182 / 188
SCHEDULE II
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
Aflac Incorporated (Parent Only)
Condensed Statements of Cash Flows
Years ended December 31,
(In millions)
2016
2015
2014
Cash flows from operating activities:
Net earnings
$ 2,659
$ 2,533
$ 2,951
Adjustments to reconcile net earnings to net cash provided from
operating activities:
Equity in undistributed earnings of subsidiaries
(1)
(814)
(291)
(1,281)
Change in income tax liabilities
(112)
6
115
Other, net
406
(2)
149
(2)
(72)
Net cash provided (used) by operating activities
2,139
2,397
1,713
Cash flows from investing activities:
Fixed maturity securities sold
225
121
38
Fixed maturity securities purchased
(229)
(202)
(105)
Other investments sold (purchased)
6
14
291
Settlement of derivatives
0
147
(1)
Additional capitalization of subsidiaries
(1)
(36)
(43)
0
Other, net
(25)
0
0
Net cash provided (used) by investing activities
(59)
37
223
Cash flows from financing activities:
Purchases of treasury stock
(1,422)
(1,315)
(1,210)
Proceeds from borrowings
986
998
750
Principal payments under debt obligations
(621)
(1,272)
(335)
Dividends paid to shareholders
(658)
(656)
(654)
Treasury stock reissued
46
36
33
Proceeds from exercise of stock options
36
47
23
Net change in amount due to/from subsidiaries
(1)
(6)
43
14
Other, net
(125)
(2)
(232)
(2)
0
Net cash provided (used) by financing activities
(1,764)
(2,351)
(1,379)
Net change in cash and cash equivalents
316
83
557
Cash and cash equivalents, beginning of period
1,721
1,638
1,081
Cash and cash equivalents, end of period
$ 2,037
$ 1,721
$ 1,638
(1)
Eliminated in consolidation
(2)
Operating activities excludes and financing activities includes a cash outflow of $137 in 2016 and $230 in 2015 for the payments
associated with the early extinguishment of debt
See the accompanying Notes to Condensed Financial Statements.
See the accompanying Report of Independent Registered Public Accounting Firm.
175