MetLife 2008 Annual Report Download - page 129

MetLife, Inc.
Consolidated Statements of Cash Flows — (Continued)
For the Years Ended December 31, 2008, 2007 and 2006
(In millions) 2008 2007 2006
Cash flows from financing activities
Policyholder account balances:
Deposits ....................................................... $76,963 $58,025 $53,946
Withdrawals ..................................................... (61,134) (55,256) (50,574)
Netchangeinshort-termdebt........................................... 1,992 (782) 35
Long-termdebtissued................................................ 339 726 284
Long-termdebtrepaid................................................ (422) (286) (732)
Collateralfinancingarrangementsissued.................................... 310 4,882 850
Cash paid in connection with collateral financing arrangements . .................... (800) — —
Juniorsubordinateddebtsecuritiesissued .................................. 750 694 1,248
Sharessubjecttomandatoryredemption.................................... — (131) —
Debtissuancecosts ................................................. (34) (14) (25)
Netchangeinpayablesforcollateralundersecuritiesloanedandothertransactions....... (13,077) (1,710) 11,331
Commonstockissued,netofissuancecosts................................. 290 — —
Stockoptionsexercised............................................... 45 110 83
Treasurystockacquiredinconnectionwithsharerepurchaseagreements.............. (1,250) (1,705) (500)
Treasury stock issued in connection with common stock issuance, net of issuance costs . . . . 1,936 — —
Treasurystockissuedtosettlestockforwardcontracts .......................... 1,035 — —
Dividendsonpreferredstock ........................................... (125) (137) (134)
Dividendsoncommonstock............................................ (592) (541) (450)
Other,net ........................................................ (38) 67 12
Netcashprovidedbyfinancingactivities ..................................... 6,188 3,942 15,374
Effectofchangeinforeigncurrencyexchangeratesoncashbalances ................. (349) 61 47
Changeincashandcashequivalents ....................................... 13,871 3,261 3,089
Cashandcashequivalents,beginningofyear.................................. 10,368 7,107 4,018
Cash and cash equivalents, end of year ................................... $24,239 $10,368 $ 7,107
Cashandcashequivalents,subsidiariesheld-for-sale,beginningofyear ................ $ 407 $ 170 $ 133
Cash and cash equivalents, subsidiaries held-for-sale, end of year .............. $ 32 $ 407 $ 170
Cashandcashequivalents,fromcontinuingoperations,beginningofyear............... $ 9,961 $ 6,937 $ 3,885
Cash and cash equivalents, from continuing operations, end of year ............. $24,207 $ 9,961 $ 6,937
Supplemental disclosures of cash flow information:
Net cash paid during the year for:
Interest ........................................................ $ 1,107 $ 1,011 $ 819
Incometax ...................................................... $ 27 $ 2,128 $ 409
Non-cash transactions during the year:
Business acquisitions:
Assetsacquired ................................................. $ 2,083 $ — $ —
Less:cashpaid ................................................. (783) — —
Liabilitiesassumed ............................................... $ 1,300 $ — $ —
Disposal of subsidiary:
Assetsdisposed................................................. $22,135 $ — $ —
Less:liabilitiesdisposed............................................ (20,689) — —
Netassetsdisposed .............................................. 1,446 — —
Add:cashdisposed .............................................. 270 — —
Add:transactioncosts,includingcashpaidof$43 .......................... 60 — —
Less:treasurystockreceivedincommonstockexchange ..................... (1,318) — —
Lossondisposalofsubsidiary........................................ $ 458 $ — $ —
Remarketing of debt securities:
Fixed maturity securities redeemed ..................................... $ 32 $ — $ —
Long-termdebtissued............................................. $ 1,035 $ — $ —
Junior subordinated debt securities redeemed . . ........................... $ 1,067 $ — $ —
ContributionofequitysecuritiestoMetLifeFoundation........................... $ — $ 12 $ —
Fixedmaturitysecuritiesreceivedinconnectionwithinsurancecontractcommutation...... $ 115 $ — $ —
Realestateacquiredinsatisfactionofdebt .................................. $ 1 $ 1 $ 6
See accompanying notes to the consolidated financial statements.
F-6 MetLife, Inc.