United Healthcare 2009 Annual Report Download - page 58

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UnitedHealth Group
Consolidated Statements of Cash Flows
For the Year Ended December 31,
(in millions) 2009 2008 2007
OPERATING ACTIVITIES
Net earnings .................................................. $3,822 $ 2,977 $ 4,654
Noncash items:
Depreciation and amortization ................................ 991 981 796
Deferred income taxes ....................................... (16) (166) 86
Share-based compensation ................................... 334 305 505
Other .................................................... 23 (122) (213)
Net change in other operating items, net of effects from acquisitions and
changes in AARP balances:
Accounts receivable ........................................ 100 (219) (194)
Other assets ............................................... (250) (48) (386)
Medical costs payable ....................................... 424 (41) 149
Accounts payable and other liabilities .......................... 99 708 269
Other policy liabilities ....................................... 104 (170) 188
Unearned revenues ......................................... (6) 33 23
Cash flows from operating activities ....................... 5,625 4,238 5,877
INVESTING ACTIVITIES
Cash paid for acquisitions, net of cash assumed ....................... (486) (4,012) (270)
Cash received from disposition .................................... — 199 8
Purchases of property, equipment and capitalized software .............. (739) (791) (871)
Proceeds from disposal of property, equipment and capitalized software . . . — 185 —
Purchases of investments ........................................ (6,466) (9,251) (6,379)
Sales of investments ............................................ 4,040 5,568 1,271
Maturities of investments ........................................ 2,675 3,030 2,094
Cash flows used for investing activities ..................... (976) (5,072) (4,147)
FINANCING ACTIVITIES
(Repayments of) proceeds from commercial paper, net ................. (99) (1,346) 947
Proceeds from issuance of long-term debt ........................... — 2,981 3,582
Payments for retirement of long-term debt ........................... (1,350) (500) (950)
Proceeds from interest rate swap termination ......................... 513 — —
Common stock repurchases ....................................... (1,801) (2,684) (6,599)
Proceeds from common stock issuances ............................. 282 299 712
Share-based compensation excess tax benefit ........................ 38 62 303
Customer funds administered ..................................... 204 (461) (1,110)
Dividends paid ................................................ (36) (37) (40)
Checks outstanding ............................................. 22 1,224 —
Other ........................................................ (48) (143) (30)
Cash flows used for financing activities ..................... (2,275) (605) (3,185)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS ....... 2,374 (1,439) (1,455)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD ......... 7,426 8,865 10,320
CASH AND CASH EQUIVALENTS, END OF PERIOD ................ $9,800 $ 7,426 $ 8,865
Supplemental cash flow disclosures
Cash paid for interest ........................................... $ 527 $ 621 $ 553
Cash paid for income taxes ....................................... $2,048 $ 1,882 $ 2,277
See Notes to the Consolidated Financial Statements.
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