Humana 2013 Annual Report Download - page 103

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Humana Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the year ended December 31,
2013 2012 2011
(in millions)
Cash flows from operating activities
Net income ...................................................... $1,231 $ 1,222 $ 1,419
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization ................................... 426 338 303
Stock-based compensation ..................................... 92 82 67
Net realized capital gains ....................................... (22) (33) (11)
Provision (benefit) for deferred income taxes ....................... 42 (80) 22
Provision for doubtful accounts .................................. 37 26 31
Changes in operating assets and liabilities, net of effect of businesses
acquired:
Receivables ............................................. (251) 326 (106)
Other assets ............................................. (330) (253) (183)
Benefits payable ......................................... 109 (41) 256
Other liabilities .......................................... 313 300 194
Unearned revenues ....................................... (24) (43) 26
Other ...................................................... 93 79 61
Net cash provided by operating activities .................. 1,716 1,923 2,079
Cash flows from investing activities
Acquisitions, net of cash acquired .................................... (187) (1,235) (226)
Proceeds from sale of business ...................................... 34 0 0
Purchases of property and equipment ................................. (441) (410) (346)
Proceeds from sales of property and equipment ......................... 4 0 10
Purchases of investment securities ................................... (3,261) (3,221) (3,678)
Maturities of investment securities ................................... 1,077 1,497 1,623
Proceeds from sales of investment securities ........................... 1,592 1,404 1,259
Net cash used in investing activities ...................... (1,182) (1,965) (1,358)
Cash flows from financing activities
Receipts (withdrawals) from contract deposits, net ....................... (150) (397) (378)
Proceeds from issuance of senior notes, net ............................ 0 990 0
Repayment of long-term debt ....................................... 0 (36) 0
Common stock repurchases ......................................... (531) (518) (541)
Dividends paid ................................................... (168) (165) (82)
Excess tax benefit from stock-based compensation ...................... 8 22 15
Change in book overdraft .......................................... 79 18 (103)
Proceeds from stock option exercises and other, net ...................... 60 57 72
Net cash used in financing activities ...................... (702) (29) (1,017)
Decrease in cash and cash equivalents .................................... (168) (71) (296)
Cash and cash equivalents at beginning of year ............................. 1,306 1,377 1,673
Cash and cash equivalents at end of year .................................. $1,138 $ 1,306 $ 1,377
Supplemental cash flow disclosures:
Interest payments ................................................. $ 146 $ 110 $ 114
Income tax payments, net .......................................... $ 734 $ 745 $ 874
Details of businesses acquired in purchase transactions:
Fair value of assets acquired, net of cash acquired ....................... $ 196 $1,535 $ 266
Less: Fair value of liabilities assumed ................................. (9) (300) (40)
Cash paid for acquired businesses, net of cash acquired ................... $ 187 $1,235 $ 226
The accompanying notes are an integral part of the consolidated financial statements.
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