Travelers 2013 Annual Report Download - page 266

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
18. CONSOLIDATING FINANCIAL STATEMENTS OF THE TRAVELERS COMPANIES, INC. AND
SUBSIDIARIES (Continued)
CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited)
For the twelve months ended December 31, 2013
Other
(in millions) TPC Subsidiaries Travelers(1) Eliminations Consolidated
Cash flows from operating activities
Net income ........................... $2,771 $ 1,044 $ 3,673 $(3,815) $ 3,673
Net adjustments to reconcile net income to net cash
provided by operating activities ............ (497) 413 (1,665) 1,892 143
Net cash provided by operating activities ....... 2,274 1,457 2,008 (1,923) 3,816
Cash flows from investing activities
Proceeds from maturities of fixed maturities ..... 5,484 2,419 1 — 7,904
Proceeds from sales of investments:
Fixed maturities ...................... 989 641 5 — 1,635
Equity securities ...................... 45 41 — — 86
Real estate investments ................. — 18 — — 18
Other investments ..................... 489 273 — — 762
Purchases of investments:
Fixed maturities ...................... (6,260) (3,201) (6) — (9,467)
Equity securities ...................... (21) (34) (2) — (57)
Real estate investments ................. (1) (106) — — (107)
Other investments ..................... (320) (126) — — (446)
Net sales (purchases) of short-term securities ..... (272) (52) 435 — 111
Securities transactions in course of settlement .... (2) 24 (1) — 21
Acquisition, net of cash acquired ............. (773) (224) — (997)
Other ............................... (365) (8) — — (373)
Net cash provided by (used in) investing activities . (1,007) (335) 432 — (910)
Cash flows from financing activities
Payment of debt ........................ (500) — — — (500)
Issuance of debt ........................ — — 494 — 494
Dividends paid to shareholders .............. — — (729) — (729)
Issuance of common stock—employee share options — — 206 — 206
Treasury stock acquired—share repurchase
authorization ........................ — — (2,400) — (2,400)
Treasury stock acquired—net employee share-based
compensation ........................ — — (61) — (61)
Excess tax benefits from share-based payment
arrangements ........................ — — 51 — 51
Dividends paid to parent company ............ (1,307) (1,116) — 2,423 —
Capital contributions, loans and other transactions
between subsidiaries ................... 500 — — (500) —
Net cash used in financing activities .......... (1,307) (1,116) (2,439) 1,923 (2,939)
Effect of exchange rate changes on cash ........ — (3) — — (3)
Net increase (decrease) in cash .............. (40) 3 1 — (36)
Cash at beginning of year ................. 177 151 2 — 330
Cash at end of year ..................... $ 137 $ 154 $ 3 $ — $ 294
Supplemental disclosure of cash flow information
Income taxes paid (received) ............... $ 942 $ 325 $ (210) $ — $ 1,057
Interest paid .......................... $ 60 $ — $ 295 $ — $ 355
(1) The Travelers Companies, Inc., excluding its subsidiaries.
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