Unum 2014 Annual Report Download - page 91

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UNUM • 2014 ANNUAL REPORT 89
Year Ended December 31
(in millions of dollars) 2014 2013 2012
Cash Flows from Operating Activities
Net Income $ 413.4 $ 858.1 $ 894.4
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities
Change in Receivables (21.5) (196.7) 40.4
Change in Deferred Acquisition Costs (83.2) (47.9) (88.6)
Change in Insurance Reserves and Liabilities 972.2 572.5 508.4
Change in Income Taxes (44.7) (49.4) 168.0
Change in Other Accrued Liabilities 105.2 21.2 18.6
Non-cash Components of Net Investment Income (180.9) (211.5) (221.3)
Net Realized Investment Gain (16.1) (6.8) (56.2)
Depreciation 87.9 84.8 84.3
Other, Net (8.7) 7.2 31.6
Net Cash Provided by Operating Activities 1,223.6 1,031.5 1,379.6
Cash Flows from Investing Activities
Proceeds from Sales of Fixed Maturity Securities 450.1 1,040.5 595.9
Proceeds from Maturities of Fixed Maturity Securities 1,819.4 2,146.4 2,160.5
Proceeds from Sales and Maturities of Other Investments 235.0 243.4 182.2
Purchase of Fixed Maturity Securities (2,918.4) (3,553.6) (3,512.8)
Purchase of Other Investments (285.2) (363.7) (353.8)
Net Sales (Purchases) of Short-term Investments (69.3) 551.3 (34.5)
Net Increase (Decrease) in Payables for Collateral on Investments (3.8) (378.2) 97.9
Net Purchases of Property and Equipment (114.5) (105.5) (105.4)
Other, Net 0.1 0.2 0.1
Net Cash Used by Investing Activities (886.6) (419.2) (969.9)
Cash Flows from Financing Activities
Issuance of Long-term Debt 347.2 — 246.4
Long-term Debt Repayments (186.6) (116.2) (70.0)
Cost Related to Early Retirement of Debt (13.2) — —
Issuance of Common Stock 12.3 11.4 4.9
Repurchase of Common Stock (306.0) (317.2) (496.7)
Dividends Paid to Stockholders (159.4) (146.5) (133.8)
Other, Net (22.9) (27.0) 0.2
Net Cash Used by Financing Activities (328.6) (595.5) (449.0)
Net Increase (Decrease) in Cash and Bank Deposits 8.4 16.8 (39.3)
Cash and Bank Deposits at Beginning of Year 94.1 77.3 116.6
Cash and Bank Deposits at End of Year $ 102.5 $ 94.1 $ 77.3
See notes to consolidated financial statements.
Consolidated Statements of Cash Flows