Travelers 2011 Annual Report Download - page 277

SCHEDULE II
THE TRAVELERS COMPANIES, INC.
(Parent Company Only)
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
(in millions)
CONDENSED STATEMENT OF CASH FLOWS
For the year ended December 31, 2011 2010 2009
Cash flows from operating activities
Net income .............................................. $ 1,426 $ 3,216 $ 3,622
Adjustments to reconcile net income to net cash provided by operating
activities:
Equity in net income of subsidiaries .......................... (1,564) (3,497) (3,683)
Dividends received from consolidated subsidiaries ................ 2,300 6,676 3,497
Capital (contributed to) repaid from subsidiaries ................. (10) 19 20
Deferred federal income tax (benefit) expense ................... 43 (46) 100
Change in income taxes payable ............................. (162) 63 22
Other ................................................ 28 411 (301)
Net cash provided by operating activities ....................... 2,061 6,842 3,277
Cash flows from investing activities
Net sales (purchases) of short-term securities ..................... 1,276 (1,723) (21)
Other investments, net ...................................... (41) 99 183
Net cash provided by (used in) investing activities ................ 1,235 (1,624) 162
Cash flows from financing activities
Issuance of debt .......................................... —1,234 494
Payment of debt .......................................... —(1,156) (141)
Dividends paid to shareholders ............................... (665) (673) (693)
Treasury stock acquired—share repurchase authorization ............. (2,919) (4,998) (3,259)
Treasury stock acquired—net employee share-based compensation ...... (46) (40) (29)
Issuance of common stock—employee share options ................ 314 408 180
Other .................................................. 18 10 10
Net cash used in financing activities .......................... (3,298) (5,215) (3,438)
Net increase (decrease) in cash ............................... (2) 31
Cash at beginning of year ................................... 41—
Cash at end of year ........................................ $2$4$1
Supplemental disclosure of cash flow information
Cash received during the year for taxes .......................... $97$ 116 $ 225
Cash paid during the year for interest ........................... $ 309 $ 324 $ 312
The condensed financial statements should be read in conjunction with the notes to the condensed
financial information of the registrant, as well as the consolidated financial statements and notes
thereto.
See the accompanying Report of Independent Registered Public Accounting Firm.
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