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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating activities      
Net Income $ 6,095 $ 4,572 $ 4,807
Adjustments to reconcile net income to net cash provided by operating activities:      
Net gains on financial instruments (318) (182) (67)
Equity in net earnings of other invested assets (562) (51) (93)
Depreciation and amortization 1,302 1,154 1,133
Deferred income taxes 326 (540) 81
Impairment of property and equipment 73 198 0
Share-based compensation 255 283 294
Changes in operating assets and liabilities:      
Receivables, net (2,138) (256) (1,053)
Other invested assets (70) (32) (48)
Other assets 37 (283) (170)
Policy liabilities 2,597 3,528 1,826
Unearned income (113) 202 115
Accounts payable and other liabilities 719 1,978 (445)
Income taxes 140 72 (325)
Other, net 21 45 6
Net cash provided by operating activities 8,364 10,688 6,061
Investing activities      
Purchases of investments (18,669) (19,492) (22,954)
Proceeds from sale of investments 10,269 11,318 18,598
Maturities, calls and redemptions from investments 4,344 4,741 2,437
Changes in securities lending collateral (956) (849) 254
Purchases of subsidiaries, net of cash acquired (3,476) (1,976) 0
Purchases of property and equipment (1,087) (1,021) (1,077)
Other, net (63) (45) (50)
Net cash used in investing activities (9,638) (7,324) (2,792)
Financing activities      
Net proceeds from (repayments of) commercial paper borrowings 50 (150) (297)
Proceeds from long-term borrowings 3,462 2,484 2,473
Repayments of long-term borrowings (1,068) (1,932) (1,123)
Proceeds from short-term borrowings 1,325 970 7,590
Repayments of short-term borrowings (1,050) (1,670) (8,035)
Changes in securities lending payable 956 849 (254)
Repurchase and retirement of common stock (1,900) (2,700) (1,701)
Cash dividends (1,104) (954) (818)
Proceeds from issuance of common stock under employee stock plans 203 176 187
Taxes paid through withholding of common stock under employee stock plans (102) (128) (84)
Other, net (349) 488 (204)
Net cash provided by (used in) financing activities 423 (2,567) (2,266)
Effect of foreign exchange rates on cash and cash equivalents (10) 7 0
Change in cash and cash equivalents (861) 804 1,003
Cash and cash equivalents at beginning of year 5,741 4,937 3,934
Cash and cash equivalents at end of year $ 4,880 $ 5,741 $ 4,937