Prudential 2002 Annual Report Download - page 91
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Please find page 91 of the 2002 Prudential annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.PRUDENTIAL FINANCIAL, INC.
Consolidated Statements of Cash Flows
Years Ended December 31, 2002, 2001 and 2000 (in millions)
2002 2001 2000
CASH FLOWS FROM OPERATING ACTIVITIES
Netincome(loss) ...................................................................... $ 194 $ (154) $ 398
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Realized investment losses, net ....................................................... 1,358 671 266
Policy charges and fee income ........................................................ (486) (482) (342)
Interest credited to policyholders’ account balances ....................................... 1,846 1,804 1,751
Depreciation and amortization, including premiums and discounts ............................ 559 433 740
Change in:
Deferred policy acquisition costs .................................................. (211) (259) (228)
Future policy benefits and other insurance liabilities ................................... 2,026 933 1,473
Trading account assets .......................................................... 1,596 2,268 2,524
Incometaxespayable ........................................................... (205) (1,282) 214
Broker-dealer related receivables/payables .......................................... 564 4,538 (388)
Securities purchased under agreements to resell ...................................... (423) 974 8,549
Cash collateral for borrowed securities ............................................. 248 (1,352) 3,266
Cash collateral for loaned securities ................................................ 788 (1,626) 278
Securities sold but not yet purchased ............................................... (795) (2,168) (2,009)
Securities sold under agreements to repurchase ....................................... 2,517 (2,625) (9,588)
Other,net .................................................................... 405 (1,591) 961
Cash flows from operating activities .......................................... 9,981 82 7,865
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from the sale/maturity of:
Fixed maturities, available for sale ..................................................... 60,529 98,150 99,971
Fixed maturities, held to maturity ...................................................... 418 139 3,266
Equity securities, available for sale .................................................... 2,050 5,503 3,025
Commercial loans .................................................................. 3,103 5,443 1,632
Other long-term investments ......................................................... 1,080 798 2,044
Payments for the purchase of:
Fixed maturities, available for sale ..................................................... (71,539) (97,511) (103,086)
Fixed maturities, held to maturity ...................................................... (2,701) (56) (1,544)
Equity securities, available for sale .................................................... (2,830) (2,557) (2,316)
Commercial loans .................................................................. (2,511) (1,521) (1,334)
Other long-term investments ......................................................... (1,357) (1,400) (1,374)
Cash acquired from the acquisition of subsidiary ............................................. — 5,912 —
Short-term investments .................................................................. (294) (442) (2,257)
Cash flows from (used in) investing activities .................................. (14,052) 12,458 (1,973)
CASH FLOWS FROM FINANCING ACTIVITIES
Policyholders’ account deposits ........................................................... 8,973 6,771 6,813
Policyholders’ account withdrawals ........................................................ (7,464) (9,014) (8,186)
Proceeds from the issuance of Common Stock ............................................... — 3,337 —
Proceeds from the issuance of Class B Stock ................................................. — 167 —
Proceeds from the issuance of equity security units ............................................ — 663 —
CashdividendspaidonCommonStock..................................................... (173) — —
Cash dividends paid on Class B Stock ...................................................... (19) — —
Net decrease in short-term debt ........................................................... (2,170) (6,098) (2,678)
Proceeds from deferred compensation program ............................................... 56 — —
Treasury stock acquired ................................................................. (782) — —
Treasury stock reissued for exercise of stock options .......................................... 1 — —
Proceeds from the issuance of long-term debt ................................................ 122 3,214 638
Repayments of long-term debt ............................................................ (542) (720) (1,230)
Cash payments to eligible policyholders .................................................... (2,569) — —
Cash flows used in financing activities ........................................ (4,567) (1,680) (4,643)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS ...................... (8,638) 10,860 1,249
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR ............................... 18,536 7,676 6,427
CASH AND CASH EQUIVALENTS, END OF YEAR ...................................... $ 9,898 $18,536 $ 7,676
SUPPLEMENTAL CASH FLOW INFORMATION
Incometaxespaid...................................................................... $ 57 $ 466 $ 248
Interest paid .......................................................................... $ 458 $ 638 $ 1,040
NON-CASH TRANSACTIONS DURING THE YEAR
Policy credits issued and demutualization consideration payable to eligible policyholders ............. $ — $ 4,529 $ —
See Notes to Consolidated Financial Statements
Growing and Protecting Your Wealth90