Travelers 2014 Annual Report Download - page 259
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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, 2013
(in millions)
TPC
Other
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
)