Humana 2012 Annual Report Download - page 99

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Humana Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the year ended December 31,
2012 2011 2010
(in millions)
Cash flows from operating activities
Net income .................................................. $1,222 $ 1,419 $ 1,099
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization ............................... 338 303 263
Stock-based compensation .................................. 82 67 63
Net realized capital gains ................................... (33) (11) (6)
(Benefit) provision for deferred income taxes ................... (80) 22 (199)
Provision for doubtful accounts .............................. 26 31 19
Changes in operating assets and liabilities, net of effect of businesses
acquired:
Receivables .......................................... 326 (106) (46)
Other assets .......................................... (253) (183) 81
Benefits payable ...................................... (41) 256 247
Other liabilities ....................................... 300 194 722
Unearned revenues .................................... (43) 26 (46)
Other ................................................... 79 61 45
Net cash provided by operating activities .................. 1,923 2,079 2,242
Cash flows from investing activities
Acquisitions, net of cash acquired ................................ (1,235) (226) (833)
Purchases of property and equipment .............................. (410) (346) (222)
Proceeds from sales of property and equipment ...................... 0 10 0
Purchases of investment securities ................................ (3,221) (3,678) (4,589)
Maturities of investment securities ................................ 1,497 1,623 1,821
Proceeds from sales of investment securities ........................ 1,404 1,259 2,012
Net cash used in investing activities ....................... (1,965) (1,358) (1,811)
Cash flows from financing activities
Receipts (withdrawals) from contract deposits, net ................... (397) (378) (237)
Proceeds from issuance of senior notes, net ......................... 990 0 0
Repayment of long-term debt .................................... (36) 0 0
Common stock repurchases ..................................... (518) (541) (108)
Dividends paid ............................................... (165) (82) 0
Excess tax benefit from stock-based compensation ................... 22 15 2
Change in book overdraft ....................................... 18 (103) 35
Proceeds from stock option exercises and other, net .................. 57 72 (63)
Net cash used in financing activities ...................... (29) (1,017) (371)
(Decrease) increase in cash and cash equivalents ........................ (71) (296) 60
Cash and cash equivalents at beginning of year .......................... 1,377 1,673 1,613
Cash and cash equivalents at end of year ............................... $1,306 $ 1,377 $ 1,673
Supplemental cash flow disclosures:
Interest payments ............................................. $ 110 $ 114 $ 112
Income tax payments, net ....................................... $ 745 $ 874 $ 785
Details of businesses acquired in purchase transactions:
Fair value of assets acquired, net of cash acquired ................... $1,535 $ 266 $ 1,044
Less: Fair value of liabilities assumed ............................. (300) (40) (211)
Cash paid for acquired businesses, net of cash acquired ............... $1,235 $ 226 $ 833
The accompanying notes are an integral part of the consolidated financial statements.
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