Humana 2001 Annual Report Download - page 23

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( I n t hou s a nd s)
F o r th e ye ars e n d e d D e c em be r 31, 2 0 0 1 2 0 0 0 1 9 9 9
Cash flows from operating activities
Net income (loss) $ 117,171 $ 90,052 $ (382,420)
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation and amortization 161,531 146,548 123,858
Amortization of restricted stock 9,492 7,069 3,104
Gain on sale of property and equipment, net — (3,373) (11,652)
Gain on sale of investment securities, net (13,853) (6,615) (10,641)
Provision for deferred income taxes 56,104 19,287 4,974
Provision for doubtful accounts 4,039 10,927 12,644
Payment of government audit settlement (8,000) (14,526) —
Asset impairments and other charges — — 459,852
Changes in operating assets and liabilities excluding the effects
of acquisitions and divestitures:
Premiums receivable (22,836) (994) 38,593
Other assets 8,184 (8,234) 53,940
Medical and other expenses payable (179,539) (195,891) (22,949)
Workers’ compensation liabilities — (30,064) (150,245)
Other liabilities 27,456 39,020 43,218
Unearned premium revenues (13,397) (16,050) 55,601
Other 2,606 3,248 (142)
Net cash provided by operating activities 148,958 40,404 217,735
Cash flows from investing activities
Acquisitions, net of cash and cash equivalents acquired (29,359) (12,910) (14,810)
Divestitures, net of cash and cash equivalents disposed 1,470 28,517 —
Purchases of property and equipment (114,971) (135,067) (88,930)
Dispositions of property and equipment — 21,163 53,833
Purchases of investment securities (1,874,482) (1,205,129) (796,026)
Maturities of investment securities 626,369 543,062 391,440
Proceeds from sales of investment securities 1,272,166 582,339 472,272
Net cash (used in) provided by investing activities (118,807) (178,025) 17,779
Cash flows from financing activities
Revolving credit agreement (repayments) borrowings (520,000) 520,000 (93,000)
Net conduit commercial paper borrowings 263,000 — —
Net commercial paper repayments (79,952) (606,261) (43,763)
Proceeds from issuance of senior notes 299,277 — —
Proceeds from other borrowings 5,700 — —
Debt issue costs (7,116) — —
Change in book overdraft 4,194 (66,618) (19,243)
Common stock repurchases (1,867) (26,432) —
Other 471 (3,793) (13,800)
Net cash used in financing activities (36,293) (183,104) (169,806)
(Decrease) increase in cash and cash equivalents (6,142) (320,725) 65,708
Cash and cash equivalents at beginning of period 657,562 978,287 912,579
Cash and cash equivalents at end of period $ 651,420 $ 657,562 $ 978,287
Condensed Consolidated Statements of Cash Flows
HUMANA INC.
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