Cigna 2011 Annual Report Download - page 132

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110 CIGNA CORPORATION2011 Form10K
PART II
ITEM 8 Financial Statements and Supplementary Data
On November16,2011, the Company issued 15.2million shares
of its common stock at $42.75 per share. Proceeds of $650million
($629million net of underwriting discount and fees) were used to
fund the HealthSpring acquisition in January2012.
e Company maintains a share repurchase program, which was
authorized by its Board of Directors. e decision to repurchase shares
depends on market conditions and alternative uses of capital. e
Company has, and may continue from time to time, to repurchase
shares on the open market through a Rule10b5-1 plan that permits
a company to repurchase its shares at times when it otherwise might
be precluded from doing so under insider trading laws or because of
self-imposed trading blackout periods.
During 2011, and through February23,2012, the Company repurchased
5.3million shares for approximately $225million. e total remaining
share repurchase authorization as of February23,2012 was $522million.
e Company repurchased 6.2million shares for $201million during 2010.
e Company has authorized a total of 25million shares of $1 par
value preferred stock. No shares of preferred stock were outstanding
at December31,2011 or 2010.
NOTE 17 Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss) excludes amounts required to adjust future policy benets for the run-o settlement annuity
business.
Changes in accumulated other comprehensive income (loss) were as follows:
2011
(In millions)
Pre-Tax
Tax (Expense)
Benet After-Tax
Net unrealized appreciation, securities:
Net unrealized appreciation on securities arising during the year $ 366 $ (127) $ 239
Reclassication adjustment for losses (gains) included in shareholders’ net income (49) 18 (31)
Net unrealized appreciation, securities $ 317 $ (109) $ 208
Net unrealized appreciation, derivatives $ 1 $ - $ 1
Net translation of foreign currencies $ (30) $ 2 $ (28)
Postretirement benets liability adjustment:
Reclassication adjustment for amortization of net losses from past experience and prior
service costs $ 22 $ (7) $ 15
Net change arising from assumption and plan changes and experience (580) 205 (375)
Net postretirement benets liability adjustment $ (558) $ 198 $ (360)
2010
(In millions)
Pre-Tax
Tax (Expense)
Benet After-Tax
Net unrealized appreciation, securities:
Net unrealized appreciation on securities arising during the year $ 319 $ (109) $ 210
Reclassication adjustment for (gains) included in net income (92) 32 (60)
Net unrealized appreciation, securities $ 227 $ (77) $ 150
Net unrealized appreciation, derivatives $ 8 $ (2) $ 6
Net translation of foreign currencies $ 48 $ (11) $ 37
Postretirement benets liability adjustment:
Reclassication adjustment for amortization of net losses from past experience and prior
service costs $ 10 $ (4) $ 6
Net change arising from assumption and plan changes and experience (311) 116 (195)
Net postretirement benets liability adjustment $ (301) $ 112 $ (189)
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