MetLife 2004 Annual Report Download - page 51

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METLIFE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS — (Continued)
FOR THE YEARS ENDED DECEMBER 31, 2004, 2003 AND 2002
(Dollars in millions)
2004 2003 2002
Cash flows from financing activities
Policyholder account balances:
Deposits ********************************************************************************** $ 36,416 $ 37,023 $ 31,061
Withdrawals ******************************************************************************* (29,333) (28,667) (25,151)
Net change in short-term debt****************************************************************** (2,178) 2,481 806
Long-term debt issued ************************************************************************ 1,825 934 1,008
Long-term debt repaid ************************************************************************ (119) (763) (211)
Treasury stock acquired *********************************************************************** (1,000) (97) (471)
Settlement of common stock purchase contracts ************************************************** — 1,006 —
Proceeds from offering of common stock by subsidiary, net ***************************************** — 317 —
Dividends on common stock ******************************************************************* (343) (175) (147)
Stock options exercised *********************************************************************** 51 1 —
Other, net *********************************************************************************** 3 8 (12)
Net cash provided by financing activities *********************************************************** 5,322 12,068 6,883
Change in cash and cash equivalents ************************************************************* 373 1,410 (5,150)
Cash and cash equivalents, beginning of year ****************************************************** 3,733 2,323 7,473
Cash and cash equivalents, end of year ******************************************************* $ 4,106 $ 3,733 $ 2,323
Cash and cash equivalents, subsidiaries held-for-sale, beginning
of year************************************************************************************** $50$ 54$50
Cash and cash equivalents, subsidiaries held-for-sale, end of year ***************************** $55$ 50$54
Cash and cash equivalents, from continuing operations, beginning
of year************************************************************************************** $ 3,683 $ 2,269 $ 7,423
Cash and cash equivalents, from continuing operations, end of year**************************** $ 4,051 $ 3,683 $ 2,269
Supplemental disclosures of cash flow information:
Net cash paid during the year for:
Interest *********************************************************************************** $ 362 $ 468 $ 400
Income taxes ****************************************************************************** $ 977 $ 702 $ 193
Non-cash transactions during the year:
Purchase money mortgage on real estate sale ************************************************** $ 2 $ 196 $ 954
MetLife Capital Trust I transactions ************************************************************ $ — $ 1,037 $ —
Real estate acquired in satisfaction of debt ***************************************************** $7$14$30
Transfer from funds withheld at interest to fixed maturities ***************************************** $ 606 $ — $ —
Contribution of equity securities to MetLife Foundation ******************************************** $50$ —$—
Business acquisitions:
Assets acquired************************************************************************** $ 20 $ 153 $ 2,701
Cash paid******************************************************************************* (7) (9) (950)
Liabilities assumed************************************************************************ $ 13 $ 144 $ 1,751
See accompanying notes to consolidated financial statements.
MetLife, Inc.
F-8