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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities      
Net Income $ 6,019 $ 6,095 $ 4,572
Adjustments to reconcile net income to net cash provided by operating activities:      
Net losses (gains) on financial instruments 550 (318) (182)
Equity in net earnings of other invested assets (293) (562) (51)
Depreciation and amortization 1,675 1,302 1,154
Deferred income taxes (76) 326 (540)
Impairment of property and equipment 7 73 198
Share-based compensation 264 255 283
Changes in operating assets and liabilities:      
Receivables, net (2,510) (2,138) (256)
Other invested assets 11 (70) (32)
Other assets 120 37 (283)
Policy liabilities 2,254 2,597 3,528
Unearned income (42) (113) 202
Accounts payable and other liabilities 824 719 1,978
Income taxes (338) 140 72
Other, net (66) 21 45
Net cash provided by operating activities 8,399 8,364 10,688
Investing activities      
Purchases of investments (24,946) (18,669) (19,492)
Proceeds from sale of investments 11,988 10,269 11,318
Maturities, calls and redemptions from investments 10,620 4,344 4,741
Changes in securities lending collateral (301) (956) (849)
Purchases of subsidiaries, net of cash acquired (649) (3,476) (1,976)
Purchases of property and equipment (1,152) (1,087) (1,021)
Other, net (120) (63) (45)
Net cash used in investing activities (4,560) (9,638) (7,324)
Financing activities      
Net (repayments of) proceeds from commercial paper borrowings (300) 50 (150)
Proceeds from long-term borrowings 3,071 3,462 2,484
Repayments of long-term borrowings (1,899) (1,068) (1,932)
Proceeds from short-term borrowings 1,365 1,325 970
Repayments of short-term borrowings (1,375) (1,050) (1,670)
Changes in securities lending payable 302 956 849
Changes in bank overdrafts 933 (376) 486
Repurchase and retirement of common stock (2,316) (1,900) (2,700)
Cash dividends (1,229) (1,104) (954)
Proceeds from issuance of common stock under employee stock plans 182 203 176
Taxes paid through withholding of common stock under employee stock plans (93) (102) (128)
Other, net 41 27 2
Net cash (used in) provided by financing activities (1,318) 423 (2,567)
Effect of foreign exchange rates on cash and cash equivalents (14) (10) 7
Change in cash and cash equivalents 2,507 (861) 804
Cash and cash equivalents at beginning of year 4,880 5,741 4,937
Cash and cash equivalents at end of year $ 7,387 $ 4,880 $ 5,741