Humana 2004 Annual Report Download - page 117

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Humana Inc.
SCHEDULE I—PARENT COMPANY FINANCIAL INFORMATION
CONDENSED STATEMENTS OF CASH FLOWS
For the year ended December 31,
2004 2003 2002
(in thousands)
Net cash provided by operating activities ......................... $266,775 $ 200,011 $ 325,893
Cash flows from investing activities:
Purchases of investment securities ............................. (989,757) (388,138) (7,470)
Proceeds from sale of investment securities ..................... 812,796 244,442 12,553
Maturities of investment securities ............................ 56,740 65,393 —
Purchases of property and equipment, net ....................... (98,953) (90,765) (94,505)
Capital contributions to operating subsidiaries ................... (5,201) (17,000) (11,000)
Surplus note redemption from operating subsidiaries .............. — 35,000 12,000
Change in securities lending collateral ......................... (7,991) — —
Other .................................................... (4,726) 70 1,030
Net cash used in investing activities ....................... (237,092) (150,998) (87,392)
Cash flows from financing activities:
Net conduit commercial paper borrowings ...................... — (265,000) 2,000
Proceeds from issuance of senior notes ......................... — 299,139 —
Proceeds from swap exchange ................................ — 31,556 —
Debt issue costs ........................................... (1,954) (3,331) (1,549)
Change in book overdraft .................................... (77,422) 73,463 (46,084)
Change in securities lending payable ........................... 7,991 — —
Repayment of notes issued to operating subsidiaries ............... — (31,500) —
Common stock repurchases .................................. (67,024) (44,147) (74,035)
Proceeds from stock option exercises and other .................. 29,918 25,475 9,577
Net cash (used in) provided by financing activities ............ (108,491) 85,655 (110,091)
(Decrease) increase in cash and cash equivalents ..................... (78,808) 134,668 128,410
Cash and cash equivalents at beginning of year ....................... 321,676 187,008 58,598
Cash and cash equivalents at end of year ............................ $242,868 $ 321,676 $ 187,008
See accompanying notes to the parent company financial statements.
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