)	$	1,863.9

Condensed Consolidating Statements of Cash Flows
For the year ended December 31, 2013

	Principal Financial Group, Inc. Parent Only			Principal Life Insurance Company Only			Principal Financial Services, Inc. and Other Subsidiaries Combined			Eliminations			Principal Financial Group, Inc. Consolidated
	(in millions)
Operating activities
Net cash provided by (used in) operating activities	$	(42.8	)	$	2,271.7		$	(170.1	)	$	162.4		$	2,221.2
Investing activities
Available-for-sale securities:
Purchases		—			(7,850.8	)		(1,186.1	)		11.7			(9,025.2	)
Sales		—			1,536.0			434.0			(50.9	)		1,919.1
Maturities		—			6,433.3			925.9			—			7,359.2
Mortgage loans acquired or originated		—			(2,378.4	)		(202.2	)		387.7			(2,192.9	)
Mortgage loans sold or repaid		—			1,918.0			634.3			(457.2	)		2,095.1
Real estate acquired		—			—			(85.6	)		—			(85.6	)
Net purchases of property and equipment		—			(52.4	)		(7.0	)		—			(59.4	)
Purchase of interests in subsidiaries, net of cash acquired		—			—			(1,268.3	)		—			(1,268.3	)
Dividends and returns of capital received from (contributions to) unconsolidated entities		319.5			444.2			319.5			(1,083.2	)		—
Net change in other investments		(3.1	)		56.1			(70.2	)		48.9			31.7

Net cash provided by (used in) investing activities		316.4			106.0			(505.7	)		(1,143.0	)		(1,226.3	)
Financing activities
Issuance of common stock		125.8			—			—			—			125.8
Acquisition of treasury stock		(153.6	)		—			—			—			(153.6	)
Proceeds from financing element derivatives		—			47.0			—			—			47.0
Payments for financing element derivatives		—			(48.0	)		—			—			(48.0	)
Excess tax benefits from share-based payment arrangements		—			3.1			7.0			—			10.1
Purchase of subsidiary shares from noncontrolling interest		—			—			(52.9	)		—			(52.9	)
Sale of subsidiary shares to noncontrolling interest		—			—			31.8			—			31.8
Dividends to common stockholders		(288.4	)		—			—			—			(288.4	)
Dividends to preferred stockholders		(33.0	)		—			—			—			(33.0	)
Issuance of long-term debt		—			—			38.2			—			38.2
Principal repayments of long-term debt		—			—			(214.4	)		(3.8	)		(218.2	)
Net proceeds from short-term borrowings		—			—			108.0			—			108.0
Dividends and capital received from (paid to) parent		—			(249.5	)		(763.7	)		1,013.2			—
Investment contract deposits		—			6,355.1			361.2			—			6,716.3
Investment contract withdrawals		—			(8,846.6	)		(6.1	)		—			(8,852.7	)
Net decrease in banking operation deposits		—			—			(225.7	)		—			(225.7	)
Other		—			(5.0	)		—			—			(5.0	)

Net cash used in financing activities		(349.2	)		(2,743.9	)		(716.6	)		1,009.4			(2,800.3	)

Net decrease in cash and cash equivalents		(75.6	)		(366.2	)		(1,392.4	)		28.8			(1,805.4	)
Cash and cash equivalents at beginning of period		207.1			1,698.4			2,286.9			(15.2	)		4,177.2

Cash and cash equivalents at end of period	$	131.5		$	1,332.2		$	894.5		$	13.6		$	2,371.8

On May 7, 2014, our shelf registration statement was filed with the SEC and became effective replacing the shelf registration that had been in effect since May 2011. Under our current shelf registration, we have the ability to issue in unlimited amounts, unsecured senior debt securities or subordinated debt securities, junior subordinated debt, preferred stock, common stock, warrants, depository shares, stock purchase contracts and stock purchase units of PFG, trust preferred securities of three subsidiary trusts and guarantees by PFG of these trust preferred securities. Our wholly owned subsidiary, PFS, may guarantee, fully and unconditionally or otherwise, our obligations with respect to any non-convertible securities, other than common stock, described in the shelf registration.

The following tables set forth condensed consolidating financial information of (i) PFG, (ii) PFS, (iii) Principal Life and all other direct and indirect subsidiaries of PFG on a combined basis and (iv) the eliminations necessary to arrive at the information for PFG on a consolidated basis as of December 31, 2015 and December 31, 2014, and for the years ended December 31, 2015, 2014 and 2013.

In presenting the condensed consolidating financial statements, the equity method of accounting has been applied to (i) PFG's interest in all direct subsidiaries of PFG and (ii) PFS's interest in Principal Life and all other subsidiaries, where applicable, even though all such subsidiaries meet the requirements to be consolidated under U.S. GAAP. Earnings of subsidiaries are, therefore, reflected in the parent's investment and earnings. All intercompany balances and transactions, including elimination of the parent's investment in subsidiaries, between PFG, PFS and Principal Life and all other subsidiaries have been eliminated, as shown in the column "Eliminations." These condensed consolidating financial statements should be read in conjunction with the consolidated financial statements. The financial information may not necessarily be indicative of results of operations, cash flows or financial position had the subsidiaries operated as independent entities.