Aetna 2009 Annual Report Download - page 53

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Consolidated Statements of Cash Flows
(Millions) 2009 2008 2007
Cash flows from operating activities:
Net income 1,276.5$ 1,384.1$ 1,831.0$
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized capital (gains) losses (55.0) 655.9 73.7
Depreciation and amortization 416.0 378.3 321.5
Equity in earnings of affiliates, net (15.7) 159.1 (88.3)
Stock-based compensation expense 90.7 95.7 89.4
(Accretion) amortization of net investment (discount) premium (67.0) (15.2) 3.6
Changes in assets and liabilities:
Accrued investment income (15.6) (4.4) (6.1)
Premiums due and other receivables (53.7) (106.2) (91.7)
Income taxes (14.4) (137.5) 28.8
Other assets and other liabilities 570.4 (116.3) (119.0)
Health care and insurance liabilities 357.6 (82.1) 23.8
Other, net (1.5) (4.5) (1.2)
Net cash provided by operating activities 2,488.3 2,206.9 2,065.5
Cash flows from investing activities:
Proceeds from sales and maturities of investments 10,029.6 11,681.2 10,577.0
Cost of investments (11,592.2) (12,307.9) (10,642.2)
Increase in property, equipment and software (362.0) (446.6) (400.4)
Cash used for acquisitions, net of cash acquired (75.1) - (572.2)
Net cash used for investing activities (1,999.7) (1,073.3) (1,037.8)
Cash flows from financing activities:
Proceeds from issuance of long-term debt, net of issuance costs - 484.8 663.9
Net issuance of short-term debt 266.1 85.6 85.5
Deposits and interest credited for investment contracts 7.1 8.5 9.7
Withdrawals of investment contracts (9.0) (38.4) (21.2)
Common shares issued under benefit plans 14.8 29.7 170.8
Stock-based compensation tax benefits 5.1 27.8 153.2
Common shares repurchased (773.0) (1,787.7) (1,695.6)
Dividends paid to shareholders (17.3) (18.4) (20.0)
Collateral received on interest rate swaps 41.7 - -
Net cash used for financing activities (464.5) (1,208.1) (653.7)
Net increase (decrease) in cash and cash equivalents 24.1 (74.5) 374.0
Cash and cash equivalents, beginning of period 1,179.5 1,254.0 880.0
Cash and cash equivalents, end of period 1,203.6$ 1,179.5$ 1,254.0$
For the Years Ended December 31,
Refer to accompanying Notes to Consolidated Financial Statements.
Annual Report – Page 47