Aetna 2013 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) 2013 2012 2011
Cash flows from operating activities:
Net income including non-controlling interests $ 1,911.9 $ 1,659.8 $ 1,986.9
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized capital losses (gains) 8.8 (108.7) (167.9)
Depreciation and amortization 569.1 449.9 447.2
Debt fair value amortization (39.4) — —
Equity in (earnings) losses of affiliates, net (43.6) (46.9) 1.4
Stock-based compensation expense 127.1 122.2 141.4
Reduction of reserve for anticipated future losses on discontinued products (86.0) — —
Reversal of allowance and gain on sale of reinsurance recoverable (49.4) — —
Amortization of net investment premium 58.5 21.7 1.9
Loss on early extinguishment of long-term debt —84.9 —
Changes in assets and liabilities:
Accrued investment income 2.5 12.1 6.7
Premiums due and other receivables (261.7) (163.7) 16.4
Income taxes 52.0 98.6 154.9
Other assets and other liabilities 28.9 (340.2) 21.5
Health care and insurance liabilities 2.4 25.5 (103.0)
Other, net (2.4) 9.7 3.7
Net cash provided by operating activities 2,278.7 1,824.9 2,511.1
Cash flows from investing activities:
Proceeds from sales and maturities of investments 13,798.7 11,387.9 9,953.0
Cost of investments (13,595.1) (11,272.4) (9,905.5)
Additions to property, equipment and software (479.1) (338.2) (372.0)
Cash used for acquisitions, net of cash acquired (1,646.8) (8.6) (1,555.7)
Other, net 2.5 — —
Net cash used for investing activities (1,919.8) (231.3) (1,880.2)
Cash flows from financing activities:
Repayment of long-term debt —(277.2) (900.0)
Issuance of long-term debt —2,664.8 480.1
Net (repayment) issuance of short-term debt —(425.9) 425.9
Deposits and interest credited for investment contracts 5.2 5.7 5.6
Withdrawals of investment contracts (10.7) (17.0) (8.9)
Common shares issued under benefit plans, net 11.8 (44.5) 125.5
Stock-based compensation tax benefits 83.4 50.3 38.5
Common shares repurchased (1,407.7) (1,417.5) (1,813.0)
Dividends paid to shareholders (278.7) (239.1) (167.2)
Collateral on interest rate swaps 39.9 9.2 (2.0)
Contributions (distributions), non-controlling interests 31.0 (2.9) (3.3)
Net cash (used for) provided by financing activities (1,525.8) 305.9 (1,818.8)
Net (decrease) increase in cash and cash equivalents (1,166.9) 1,899.5 (1,187.9)
Cash and cash equivalents, beginning of period 2,579.2 679.7 1,867.6
Cash and cash equivalents, end of period $ 1,412.3 $ 2,579.2 $ 679.7
Refer to accompanying Notes to Consolidated Financial Statements.