Travelers 2014 Annual Report Download - page 257

Table of Contents
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, 2014
(in millions)
TPC
Other
Subsidiaries
Travelers(1)
Eliminations
Consolidated
Cash flows from operating
activities
Net income
$
2,780
$
1,124
$
3,692
$
(3,904
)
$
3,692
Net adjustments to reconcile net
income to net cash provided by
operating activities
343
(293
)
118
(167
)
1
Net cash provided by operating
activities
3,123
831
3,810
(4,071
)
3,693
Cash flows from investing activities
Proceeds from maturities of fixed
maturities
6,625
4,258
11
—
10,894
Proceeds from sales of investments:
Fixed maturities
595
453
1
—
1,049
Equity securities
111
43
4
—
158
Real estate investments
1
14
—
—
15
Other investments
477
378
—
—
855
Purchases of investments:
Fixed maturities
(6,856
)
(4,465
)
(4
)
—
( 11,325
)
Equity securities
(3
)
(42
)
(7
)
—
( 52
)
Real estate investments
(22
)
(26
)
—
—
( 48
)
Other investments
(405
)
(149
)
—
—
( 554
)
Net sales (purchases) of short - term
securities
(268
)
(223
)
(7
)
—
( 498
)
Securities transactions in course of
settlement
44
38
—
—
82
Acquisition, net of cash acquired
(9
)
(3
)
—
( 12
)
Other
(350
)
(8
)
—
—
( 358
)
Net cash provided by (used in)
investing activities
(60
)
268
(2
)
—
206
Cash flows from financing
activities
Treasury stock acquired—share
repurchase authorization
—
—
( 3,275
)
—
( 3,275
)
Treasury stock acquired—net
employee share
- based
compensation
—
—
( 57
)
—
( 57
)
Dividends paid to shareholders
—
—
( 729
)
—
( 729
)
Issuance of common stock—
employee share options
—
—
195
—
195
Excess tax benefits from share -
based payment arrangements
—
—
57
—
57
Dividends paid to parent company
(2,978
)
(1,093
)
—
4,071
—
Net cash used in financing
activities
(2,978
)
(1,093
)
(3,809
)
4,071
(3,809
)
Effect of exchange rate changes on
cash
(1
)
(9
)
—
—
( 10
)
Net increase (decrease) in cash
84
(3
)
(1
)
—
80
Cash at beginning of year
137
154
3
—
294
Cash at end of year
$
221
$
151
$
2
$
—
$
374
Supplemental disclosure of cash
flow information
Income taxes paid (received)
$
947
$
336
$
(136
)
$
—
$
1,147