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Consolidating Financial Statements (Unaudited)
 3 Months Ended
Mar. 31, 2012
Consolidating Financial Statements of The Travelers Companies, Inc. and Subsidiaries (Unaudited) disclosure  
Consolidating Financial Statements of The Travelers Companies, Inc. and Subsidiaries (Unaudited) disclosure [Text Block]

12.                               CONSOLIDATING FINANCIAL STATEMENTS OF THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES

 

The following consolidating financial statements of the Company have been prepared pursuant to Rule 3-10 of Regulation S-X. These consolidating financial statements have been prepared from the Company’s financial information on the same basis of accounting as the consolidated financial statements. The Travelers Companies, Inc. has fully and unconditionally guaranteed certain debt obligations of TPC, its wholly-owned subsidiary, which totaled $1.20 billion at March 31, 2012.

 

Prior to the merger of TPC and SPC in 2004, TPC fully and unconditionally guaranteed the payment of all principal, premiums, if any, and interest on certain debt obligations of its wholly-owned subsidiary, Travelers Insurance Group Holdings, Inc. (TIGHI). The Travelers Companies, Inc. has fully and unconditionally guaranteed such guarantee obligations of TPC. TPC is deemed to have no assets or operations independent of TIGHI.  Consolidating financial information for TIGHI has not been presented herein because such financial information would be substantially the same as the financial information provided for TPC.

 

CONSOLIDATING STATEMENT OF INCOME (Unaudited)

For the three months ended March 31, 2012

 

(in millions) 

 

TPC

 

Other
Subsidiaries

 

Travelers (1)

 

Eliminations

 

Consolidated

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

Premiums

 

$

3,743

 

$

1,780

 

$

—

 

$

—

 

$

5,523

 

Net investment income

 

494

 

244

 

2

 

—

 

740

 

Fee income

 

82

 

—

 

—

 

—

 

82

 

Net realized investment gains (losses)

 

12

 

(2

)

—

 

—

 

10

 

Other revenues

 

27

 

10

 

—

 

—

 

37

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

4,358

 

2,032

 

2

 

—

 

6,392

 

 

 

 

 

 

 

 

 

 

 

 

 

Claims and expenses

 

 

 

 

 

 

 

 

 

 

 

Claims and claim adjustment expenses

 

2,272

 

1,092

 

—

 

—

 

3,364

 

Amortization of deferred acquisition costs

 

646

 

325

 

—

 

—

 

971

 

General and administrative expenses

 

599

 

282

 

3

 

—

 

884

 

Interest expense

 

18

 

—

 

78

 

—

 

96

 

 

 

 

 

 

 

 

 

 

 

 

 

Total claims and expenses

 

3,535

 

1,699

 

81

 

—

 

5,315

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

823

 

333

 

(79

)

—

 

1,077

 

Income tax expense (benefit)

 

205

 

84

 

(18

)

—

 

271

 

Equity in net income of subsidiaries

 

—

 

—

 

867

 

(867

)

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

618

 

$

249

 

$

806

 

$

(867

)

$

806

 

 

(in millions) 

 

TPC

 

Other
Subsidiaries

 

Travelers (1)

 

Eliminations

 

Consolidated

 

Net Realized Investment Gains (Losses)

 

 

 

 

 

 

 

 

 

 

 

Other-than-temporary impairment losses:

 

 

 

 

 

 

 

 

 

 

 

Total gains (losses)

 

$

1

 

$

(1

)

$

—

 

$

—

 

$

—

 

Non-credit component of impairments recognized in accumulated other comprehensive income

 

(4

)

—

 

—

 

—

 

(4

)

 

 

 

 

 

 

 

 

 

 

 

 

Other-than-temporary impairment losses

 

(3

)

(1

)

—

 

—

 

(4

)

Other net realized investment gains (losses)

 

15

 

(1

)

—

 

—

 

14

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized investment gains (losses)

 

$

12

 

$

(2

)

$

—

 

$

—

 

$

10

 

 

(1)                                 The Travelers Companies, Inc., excluding its subsidiaries.

 

CONSOLIDATING STATEMENT OF INCOME (Unaudited)

For the three months ended March 31, 2011

 

(in millions) 

 

TPC

 

Other
Subsidiaries

 

Travelers (1)

 

Eliminations

 

Consolidated

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

Premiums

 

$

3,625

 

$

1,746

 

$

—

 

$

—

 

$

5,371

 

Net investment income

 

532

 

244

 

3

 

—

 

779

 

Fee income

 

74

 

—

 

—

 

—

 

74

 

Net realized investment gains (losses)

 

9

 

12

 

(1

)

—

 

20

 

Other revenues

 

30

 

4

 

—

 

—

 

34

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

4,270

 

2,006

 

2

 

—

 

6,278

 

 

 

 

 

 

 

 

 

 

 

 

 

Claims and expenses

 

 

 

 

 

 

 

 

 

 

 

Claims and claim adjustment expenses

 

2,234

 

1,148

 

—

 

—

 

3,382

 

Amortization of deferred acquisition costs

 

626

 

322

 

—

 

—

 

948

 

General and administrative expenses

 

596

 

290

 

(3

)

—

 

883

 

Interest expense

 

18

 

—

 

78

 

—

 

96

 

 

 

 

 

 

 

 

 

 

 

 

 

Total claims and expenses

 

3,474

 

1,760

 

75

 

—

 

5,309

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

796

 

246

 

(73

)

—

 

969

 

Income tax expense (benefit)

 

196

 

57

 

(123

)

—

 

130

 

Equity in net income of subsidiaries

 

—

 

—

 

789

 

(789

)

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

600

 

$

189

 

$

839

 

$

(789

)

$

839

 

 

(in millions) 

 

TPC

 

Other
Subsidiaries

 

Travelers (1)

 

Eliminations

 

Consolidated

 

Net Realized Investment Gains (Losses)

 

 

 

 

 

 

 

 

 

 

 

Other-than-temporary impairment losses:

 

 

 

 

 

 

 

 

 

 

 

Total gains

 

$

2

 

$

—

 

$

—

 

$

—

 

$

2

 

Non-credit component of impairments recognized in accumulated other comprehensive income

 

(5

)

(1

)

—

 

—

 

(6

)

 

 

 

 

 

 

 

 

 

 

 

 

Other-than-temporary impairment losses

 

(3

)

(1

)

—

 

—

 

(4

)

Other net realized investment gains (losses)

 

12

 

13

 

(1

)

—

 

24

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized investment gains (losses)

 

$

9

 

$

12

 

$

(1

)

$

—

 

$

20

 

 

(1)                                 The Travelers Companies, Inc., excluding its subsidiaries.

 

CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited)

For the three months ended March 31, 2012

 

(in millions) 

 

TPC

 

Other
Subsidiaries

 

Travelers (1)

 

Eliminations

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

618

 

$

249

 

$

806

 

$

(867

)

$

806

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

Change in net unrealized gains on investment securities:

 

 

 

 

 

 

 

 

 

 

 

Having no credit losses recognized in the consolidated statement of income

 

(54

)

(32

)

(77

)

86

 

(77

)

Having credit losses recognized in the consolidated statement of income

 

16

 

9

 

25

 

(25

)

25

 

Net changes in benefit plan assets and obligations

 

—

 

(1

)

20

 

1

 

20

 

Net changes in unrealized foreign currency translation and other changes

 

21

 

43

 

64

 

(64

)

64

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss) before income taxes

 

(17

)

19

 

32

 

(2

)

32

 

Income tax benefit

 

(7

)

(5

)

(2

)

12

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss), net of taxes

 

(10

)

24

 

34

 

(14

)

34

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

$

608

 

$

273

 

$

840

 

$

(881

)

$

840

 

 

(1)                                 The Travelers Companies, Inc., excluding its subsidiaries.

 

CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (Unaudited)

For the three months ended March 31, 2011

 

(in millions) 

 

TPC

 

Other
Subsidiaries

 

Travelers (1)

 

Eliminations

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

600

 

$

189

 

$

839

 

$

(789

)

$

839

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

Change in net unrealized gains on investment securities:

 

 

 

 

 

 

 

 

 

 

 

Having no credit losses recognized in the consolidated statement of income

 

(70

)

(39

)

(106

)

109

 

(106

)

Having credit losses recognized in the consolidated statement of income

 

10

 

18

 

28

 

(28

)

28

 

Net changes in benefit plan assets and obligations

 

—

 

—

 

18

 

—

 

18

 

Net changes in unrealized foreign currency translation and other changes

 

22

 

47

 

70

 

(69

)

70

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss) before income taxes

 

(38

)

26

 

10

 

12

 

10

 

Income tax benefit

 

(14

)

(1

)

(7

)

15

 

(7

)

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss), net of taxes

 

(24

)

27

 

17

 

(3

)

17

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

$

576

 

$

216

 

$

856

 

$

(792

)

$

856

 

 

(1)                                 The Travelers Companies, Inc., excluding its subsidiaries.

 

CONSOLIDATING BALANCE SHEET (Unaudited)

At March 31, 2012

 

(in millions)

 

TPC

 

Other
Subsidiaries

 

Travelers (1)

 

Eliminations

 

Consolidated

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Fixed maturities, available for sale, at fair value (amortized cost $60,777)

 

$

44,023

 

$

20,887

 

$

33

 

$

—

 

$

64,943

 

Equity securities, available for sale, at fair value (cost $419)

 

149

 

332

 

102

 

—

 

583

 

Real estate investments

 

33

 

827

 

—

 

—

 

860

 

Short-term securities

 

942

 

265

 

2,166

 

—

 

3,373

 

Other investments

 

2,424

 

1,060

 

1

 

—

 

3,485

 

 

 

 

 

 

 

 

 

 

 

 

 

Total investments

 

47,571

 

23,371

 

2,302

 

—

 

73,244

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

110

 

148

 

—

 

—

 

258

 

Investment income accrued

 

492

 

225

 

—

 

—

 

717

 

Premiums receivable

 

3,936

 

1,948

 

—

 

—

 

5,884

 

Reinsurance recoverables

 

7,033

 

3,663

 

—

 

—

 

10,696

 

Ceded unearned premiums

 

738

 

217

 

—

 

—

 

955

 

Deferred acquisition costs

 

1,548

 

253

 

—

 

—

 

1,801

 

Contractholder receivables

 

3,903

 

1,360

 

—

 

—

 

5,263

 

Goodwill

 

2,411

 

954

 

—

 

—

 

3,365

 

Other intangible assets

 

290

 

127

 

—

 

—

 

417

 

Investment in subsidiaries

 

—

 

—

 

28,234

 

(28,234

)

—

 

Other assets

 

2,102

 

(181

)

345

 

—

 

2,266

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

70,134

 

$

32,085

 

$

30,881

 

$

(28,234

)

$

104,866

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

Claims and claim adjustment expense reserves

 

$

33,470

 

$

17,503

 

$

—

 

$

—

 

$

50,973

 

Unearned premium reserves

 

7,718

 

3,514

 

—

 

—

 

11,232

 

Contractholder payables

 

3,903

 

1,360

 

—

 

—

 

5,263

 

Payables for reinsurance premiums

 

269

 

242

 

—

 

—

 

511

 

Deferred taxes

 

184

 

70

 

(134

)

—

 

120

 

Debt

 

1,190

 

—

 

5,416

 

—

 

6,606

 

Other liabilities

 

3,984

 

568

 

737

 

—

 

5,289

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

50,718

 

23,257

 

6,019

 

—

 

79,994

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

 

 

 

 

 

Common stock (1,750.0 shares authorized; 389.8 shares issued and outstanding)

 

—

 

390

 

20,851

 

(390

)

20,851

 

Additional paid-in capital

 

11,135

 

6,501

 

—

 

(17,636

)

—

 

Retained earnings

 

6,364

 

1,073

 

20,213

 

(7,427

)

20,223

 

Accumulated other comprehensive income

 

1,917

 

864

 

2,039

 

(2,781

)

2,039

 

Treasury stock, at cost (355.8 shares)

 

—

 

—

 

(18,241

)

—

 

(18,241

)

 

 

 

 

 

 

 

 

 

 

 

 

Total shareholders’ equity

 

19,416

 

8,828

 

24,862

 

(28,234

)

24,872

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders’ equity

 

$

70,134

 

$

32,085

 

$

30,881

 

$

(28,234

)

$

104,866

 

 

(1)                                 The Travelers Companies, Inc., excluding its subsidiaries.

 

CONSOLIDATING BALANCE SHEET (Unaudited)

At December 31, 2011

 

(in millions) 

 

TPC

 

Other
Subsidiaries

 

Travelers (1)

 

Eliminations

 

Consolidated

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Fixed maturities, available for sale, at fair value (amortized cost $59,994)

 

$

43,438

 

$

20,761

 

$

33

 

$

—

 

$

64,232

 

Equity securities, available for sale, at fair value (cost $414)

 

146

 

319

 

94

 

—

 

559

 

Real estate investments

 

33

 

832

 

—

 

—

 

865

 

Short-term securities

 

879

 

376

 

2,339

 

—

 

3,594

 

Other investments

 

2,446

 

1,004

 

1

 

—

 

3,451

 

 

 

 

 

 

 

 

 

 

 

 

 

Total investments

 

46,942

 

23,292

 

2,467

 

—

 

72,701

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

114

 

98

 

2

 

—

 

214

 

Investment income accrued

 

517

 

251

 

—

 

—

 

768

 

Premiums receivable

 

3,865

 

1,865

 

—

 

—

 

5,730

 

Reinsurance recoverables

 

7,399

 

3,783

 

—

 

—

 

11,182

 

Ceded unearned premiums

 

656

 

172

 

—

 

—

 

828

 

Deferred acquisition costs

 

1,536

 

250

 

—

 

—

 

1,786

 

Deferred taxes

 

(82

)

(47

)

136

 

—

 

7

 

Contractholder receivables

 

3,891

 

1,295

 

—

 

—

 

5,186

 

Goodwill

 

2,411

 

954

 

—

 

—

 

3,365

 

Other intangible assets

 

297

 

136

 

—

 

—

 

433

 

Investment in subsidiaries

 

—

 

—

 

27,565

 

(27,565

)

—

 

Other assets

 

1,983

 

52

 

367

 

—

 

2,402

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

69,529

 

$

32,101

 

$

30,537

 

$

(27,565

)

$

104,602

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

Claims and claim adjustment expense reserves

 

$

33,754

 

$

17,665

 

$

—

 

$

—

 

$

51,419

 

Unearned premium reserves

 

7,644

 

3,458

 

—

 

—

 

11,102

 

Contractholder payables

 

3,891

 

1,295

 

—

 

—

 

5,186

 

Payables for reinsurance premiums

 

178

 

211

 

—

 

—

 

389

 

Debt

 

1,190

 

—

 

5,415

 

—

 

6,605

 

Other liabilities

 

3,910

 

859

 

655

 

—

 

5,424

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

50,567

 

23,488

 

6,070

 

—

 

80,125

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

 

 

 

 

 

Common stock (1,750.0 shares authorized; 392.8 shares issued and outstanding)

 

—

 

390

 

20,732

 

(390

)

20,732

 

Additional paid-in capital

 

11,135

 

6,501

 

—

 

(17,636

)

—

 

Retained earnings

 

5,900

 

882

 

19,569

 

(6,772

)

19,579

 

Accumulated other comprehensive income

 

1,927

 

840

 

2,005

 

(2,767

)

2,005

 

Treasury stock, at cost (349.0 shares)

 

—

 

—

 

(17,839

)

—

 

(17,839

)

 

 

 

 

 

 

 

 

 

 

 

 

Total shareholders’ equity

 

18,962

 

8,613

 

24,467

 

(27,565

)

24,477

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders’ equity

 

$

69,529

 

$

32,101

 

$

30,537

 

$

(27,565

)

$

104,602

 

 

(1)                                 The Travelers Companies, Inc., excluding its subsidiaries.

 

CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited)

For the three months ended March 31, 2012

 

(in millions) 

 

TPC

 

Other
Subsidiaries

 

Travelers (1)

 

Eliminations

 

Consolidated

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

618

 

$

249

 

$

806

 

$

(867

)

$

806

 

Net adjustments to reconcile net income to net cash provided by operating activities

 

20

 

(164

)

(503

)

655

 

8

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities

 

638

 

85

 

303

 

(212

)

814

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

 

 

Proceeds from maturities of fixed maturities

 

1,034

 

581

 

—

 

—

 

1,615

 

Proceeds from sales of investments:

 

 

 

 

 

 

 

 

 

 

 

Fixed maturities

 

189

 

34

 

—

 

—

 

223

 

Equity securities

 

12

 

3

 

—

 

—

 

15

 

Other investments

 

162

 

41

 

—

 

—

 

203

 

Purchases of investments:

 

 

 

 

 

 

 

 

 

 

 

Fixed maturities

 

(1,876

)

(728

)

—

 

—

 

(2,604

)

Equity securities

 

(1

)

(9

)

—

 

—

 

(10

)

Real estate investments

 

—

 

(5

)

—

 

—

 

(5

)

Other investments

 

(66

)

(48

)

—

 

—

 

(114

)

Net (purchases) sales of short-term securities

 

(63

)

116

 

173

 

—

 

226

 

Securities transactions in course of settlement

 

209

 

39

 

—

 

—

 

248

 

Other

 

(88

)

(4

)

—

 

—

 

(92

)

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

(488

)

20

 

173

 

—

 

(295

)

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

 

 

Dividends paid to shareholders

 

—

 

—

 

(161

)

—

 

(161

)

Issuance of common stock — employee share options

 

—

 

—

 

77

 

—

 

77

 

Treasury shares acquired — share repurchase authorization

 

—

 

—

 

(354

)

—

 

(354

)

Treasury shares acquired — net employee share-based compensation

 

—

 

—

 

(52

)

—

 

(52

)

Excess tax benefits from share-based payment arrangements

 

—

 

—

 

12

 

—

 

12

 

Dividends paid to parent company

 

(154

)

(58

)

—

 

212

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash used in financing activities

 

(154

)

(58

)

(478

)

212

 

(478

)

 

 

 

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash

 

—

 

3

 

—

 

—

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in cash

 

(4

)

50

 

(2

)

—

 

44

 

Cash at beginning of year

 

114

 

98

 

2

 

—

 

214

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash at end of period

 

$

110

 

$

148

 

$

—

 

$

—

 

$

258

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information

 

 

 

 

 

 

 

 

 

 

 

Income taxes paid (received)

 

$

48

 

$

18

 

$

(46

)

$

—

 

$

20

 

Interest paid

 

$

28

 

$

—

 

$

7

 

$

—

 

$

35

 

 

(1)                                 The Travelers Companies, Inc., excluding its subsidiaries.

 

CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited)

For the three months ended March 31, 2011

 

(in millions)

 

TPC

 

Other
Subsidiaries

 

Travelers (1)

 

Eliminations

 

Consolidated

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

600

 

$

189

 

$

839

 

$

(789

)

$

839

 

Net adjustments to reconcile net income to net cash provided by operating activities

 

(3

)

(186

)

(453

)

436

 

(206

)

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities

 

597

 

3

 

386

 

(353

)

633

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

 

 

Proceeds from maturities of fixed maturities

 

1,132

 

717

 

—

 

—

 

1,849

 

Proceeds from sales of investments:

 

 

 

 

 

 

 

 

 

 

 

Fixed maturities

 

230

 

259

 

1

 

—

 

490

 

Equity securities

 

1

 

7

 

—

 

—

 

8

 

Other investments

 

102

 

59

 

—

 

—

 

161

 

Purchases of investments:

 

 

 

 

 

 

 

 

 

 

 

Fixed maturities

 

(1,210

)

(612

)

(2

)

—

 

(1,824

)

Equity securities

 

—

 

(23

)

(28

)

—

 

(51

)

Real estate investments

 

(24

)

(6

)

—

 

—

 

(30

)

Other investments

 

(65

)

(42

)

—

 

—

 

(107

)

Net sales (purchases) of short-term securities

 

(384

)

(418

)

771

 

—

 

(31

)

Securities transactions in course of settlement

 

79

 

55

 

—

 

—

 

134

 

Other

 

(68

)

(1

)

—

 

—

 

(69

)

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

(207

)

(5

)

742

 

—

 

530

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

 

 

Dividends paid to shareholders

 

—

 

—

 

(155

)

—

 

(155

)

Issuance of common stock — employee share options

 

—

 

—

 

168

 

—

 

168

 

Treasury shares acquired — share repurchase authorization

 

—

 

—

 

(1,104

)

—

 

(1,104

)

Treasury shares acquired — net employee share-based compensation

 

—

 

—

 

(44

)

—

 

(44

)

Excess tax benefits from share-based payment arrangements

 

—

 

—

 

7

 

—

 

7

 

Dividends paid to parent company

 

(353

)

—

 

—

 

353

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash used in financing activities

 

(353

)

—

 

(1,128

)

353

 

(1,128

)

 

 

 

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash

 

—

 

4

 

—

 

—

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase in cash

 

37

 

2

 

—

 

—

 

39

 

Cash at beginning of year

 

86

 

110

 

4

 

—

 

200

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash at end of period

 

$

123

 

$

112

 

$

4

 

$

—

 

$

239

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information

 

 

 

 

 

 

 

 

 

 

 

Income taxes paid

 

$

75

 

$

36

 

$

1

 

$

—

 

$

112

 

Interest paid

 

$

28

 

$

—

 

$

7

 

$

—

 

$

35

 

 

(1)                                 The Travelers Companies, Inc., excluding its subsidiaries.