AIG 2013 Annual Report Download - page 233

Cash flows from operating activities:
Net income $ 3,700 $ 21,330
Income from discontinued operations (1) (2,467)
Adjustments to reconcile net income to net cash provided by operating activities:
Noncash revenues, expenses, gains and losses included in income:
Net gains on sales of securities available for sale and other assets (3,219) (1,766)
Net losses on sales of divested businesses 6,736 74
Net losses on extinguishment of debt 32 2,908
Unrealized gains in earnings — net (6,091) (803)
Equity in income from equity method investments, net of dividends or distributions (911) (637)
Depreciation and other amortization 7,349 7,372
Amortization of costs and accrued interest and fees related to FRBNY Credit Facility –48
Impairments of assets 1,747 3,482
Changes in operating assets and liabilities:
Property casualty and life insurance reserves (2,260) (202)
Premiums and other receivables and payables — net 1,678 1,828
Reinsurance assets and funds held under reinsurance treaties 1,407 (1,103)
Capitalization of deferred policy acquisition costs (5,613) (5,429)
Current and deferred income taxes — net (1,255) (20,480)
Payment of FRBNY Credit Facility accrued compounded interest and fees – (6,363)
Other, net 377 (1,243)
Total adjustments (23) (22,314)
Net cash provided by (used in) operating activities — continuing operations 3,676 (3,451)
Net cash provided by operating activities — discontinued operations – 3,370
Net cash provided by (used in) operating activities 3,676 (81)
Cash flows from investing activities:
Proceeds from (payments for)
Sales or distribution of:
Available for sale investments 39,818 43,961
Other securities 17,814 9,867
Other invested assets 19,012 7,936
Divested businesses, net – 587
Maturities of fixed maturity securities available for sale 21,449 20,062
Principal payments received on and sales of mortgage and other loans receivable 3,313 3,207
Purchases of:
Available for sale investments (53,536) (90,627)
Other securities (13,373) (1,253)
Other invested assets (6,402) (6,675)
Mortgage and other loans receivable (3,256) (2,600)
Net change in restricted cash 414 27,244
Net change in short-term investments (8,109) 19,988
Other, net (532) 273
Net cash provided by investing activities — continuing operations 16,612 31,970
Net cash provided by (used in) investing activities — discontinued operations – 4,478
Net cash provided by investing activities 16,612 36,448
Cash flows from financing activities:
Proceeds from (payments for)
Policyholder contract deposits 13,288 17,903
Policyholder contract withdrawals (13,978) (13,570)
FRBNY credit facility repayments – (14,622)
Issuance of long-term debt 8,612 7,762
Repayments of long-term debt (11,101) (17,810)
Proceeds from drawdown on the Department of the Treasury Commitment – 20,292
Repayment of Department of the Treasury SPV Preferred Interests (8,636) (12,425)
Repayment of FRBNY SPV Preferred Interests – (26,432)
Issuance of Common Stock – 5,055
Purchase of Common Stock (13,000) (70)
Dividends paid ––
Other, net 4,251 (1,067)
Net cash used in financing activities — continuing operations (20,564) (34,984)
Net cash provided by (used in) financing activities — discontinued operations – (1,942)
Net cash used in financing activities (20,564) (36,926)
Effect of exchange rate changes on cash 16 29
Net increase (decrease) in cash (260) (530)
Cash at beginning of year 1,474 1,558
Change in cash of businesses held for sale (63) 446
Cash at end of year $ 1,151 $ 1,474
Cash paid during the period for:
Interest*$ 4,037 $ 8,985
Taxes $ 447 $ 716
Non-cash investing/financing activities:
Interest credited to policyholder contract deposits included in financing activities $ 4,501 $ 4,750
Exchange of junior subordinated debentures for senior notes $ – $ (2,392)
Senior notes exchanged for junior subordinated debentures $ – $ 1,843
Debt assumed in acquisition $ – $ 299
* 2011 includes payment of the FRBNY credit facility accrued compounded interest of $4.7 billion, before the facility was terminated on January 14, 2011 in connection with
the Recapitalization.
See accompanying Notes to Consolidated Financial Statements.
AMERICAN INTERNATIONAL GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
..................................................................................................................................................................................................................................
AIG 2013 Form 10-K 215
Years Ended December 31,
(in millions) 2013 2012 2011
$ 9,092
(84)
(2,741)
48
651
(156)
(1,484)
4,713
–
1,332
(2,576)
43
2,131
(5,834)
(437)
–
1,167
(3,143)
5,865
–
5,865
36,050
5,134
6,442
–
26,048
3,420
(63,339)
(2,040)
(7,242)
(5,266)
1,244
7,842
(1,194)
7,099
–
7,099
15,772
(16,319)
–
5,235
(14,197)
–
–
–
–
(597)
(294)
(1,358)
(11,758)
–
(11,758)
(92)
1,114
1,151
(24)
$ 2,241
Supplementary Disclosure of Consolidated Cash Flow Information
$ 3,856
$ 796
$ 3,987
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