Humana 2011 Annual Report Download - page 95

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Humana Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the year ended December 31,
2011 2010 2009
(in millions)
Cash flows from operating activities
Net income ..................................................... $1,419 $ 1,099 $ 1,040
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization .................................. 303 263 250
Stock-based compensation ..................................... 67 63 66
Net realized capital gains ...................................... (11) (6) (20)
Provision (benefit) from deferred income taxes ..................... 22 (199) (27)
Provision for doubtful accounts ................................. 31 19 19
Changes in operating assets and liabilities, net of effect of businesses
acquired:
Receivables ............................................. (106) (46) (60)
Other assets ............................................. (183) 81 113
Benefits payable ......................................... 256 247 17
Other liabilities .......................................... 194 722 14
Unearned revenues ....................................... 26 (46) (9)
Other ...................................................... 61 45 19
Net cash provided by operating activities ...................... 2,079 2,242 1,422
Cash flows from investing activities
Acquisitions, net of cash acquired .................................... (226) (833) (12)
Purchases of property and equipment ................................. (346) (222) (185)
Proceeds from sales of property and equipment ......................... 10 0 1
Purchases of investment securities ................................... (3,678) (4,589) (7,197)
Maturities of investment securities ................................... 1,569 1,750 1,271
Proceeds from sales of investment securities ........................... 1,259 2,012 3,951
Change in securities lending collateral ................................ 54 71 312
Net cash used in investing activities .......................... (1,358) (1,811) (1,859)
Cash flows from financing activities
Receipts from CMS contract deposits ................................. 2,517 1,757 2,354
Withdrawals from CMS contract deposits ............................. (2,895) (1,994) (1,861)
Repayments under credit agreement .................................. 0 0 (250)
Change in securities lending payable ................................. (56) (71) (312)
Change in book overdraft .......................................... (103) 35 150
Common stock repurchases ......................................... (541) (108) (23)
Dividends paid ................................................... (82) 0 0
Excess tax benefit from stock-based compensation ...................... 15 2 5
Proceeds from stock option exercises and other, net ...................... 128 8 17
Net cash (used in) provided by financing activities .............. (1,017) (371) 80
(Decrease) increase in cash and cash equivalents ............................ (296) 60 (357)
Cash and cash equivalents at beginning of year ............................. 1,673 1,613 1,970
Cash and cash equivalents at end of year .................................. $1,377 $ 1,673 $ 1,613
Supplemental cash flow disclosures:
Interest payments ................................................. $ 114 $ 112 $ 113
Income tax payments, net .......................................... $ 874 $ 785 $ 627
Details of businesses acquired in purchase transactions:
Fair value of assets acquired, net of cash acquired ....................... $ 266 $1,044 $ 12
Less: Fair value of liabilities assumed ................................ (40) (211) 0
Cash paid for acquired businesses, net of cash acquired ................... $ 226 $ 833 $ 12
The accompanying notes are an integral part of the consolidated financial statements.
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