Humana 2015 Annual Report Download - page 97
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89
Humana Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the year ended December 31,
2015 2014 2013
(in millions)
Cash flows from operating activities
Net income $ 1,276 $ 1,147 $ 1,231
Adjustments to reconcile net income to net cash
provided by operating activities:
Gain on sale of business (270) — —
Depreciation 354 328 309
Amortization 93 121 117
Stock-based compensation 109 98 92
Net realized capital gains (146) (20) (22)
(Benefit) provision for deferred income taxes (2) (64) 42
Provision for doubtful accounts 61 32 37
Changes in operating assets and liabilities, net of
effect of businesses acquired and dispositions:
Receivables (180) (264) (251)
Other assets (872) (952) (330)
Benefits payable 501 582 109
Other liabilities (129) 413 313
Unearned revenues 3 155 (24)
Other 70 42 93
Net cash provided by operating activities 868 1,618 1,716
Cash flows from investing activities
Acquisitions, net of cash acquired (38) (18) (187)
Proceeds from sale of business 1,061 72 34
Purchases of property and equipment (523) (528) (441)
Proceeds from sales of property and equipment 1 — 4
Purchases of investment securities (6,739) (2,883) (3,261)
Maturities of investment securities 1,065 885 1,077
Proceeds from sales of investment securities 5,493 2,409 1,592
Net cash provided by (used in) investing activities 320 (63) (1,182)
Cash flows from financing activities
Receipts (withdrawals) from contract deposits, net (296) (919) (150)
Proceeds from issuance of senior notes, net — 1,733 —
Proceeds from issuance of commercial paper, net 298 — —
Repayment of long-term debt — (500) —
Common stock repurchases (385) (872) (531)
Dividends paid (172) (172) (168)
Excess tax benefit from stock-based compensation 15 12 8
Change in book overdraft (33) (69) 79
Proceeds from stock option exercises and other, net 21 29 60
Net cash used in financing activities (552) (758) (702)
Increase (decrease) in cash and cash equivalents 636 797 (168)
Cash and cash equivalents at beginning of year 1,935 1,138 1,306
Cash and cash equivalents at end of year $ 2,571 $ 1,935 $ 1,138
Supplemental cash flow disclosures:
Interest payments $ 187 $ 143 $ 146
Income tax payments, net $ 1,179 $ 1,030 $ 734
Details of businesses acquired in purchase transactions:
Fair value of assets acquired, net of cash acquired $ 38 $ 18 $ 196
Less: Fair value of liabilities assumed — — (9)
Cash paid for acquired businesses, net of cash acquired $ 38 $ 18 $ 187
The accompanying notes are an integral part of the consolidated financial statements.