Travelers 2015 Annual Report Download - page 273

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, 2015 2014 2013
Cash flows from operating activities
Net income .............................................. $ 3,439 $ 3,692 $ 3,673
Adjustments to reconcile net income to net cash provided by operating
activities:
Equity in net income of subsidiaries .......................... (3,664) (3,904) (3,815)
Dividends received from consolidated subsidiaries ................ 3,833 4,071 2,423
Capital received from (contributed to) subsidiaries ................ 3— (500)
Deferred federal income tax expense (benefit) ................... (6) 51 (59)
Change in income taxes payable ............................. 51 (87) 48
Other ................................................ 113 (13) 238
Net cash provided by operating activities ....................... 3,769 3,810 2,008
Cash flows from investing activities
Net sales (purchases) of short-term securities ..................... (16) (7) 435
Other investments, net ...................................... (20) 5(3)
Net cash provided by (used in) investing activities ................ (36) (2) 432
Cash flows from financing activities
Treasury stock acquired—share repurchase authorization ............. (3,150) (3,275) (2,400)
Treasury stock acquired—net employee share-based compensation ...... (74) (57) (61)
Dividends paid to shareholders ............................... (739) (729) (729)
Payment of debt .......................................... (400) ——
Issuance of debt .......................................... 392 — 494
Issuance of common stock—employee share options ................ 183 195 206
Other .................................................. 55 57 51
Net cash used in financing activities .......................... (3,733) (3,809) (2,439)
Net increase (decrease) in cash ............................... —(1) 1
Cash at beginning of year ................................... 232
Cash at end of year ........................................ $2$2$3
Supplemental disclosure of cash flow information
Cash received during the year for taxes .......................... $ 209 $ 136 $ 210
Cash paid during the year for interest ........................... $ 318 $ 318 $ 295
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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