The information presented below is as reported in WellPoint’s 2012 Annual Report on Form 10-K.
WellPoint, Inc.
Consolidated Statements of Cash Flows
Years Ended December 31 |
|||
(In millions) |
2012 |
2011 |
2010 |
Operating activities |
|||
Net income |
$ 2,655.5 |
$ 2,646.7 |
$ 2,887.1 |
Adjustments to reconcile net income to net cash |
|||
| provided by operating activities: | |||
| Net realized gains/losses on investments | (334.9) |
(235.1) |
(194.1) |
| Other-than-temporary impairment losses recognized in income | 37.8 |
93.3 |
39.4 |
| Loss on disposal of assets | 4.7 |
3.3 |
1.9 |
| Deferred income taxes | 127.5 |
74.3 |
101.8 |
| Amortization, net of accretion | 633.6 |
541.5 |
497.7 |
| Impairment of goodwill and other intangible assets | — |
— |
21.1 |
| Depreciation expense | 107.1 |
95.7 |
103.1 |
| Impairment of property and equipment | 66.8 |
— | 95.3 |
| Share-based compensation | 146.5 |
134.8 |
136.0 |
| Excess tax benefits from share-based compensation | (28.8) |
(42.2) |
(28.1) |
| Changes in operating assets and liabilities, net of | |||
| effect of business combinations: | |||
| Receivables, net | 189.9 |
(401.8) |
109.7 |
| Other invested assets | (38.9) |
(8.9) |
5.1 |
| Other assets | 79.2 | (259.2) |
(320.1) |
| Policy liabilities | (53.7) |
978.0 |
(330.7) |
| Unearned income | (193.7) |
35.1 |
(158.6) |
| Accounts payable and accrued expenses | (406.5) |
(208.7) |
(58.2) |
| Other liabilities | (132.8) |
(13.6) |
(208.4) |
| Income taxes | (73.9) |
(44.6) |
(1,239.8) |
| Other, net | (40.8) |
(14.2) |
(43.5) |
Net cash provided by operating activities |
2,744.6 |
3,374.4 |
1,416.7 |
Investing activities |
|||
Purchases of fixed maturity securities |
(15,040.4) |
(11,914.8) |
(10,567.2) |
Proceeds from fixed maturity securities: |
|||
| Sales | 13,675.9 |
10,446.2 |
7,215.1 |
| Maturities, calls and redemptions | 1,781.5 |
1,891.3 |
3,321.7 |
Purchases of equity securities |
(292.6) |
(355.6) |
(350.9) |
Proceeds from sales of equity securities |
422.7 |
287.4 |
197.9 |
Purchases of other invested assets |
(303.7) |
(207.9) |
(91.4) |
Proceeds from sales of other invested assets |
35.5 |
29.4 |
34.5 |
Changes in securities lending collateral |
307.9 |
28.9 |
(504.8) |
Purchases of subsidiaries, net of cash acquired |
(4,597.0) |
(600.0) |
(0.3) |
Purchases of property and equipment |
(544.9) |
(519.5) |
(451.4) |
Proceeds from sales of property and equipment |
0.4 |
3.7 |
0.8 |
Other, net |
3.1 |
(31.1) |
(75.5) |
Net cash used in investing activities |
(4,551.6) |
(942.0) |
(1,271.5) |
Financing activities |
|||
Net (repayments of) proceeds from commercial paper borrowings |
(229.0) |
463.6 |
(164.4) |
Proceeds from long-term borrowings |
6,468.9 |
1,097.4 |
1,088.5 |
Repayments of long-term borrowings |
(1,251.3) |
(705.1) |
(481.7) |
Proceeds from short-term borrowings |
642.0 |
100.0 |
100.0 |
Repayments of short-term borrowings |
(492.0) |
(100.0) |
— |
Changes in securities lending payable |
(307.8) |
(29.0) |
504.9 |
Changes in bank overdrafts |
(17.6) |
264.3 |
(28.0) |
Repurchase and retirement of common stock |
(2,496.8) |
(3,039.8) |
(4,360.3) |
Cash dividends |
(367.1) |
(357.8) |
— |
Proceeds from issuance of common stock under employee stock plans |
110.8 |
245.0 |
143.6 |
Excess tax benefits from share-based compensation |
28.8 |
42.2 |
28.1 |
Net cash provided by (used in) financing activities |
2,088.9 |
(2,019.2) |
(3,169.3) |
Effect of foreign exchange rates on cash and cash equivalents |
1.1 |
(0.4) |
(3.2) |
Change in cash and cash equivalents |
283.0 |
412.8 |
(3,027.3) |
Cash and cash equivalents at beginning of period |
2,201.6 |
1,788.8 |
4,816.1 |
Cash and cash equivalents at end of period |
$ 2,484.6 |
$ 2,201.6 |
$ 1,788.8 |