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 | ) | |||||||||
|
Cash at beginning of year |
177 | 151 | 2 | — | 330 | |||||||||||
|
Cash at end of year |
$ | 137 | $ | 154 | $ | 3 | $ | — | $ | 294 | ||||||
|
Supplemental disclosure of cash flow information |
||||||||||||||||
|
Income taxes paid (received) |
$ | 942 | $ | 325 | $ | (210 | ) | $ | — | $ | 1,057 | |||||
|
Interest paid |
$ | 60 | $ | — | $ | 295 | $ | — | $ | 355 | ||||||
CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited)
For the twelve months ended December 31, 2012
|
(in millions) |
TPC | Other Subsidiaries |
Travelers(1) | Eliminations | Consolidated | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Cash flows from operating activities |
||||||||||||||||
|
Net income |
$ | 1,857 | $ | 798 | $ | 2,473 | $ | (2,655 | ) | $ | 2,473 | |||||
|
Net adjustments to reconcile net income to net cash provided by operating activities |
715 | 7 | (700 | ) | 735 | 757 | ||||||||||
|
Net cash provided by operating activities |
2,572 | 805 | 1,773 | (1,920 | ) | 3,230 | ||||||||||
|
Cash flows from investing activities |
||||||||||||||||
|
Proceeds from maturities of fixed maturities |
5,905 | 2,462 | 2 | — | 8,369 | |||||||||||
|
Proceeds from sales of investments: |
||||||||||||||||
|
Fixed maturities |
730 | 355 | 2 | — | 1,087 | |||||||||||
|
Equity securities |
21 | 16 | — | — | 37 | |||||||||||
|
Real estate investments |
— | 53 | — | — | 53 | |||||||||||
|
Other investments |
555 | 280 | — | — | 835 | |||||||||||
|
Purchases of investments: |
||||||||||||||||
|
Fixed maturities |
(7,361 | ) | (3,077 | ) | (9 | ) | — | (10,447 | ) | |||||||
|
Equity securities |
(18 | ) | (28 | ) | (2 | ) | — | (48 | ) | |||||||
|
Real estate investments |
— | (95 | ) | — | — | (95 | ) | |||||||||
|
Other investments |
(371 | ) | (163 | ) | — | — | (534 | ) | ||||||||
|
Net sales (purchases) of short-term securities |
(308 | ) | 44 | 381 | — | 117 | ||||||||||
|
Securities transactions in course of settlement |
14 | (36 | ) | (1 | ) | — | (23 | ) | ||||||||
|
Other |
(323 | ) | — | — | — | (323 | ) | |||||||||
|
Net cash provided by (used in) investing activities |
(1,156 | ) | (189 | ) | 373 | — | (972 | ) | ||||||||
|
Cash flows from financing activities |
||||||||||||||||
|
Payment of debt |
— | — | (258 | ) | — | (258 | ) | |||||||||
|
Dividends paid to shareholders |
— | — | (694 | ) | — | (694 | ) | |||||||||
|
Issuance of common stock—employee share options |
— | — | 295 | — | 295 | |||||||||||
|
Treasury stock acquired—share repurchase authorization |
— | — | (1,474 | ) | — | (1,474 | ) | |||||||||
|
Treasury stock acquired—net employee share-based compensation |
— | — | (53 | ) | — | (53 | ) | |||||||||
|
Excess tax benefits from share-based payment arrangements |
— | — | 38 | — | 38 | |||||||||||
|
Dividends paid to parent company |
(1,353 | ) | (567 | ) | — | 1,920 | — | |||||||||
|
Net cash used in financing activities |
(1,353 | ) | (567 | ) | (2,146 | ) | 1,920 | (2,146 | ) | |||||||
|
Effect of exchange rate changes on cash |
— | 4 | — | — | 4 | |||||||||||
|
Net increase in cash |
63 | 53 | — | — | 116 | |||||||||||
|
Cash at beginning of year |
114 | 98 | 2 | — | 214 | |||||||||||
|
Cash at end of year |
$ | 177 | $ | 151 | $ | 2 | $ | — | $ | 330 | ||||||
|
Supplemental disclosure of cash flow information |
||||||||||||||||
|
Income taxes paid (received) |
$ | 287 | $ | 108 | $ | (207 | ) | $ | — | $ | 188 | |||||
|
Interest paid |
$ | 73 | $ | — | $ | 302 | $ | — | $ | 375 | ||||||
CONSOLIDATING STATEMENT OF CASH FLOWS (Unaudited)
For the twelve months ended December 31, 2011
|
(in millions) |
TPC | Other Subsidiaries |
Travelers(1) | Eliminations | Consolidated | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Cash flows from operating activities |
||||||||||||||||
|
Net income |
$ | 1,182 | $ | 382 | $ | 1,426 | $ | (1,564 | ) | $ | 1,426 | |||||
|
Net adjustments to reconcile net income to net cash provided by operating activities |
736 | 98 | 635 | (726 | ) | 743 | ||||||||||
|
Net cash provided by operating activities |
1,918 | 480 | 2,061 | (2,290 | ) | 2,169 | ||||||||||
|
Cash flows from investing activities |
||||||||||||||||
|
Proceeds from maturities of fixed maturities |
4,902 | 2,502 | — | — | 7,404 | |||||||||||
|
Proceeds from sales of investments: |
||||||||||||||||
|
Fixed maturities |
720 | 440 | 1 | — | 1,161 | |||||||||||
|
Equity securities |
82 | 53 | — | — | 135 | |||||||||||
|
Real estate investments |
1 | — | — | — | 1 | |||||||||||
|
Other investments |
343 | 251 | — | — | 594 | |||||||||||
|
Purchases of investments: |
||||||||||||||||
|
Fixed maturities |
(5,714 | ) | (2,978 | ) | (12 | ) | — | (8,704 | ) | |||||||
|
Equity securities |
(30 | ) | (71 | ) | (30 | ) | — | (131 | ) | |||||||
|
Real estate investments |
(24 | ) | (42 | ) | — | — | (66 | ) | ||||||||
|
Other investments |
(711 | ) | (178 | ) | — | — | (889 | ) | ||||||||
|
Net sales of short-term securities |
717 | 25 | 1,276 | — | 2,018 | |||||||||||
|
Securities transactions in course of settlement |
(46 | ) | 46 | — | — | — | ||||||||||
|
Other |
(351 | ) | (20 | ) | — | — | (371 | ) | ||||||||
|
Net cash provided by (used in) investing activities |
(111 | ) | 28 | 1,235 | — | 1,152 | ||||||||||
|
Cash flows from financing activities |
||||||||||||||||
|
Payment of debt |
— | (8 | ) | — | — | (8 | ) | |||||||||
|
Dividends paid to shareholders |
— | — | (665 | ) | — | (665 | ) | |||||||||
|
Issuance of common stock—employee share options |
— | — | 314 | — | 314 | |||||||||||
|
Treasury stock acquired—share repurchase authorization |
— | — | (2,919 | ) | — | (2,919 | ) | |||||||||
|
Treasury stock acquired—net employee share-based compensation |
— | — | (46 | ) | — | (46 | ) | |||||||||
|
Excess tax benefits from share-based payment arrangements |
— | — | 18 | — | 18 | |||||||||||
|
Dividends paid to parent company |
(1,779 | ) | (521 | ) | — | 2,300 | — | |||||||||
|
Capital contributions, loans and other transactions between subsidiaries |
— | 10 | — | (10 | ) | — | ||||||||||
|
Net cash used in financing activities |
(1,779 | ) | (519 | ) | (3,298 | ) | 2,290 | (3,306 | ) | |||||||
|
Effect of exchange rate changes on cash |
— | (1 | ) | — | — | (1 | ) | |||||||||
|
Net increase (decrease) in cash |
28 | (12 | ) | (2 | ) | — | 14 | |||||||||
|
Cash at beginning of year |
86 | 110 | 4 | — | 200 | |||||||||||
|
Cash at end of year |
$ | 114 | $ | 98 | $ | 2 | $ | — | $ | 214 | ||||||
|
Supplemental disclosure of cash flow information |
||||||||||||||||
|
Income taxes paid (received) |
$ | 206 | $ | 109 | $ | (97 | ) | $ | — | $ | 218 | |||||
|
Interest paid |
$ | 73 | $ | — | $ | 309 | $ | — | $ | 382 | ||||||