Anthem Blue Cross 2001 Annual Report Download - page 46

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44
Anthem, Inc.
Consolidated Statements of Cash Flows
Year ended December 31 (In Millions) 2001 2000 1999
Operating activities
Net income $ 342.2 $ 226.0 $ 44.9
Adjustments to reconcile net income to net cash
provided by operating activities:
Net realized gains on investments (60.8) (25.9) (37.5)
Gain on sale of subsidiary operations (25.0) ––
Depreciation, amortization and accretion 120.5 102.1 61.8
Deferred income taxes 71.4 36.6 23.0
Loss from discontinued operations –– 6.0
Loss on sale of assets 3.1 0.5 0.2
Changes in operating assets and liabilities, net of
effect of purchases and divestitures:
Restricted cash and investments 8.1 10.0 (2.1)
Receivables (28.0) (70.7) 6.0
Other assets (16.7) 25.3 80.7
Policy liabilities 155.7 124.1 105.6
Unearned income 66.7 22.3 15.9
Accounts payable and accrued expenses 27.8 69.9 (7.5)
Other liabilities (43.7) 119.0 (40.1)
Income taxes 38.4 47.5 (20.4)
Net cash provided by continuing operations 659.7 686.7 236.5
Net cash used in discontinued operations (5.1) (2.2) (16.7)
Cash provided by operating activities 654.6 684.5 219.8
Investing activities
Purchases of investments (3,957.3) (3,544.8) (2,331.1)
Sales or maturities of investments 3,484.6 2,925.2 2,308.3
Purchases of subsidiaries, net of cash acquired (4.1) (85.1) (246.8)
Sales of subsidiaries, net of cash sold 45.0 5.4 2.3
Proceeds from sale of property and equipment 4.1 11.5 7.2
Purchases of property and equipment (70.4) (73.3) (96.7)
Cash used in investing activities (498.1) (761.1) (356.8)
Financing activities
Proceeds from long term borrowings –295.9 220.1
Payments on long term borrowings –(220.4) –
Net proceeds from common stock issued in the initial
public offering 1,890.4 ––
Net proceeds from issuance of Equity Security Units 219.8 ––
Payments to eligible statutory members in the
demutualization (2,063.6) ––
Cash provided by financing activities 46.6 75.5 220.1
Change in cash and cash equivalents 203.1 (1.1) 83.1
Cash and cash equivalents at beginnning of year 203.3 204.4 121.3
Cash and cash equivalents at end of year $ 406.4 $ 203.3 $ 204.4
See accompanying notes.