Aetna 2002 Annual Report Download - page 37

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 
CONSOLIDATED STATEMENTS OF INCOME
For the Years Ended December 31,
(Millions, except per common share data) 2002 2001 2000
Revenue:
Health care premiums $15,036.1 $19,940.4 $21,746.6
Other premiums 1,676.6 1,831.6 1,468.3
Administrative services contract fees 1,842.6 1,835.2 1,925.9
Net investment income 1,250.7 1,411.6 1,631.6
Other income 38.4 75.9 86.6
Net realized capital gains (losses) 34.3 96.1 (40.1)
Total revenue 19,878.7 25,190.8 26,818.9
Benefits and expenses:
Health care costs 12,452.8 17,938.8 18,884.1
Current and future benefits 2,245.5 2,458.3 2,153.5
Operating expenses:
Salaries and related benefits 2,245.2 2,290.4 2,328.7
Other 1,987.4 2,224.6 2,501.1
Interest expense 119.5 142.8 248.2
Amortization of goodwill — 198.1 204.9
Amortization of other acquired intangible assets 130.8 218.5 230.7
Goodwill write-off — — 310.2
Severance and facilities charges 161.0 192.5 142.5
Reductions of reserve for anticipated future losses
on discontinued products (8.3) (94.5) (146.0)
Total benefits and expenses 19,333.9 25,569.5 26,857.9
Income (loss) from continuing operations before income taxes (benefits) 544.8 (378.7) (39.0)
Income taxes (benefits):
Current 193.8 (13.6) 242.1
Deferred (42.2) (73.6) (153.7)
Total income taxes (benefits) 151.6 (87.2) 88.4
Income (loss) from continuing operations 393.2 (291.5) (127.4)
Discontinued operations, net of tax:
Income from operations 50.0 — 428.5
Sale and spin-off related benefits (costs) — 11.4 (174.0)
Income (loss) before cumulative effect adjustments 443.2 (280.1) 127.1
Cumulative effect adjustments, net of tax (2,965.7) .5 —
Net income (loss) $ (2,522.5) $ (279.6) $ 127.1
Earnings (loss) per common share:
Basic:
Income (loss) from continuing operations $ 2.64 $ (2.03) $ (.90)
Income from discontinued operations, net of tax .34 .08 1.80
Income (loss) before cumulative effect adjustments 2.98 (1.95) .90
Cumulative effect adjustments, net of tax (19.92) — —
Net income (loss) $ (16.94) $ (1.95) $ .90
Diluted: 1
Income (loss) from continuing operations $ 2.57 $ (2.03) $ (.90)
Income from discontinued operations, net of tax .33 .08 1.80
Income (loss) before cumulative effect adjustments 2.90 (1.95) .90
Cumulative effect adjustments, net of tax (19.39) — —
Net income (loss) $ (16.49) $ (1.95) $ .90
1 Since the company reported a loss from continuing operations in  and , the effect of common stock equivalents has been excluded from per
common share computations for those years, since including such securities would be anti-dilutive. As a result, diluted and basic per common share
amounts for  and  are the same.
The foregoing financial information should be read in conjunction with the financial statements and related notes as presented in Aetna Inc.’s
 Annual Report, Financial Report.