XML 37 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash Flows from Operating Activities      
Net Income $ 2,232 $ 1,843 $ 2,077
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation and amortization 566 610 585
Realized investment (gains) losses (237) (169) (57)
Deferred income taxes (benefits) 242 74 21
Net changes in assets and liabilities, net of non-operating effects:      
Premiums, accounts and notes receivable (233) 663 (945)
Reinsurance recoverables 214 142 55
Deferred policy acquisition costs (282) (213) (182)
Other assets (171) 134 16
Insurance liabilities 506 683 657
Accounts payable, accrued expenses and other liabilities 639 124 423
Current income taxes 92 1 (25)
Debt extinguishment costs 321 0 100
Distributions from partnership investments [1] 161 144 137
Other, net [2] 36 (10) 71
Net cash provided by (used in) operating activities [1],[2] 4,086 4,026 2,933
Proceeds from investments sold:      
Fixed maturities and equity securities 2,012 1,544 1,555
Investment maturities and repayments:      
Fixed maturities and equity securities 2,051 1,755 1,435
Commercial mortgage loans 335 316 640
Other sales, maturities and repayments (primarily short-term and other long-term investments) [1] 1,702 1,431 1,160
Investments purchased or originated:      
Fixed maturities and equity securities (5,628) (5,191) (4,234)
Commercial mortgage loans (430) (165) (500)
Other (primarily short-term and other long-term investments) (1,065) (1,698) (1,183)
Property and equipment purchases, net (471) (461) (510)
Acquisitions, net of cash acquired (209) (4) (99)
Other, net 0 (101) 0
Net cash provided by (used in) investing activities [1] (1,703) (2,574) (1,736)
Cash Flows from Financing Activities      
Deposits and interest credited to contractholder deposit funds 1,230 1,460 1,429
Withdrawals and benefit payments from contractholder deposit funds (1,363) (1,362) (1,359)
Net change in short-term debt 80 (148) (21)
Payments for debt extinguishment (313) 0 (87)
Repayment of long-term debt (1,250) 0 (851)
Net proceeds on issuance of long-term debt 1,581 0 894
Repurchase of common stock (2,725) (139) (671)
Issuance of common stock 131 36 154
Other, net [2] (22) (72) (97)
Net cash provided by (used in) financing activities [2] (2,651) (225) (609)
Effect of foreign currency rate changes on cash and cash equivalents 55 (10) (40)
Net increase / (decrease) in cash and cash equivalents (213) 1,217 548
Cash and cash equivalents, January 1, 3,185 1,968 1,420
Cash and cash equivalents, December 31, 2,972 3,185 1,968
Supplemental Disclosure of Cash Information:      
Income taxes paid, net of refunds 1,036 1,064 1,194
Interest paid 240 244 245
Accounting Standards Update 2016-09 [Member]      
Net changes in assets and liabilities, net of non-operating effects:      
Other, net 61 72  
Net cash provided by (used in) operating activities 61 72  
Cash Flows from Financing Activities      
Other, net (61) (72)  
Net cash provided by (used in) financing activities (61) (72)  
Accounting Standards Update 2016-09 [Member] | Restatement Adjustment [Member]      
Net changes in assets and liabilities, net of non-operating effects:      
Other, net     79
Net cash provided by (used in) operating activities     79
Cash Flows from Financing Activities      
Other, net     (79)
Net cash provided by (used in) financing activities     (79)
Accounting Standards Update 2016-15 [Member]      
Net changes in assets and liabilities, net of non-operating effects:      
Distributions from partnership investments 161 144  
Net cash provided by (used in) operating activities 161 144  
Investment maturities and repayments:      
Other sales, maturities and repayments (primarily short-term and other long-term investments) (161) (144)  
Investments purchased or originated:      
Net cash provided by (used in) investing activities $ (161) $ (144)  
Accounting Standards Update 2016-15 [Member] | Restatement Adjustment [Member]      
Net changes in assets and liabilities, net of non-operating effects:      
Distributions from partnership investments     137
Net cash provided by (used in) operating activities     137
Investment maturities and repayments:      
Other sales, maturities and repayments (primarily short-term and other long-term investments)     (137)
Investments purchased or originated:      
Net cash provided by (used in) investing activities     $ (137)
[1]
As required in adopting ASU 2016-15 in 2016, the Company retrospectively reclassified $137 million of cash distributions of earnings from partnership investments from investing to operating activities in 2015. The comparable amounts reported in operating activities were $161 million in 2017 and $144 million in 2016.
[2]
As required in adopting Accounting Standard Update ("ASU") 2016-09 in 2016, the Company retrospectively reclassified $79 million of cash payments from operating to financing activities in 2015. These payments were related to employee tax obligations associated with stock compensation. The comparable amounts reported in financing activities were $61 million in 2017 and $72 million in 2016.