QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | |||||||||||||||||||
Smaller reporting company | Emerging growth company |
Page | ||||||||||||||
(in millions, except per share data) | March 31, 2023 | December 31, 2022 | ||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Short-term investments | ||||||||||||||
Accounts receivable, net | ||||||||||||||
Other current receivables, net | ||||||||||||||
Assets under management | ||||||||||||||
Prepaid expenses and other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Long-term investments | ||||||||||||||
Property, equipment and capitalized software, net | ||||||||||||||
Goodwill | ||||||||||||||
Other intangible assets, net | ||||||||||||||
Other assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities, redeemable noncontrolling interests and equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Medical costs payable | $ | $ | ||||||||||||
Accounts payable and accrued liabilities | ||||||||||||||
Short-term borrowings and current maturities of long-term debt | ||||||||||||||
Unearned revenues | ||||||||||||||
Other current liabilities | ||||||||||||||
Total current liabilities | ||||||||||||||
Long-term debt, less current maturities | ||||||||||||||
Deferred income taxes | ||||||||||||||
Other liabilities | ||||||||||||||
Total liabilities | ||||||||||||||
Commitments and contingencies (Note 6) | ||||||||||||||
Redeemable noncontrolling interests | ||||||||||||||
Equity: | ||||||||||||||
Preferred stock, $ | ||||||||||||||
Common stock, $ | ||||||||||||||
Retained earnings | ||||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||
Nonredeemable noncontrolling interests | ||||||||||||||
Total equity | ||||||||||||||
Total liabilities, redeemable noncontrolling interests and equity | $ | $ |
Three Months Ended March 31, | ||||||||||||||
(in millions, except per share data) | 2023 | 2022 | ||||||||||||
Revenues: | ||||||||||||||
Premiums | $ | $ | ||||||||||||
Products | ||||||||||||||
Services | ||||||||||||||
Investment and other income | ||||||||||||||
Total revenues | ||||||||||||||
Operating costs: | ||||||||||||||
Medical costs | ||||||||||||||
Operating costs | ||||||||||||||
Cost of products sold | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Total operating costs | ||||||||||||||
Earnings from operations | ||||||||||||||
Interest expense | ( | ( | ||||||||||||
Earnings before income taxes | ||||||||||||||
Provision for income taxes | ( | ( | ||||||||||||
Net earnings | ||||||||||||||
Earnings attributable to noncontrolling interests | ( | ( | ||||||||||||
Net earnings attributable to UnitedHealth Group common shareholders | $ | $ | ||||||||||||
Earnings per share attributable to UnitedHealth Group common shareholders: | ||||||||||||||
Basic | $ | $ | ||||||||||||
Diluted | $ | $ | ||||||||||||
Basic weighted-average number of common shares outstanding | ||||||||||||||
Dilutive effect of common share equivalents | ||||||||||||||
Diluted weighted-average number of common shares outstanding | ||||||||||||||
Anti-dilutive shares excluded from the calculation of dilutive effect of common share equivalents |
Three Months Ended March 31, | ||||||||||||||
(in millions) | 2023 | 2022 | ||||||||||||
Net earnings | $ | $ | ||||||||||||
Other comprehensive income (loss): | ||||||||||||||
Gross unrealized gains (losses) on investment securities during the period | ( | |||||||||||||
Income tax effect | ( | |||||||||||||
Total unrealized gains (losses), net of tax | ( | |||||||||||||
Gross reclassification adjustment for net realized losses (gains) included in net earnings | ( | |||||||||||||
Income tax effect | ( | |||||||||||||
Total reclassification adjustment, net of tax | ( | |||||||||||||
Total foreign currency translation gains | ||||||||||||||
Other comprehensive income (loss) | ( | |||||||||||||
Comprehensive income | ||||||||||||||
Comprehensive income attributable to noncontrolling interests | ( | ( | ||||||||||||
Comprehensive income attributable to UnitedHealth Group common shareholders | $ | $ |
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Nonredeemable Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, (in millions) | Shares | Amount | Net Unrealized (Losses) Gains on Investments | Foreign Currency Translation (Losses) Gains | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||
Net earnings | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances of common stock, and related tax effects | ||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common share repurchases | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends paid on common shares ($ | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests fair value and other adjustments | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition and other adjustments of nonredeemable noncontrolling interests | ||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution to nonredeemable noncontrolling interests | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2022 | $ | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Net earnings | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuances of common stock, and related tax effects | ||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common share repurchases | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends paid on common shares ($ | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests fair value and other adjustments | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition and other adjustments of nonredeemable noncontrolling interests | ||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution to nonredeemable noncontrolling interests | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | $ |
Three Months Ended March 31, | ||||||||||||||
(in millions) | 2023 | 2022 | ||||||||||||
Operating activities | ||||||||||||||
Net earnings | $ | $ | ||||||||||||
Noncash items: | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Deferred income taxes | ( | |||||||||||||
Share-based compensation | ||||||||||||||
Other, net | ||||||||||||||
Net change in other operating items, net of effects from acquisitions and changes in AARP balances: | ||||||||||||||
Accounts receivable | ( | ( | ||||||||||||
Other assets | ( | ( | ||||||||||||
Medical costs payable | ||||||||||||||
Accounts payable and other liabilities | ||||||||||||||
Unearned revenues | ||||||||||||||
Cash flows from operating activities | ||||||||||||||
Investing activities | ||||||||||||||
Purchases of investments | ( | ( | ||||||||||||
Sales of investments | ||||||||||||||
Maturities of investments | ||||||||||||||
Cash paid for acquisitions, net of cash assumed | ( | ( | ||||||||||||
Purchases of property, equipment and capitalized software | ( | ( | ||||||||||||
Other, net | ( | ( | ||||||||||||
Cash flows used for investing activities | ( | ( | ||||||||||||
Financing activities | ||||||||||||||
Common share repurchases | ( | ( | ||||||||||||
Cash dividends paid | ( | ( | ||||||||||||
Proceeds from common stock issuances | ||||||||||||||
Repayments of long-term debt | ( | ( | ||||||||||||
Proceeds from short-term borrowings, net | ||||||||||||||
Proceeds from issuance of long-term debt | ||||||||||||||
Customer funds administered | ||||||||||||||
Other, net | ( | ( | ||||||||||||
Cash flows from financing activities | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | ||||||||||||||
Increase in cash and cash equivalents | ||||||||||||||
Cash and cash equivalents, beginning of period | ||||||||||||||
Cash and cash equivalents, end of period | $ | $ |
(in millions) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||
Debt securities - available-for-sale: | ||||||||||||||||||||||||||
U.S. government and agency obligations | $ | $ | $ | ( | $ | |||||||||||||||||||||
State and municipal obligations | ( | |||||||||||||||||||||||||
Corporate obligations | ( | |||||||||||||||||||||||||
U.S. agency mortgage-backed securities | ( | |||||||||||||||||||||||||
Non-U.S. agency mortgage-backed securities | ( | |||||||||||||||||||||||||
Total debt securities - available-for-sale | ( | |||||||||||||||||||||||||
Debt securities - held-to-maturity: | ||||||||||||||||||||||||||
U.S. government and agency obligations | ( | |||||||||||||||||||||||||
State and municipal obligations | ( | |||||||||||||||||||||||||
Corporate obligations | ||||||||||||||||||||||||||
Total debt securities - held-to-maturity | ( | |||||||||||||||||||||||||
Total debt securities | $ | $ | $ | ( | $ | |||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||
Debt securities - available-for-sale: | ||||||||||||||||||||||||||
U.S. government and agency obligations | $ | $ | $ | ( | $ | |||||||||||||||||||||
State and municipal obligations | ( | |||||||||||||||||||||||||
Corporate obligations | ( | |||||||||||||||||||||||||
U.S. agency mortgage-backed securities | ( | |||||||||||||||||||||||||
Non-U.S. agency mortgage-backed securities | ( | |||||||||||||||||||||||||
Total debt securities - available-for-sale | ( | |||||||||||||||||||||||||
Debt securities - held-to-maturity: | ||||||||||||||||||||||||||
U.S. government and agency obligations | ( | |||||||||||||||||||||||||
State and municipal obligations | ( | |||||||||||||||||||||||||
Corporate obligations | ||||||||||||||||||||||||||
Total debt securities - held-to-maturity | ( | |||||||||||||||||||||||||
Total debt securities | $ | $ | $ | ( | $ |
Available-for-Sale | Held-to-Maturity | |||||||||||||||||||||||||
(in millions) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||
Due in one year or less | $ | $ | $ | $ | ||||||||||||||||||||||
Due after one year through five years | ||||||||||||||||||||||||||
Due after five years through ten years | ||||||||||||||||||||||||||
Due after ten years | ||||||||||||||||||||||||||
U.S. agency mortgage-backed securities | — | — | ||||||||||||||||||||||||
Non-U.S. agency mortgage-backed securities | — | — | ||||||||||||||||||||||||
Total debt securities | $ | $ | $ | $ |
Less Than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||||||||||||||||
(in millions) | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||
Debt securities - available-for-sale: | ||||||||||||||||||||||||||||||||||||||
U.S. government and agency obligations | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||
State and municipal obligations | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Corporate obligations | ( | ( | ( | |||||||||||||||||||||||||||||||||||
U.S. agency mortgage-backed securities | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Non-U.S. agency mortgage-backed securities | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Total debt securities - available-for-sale | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Debt securities - available-for-sale: | ||||||||||||||||||||||||||||||||||||||
U.S. government and agency obligations | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||
State and municipal obligations | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Corporate obligations | ( | ( | ( | |||||||||||||||||||||||||||||||||||
U.S. agency mortgage-backed securities | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Non-U.S. agency mortgage-backed securities | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Total debt securities - available-for-sale | $ | $ | ( | $ | $ | ( | $ | $ | ( |
(in millions) | Quoted Prices in Active Markets (Level 1) | Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Total Fair and Carrying Value | ||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | ||||||||||||||||||||||
Debt securities - available-for-sale: | ||||||||||||||||||||||||||
U.S. government and agency obligations | ||||||||||||||||||||||||||
State and municipal obligations | ||||||||||||||||||||||||||
Corporate obligations | ||||||||||||||||||||||||||
U.S. agency mortgage-backed securities | ||||||||||||||||||||||||||
Non-U.S. agency mortgage-backed securities | ||||||||||||||||||||||||||
Total debt securities - available-for-sale | ||||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||
Assets under management | ||||||||||||||||||||||||||
Total assets at fair value | $ | $ | $ | $ | ||||||||||||||||||||||
Percentage of total assets at fair value | 53 | % | 46 | % | 1 | % | 100 | % | ||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | ||||||||||||||||||||||
Debt securities - available-for-sale: | ||||||||||||||||||||||||||
U.S. government and agency obligations | ||||||||||||||||||||||||||
State and municipal obligations | ||||||||||||||||||||||||||
Corporate obligations | ||||||||||||||||||||||||||
U.S. agency mortgage-backed securities | ||||||||||||||||||||||||||
Non-U.S. agency mortgage-backed securities | ||||||||||||||||||||||||||
Total debt securities - available-for-sale | ||||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||
Assets under management | ||||||||||||||||||||||||||
Total assets at fair value | $ | $ | $ | $ | ||||||||||||||||||||||
Percentage of total assets at fair value | 42 | % | 57 | % | 1 | % | 100 | % |
(in millions) | Quoted Prices in Active Markets (Level 1) | Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Total Fair Value | Total Carrying Value | |||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||
Debt securities - held-to-maturity | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Long-term debt and other financing obligations | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||
Debt securities - held-to-maturity | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Long-term debt and other financing obligations | $ | $ | $ | $ | $ |
(in millions) | 2023 | 2022 | ||||||||||||
Medical costs payable, beginning of period | $ | $ | ||||||||||||
Acquisitions | ||||||||||||||
Reported medical costs: | ||||||||||||||
Current year | ||||||||||||||
Prior years | ( | ( | ||||||||||||
Total reported medical costs | ||||||||||||||
Medical payments: | ||||||||||||||
Payments for current year | ( | ( | ||||||||||||
Payments for prior years | ( | ( | ||||||||||||
Total medical payments | ( | ( | ||||||||||||
Medical costs payable, end of period | $ | $ |
(in millions, except percentages) | Par Value | |||||||
$ | ||||||||
(in millions) | ||||||||
Cash and cash equivalents | $ | |||||||
Accounts receivable and other current assets | ||||||||
Property, equipment and other long-term assets | ||||||||
Other intangible assets | ||||||||
Total identifiable assets acquired | ||||||||
Medical costs payable | ( | |||||||
Accounts payable and other current liabilities | ( | |||||||
Other long-term liabilities | ( | |||||||
Total identifiable liabilities acquired | ( | |||||||
Total net identifiable assets | ||||||||
Goodwill | ||||||||
Redeemable noncontrolling interests | ( | |||||||
Nonredeemable noncontrolling interests | ( | |||||||
Net assets acquired | $ |
(in millions, except years) | Fair Value | Weighted-Average Useful Life | ||||||||||||
Acquired finite-lived intangible assets: | ||||||||||||||
Customer-related | $ | |||||||||||||
Trademarks and technology | ||||||||||||||
Other | ||||||||||||||
Total acquired finite-lived intangible assets | ||||||||||||||
Total acquired indefinite-lived intangible assets - operating licenses and certificates | ||||||||||||||
Total acquired intangible assets | $ |
Optum | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | UnitedHealthcare | Optum Health | Optum Insight | Optum Rx | Optum Eliminations | Optum | Corporate and Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues - unaffiliated customers: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Premiums | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Products | ||||||||||||||||||||||||||||||||||||||||||||||||||
Services | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues - unaffiliated customers | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues - affiliated customers | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment and other income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||
Earnings from operations | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Interest expense | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Earnings before income taxes | $ | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues - unaffiliated customers: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Premiums | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Products | ||||||||||||||||||||||||||||||||||||||||||||||||||
Services | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues - unaffiliated customers | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues - affiliated customers | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment and other income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||
Earnings from operations | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Interest expense | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Earnings before income taxes | $ | $ | $ | $ | $ | $ | $ | ( | $ |
(in millions, except percentages and per share data) | Three Months Ended March 31, | Increase/(Decrease) | ||||||||||||||||||||||||
2023 | 2022 | 2023 vs. 2022 | ||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Premiums | $ | 72,786 | $ | 64,070 | $ | 8,716 | 14 | % | ||||||||||||||||||
Products | 10,267 | 9,340 | 927 | 10 | ||||||||||||||||||||||
Services | 8,080 | 6,372 | 1,708 | 27 | ||||||||||||||||||||||
Investment and other income | 798 | 367 | 431 | 117 | ||||||||||||||||||||||
Total revenues | 91,931 | 80,149 | 11,782 | 15 | ||||||||||||||||||||||
Operating costs: | ||||||||||||||||||||||||||
Medical costs | 59,845 | 52,523 | 7,322 | 14 | ||||||||||||||||||||||
Operating costs | 13,625 | 11,401 | 2,224 | 20 | ||||||||||||||||||||||
Cost of products sold | 9,405 | 8,487 | 918 | 11 | ||||||||||||||||||||||
Depreciation and amortization | 970 | 788 | 182 | 23 | ||||||||||||||||||||||
Total operating costs | 83,845 | 73,199 | 10,646 | 15 | ||||||||||||||||||||||
Earnings from operations | 8,086 | 6,950 | 1,136 | 16 | ||||||||||||||||||||||
Interest expense | (754) | (433) | (321) | 74 | ||||||||||||||||||||||
Earnings before income taxes | 7,332 | 6,517 | 815 | 13 | ||||||||||||||||||||||
Provision for income taxes | (1,558) | (1,369) | (189) | 14 | ||||||||||||||||||||||
Net earnings | 5,774 | 5,148 | 626 | 12 | ||||||||||||||||||||||
Earnings attributable to noncontrolling interests | (163) | (121) | (42) | 35 | ||||||||||||||||||||||
Net earnings attributable to UnitedHealth Group common shareholders | $ | 5,611 | $ | 5,027 | $ | 584 | 12 | % | ||||||||||||||||||
Diluted earnings per share attributable to UnitedHealth Group common shareholders | $ | 5.95 | $ | 5.27 | $ | 0.68 | 13 | % | ||||||||||||||||||
Medical care ratio (a) | 82.2 | % | 82.0 | % | 0.2 | % | ||||||||||||||||||||
Operating cost ratio | 14.8 | 14.2 | 0.6 | |||||||||||||||||||||||
Operating margin | 8.8 | 8.7 | 0.1 | |||||||||||||||||||||||
Tax rate | 21.2 | 21.0 | 0.2 | |||||||||||||||||||||||
Net earnings margin (b) | 6.1 | 6.3 | (0.2) | |||||||||||||||||||||||
Return on equity (c) | 28.2 | % | 27.8 | % | 0.4 | % |
Three Months Ended March 31, | Increase/(Decrease) | |||||||||||||||||||||||||
(in millions, except percentages) | 2023 | 2022 | 2023 vs. 2022 | |||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||
UnitedHealthcare | $ | 70,468 | $ | 62,595 | $ | 7,873 | 13 | % | ||||||||||||||||||
Optum Health | 23,004 | 16,682 | 6,322 | 38 | ||||||||||||||||||||||
Optum Insight | 4,496 | 3,219 | 1,277 | 40 | ||||||||||||||||||||||
Optum Rx | 27,418 | 23,911 | 3,507 | 15 | ||||||||||||||||||||||
Optum eliminations | (859) | (553) | (306) | 55 | ||||||||||||||||||||||
Optum | 54,059 | 43,259 | 10,800 | 25 | ||||||||||||||||||||||
Eliminations | (32,596) | (25,705) | (6,891) | 27 | ||||||||||||||||||||||
Consolidated revenues | $ | 91,931 | $ | 80,149 | $ | 11,782 | 15 | % | ||||||||||||||||||
Earnings from operations | ||||||||||||||||||||||||||
UnitedHealthcare | $ | 4,343 | $ | 3,798 | $ | 545 | 14 | % | ||||||||||||||||||
Optum Health | 1,776 | 1,366 | 410 | 30 | ||||||||||||||||||||||
Optum Insight | 907 | 847 | 60 | 7 | ||||||||||||||||||||||
Optum Rx | 1,060 | 939 | 121 | 13 | ||||||||||||||||||||||
Optum | 3,743 | 3,152 | 591 | 19 | ||||||||||||||||||||||
Consolidated earnings from operations | $ | 8,086 | $ | 6,950 | $ | 1,136 | 16 | % | ||||||||||||||||||
Operating margin | ||||||||||||||||||||||||||
UnitedHealthcare | 6.2 | % | 6.1 | % | 0.1 | % | ||||||||||||||||||||
Optum Health | 7.7 | 8.2 | (0.5) | |||||||||||||||||||||||
Optum Insight | 20.2 | 26.3 | (6.1) | |||||||||||||||||||||||
Optum Rx | 3.9 | 3.9 | — | |||||||||||||||||||||||
Optum | 6.9 | 7.3 | (0.4) | |||||||||||||||||||||||
Consolidated operating margin | 8.8 | % | 8.7 | % | 0.1 | % |
Three Months Ended March 31, | Increase/(Decrease) | |||||||||||||||||||||||||
(in millions, except percentages) | 2023 | 2022 | 2023 vs. 2022 | |||||||||||||||||||||||
UnitedHealthcare Employer & Individual - Domestic | $ | 16,544 | $ | 15,822 | $ | 722 | 5 | % | ||||||||||||||||||
UnitedHealthcare Employer & Individual - Global | 2,163 | 2,133 | 30 | 1 | ||||||||||||||||||||||
UnitedHealthcare Employer & Individual - Total | 18,707 | 17,955 | 752 | 4 | ||||||||||||||||||||||
UnitedHealthcare Medicare & Retirement | 33,006 | 29,100 | 3,906 | 13 | ||||||||||||||||||||||
UnitedHealthcare Community & State | 18,755 | 15,540 | 3,215 | 21 | ||||||||||||||||||||||
Total UnitedHealthcare revenues | $ | 70,468 | $ | 62,595 | $ | 7,873 | 13 | % |
March 31, | Increase/(Decrease) | |||||||||||||||||||||||||
(in thousands, except percentages) | 2023 | 2022 | 2023 vs. 2022 | |||||||||||||||||||||||
Commercial - Domestic: | ||||||||||||||||||||||||||
Risk-based | 8,025 | 7,950 | 75 | 1 | % | |||||||||||||||||||||
Fee-based | 19,325 | 18,460 | 865 | 5 | ||||||||||||||||||||||
Total Commercial - Domestic | 27,350 | 26,410 | 940 | 4 | ||||||||||||||||||||||
Medicare Advantage | 7,545 | 6,890 | 655 | 10 | ||||||||||||||||||||||
Medicaid | 8,380 | 7,810 | 570 | 7 | ||||||||||||||||||||||
Medicare Supplement (Standardized) | 4,320 | 4,355 | (35) | (1) | ||||||||||||||||||||||
Total Community and Senior | 20,245 | 19,055 | 1,190 | 6 | ||||||||||||||||||||||
Total UnitedHealthcare - Domestic Medical | 47,595 | 45,465 | 2,130 | 5 | ||||||||||||||||||||||
Commercial - Global | 5,295 | 5,500 | (205) | (4) | ||||||||||||||||||||||
Total UnitedHealthcare - Medical | 52,890 | 50,965 | 1,925 | 4 | % | |||||||||||||||||||||
Supplemental Data: | ||||||||||||||||||||||||||
Medicare Part D stand-alone | 3,380 | 3,360 | 20 | 1 | % |
Three Months Ended March 31, | Increase/(Decrease) | |||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 vs. 2022 | |||||||||||||||||
Sources of cash: | ||||||||||||||||||||
Cash provided by operating activities | $ | 16,327 | $ | 5,319 | $ | 11,008 | ||||||||||||||
Issuances of short-term borrowings and long-term debt, net of repayments | 12,375 | 2,048 | 10,327 | |||||||||||||||||
Proceeds from common stock issuances | 344 | 551 | (207) | |||||||||||||||||
Customer funds administered | 5,012 | 5,120 | (108) | |||||||||||||||||
Total sources of cash | 34,058 | 13,038 | ||||||||||||||||||
Uses of cash: | ||||||||||||||||||||
Common stock repurchases | (2,000) | (2,500) | 500 | |||||||||||||||||
Cash paid for acquisitions, net of cash assumed | (7,826) | (1,231) | (6,595) | |||||||||||||||||
Purchases of investments, net of sales and maturities | (2,319) | (1,632) | (687) | |||||||||||||||||
Purchases of property, equipment and capitalized software | (760) | (555) | (205) | |||||||||||||||||
Cash dividends paid | (1,537) | (1,363) | (174) | |||||||||||||||||
Other | (1,119) | (1,807) | 688 | |||||||||||||||||
Total uses of cash | (15,561) | (9,088) | ||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 51 | 157 | (106) | |||||||||||||||||
Net increase in cash and cash equivalents | $ | 18,548 | $ | 4,107 | $ | 14,441 |
Moody’s | S&P Global | Fitch | A.M. Best | ||||||||||||||||||||||||||||||||||||||||||||
Ratings | Outlook | Ratings | Outlook | Ratings | Outlook | Ratings | Outlook | ||||||||||||||||||||||||||||||||||||||||
Senior unsecured debt | A3 | Positive | A+ | Stable | A | Stable | A | Stable | |||||||||||||||||||||||||||||||||||||||
Commercial paper | P-2 | n/a | A-1 | n/a | F1 | n/a | AMB-1+ | n/a |
March 31, 2023 | ||||||||||||||||||||||||||
Increase (Decrease) in Market Interest Rate | Investment Income Per Annum | Interest Expense Per Annum | Fair Value of Financial Assets | Fair Value of Financial Liabilities | ||||||||||||||||||||||
2 % | $ | 1,027 | $ | 487 | $ | (3,684) | $ | (8,701) | ||||||||||||||||||
1 | 513 | 244 | (1,894) | (4,741) | ||||||||||||||||||||||
(1) | (513) | (216) | 1,979 | 5,729 | ||||||||||||||||||||||
(2) | (1,027) | (428) | 4,008 | 12,724 |
For the Month Ended | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares That May Yet Be Purchased Under The Plans or Programs | ||||||||||||||||||||||
(in millions) | (in millions) | (in millions) | ||||||||||||||||||||||||
January 31, 2023 | 1.3 | $ | 495.21 | 1.3 | 29.8 | |||||||||||||||||||||
February 28, 2023 | 1.5 | 485.22 | 1.5 | 28.3 | ||||||||||||||||||||||
March 31, 2023 | 1.3 | 473.89 | 1.3 | 27.0 | ||||||||||||||||||||||
Total | 4.1 | $ | 484.83 | 4.1 |
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and embedded within Exhibit 101). |
* | Pursuant to Item 601(b)(4)(iii) of Regulation S-K, copies of instruments defining the rights of certain holders of long-term debt are not filed. The Company will furnish copies thereof to the SEC upon request. |
/s/ ANDREW WITTY | Chief Executive Officer (principal executive officer) | Dated: | May 3, 2023 | |||||||||||
Andrew Witty | ||||||||||||||
/s/ JOHN REX | Executive Vice President and Chief Financial Officer (principal financial officer) | Dated: | May 3, 2023 | |||||||||||
John Rex | ||||||||||||||
/s/ THOMAS ROOS | Senior Vice President and Chief Accounting Officer (principal accounting officer) | Dated: | May 3, 2023 | |||||||||||
Thomas Roos |
May 3, 2023 | /s/ ANDREW P. WITTY | ||||
Andrew P. Witty Chief Executive Officer |
May 3, 2023 | /s/ JOHN F. REX | ||||
John F. Rex Executive Vice President and Chief Financial Officer |
May 3, 2023 | /s/ ANDREW P. WITTY | ||||
Andrew P. Witty Chief Executive Officer |
May 3, 2023 | /s/ JOHN F. REX | ||||
John F. Rex Executive Vice President and Chief Financial Officer |
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Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Net earnings | $ 5,774 | $ 5,148 |
Other comprehensive income (loss): | ||
Gross unrealized gains (losses) on investment securities during the period | 640 | (2,023) |
Income tax effect | (147) | 465 |
Total unrealized gains (losses), net of tax | 493 | (1,558) |
Gross reclassification adjustment for net realized losses (gains) included in net earnings | 13 | (3) |
Income tax effect | (3) | 1 |
Total reclassification adjustment, net of tax | 10 | (2) |
Total foreign currency translation gains | 341 | 918 |
Other comprehensive income (loss) | 844 | (642) |
Comprehensive income | 6,618 | 4,506 |
Comprehensive income attributable to noncontrolling interests | (163) | (121) |
Comprehensive income attributable to UnitedHealth Group common shareholders | $ 6,455 | $ 4,385 |
Condensed Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Statement of Stockholders' Equity [Abstract] | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 1.65 | $ 1.45 |
Basis of Presentation (Notes) |
3 Months Ended |
---|---|
Mar. 31, 2023 | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Basis of Presentation UnitedHealth Group Incorporated (individually and together with its subsidiaries, “UnitedHealth Group” and the “Company”) is a health care and well-being company with a mission to help people live healthier lives and help make the health system work better for everyone. Our two distinct, yet complementary business platforms — Optum and UnitedHealthcare — are working to help build a modern, high-performing health system through improved access, affordability, outcomes and experiences for the individuals and organizations the Company is privileged to serve. The Company has prepared the Condensed Consolidated Financial Statements according to U.S. Generally Accepted Accounting Principles (GAAP) and has included the accounts of UnitedHealth Group and its subsidiaries. The year-end condensed consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by GAAP. In accordance with the rules and regulations of the U.S. Securities and Exchange Commission (SEC), the Company has omitted certain footnote disclosures that would substantially duplicate the disclosures contained in its annual audited Consolidated Financial Statements. Therefore, these Condensed Consolidated Financial Statements should be read together with the Consolidated Financial Statements and the Notes included in Part II, Item 8, “Financial Statements and Supplementary Data” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 as filed with the SEC (2022 10-K). The accompanying Condensed Consolidated Financial Statements include all normal recurring adjustments necessary to present the interim financial statements fairly. Use of Estimates These Condensed Consolidated Financial Statements include certain amounts based on the Company’s best estimates and judgments. The Company’s most significant estimates relate to estimates and judgments for medical costs payable and goodwill. Certain of these estimates require the application of complex assumptions and judgments, often because they involve matters that are inherently uncertain and will likely change in subsequent periods. The impact of any change in estimates is included in earnings in the period in which the estimate is adjusted. Revenues - Products and Services As of March 31, 2023 and December 31, 2022, accounts receivable related to products and services were $8.1 billion and $7.1 billion, respectively. Revenue expected to be recognized in any future year related to remaining performance obligations, excluding revenue pertaining to contracting having an original expected duration of one year or less, contracts where revenue recognized as invoiced and contracts with variable consideration related undelivered performance obligations, was $12.3 billion, of which approximately half is expected to be recognized in the next three years.
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Investments (Notes) |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments [Text Block] | Investments A summary of debt securities by major security type is as follows:
The Company held $3.9 billion and $3.7 billion of equity securities as of March 31, 2023 and December 31, 2022, respectively. The Company’s investments in equity securities primarily consist of employee savings plan related investments, venture investments and shares of Brazilian real denominated fixed-income funds with readily determinable fair values. Additionally, the Company’s investments included $1.5 billion of equity method investments in operating businesses in the health care sector as of March 31, 2023 and December 31, 2022. The allowance for credit losses on held-to-maturity securities at March 31, 2023 and December 31, 2022 was not material. The amortized cost and fair value of debt securities as of March 31, 2023, by contractual maturity, were as follows:
The fair value of available-for-sale debt securities with gross unrealized losses by major security type and length of time that individual securities have been in a continuous unrealized loss position were as follows:
The Company’s unrealized losses from debt securities as of March 31, 2023 were generated from approximately 32,000 positions out of a total of 42,000 positions. The Company believes that it will collect the timely principal and interest due on its debt securities that have an amortized cost in excess of fair value. The unrealized losses were primarily caused by interest rate increases and not by unfavorable changes in the credit quality associated with these securities which impacted the Company’s assessment on collectability of principal and interest. At each reporting period, the Company evaluates available-for-sale debt securities for any credit-related impairment when the fair value of the investment is less than its amortized cost. The Company evaluated the expected cash flows, the underlying credit quality and credit ratings of the issuers noting no significant credit deterioration since purchase. As of March 31, 2023, the Company did not have the intent to sell any of the available-for-sale debt securities in an unrealized loss position. Therefore, the Company believes these losses to be temporary. The allowance for credit losses on available-for-sale debt securities at March 31, 2023 and December 31, 2022 was not material.
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Fair Value (Notes) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value [Text Block] | Fair Value Certain assets and liabilities are measured at fair value in the Condensed Consolidated Financial Statements or have fair values disclosed in the Notes to the Condensed Consolidated Financial Statements. These assets and liabilities are classified into one of three levels of a hierarchy defined by GAAP. For a description of the methods and assumptions that are used to estimate the fair value and determine the fair value hierarchy classification of each class of financial instrument, see Note 4 of Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data” in the 2022 10-K. The following table presents a summary of fair value measurements by level and carrying values for items measured at fair value on a recurring basis in the Condensed Consolidated Balance Sheets:
There were no transfers in or out of Level 3 financial assets or liabilities during the three months ended March 31, 2023 or 2022. The following table presents a summary of fair value measurements by level and carrying values for certain financial instruments not measured at fair value on a recurring basis in the Condensed Consolidated Balance Sheets:
Nonfinancial assets and liabilities or financial assets and liabilities that are measured at fair value on a nonrecurring basis are subject to fair value adjustments only in certain circumstances, such as when the Company records an impairment. There were no significant fair value adjustments for these assets and liabilities recorded during the three months ended March 31, 2023 or 2022.
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Medical Costs Payable (Notes) |
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Insurance [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Duration Insurance and Deposit Contracts | Medical Costs Payable The following table shows the components of the change in medical costs payable for the three months ended March 31:
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Short-Term Borrowings and Long-Term Debt (Notes) |
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Debt Disclosure | Short-Term Borrowings and Long-Term Debt In March 2023, the Company issued $6.5 billion of senior unsecured notes consisting of the following:
As of March 31, 2023, the Company had $8.2 billion of commercial paper outstanding, with a weighted-average annual interest rate of 5.2%. For more information on the Company’s short-term borrowings, debt covenants and long-term debt, see Note 8 of Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data” in the 2022 10-K.
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Commitments and Contingencies (Notes) |
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Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies Legal Matters The Company is frequently made party to a variety of legal actions and regulatory inquiries, including class actions and suits brought by members, care providers, consumer advocacy organizations, customers and regulators, relating to the Company’s businesses, including management and administration of health benefit plans and other services. These matters include medical malpractice, employment, intellectual property, antitrust, privacy and contract claims and claims related to health care benefits coverage and other business practices. The Company records liabilities for its estimates of probable costs resulting from these matters where appropriate. Estimates of costs resulting from legal and regulatory matters involving the Company are inherently difficult to predict, particularly where the matters: involve indeterminate claims for monetary damages or may involve fines, penalties or punitive damages; present novel legal theories or represent a shift in regulatory policy; involve a large number of claimants or regulatory bodies; are in the early stages of the proceedings; or could result in a change in business practices. Accordingly, the Company is often unable to estimate the losses or ranges of losses for those matters where there is a reasonable possibility or it is probable a loss may be incurred. Government Investigations, Audits and Reviews The Company has been involved or is currently involved in various governmental investigations, audits and reviews. These include routine, regular and special investigations, audits and reviews by the Centers for Medicare and Medicaid Services (CMS), state insurance and health and welfare departments, state attorneys general, the Office of the Inspector General, the Office of Personnel Management, the Office of Civil Rights, the Government Accountability Office, the Federal Trade Commission, U.S. Congressional committees, the U.S. Department of Justice (DOJ), the SEC, the Internal Revenue Service, the U.S. Drug Enforcement Administration, the U.S. Department of Labor, the Federal Deposit Insurance Corporation, the Consumer Financial Protection Bureau (CFPB), the Defense Contract Audit Agency and other governmental authorities. Similarly, our international businesses are also subject to investigations, audits and reviews by applicable foreign governments, including South American and other non-U.S. governmental authorities. Certain of the Company’s businesses have been reviewed or are currently under review, including for, among other matters, compliance with coding and other requirements under the Medicare risk-adjustment model. CMS has selected certain of the Company’s local plans for risk adjustment data validation (RADV) audits to validate the coding practices of and supporting documentation maintained by health care providers and such audits may result in retrospective adjustments to payments made to the Company’s health plans. On February 14, 2017, the DOJ announced its decision to pursue certain claims within a lawsuit initially asserted against the Company and filed under seal by a whistleblower in 2011. The whistleblower’s complaint, which was unsealed on February 15, 2017, alleges the Company made improper risk adjustment submissions and violated the False Claims Act. On February 12, 2018, the court granted in part and denied in part the Company’s motion to dismiss. In May 2018, the DOJ moved to dismiss the Company’s counterclaims, which were filed in March 2018, and moved for partial summary judgment. In March 2019, the court denied the government’s motion for partial summary judgment and dismissed the Company’s counterclaims without prejudice. The Company cannot reasonably estimate the outcome which may result from this matter given its procedural status.
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Business Combinations (Notes) |
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Business Combination and Asset Acquisition [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination Disclosure | Business Combinations During the three months ended March 31, 2023, the Company completed several business combinations for total consideration of $8.0 billion. Acquired assets (liabilities) at acquisition date were:
The majority of goodwill is not deductible for income tax purposes. The preliminary purchase price allocations for the various business combinations are subject to adjustment as valuation analyses, primarily related to intangible assets and contingent liabilities, are finalized. The acquisition date fair values and weighted-average useful lives assigned to intangible assets were:
The results of operations and financial condition of acquired entities have been included in the Company’s consolidated results and the results of the corresponding operating segment as of the date of acquisition. Through March 31, 2023, acquired entities impact on revenues and net earnings was not material. Unaudited pro forma revenues and net earnings for the three months ended March 31, 2023 and 2022, as if the business combinations had occurred on January 1, 2022, were immaterial for both periods.
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Segment Financial Information (Notes) |
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Segment Reporting Disclosure | Segment Financial Information The Company’s four reportable segments are UnitedHealthcare, Optum Health, Optum Insight and Optum Rx. For more information on the Company’s segments, see Part I, Item I, “Business” and Note 14 of Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data” in the 2022 10-K. Total assets at Optum Health increased to $80.4 billion as of March 31, 2023 compared to $69.0 billion as of December 31, 2022, primarily due to goodwill from business combinations of $5.9 billion. The following tables present reportable segment financial information:
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Basis of Presentation (Policies) |
3 Months Ended |
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Mar. 31, 2023 | |
Basis of presentation [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | The Company has prepared the Condensed Consolidated Financial Statements according to U.S. Generally Accepted Accounting Principles (GAAP) and has included the accounts of UnitedHealth Group and its subsidiaries. The year-end condensed consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by GAAP. In accordance with the rules and regulations of the U.S. Securities and Exchange Commission (SEC), the Company has omitted certain footnote disclosures that would substantially duplicate the disclosures contained in its annual audited Consolidated Financial Statements. Therefore, these Condensed Consolidated Financial Statements should be read together with the Consolidated Financial Statements and the Notes included in Part II, Item 8, “Financial Statements and Supplementary Data” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 as filed with the SEC (2022 10-K). The accompanying Condensed Consolidated Financial Statements include all normal recurring adjustments necessary to present the interim financial statements fairly. |
Use of Estimates, Policy [Policy Text Block] | These Condensed Consolidated Financial Statements include certain amounts based on the Company’s best estimates and judgments. The Company’s most significant estimates relate to estimates and judgments for medical costs payable and goodwill. Certain of these estimates require the application of complex assumptions and judgments, often because they involve matters that are inherently uncertain and will likely change in subsequent periods. The impact of any change in estimates is included in earnings in the period in which the estimate is adjusted. |
Revenue [Policy Text Block] | As of March 31, 2023 and December 31, 2022, accounts receivable related to products and services were $8.1 billion and $7.1 billion, respectively. Revenue expected to be recognized in any future year related to remaining performance obligations, excluding revenue pertaining to contracting having an original expected duration of one year or less, contracts where revenue recognized as invoiced and contracts with variable consideration related undelivered performance obligations, was $12.3 billion, of which approximately half is expected to be recognized in the next three years. |
Investments (Policies) |
3 Months Ended |
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Mar. 31, 2023 | |
Investments [Abstract] | |
Investment, Policy [Policy Text Block] | At each reporting period, the Company evaluates available-for-sale debt securities for any credit-related impairment when the fair value of the investment is less than its amortized cost. The Company evaluated the expected cash flows, the underlying credit quality and credit ratings of the issuers noting no significant credit deterioration since purchase. As of March 31, 2023, the Company did not have the intent to sell any of the available-for-sale debt securities in an unrealized loss position. Therefore, the Company believes these losses to be temporary. |
Investments (Tables) |
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Short-Term and Long-Term Investments [Table Text Block] | A summary of debt securities by major security type is as follows:
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Investments by Contractual Maturity [Table Text Block] | The amortized cost and fair value of debt securities as of March 31, 2023, by contractual maturity, were as follows:
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Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | The fair value of available-for-sale debt securities with gross unrealized losses by major security type and length of time that individual securities have been in a continuous unrealized loss position were as follows:
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Fair Value (Tables) |
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets and Liabilities, Measured at Fair Value Recurring Basis [Table Text Block] | The following table presents a summary of fair value measurements by level and carrying values for items measured at fair value on a recurring basis in the Condensed Consolidated Balance Sheets:
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Fair Value Measurements, Nonrecurring [Table Text Block] | The following table presents a summary of fair value measurements by level and carrying values for certain financial instruments not measured at fair value on a recurring basis in the Condensed Consolidated Balance Sheets:
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Medical Costs Payable (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense | The following table shows the components of the change in medical costs payable for the three months ended March 31:
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Short-Term Borrowings and Long-Term Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt [Table Text Block] | In March 2023, the Company issued $6.5 billion of senior unsecured notes consisting of the following:
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Business Combinations (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Acquired assets (liabilities) at acquisition date were:
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Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The acquisition date fair values and weighted-average useful lives assigned to intangible assets were:
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Segment Financial Information (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | The following tables present reportable segment financial information:
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Basis of Presentation (Details) - USD ($) $ in Millions |
3 Months Ended | |
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Mar. 31, 2023 |
Dec. 31, 2022 |
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Nature of Operations | UnitedHealth Group Incorporated (individually and together with its subsidiaries, “UnitedHealth Group” and the “Company”) is a health care and well-being company with a mission to help people live healthier lives and help make the health system work better for everyone. Our two distinct, yet complementary business platforms — Optum and UnitedHealthcare — are working to help build a modern, high-performing health system through improved access, affordability, outcomes and experiences for the individuals and organizations the Company is privileged to serve. | |
Accounts Receivable, after Allowance for Credit Loss, Current | $ 22,414 | $ 17,681 |
Revenue, Remaining Performance Obligation, Amount | $ 12,300 | |
Revenue, Remaining Performance Obligation, Percentage | 50.00% | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 3 years | |
unh:ProductsandservicesMember | ||
Accounts Receivable, after Allowance for Credit Loss, Current | $ 8,100 | $ 7,100 |
Investments (Narrative) (Details) $ in Millions |
Mar. 31, 2023
USD ($)
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Dec. 31, 2022
USD ($)
|
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Investments [Abstract] | ||
Equity Securities, FV-NI and without Readily Determinable Fair Value | $ 3,900 | $ 3,700 |
Equity Method Investments | $ 1,500 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 32,000 | |
Total number of security positions | 42,000 |
Fair Value (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | |
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Mar. 31, 2023 |
Mar. 31, 2022 |
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Fair Value [Line Items] | ||
Transfers Into Level 3 | $ 0 | $ 0 |
Transfers out of Level 3 | 0 | 0 |
Significant fair value adjustments for assets and liabilities measured on a nonrecurring basis | $ 0 | $ 0 |
Medical Costs Payable (Narrative) (Details) - USD ($) $ in Billions |
Mar. 31, 2023 |
Dec. 31, 2022 |
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Insurance [Abstract] | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred but Not Reported (IBNR) Claims, Amount | $ 21.7 | $ 20.0 |
Medical Costs Payable (Details) - USD ($) $ in Millions |
3 Months Ended | |
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Mar. 31, 2023 |
Mar. 31, 2022 |
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Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Medical costs payable, beginning of period | $ 29,056 | $ 24,483 |
Acquisitions | 1 | 8 |
Reported medical costs: | ||
Current year | 60,315 | 52,813 |
Prior year | (470) | (290) |
Total reported medical costs | 59,845 | 52,523 |
Medical payments: | ||
Payments for current year | (35,087) | (29,589) |
Payments for prior years | (22,006) | (18,749) |
Total medical payments | (57,093) | (48,338) |
Medical costs payable, end of period | $ 31,809 | $ 28,676 |
Short-Term Borrowings and Long-Term Debt (Details) $ in Millions |
Mar. 31, 2023
USD ($)
|
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Debt Instrument [Line Items] | |
Par Value | $ 6,500 |
Commercial Paper | $ 8,200 |
4.250% notes due January 2029 | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 4.25% |
Par Value | $ 1,250 |
4.500% notes due April 2033 | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 4.50% |
Par Value | $ 1,500 |
5.050% notes due April 2053 | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 5.05% |
Par Value | $ 2,000 |
5.200% notes due April 2063 | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 5.20% |
Par Value | $ 1,750 |
Short-Term Borrowings and Long-Term Debt (Narrative) (Details) $ in Millions |
Mar. 31, 2023
USD ($)
Rate
|
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Debt Instrument [Line Items] | |
Commercial Paper | $ | $ 8,200 |
Commercial Paper [Member] | |
Debt Instrument [Line Items] | |
Short-term Debt, Weighted Average Interest Rate, at Point in Time | Rate | 5.20% |
Business Combinations (Narrative) (Details) $ in Millions |
3 Months Ended |
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Mar. 31, 2023
USD ($)
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Business Combination and Asset Acquisition [Abstract] | |
Business Combination, Consideration Transferred | $ 8,000 |
Business Combinations (Details) $ in Millions |
3 Months Ended |
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Mar. 31, 2023
USD ($)
| |
Business Acquisition [Line Items] | |
Cash and cash equivalents | $ 142 |
Accounts receivable and other current assets | 530 |
Property, equipment and other long-term assets | 659 |
Other Intangible Assets | 2,141 |
Total identifiable assets acquired | 3,472 |
Medical costs payable | (1) |
Accounts payable and other current liabilities | (467) |
Other long-term liabilities | (698) |
Total identifiable liabilities acquired | (1,166) |
Total net tangible assets | 2,306 |
Goodwill | 6,646 |
Redeemable noncontrolling interests | (130) |
Nonredeemable noncontrolling interests | (819) |
Net Assets Acquired | $ 8,003 |
Business Combinations Acquired Finite-Lived Intangible Asets (Details) $ in Millions |
3 Months Ended |
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Mar. 31, 2023
USD ($)
| |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 464 |
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life | 9 years |
Indefinite-Lived Intangible Assets Acquired | $ 1,677 |
Other Intangible Assets | 2,141 |
Customer-Related Intangible Assets [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 234 |
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life | 13 years |
Trademarks and Technology [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 220 |
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life | 5 years |
Other Intangible Assets [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 10 |
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life | 11 years |
Segment Financial Information (Narrative) (Details) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023
USD ($)
reportableSegments
|
Dec. 31, 2022
USD ($)
|
|
Statement [Line Items] | ||
Number of Reportable Segments | reportableSegments | 4 | |
Assets | $ 283,679 | $ 245,705 |
Goodwill | 6,646 | |
Optum Health | ||
Statement [Line Items] | ||
Assets | 80,400 | $ 69,000 |
Goodwill | $ 5,900 |
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