Aetna 2012 Annual Report Download - page 87

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Annual Report- Page 81
Consolidated Statements of Cash Flows
For the Years Ended December 31,
(Millions) 2012 2011 2010
Cash flows from operating activities:
Net income $ 1,657.9 $ 1,985.7 $ 1,766.8
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized capital gains (108.7) (167.9) (227.5)
Depreciation and amortization 449.9 447.2 444.4
Equity in (earnings) losses of affiliates, net (46.9) 1.4 (33.1)
Stock-based compensation expense 122.2 141.4 110.4
Amortization (accretion) of net investment premium (discount) 21.7 1.9 (28.9)
Loss on early extinguishment of long-term debt 84.9 — —
Changes in assets and liabilities:
Accrued investment income 12.1 6.7 5.8
Premiums due and other receivables (163.7) 16.4 (38.6)
Income taxes 98.6 154.9 182.8
Other assets and other liabilities (340.2) 21.5 (309.3)
Health care and insurance liabilities 25.5 (103.0) (458.6)
Other, net 8.7 1.6 (2.1)
Net cash provided by operating activities 1,822.0 2,507.8 1,412.1
Cash flows from investing activities:
Proceeds from sales and maturities of investments 11,671.3 10,045.6 11,966.7
Cost of investments (11,555.8) (9,998.1) (11,043.4)
Additions to property, equipment and software (338.2) (372.0) (288.7)
Cash used for acquisitions, net of cash acquired (8.6) (1,555.7) (.1)
Net cash (used for) provided by investing activities (231.3) (1,880.2) 634.5
Cash flows from financing activities:
Net repayment of long-term debt (277.2) (900.0) —
Net issuance of long-term debt 2,664.8 480.1 697.8
Net (repayment) issuance of short-term debt (425.9) 425.9 (480.8)
Deposits and interest credited for investment contracts 5.7 5.6 8.0
Withdrawals of investment contracts (17.0) (8.9) (9.5)
Common shares issued under benefit plans (44.5) 125.5 43.2
Stock-based compensation tax benefits 50.3 38.5 22.5
Common shares repurchased (1,417.5) (1,813.0) (1,606.0)
Dividends paid to shareholders (239.1) (167.2) (16.1)
Collateral on interest rate swaps 9.2 (2.0) (41.7)
Net cash provided by (used for) financing activities 308.8 (1,815.5) (1,382.6)
Net increase (decrease) in cash and cash equivalents 1,899.5 (1,187.9) 664.0
Cash and cash equivalents, beginning of period 679.7 1,867.6 1,203.6
Cash and cash equivalents, end of period $ 2,579.2 $ 679.7 $ 1,867.6
Refer to accompanying Notes to Consolidated Financial Statements.