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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash Flows from Operating Activities    
Net Income $ 1,965 $ 1,469
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 425 460
Realized investment (gains) losses (214) (110)
Deferred income taxes (benefits) 62 63
Net changes in assets and liabilities, net of non-operating effects:    
Premiums, accounts and notes receivable (190) 184
Reinsurance recoverables 144 132
Deferred policy acquisition costs (209) (167)
Other assets (156) (32)
Insurance liabilities 988 1,098
Accounts payable, accrued expenses and other liabilities 221 9
Current income taxes 7 (57)
Debt extinguishment costs 321 0
Distributions from partnership investments [1] 114 105
Other, net 33 25
Net cash provided by (used in) operating activities [1] 3,511 3,179
Proceeds from investments sold:    
Fixed maturities and equity securities 1,376 1,012
Investment maturities and repayments:    
Fixed maturities and equity securities 1,444 1,178
Commercial mortgage loans 253 117
Other sales, maturities and repayments (primarily short-term and other long-term investments) [1] 1,486 799
Investments purchased or originated:    
Fixed maturities and equity securities (4,292) (2,894)
Commercial mortgage loans (272) (121)
Other (primarily short-term and other long-term investments) (722) (1,317)
Property and equipment purchases, net (340) (362)
Acquisitions, net of cash acquired (33) (5)
Other, net 0 (101)
Net cash provided by (used in) investing activities [1] (1,100) (1,694)
Cash Flows from Financing Activities    
Deposits and interest credited to contractholder deposit funds 965 1,133
Withdrawals and benefit payments from contractholder deposit funds (1,079) (1,042)
Net change in short-term debt (16) (143)
Payments for debt extinguishment (313) 0
Repayment of long-term debt (1,250) 0
Net proceeds on issuance of long-term debt 1,584 0
Repurchase of common stock (1,961) (139)
Issuance of common stock 111 23
Other, net (9) (87)
Net cash provided by (used in) financing activities (1,968) (255)
Effect of foreign currency rate changes on cash and cash equivalents 28 26
Net increase / (decrease) in cash and cash equivalents 471 1,256
Cash and cash equivalents, January 1 3,185 1,968
Cash and cash equivalents, September 30 3,656 3,224
Supplemental Disclosure of Cash Information:    
Income taxes paid, net of refunds 812 904
Interest paid $ 197 $ 192
[1]
As required in adopting Accounting Standard Update ("ASU") 2016-15, the Company retrospectively reclassified $105 million of cash distributions from partnership earnings from investing to operating activities for the nine months ended September 30, 2016. The comparable amount reported in operating activities in 2017 was $114 million. See Note 2 for further discussion.