Travelers 2013 Annual Report Download - page 286

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, 2013 2012 2011
Cash flows from operating activities
Net income .............................................. $ 3,673 $ 2,473 $ 1,426
Adjustments to reconcile net income to net cash provided by operating
activities:
Equity in net income of subsidiaries .......................... (3,815) (2,655) (1,564)
Dividends received from consolidated subsidiaries ................ 2,423 1,920 2,300
Capital contributed to subsidiaries ............................ (500) — (10)
Deferred federal income tax (benefit) expense ................... (59) 52 43
Change in income taxes payable ............................. 48 (1) (162)
Other ................................................ 238 (16) 28
Net cash provided by operating activities ....................... 2,008 1,773 2,061
Cash flows from investing activities
Net sales of short-term securities .............................. 435 381 1,276
Other investments, net ...................................... (3) (8) (41)
Net cash provided by investing activities ....................... 432 373 1,235
Cash flows from financing activities
Payment of debt .......................................... —(258) —
Issuance of debt .......................................... 494 ——
Dividends paid to shareholders ............................... (729) (694) (665)
Issuance of common stock—employee share options ................ 206 295 314
Treasury stock acquired—share repurchase authorization ............. (2,400) (1,474) (2,919)
Treasury stock acquired—net employee share-based compensation ...... (61) (53) (46)
Other .................................................. 51 38 18
Net cash used in financing activities .......................... (2,439) (2,146) (3,298)
Net increase (decrease) in cash ............................... 1—(2)
Cash at beginning of year ................................... 224
Cash at end of year ........................................ $3$2$2
Supplemental disclosure of cash flow information
Cash received during the year for taxes .......................... $ 210 $ 207 $ 97
Cash paid during the year for interest ........................... $ 295 $ 302 $ 309
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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