Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net earnings $ 384 $ 154
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities    
Depreciation and amortization 173 111
Stock compensation expense 62 83
Deferred income taxes (58) (13)
Changes in assets and liabilities    
Premium and related receivables (696) (1,121)
Other assets 65 (36)
Medical claims liabilities 243 188
Unearned revenue 241 (50)
Accounts payable and accrued expenses (257) (8)
Other long-term liabilities 781 463
Other operating activities, net 4 6
Net cash provided by (used in) operating activities 942 (223)
Cash flows from investing activities:    
Capital expenditures (181) (94)
Purchases of investments (1,294) (956)
Sales and maturities of investments 990 593
Investments in acquisitions, net of cash acquired 0 (862)
Other investing activities, net (1) 0
Net cash used in investing activities (486) (1,319)
Cash flows from financing activities:    
Proceeds from long-term debt 810 5,711
Payments of long-term debt (762) (3,124)
Common stock repurchases (15) (27)
Debt issuance costs 0 (59)
Other financing activities, net 6 (9)
Net cash provided by financing activities 39 2,492
Net increase in cash and cash equivalents 495 950
Cash and cash equivalents, beginning of period 3,930 1,760
Cash and cash equivalents, end of period 4,425 2,710
Supplemental disclosures of cash flow information:    
Interest paid 99 36
Income taxes paid 205 222
Equity issued in connection with acquisitions $ 0 $ 3,105