|
|
|
|
For the year ended December
31, |
|
(in millions) |
1997 |
1996 |
1995 |
|
|
|
OPERATING EXPENSES |
|
|
|
|
|
Net Earnings |
$460 |
$356 |
$286 |
|
|
Noncash Items |
|
|
|
|
|
|
Depreciation and Amortization |
146 |
133 |
94 |
|
|
|
Deferred Income Taxes |
91 |
48 |
(34) |
|
|
|
Noncash Restructuring Charges |
|
|
141 |
|
|
|
Provision for Future Losses |
- |
45 |
- |
|
|
|
Other |
- |
(8) |
(4) |
|
|
Net Change in Other Operating Items, net of effects from
acquisitions and sales of subsidiaries |
|
|
|
|
|
|
Accounts Receivable and Other Current Assets |
(84) |
(185) |
9 |
|
|
|
Medical Costs Payable |
53 |
321 |
143 |
|
|
|
Accounts Payable and Other Current Liabilities |
(30) |
(202) |
(215) |
|
|
|
Unearned Premiums |
47 |
54 |
15 |
|
|
|
|
|
Cash Flows from Operating Activities |
683 |
562 |
435 |
|
|
|
INVESTING ACTIVITIES
|
|
|
|
|
|
Cash Paid for Acquisitions, net of cash assumed and other effects
|
- |
(52) |
(969) |
|
|
Purchases of Property and Equipment and Capitalized Software
|
(187) |
(165) |
(109) |
|
|
Purchases of Investments |
(6,706) |
(5,010) |
(3,290) |
|
|
Maturities/Sales of Investments |
5,889 |
4,755 |
3,322 |
|
|
|
|
|
Cash Flows Used for Investing Activities |
(1,004) |
(472) |
(1,046) |
|
|
|
FINANCING ACTIVITIES
|
|
|
|
|
|
Proceeds from Stock Option Exercises |
79 |
42 |
37 |
|
|
Stock Repurchases |
(10) |
- |
- |
|
|
Dividends Paid |
|
|
|
|
|
|
Convertible Preferred Stock |
(29) |
(29) |
- |
|
|
|
Common Stock |
(6) |
(6) |
(5) |
|
|
|
|
|
 Cash Flows From Financing Activities
|
34 |
7 |
32 |
|
|
|
INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS |
(287) |
97 |
(579) |
|
|
|
CASH AND CASH EQUIVALENTS, BEGINNING OF
PERIOD |
1,037 |
940 |
1,519 |
|
|
|
CASH AND CASH EQUIVALENTS, END OF
PERIOD |
$750 |
$1,037 |
$940 |
|
|