United Healthcare 2004 Annual Report Download - page 45

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For the Year Ended December 31,
(in millions) 2004 2003 2002
OPERATING ACTIVITIES
Net Earnings
$ 2,587
$1,825 $1,352
Noncash Items
Depreciation and Amortization
374
299 255
Deferred Income Taxes and Other
125
91 154
Net Change in Other Operating Items, net of effects
from acquisitions, and changes in AARP balances
Accounts Receivable and Other Current Assets
(30)
(46) 83
Medical Costs Payable
322
276 74
Accounts Payable and Accrued Liabilities
586
460 423
Other Policy Liabilities
37
87 70
Unearned Premiums
134
11 12
CASH FLOWS FROM OPERATING ACTIVITIES
4,135
3,003 2,423
INVESTING ACTIVITIES
Cash Paid for Acquisitions, net of cash assumed and other effects
(2,225)
(590) (302)
Purchases of Property, Equipment and Capitalized Software
(350)
(352) (419)
Purchases of Investments
(3,190)
(2,583) (3,246)
Maturities and Sales of Investments
4,121
2,780 2,576
CASH FLOWS USED FOR INVESTING ACTIVITIES
(1,644)
(745) (1,391)
FINANCING ACTIVITIES
Proceeds from (Payments of) Commercial Paper, net
194
(382) (223)
Proceeds from Issuance of Long-Term Debt
2,000
950 400
Payments for Retirement of Long-Term Debt
(150)
(350) –
Common Stock Repurchases
(3,446)
(1,607) (1,815)
Proceeds from Common Stock Issuances
583
268 205
Dividends Paid
(18)
(9) (9)
Other
75
4–
CASH FLOWS USED FOR FINANCING ACTIVITIES
(762)
(1,126) (1,442)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
1,729
1,132 (410)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
2,262
1,130 1,540
CASH AND CASH EQUIVALENTS, END OF PERIOD
$3,991
$2,262 $1,130
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Common Stock Issued for Acquisitions
$5,557
$– $567
See Notes to Consolidated Financial Statements.
UNITEDHEALTH GROUP 43
CONSOLIDATED STATEMENTS OF CASH FLOWS