Travelers 2012 Annual Report Download - page 283

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, 2012 2011 2010
Cash flows from operating activities
Net income .............................................. $ 2,473 $ 1,426 $ 3,216
Adjustments to reconcile net income to net cash provided by operating
activities:
Equity in net income of subsidiaries .......................... (2,655) (1,564) (3,497)
Dividends received from consolidated subsidiaries ................ 1,920 2,300 6,676
Capital (contributed to) repaid from subsidiaries ................. —(10) 19
Deferred federal income tax (benefit) expense ................... 52 43 (46)
Change in income taxes payable ............................. (1) (162) 63
Other ................................................ (16) 28 411
Net cash provided by operating activities ....................... 1,773 2,061 6,842
Cash flows from investing activities
Net sales (purchases) of short-term securities ..................... 381 1,276 (1,723)
Other investments, net ...................................... (8) (41) 99
Net cash provided by (used in) investing activities ................ 373 1,235 (1,624)
Cash flows from financing activities
Payment of debt .......................................... (258) — (1,156)
Issuance of debt .......................................... —— 1,234
Dividends paid to shareholders ............................... (694) (665) (673)
Issuance of common stock—employee share options ................ 295 314 408
Treasury stock acquired—share repurchase authorization ............. (1,474) (2,919) (4,998)
Treasury stock acquired—net employee share-based compensation ...... (53) (46) (40)
Other .................................................. 38 18 10
Net cash used in financing activities .......................... (2,146) (3,298) (5,215)
Net increase (decrease) in cash ............................... —(2) 3
Cash at beginning of year ................................... 241
Cash at end of year ........................................ $2$2$4
Supplemental disclosure of cash flow information
Cash received during the year for taxes .......................... $ 207 $ 97 $ 116
Cash paid during the year for interest ........................... $ 302 $ 309 $ 324
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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