MetLife 2005 Annual Report Download - page 68

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METLIFE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS — (Continued)
FOR THE YEARS ENDED DECEMBER 31, 2005, 2004 AND 2003
(Dollars in millions)
2005 2004 2003
Cash flows from financing activities
Policyholder account balances:
Deposits ******************************************************************************* $ 52,077 $ 39,506 $ 40,371
Withdrawals **************************************************************************** (47,827) (31,057) (31,135)
Net change in payables for collateral under securities loaned and other transactions****************** 4,138 1,595 9,221
Net change in short-term debt*************************************************************** (56) (2,178) 2,481
Long-term debt issued ********************************************************************* 3,940 1,822 926
Long-term debt repaid ********************************************************************* (1,430) (119) (763)
Preferred stock issued ********************************************************************* 2,100 — —
Dividends on preferred stock **************************************************************** (63) — —
Junior subordinated debt securities issued **************************************************** 2,134 — —
Treasury stock acquired ******************************************************************** — (1,000) (97)
Settlement of common stock purchase contracts *********************************************** — — 1,006
Proceeds from offering of common stock by subsidiary, net ************************************** — — 317
Dividends on common stock **************************************************************** (394) (343) (175)
Stock options exercised ******************************************************************** 72 51 1
Debt and equity issuance costs ************************************************************* (128) — —
Other, net******************************************************************************** (46) 3 8
Net cash provided by financing activities ******************************************************** 14,517 8,280 22,161
Change in cash and cash equivalents ********************************************************** (88) 373 1,410
Cash and cash equivalents, beginning of year *************************************************** 4,106 3,733 2,323
Cash and cash equivalents, end of year **************************************************** $ 4,018 $ 4,106 $ 3,733
Cash and cash equivalents, subsidiaries held-for-sale, beginning of year ***************************** $58$57$66
Cash and cash equivalents, subsidiaries held-for-sale, end of year ************************** $—$58$57
Cash and cash equivalents, from continuing operations, beginning of year **************************** $ 4,048 $ 3,676 $ 2,257
Cash and cash equivalents, from continuing operations, end of year************************* $ 4,018 $ 4,048 $ 3,676
Supplemental disclosures of cash flow information:
Net cash paid during the year for:
Interest ******************************************************************************** $ 579 $ 362 $ 468
Income taxes *************************************************************************** $ 1,391 $ 977 $ 702
Non-cash transactions during the year:
Business acquisitions:
Assets acquired*********************************************************************** $ 102,112 $ 20 $ 153
Less: liabilities assumed **************************************************************** 90,090 13 144
Net assets acquired ******************************************************************* 12,022 7 9
Less: cash paid*********************************************************************** 11,012 7 9
Business acquisition, common stock issued *********************************************** $ 1,010 $ — $ —
Business Dispositions:
Assets disposed ********************************************************************** $ 366 $ 923 $ 8
Less: liabilities disposed **************************************************************** 269 820 5
Net assets disposed******************************************************************* 97 103 3
Plus: equity securities received ********************************************************** 43 — —
Less: cash disposed ****************************************************************** 43 103 —
Business disposition, net of cash disposed************************************************ $97$—$ 3
Contribution of equity securities to MetLife Foundation******************************************* $1$50$—
Accrual for stock purchase contracts related to common equity units ****************************** $97$—$—
Purchase money mortgage on real estate sale ************************************************* $ — $ 2 $ 196
MetLife Capital Trust I transactions *********************************************************** $ — $ — $ 1,037
Real estate acquired in satisfaction of debt **************************************************** $ 1$7$14
Transfer from funds withheld at interest to fixed maturities **************************************** $—$606$—
See accompanying notes to consolidated financial statements.
MetLife, Inc.
F-6