Aetna 2014 Annual Report Download - page 84

Download and view the complete annual report

Please find page 84 of the 2014 Aetna annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 156

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156

Annual Report- Page 78
Consolidated Statements of Cash Flows
For the Years Ended December 31,
(Millions) 2014 2013 2012
Cash flows from operating activities:
Net income including non-controlling interests $ 2,045.2 $ 1,911.9 $ 1,659.8
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized capital (gains) losses (80.4) 8.8 (108.7)
Depreciation and amortization 629.0 569.1 449.9
Debt fair value amortization (53.2) (39.4) —
Equity in earnings of affiliates, net (39.4) (43.6) (46.9)
Stock-based compensation expense 163.8 127.1 122.2
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 71.6 58.5 21.7
Loss on early extinguishment of long-term debt 181.2 — 84.9
Pension settlement charge 111.6 — —
Changes in assets and liabilities:
Accrued investment income (12.8) 2.5 12.1
Premiums due and other receivables (866.4) (261.7) (163.7)
Income taxes (154.1) 52.0 98.6
Other assets and other liabilities 551.8 28.9 (340.2)
Health care and insurance liabilities 825.7 2.4 25.5
Other, net (.8) (2.4) 9.7
Net cash provided by operating activities 3,372.8 2,278.7 1,824.9
Cash flows from investing activities:
Proceeds from sales and maturities of investments 9,484.3 13,382.0 11,181.6
Cost of investments (10,803.9) (13,178.4) (11,066.1)
Additions to property, equipment and software (369.6) (479.1) (338.2)
Cash used for acquisitions, net of cash acquired (450.5) (1,646.8) (8.6)
Other, net 10.0 2.5 —
Net cash used for investing activities (2,129.7) (1,919.8) (231.3)
Cash flows from financing activities:
Repayment of long-term debt (1,797.8) — (277.2)
Issuance of long-term debt 1,482.4 — 2,664.8
Net issuance (repayment) of short-term debt 500.0 — (425.9)
Deposits and interest credited for investment contracts 5.3 5.2 5.7
Withdrawals of investment contracts (3.6) (10.7) (17.0)
Common shares issued under benefit plans, net (60.3) 11.8 (44.5)
Stock-based compensation tax benefits 41.3 83.4 50.3
Proceeds from repurchase agreements 201.6 — —
Common shares repurchased (1,218.1) (1,407.7) (1,417.5)
Dividends paid to shareholders (320.6) (278.7) (239.1)
Collateral on interest rate swaps (77.3) 39.9 9.2
Contributions (distributions), non-controlling interests 12.1 31.0 (2.9)
Net cash (used for) provided by financing activities (1,235.0) (1,525.8) 305.9
Net increase (decrease) in cash and cash equivalents 8.1 (1,166.9) 1,899.5
Cash and cash equivalents, beginning of period 1,412.3 2,579.2 679.7
Cash and cash equivalents, end of period $ 1,420.4 $ 1,412.3 $ 2,579.2
Refer to accompanying Notes to Consolidated Financial Statements.