Travelers 2015 Annual Report Download - page 253

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 year ended December 31, 2015
Other
(in millions) TPC Subsidiaries TRV Eliminations Consolidated
Cash flows from operating activities
Net income ............................. $2,666 $ 998 $ 3,439 $(3,664) $ 3,439
Net adjustments to reconcile net income to net cash
provided by operating activities ............... (577) 414 330 (172) (5)
Net cash provided by operating activities .......... 2,089 1,412 3,769 (3,836) 3,434
Cash flows from investing activities
Proceeds from maturities of fixed maturities ........ 7,543 3,563 10 — 11,116
Proceeds from sales of investments:
Fixed maturities ......................... 1,227 723 — — 1,950
Equity securities ......................... 25 34 — — 59
Real estate investments .................... — 31 — — 31
Other investments ........................ 503 210 — — 713
Purchases of investments:
Fixed maturities ......................... (8,276) (3,787) (27) — (12,090)
Equity securities ......................... (3) (43) (3) — (49)
Real estate investments .................... (1) (122) — — (123)
Other investments ........................ (423) (111) — — (534)
Net sales (purchases) of short-term securities ....... 179 (489) (16) — (326)
Securities transactions in course of settlement ....... (52) (61) — — (113)
Acquisition, net of cash acquired ............... (13) — — — (13)
Other ................................. (343) 39 — — (304)
Net cash provided by (used in) investing activities .... 366 (13) (36) — 317
Cash flows from financing activities
Treasury stock acquired—share repurchase
authorization ........................... — — (3,150) — (3,150)
Treasury stock acquired—net employee share-based
compensation ........................... — — (74) — (74)
Dividends paid to shareholders ................. — — (739) — (739)
Payment of debt .......................... — — (400) — (400)
Issuance of debt .......................... — — 392 — 392
Issuance of common stock—employee share options . . . — — 183 — 183
Excess tax benefits from share-based payment
arrangements ........................... — — 55 — 55
Dividends paid to parent company .............. (2,450) (1,383) — 3,833 —
Capital contributions, loans and other transactions
between subsidiaries ...................... — (3) — 3 —
Net cash used in financing activities ............. (2,450) (1,386) (3,733) 3,836 (3,733)
Effect of exchange rate changes on cash ........... (1) (11) — — (12)
Net increase in cash ........................ 4 2 — — 6
Cash at beginning of year .................... 221 151 2 — 374
Cash at end of year ........................ $ 225 $ 153 $ 2 $ — $ 380
Supplemental disclosure of cash flow information
Income taxes paid (received) .................. $1,032 $ 384 $ (209) $ — $ 1,207
Interest paid ............................. $ 47 $ — $ 318 $ — $ 365
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