Aetna 2006 Annual Report Download - page 48

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Consolidated Statements of Cash Flows
(Millions) 2006 2005 2004
Cash flows from operating activities:
Net income 1,701.7$ 1,573.3$ 2,154.8$
Adjustments to reconcile net income to net cash provided by operating activities:
Discontinued operations (16.1) - (1,030.0)
Physician class action settlement insurance-related charge 72.4 - -
Depreciation and amortization 270.4 204.4 182.2
Amortization of net investment premium 18.7 22.6 45.5
Equity in earnings of affiliates, net (102.2) (44.2) (23.2)
Stock-based compensation expense 73.7 94.1 138.9
Net realized capital gains (32.2) (32.3) (70.8)
Changes in assets and liabilities:
Accrued investment income 1.8 13.7 22.9
Premiums due and other receivables (61.2) (95.6) 34.0
Income taxes 29.9 390.5 149.4
Other assets and other liabilities (205.7) (251.6) (621.7)
Health care and insurance liabilities (106.1) (223.7) (366.3)
Other, net (6.5) .3 2.0
Net cash provided by operating activities of continuing operations 1,638.6 1,651.5 617.7
Discontinued operations (Note 21) 49.7 68.8 666.2
Net cash provided by operating activities 1,688.3 1,720.3 1,283.9
Cash flows from investing activities:
Proceeds from sales and investment maturities of:
Debt securities available for sale 10,380.1 10,604.7 9,471.7
Other investments 1,457.5 1,302.9 2,495.9
Cost of investments in:
Debt securities available for sale (10,678.6) (10,108.5) (9,469.3)
Other investments (1,260.9) (1,130.0) (2,231.1)
Increase in property, equipment and software (290.5) (271.6) (190.3)
Cash used for acquisitions, net of cash acquired (160.9) (1,107.6) (9.5)
Net cash (used for) provided by investing activities (553.3) (710.1) 67.4
Cash flows from financing activities:
Net issuance of short-term debt 45.0 - -
Proceeds from issuance of long-term debt, net of issuance costs 1,978.9 - -
Repayment of long-term debt (1,150.0) - -
Deposits and interest credited for investment contracts 28.2 41.6 54.5
Withdrawals of investment contracts (211.8) (54.5) (423.2)
Common shares issued under benefit plans 115.8 271.3 316.0
Stock-based compensation tax benefits 89.6 173.1 152.9
Common shares repurchased (2,322.5) (1,650.0) (1,493.0)
Dividends paid to shareholders (20.8) (11.4) (5.9)
Other, net - 16.3 10.0
Net cash used for financing activities (1,447.6) (1,213.6) (1,388.7)
Net decrease in cash and cash equivalents (312.6) (203.4) (37.4)
Cash and cash equivalents, beginning of period 1,192.6 1,396.0 1,433.4
Cash and cash equivalents, end of period 880.0$ 1,192.6$ 1,396.0$
For the Years Ended December 31,
Refer to accompanying Notes to Consolidated Financial Statements.
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