XML 20 R9.htm IDEA: XBRL DOCUMENT v3.22.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net earnings $ 787 $ 1,166
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization 343 288
Equity in earnings of unconsolidated affiliates (16) (27)
Gain on sales of investments and other assets and asset impairments, net 71 (259)
Loss on the sale of businesses 0 14
Interest credited/index credits to contractholder account balances (862) 476
Deferred policy acquisition costs and deferred sales inducements (371) (303)
Charges assessed to contractholders for mortality and admin (102) (88)
Non-cash lease costs 70 70
Operating lease payments (75) (76)
Distributions from unconsolidated affiliates, return on investment 38 16
Stock-based compensation cost 24 21
Change in NAV of limited partnerships, net (172) (241)
Change in valuation of derivatives, equity and preferred securities, net 1,072 (17)
Changes in assets and liabilities, net of effects from acquisitions:    
Change in insurance recoverable 109 72
Change in future policy benefits 445 (112)
Change in funds withheld from reinsurers 617 461
Net decrease in trade receivables 27 (58)
Net (decrease) increase in reserve for title claim losses (39) 54
Net change in income taxes 169 (86)
Net change in other assets and other liabilities (640) 145
Net cash provided by operating activities 1,495 1,516
Cash flows from investing activities:    
Proceeds from sales, calls and maturities of investment securities 3,541 3,334
Proceeds from sales of property and equipment 5 3
Additions to property and equipment and capitalized software (77) (54)
Purchases of investment securities (6,958) (6,226)
Net (purchases of) proceeds from sales and maturities of short-term investment securities (1,644) 334
Additions to notes receivable (94) (11)
Collections of notes receivable 4 3
Acquisitions and dispositions (20) (52)
Additional investments in unconsolidated affiliates (741) (587)
Distributions from unconsolidated affiliates, return of investment 93 44
Net other investing activities 0 94
Net cash used in investing activities (5,891) (3,118)
Cash flows from financing activities:    
Dividends paid (245) (206)
Subsidiary dividends paid to non-controlling interest shareholders (8) (9)
Exercise of stock options 8 30
Net change in secured trust deposits 239 219
Additional investment in consolidated subsidiaries 0 1
Payment of contingent consideration for prior period acquisitions (3) (2)
Contractholder account deposits 4,513 4,190
Contractholder account withdrawals (1,744) (1,575)
Purchases of treasury stock (298) (294)
Net cash provided by financing activities 2,462 2,354
Net (decrease) increase in cash and cash equivalents (1,934) 752
Cash and cash equivalents at beginning of period 4,360 2,719
Cash and cash equivalents at end of period $ 2,426 $ 3,471