XNYS:UNH UnitedHealth Group Inc Quarterly Report 10-Q Filing - 3/31/2012

Effective Date 3/31/2012

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UNH 2012.3.31 10Q
 
 
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________________________________ 
Form 10-Q
__________________________________________________________ 
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2012
or
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM _______ TO _______
Commission file number: 1-10864
__________________________________________________________ 
UnitedHealth Group Incorporated
(Exact name of registrant as specified in its charter)
 __________________________________________________________ 
Minnesota
 
41-1321939
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
 
 
UnitedHealth Group Center
9900 Bren Road East
Minnetonka, Minnesota
 
55343
(Address of principal executive offices)
 
(Zip Code)
(952) 936-1300
(Registrant’s telephone number, including area code)
__________________________________________________________  
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes x No o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
x
 
Accelerated filer
o
 
Non-accelerated filer
o
 
Smaller reporting company
o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes o No x
As of April 30, 2012, there were 1,037,448,473 shares of the registrant’s Common Stock, $.01 par value per share, issued and outstanding.
 
 
 
 
 



UNITEDHEALTH GROUP
Table of Contents
 
 
 
Page
 
 
 
 
Item 1.
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
 
 
 
 
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.




PART I. FINANCIAL INFORMATION 

ITEM 1.    FINANCIAL STATEMENTS
UnitedHealth Group
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions, except per share data)
 
March 31,
2012
 
December 31,
2011
Assets
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
11,661

 
$
9,429

Short-term investments
 
2,665

 
2,577

Accounts receivable, net
 
2,688

 
2,294

Other current receivables, net
 
1,978

 
2,255

Assets under management
 
2,568

 
2,708

Deferred income taxes
 
432

 
472

Prepaid expenses and other current assets
 
698

 
615

Total current assets
 
22,690

 
20,350

Long-term investments
 
16,492

 
16,166

Property, equipment and capitalized software, net
 
2,560

 
2,515

Goodwill
 
25,754

 
23,975

Other intangible assets, net
 
3,103

 
2,795

Other assets
 
2,091

 
2,088

Total assets
 
$
72,690

 
$
67,889

Liabilities and shareholders’ equity
 
 
 
 
Current liabilities:
 
 
 
 
Medical costs payable
 
$
10,221

 
$
9,799

Accounts payable and accrued liabilities
 
6,197

 
6,853

Other policy liabilities
 
5,457

 
5,063

Commercial paper and current maturities of long-term debt
 
1,771

 
982

Unearned revenues
 
3,816

 
1,225

Total current liabilities
 
27,462

 
23,922

Long-term debt, less current maturities
 
11,083

 
10,656

Future policy benefits
 
2,444

 
2,445

Deferred income taxes and other liabilities
 
2,845

 
2,574

Total liabilities
 
43,834

 
39,597

Commitments and contingencies (Note 8)
 


 


Shareholders’ equity:
 
 
 
 
Preferred stock, $0.001 par value - 10 shares authorized; no shares issued or outstanding
 

 

Common stock, $0.01 par value - 3,000 shares authorized;
1,033 and 1,039 issued and outstanding
 
10

 
10

Retained earnings
 
28,388

 
27,821

Accumulated other comprehensive income
 
458

 
461

Total shareholders’ equity
 
28,856

 
28,292

Total liabilities and shareholders’ equity
 
$
72,690

 
$
67,889

See Notes to the Condensed Consolidated Financial Statements

1


UnitedHealth Group
Condensed Consolidated Statements of Operations
(Unaudited)
 
 
Three Months Ended March 31,
(in millions, except per share data)
 
2012
 
2011
Revenues:
 
 
 
 
Premiums
 
$
24,631

 
$
23,003

Services
 
1,791

 
1,598

Products
 
688

 
649

Investment and other income
 
172

 
182

Total revenues
 
27,282

 
25,432

Operating costs:
 
 
 
 
Medical costs
 
19,939

 
18,725

Operating costs
 
4,096

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