Aetna 2006 Annual Report Download - page 78

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14. Capital Stock
From time to time, the Board authorizes us to repurchase our common stock. The activity in Board authorized share
repurchase programs in 2006, 2005 and 2004 was as follows:
(Millions)
Number o
f
Shares
Authorized
Purchase
Not to
Exceed Shares Cost Shares Cost Shares Cost
Authorization date:
September 29, 2006 N/A
(1)
750.0 4.2 179.1$ - -$
-
-$
April 28, 2006 N/A
(1)
820.0 21.7 820.0 - -
- -
January 27, 2006 N/A
(1)
750.0 20.4 750.0 - -
- -
September 29, 2005 N/A
(1)
750.0 14.0 580.9 3.6 169.1
- -
February 25, 2005 N/A
(1)
750.0 - - 17.8 750.0 - -
September 24, 2004 N/A
(1)
750.0 - - 20.4 750.0 - -
April 30, 2004 N/A
(1)
750.0 - - - - 30.4 750.0
December 5, 2003
(2)
40.0 750.0 - - - - 34.0 743.0
Total repurchases 60.3 2,330.0$
(3)
41.8 1,669.1$ 64.4 1,493.0$
Repurchase authorization remaining as of December 31, N/A
(1)
570.9$ N/A
(1)
580.9$ N/A
(1)
750.0$
Shares Purchased
2006 2005 2004
(1) The 2006, 2005 and 2004 Board authorizations do not limit the number of shares of common stock that may be repurchased.
(2) The December 5, 2003 Board authorization replaced the June 27, 2003 authorization.
(3) Approximately $27 million of the 2006 repurchases were settled in early January 2007.
On September 29, 2006, the Board declared an annual cash dividend of $.04 per common share to shareholders of
record at the close of business on November 15, 2006. The $21 million dividend was paid on November 30, 2006.
In addition to the capital stock disclosed on the Consolidated Balance Sheets, we have authorized 7.6 million
shares of Class A voting preferred stock, $.01 par value per share. At December 31, 2006, there were also 165
million undesignated shares that the Board has the power to divide into such classes and series, with such voting
rights, designations, preferences, limitations and special rights as the Board determines.
15. Financial Instruments
Estimated Fair Value
The carrying values and estimated fair values of certain of our financial instruments at December 31, 2006 and
2005 were as follows:
Estimated Estimated
Carrying Fair Carrying Fair
(Millions) Value Value Value Value
Assets:
Debt securities 14,866.9$ 14,866.9$ 14,885.0$ 14,885.0$
Equity securities 71.1 71.1 61.2 61.2
Mortgage loans 1,588.2 1,618.6 1,547.5 1,599.9
Derivatives 3.1 4.6 3.9 6.3
Liabilities:
Investment contract liabilities:
With a fixed maturity 81.7 82.2 93.2 95.1
Without a fixed maturity 549.8 481.9 696.4 579.0
Derivatives - 3.8 .7 3.0
Long-term debt 2,442.3 2,575.2 1,605.7 1,674.4
2006 2005
Page 76