☒ | 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 |
Delaware | 41-1321939 | ||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
UnitedHealth Group Center | 55343 | ||||||||||
9900 Bren Road East | |||||||||||
Minnetonka, | Minnesota | ||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, $.01 par value | UNH | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | ||||||||||||||||||
Smaller reporting company | ☐ | Emerging growth company | ☐ |
Page | Page | |||||||||||||||||||||||||||
(in millions, except per share data) | (in millions, except per share data) | June 30, 2021 | December 31, 2020 | (in millions, except per share data) | March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||
Current assets: | Current assets: | Current assets: | ||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 19,832 | $ | 16,921 | Cash and cash equivalents | $ | 25,482 | $ | 21,375 | ||||||||||||||||||
Short-term investments | Short-term investments | 2,729 | 2,860 | Short-term investments | 2,914 | 2,532 | ||||||||||||||||||||||
Accounts receivable, net | Accounts receivable, net | 14,587 | 12,870 | Accounts receivable, net | 18,871 | 14,216 | ||||||||||||||||||||||
Other current receivables, net | Other current receivables, net | 12,630 | 12,534 | Other current receivables, net | 11,994 | 13,866 | ||||||||||||||||||||||
Assets under management | Assets under management | 4,198 | 4,076 | Assets under management | 4,155 | 4,449 | ||||||||||||||||||||||
Prepaid expenses and other current assets | Prepaid expenses and other current assets | 4,940 | 4,457 | Prepaid expenses and other current assets | 5,613 | 5,320 | ||||||||||||||||||||||
Total current assets | Total current assets | 58,916 | 53,718 | Total current assets | 69,029 | 61,758 | ||||||||||||||||||||||
Long-term investments | Long-term investments | 44,061 | 41,242 | Long-term investments | 42,353 | 43,114 | ||||||||||||||||||||||
Property, equipment and capitalized software, net | Property, equipment and capitalized software, net | 8,735 | 8,626 | Property, equipment and capitalized software, net | 9,183 | 8,969 | ||||||||||||||||||||||
Goodwill | Goodwill | 75,827 | 71,337 | Goodwill | 77,548 | 75,795 | ||||||||||||||||||||||
Other intangible assets, net | Other intangible assets, net | 10,806 | 10,856 | Other intangible assets, net | 9,918 | 10,044 | ||||||||||||||||||||||
Other assets | Other assets | 11,947 | 11,510 | Other assets | 13,207 | 12,526 | ||||||||||||||||||||||
Total assets | Total assets | $ | 210,292 | $ | 197,289 | Total assets | $ | 221,238 | $ | 212,206 | ||||||||||||||||||
Liabilities, redeemable noncontrolling interests and equity | Liabilities, redeemable noncontrolling interests and equity | Liabilities, redeemable noncontrolling interests and equity | ||||||||||||||||||||||||||
Current liabilities: | Current liabilities: | Current liabilities: | ||||||||||||||||||||||||||
Medical costs payable | Medical costs payable | $ | 25,131 | $ | 21,872 | Medical costs payable | $ | 28,676 | $ | 24,483 | ||||||||||||||||||
Accounts payable and accrued liabilities | Accounts payable and accrued liabilities | 23,013 | 22,495 | Accounts payable and accrued liabilities | 25,058 | 24,643 | ||||||||||||||||||||||
Short-term borrowings and current maturities of long-term debt | Short-term borrowings and current maturities of long-term debt | 3,868 | 4,819 | Short-term borrowings and current maturities of long-term debt | 6,697 | 3,620 | ||||||||||||||||||||||
Unearned revenues | Unearned revenues | 2,365 | 2,842 | Unearned revenues | 2,675 | 2,571 | ||||||||||||||||||||||
Other current liabilities | Other current liabilities | 22,180 | 20,392 | Other current liabilities | 25,064 | 22,975 | ||||||||||||||||||||||
Total current liabilities | Total current liabilities | 76,557 | 72,420 | Total current liabilities | 88,170 | 78,292 | ||||||||||||||||||||||
Long-term debt, less current maturities | Long-term debt, less current maturities | 44,348 | 38,648 | Long-term debt, less current maturities | 40,796 | 42,383 | ||||||||||||||||||||||
Deferred income taxes | Deferred income taxes | 3,641 | 3,367 | Deferred income taxes | 2,954 | 3,265 | ||||||||||||||||||||||
Other liabilities | Other liabilities | 12,425 | 12,315 | Other liabilities | 11,671 | 11,787 | ||||||||||||||||||||||
Total liabilities | Total liabilities | 136,971 | 126,750 | Total liabilities | 143,591 | 135,727 | ||||||||||||||||||||||
Commitments and contingencies (Note 7) | 0 | 0 | ||||||||||||||||||||||||||
Commitments and contingencies (Note 5) | Commitments and contingencies (Note 5) | 0 | 0 | |||||||||||||||||||||||||
Redeemable noncontrolling interests | Redeemable noncontrolling interests | 1,299 | 2,211 | Redeemable noncontrolling interests | 1,519 | 1,434 | ||||||||||||||||||||||
Equity: | Equity: | Equity: | ||||||||||||||||||||||||||
Preferred stock, $0.001 par value - 10 shares authorized; 0 shares issued or outstanding | 0 | 0 | ||||||||||||||||||||||||||
Common stock, $0.01 par value - 3,000 shares authorized; 943 and 946 issued and outstanding | 10 | 10 | ||||||||||||||||||||||||||
Additional paid-in capital | 0 | 0 | ||||||||||||||||||||||||||
Preferred stock, $0.001 par value - 10 shares authorized; no shares issued or outstanding | Preferred stock, $0.001 par value - 10 shares authorized; no shares issued or outstanding | — | — | |||||||||||||||||||||||||
Common stock, $0.01 par value - 3,000 shares authorized; 939 and 941 issued and outstanding | Common stock, $0.01 par value - 3,000 shares authorized; 939 and 941 issued and outstanding | 10 | 10 | |||||||||||||||||||||||||
Retained earnings | Retained earnings | 73,090 | 69,295 | Retained earnings | 78,782 | 77,134 | ||||||||||||||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss | (4,086) | (3,814) | Accumulated other comprehensive loss | (6,026) | (5,384) | ||||||||||||||||||||||
Nonredeemable noncontrolling interests | Nonredeemable noncontrolling interests | 3,008 | 2,837 | Nonredeemable noncontrolling interests | 3,362 | 3,285 | ||||||||||||||||||||||
Total equity | Total equity | 72,022 | 68,328 | Total equity | 76,128 | 75,045 | ||||||||||||||||||||||
Total liabilities, redeemable noncontrolling interests and equity | Total liabilities, redeemable noncontrolling interests and equity | $ | 210,292 | $ | 197,289 | Total liabilities, redeemable noncontrolling interests and equity | $ | 221,238 | $ | 212,206 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||
(in millions, except per share data) | (in millions, except per share data) | 2021 | 2020 | 2021 | 2020 | (in millions, except per share data) | 2022 | 2021 | ||||||||||||||||||||||||||||||||
Revenues: | Revenues: | Revenues: | ||||||||||||||||||||||||||||||||||||||
Premiums | Premiums | $ | 56,233 | $ | 49,394 | $ | 111,719 | $ | 100,034 | Premiums | $ | 64,070 | $ | 55,486 | ||||||||||||||||||||||||||
Products | Products | 8,433 | 8,247 | 16,773 | 16,678 | Products | 9,340 | 8,340 | ||||||||||||||||||||||||||||||||
Services | Services | 6,099 | 4,156 | 12,017 | 9,141 | Services | 6,372 | 5,918 | ||||||||||||||||||||||||||||||||
Investment and other income | Investment and other income | 556 | 341 | 1,008 | 706 | Investment and other income | 367 | 452 | ||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 71,321 | 62,138 | 141,517 | 126,559 | Total revenues | 80,149 | 70,196 | ||||||||||||||||||||||||||||||||
Operating costs: | Operating costs: | Operating costs: | ||||||||||||||||||||||||||||||||||||||
Medical costs | Medical costs | 46,546 | 34,678 | 91,450 | 75,678 | Medical costs | 52,523 | 44,904 | ||||||||||||||||||||||||||||||||
Operating costs | Operating costs | 10,359 | 10,001 | 20,582 | 20,016 | Operating costs | 11,401 | 10,223 | ||||||||||||||||||||||||||||||||
Cost of products sold | Cost of products sold | 7,660 | 7,501 | 15,232 | 15,188 | Cost of products sold | 8,487 | 7,572 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 778 | 717 | 1,536 | 1,440 | Depreciation and amortization | 788 | 758 | ||||||||||||||||||||||||||||||||
Total operating costs | Total operating costs | 65,343 | 52,897 | 128,800 | 112,322 | Total operating costs | 73,199 | 63,457 | ||||||||||||||||||||||||||||||||
Earnings from operations | Earnings from operations | 5,978 | 9,241 | 12,717 | 14,237 | Earnings from operations | 6,950 | 6,739 | ||||||||||||||||||||||||||||||||
Interest expense | Interest expense | (410) | (430) | (807) | (867) | Interest expense | (433) | (397) | ||||||||||||||||||||||||||||||||
Earnings before income taxes | Earnings before income taxes | 5,568 | 8,811 | 11,910 | 13,370 | Earnings before income taxes | 6,517 | 6,342 | ||||||||||||||||||||||||||||||||
Provision for income taxes | Provision for income taxes | (1,196) | (2,115) | (2,560) | (3,209) | Provision for income taxes | (1,369) | (1,364) | ||||||||||||||||||||||||||||||||
Net earnings | Net earnings | 4,372 | 6,696 | 9,350 | 10,161 | Net earnings | 5,148 | 4,978 | ||||||||||||||||||||||||||||||||
Earnings attributable to noncontrolling interests | Earnings attributable to noncontrolling interests | (106) | (59) | (222) | (142) | Earnings attributable to noncontrolling interests | (121) | (116) | ||||||||||||||||||||||||||||||||
Net earnings attributable to UnitedHealth Group common shareholders | Net earnings attributable to UnitedHealth Group common shareholders | $ | 4,266 | $ | 6,637 | $ | 9,128 | $ | 10,019 | Net earnings attributable to UnitedHealth Group common shareholders | $ | 5,027 | $ | 4,862 | ||||||||||||||||||||||||||
Earnings per share attributable to UnitedHealth Group common shareholders: | Earnings per share attributable to UnitedHealth Group common shareholders: | Earnings per share attributable to UnitedHealth Group common shareholders: | ||||||||||||||||||||||||||||||||||||||
Basic | Basic | $ | 4.52 | $ | 6.99 | $ | 9.66 | $ | 10.56 | Basic | $ | 5.34 | $ | 5.14 | ||||||||||||||||||||||||||
Diluted | Diluted | $ | 4.46 | $ | 6.91 | $ | 9.55 | $ | 10.43 | Diluted | $ | 5.27 | $ | 5.08 | ||||||||||||||||||||||||||
Basic weighted-average number of common shares outstanding | Basic weighted-average number of common shares outstanding | 944 | 949 | 945 | 949 | Basic weighted-average number of common shares outstanding | 941 | 945 | ||||||||||||||||||||||||||||||||
Dilutive effect of common share equivalents | Dilutive effect of common share equivalents | 12 | 11 | 11 | 12 | Dilutive effect of common share equivalents | 13 | 12 | ||||||||||||||||||||||||||||||||
Diluted weighted-average number of common shares outstanding | Diluted weighted-average number of common shares outstanding | 956 | 960 | 956 | 961 | Diluted weighted-average number of common shares outstanding | 954 | 957 | ||||||||||||||||||||||||||||||||
Anti-dilutive shares excluded from the calculation of dilutive effect of common share equivalents | Anti-dilutive shares excluded from the calculation of dilutive effect of common share equivalents | 1 | 11 | 2 | 11 | Anti-dilutive shares excluded from the calculation of dilutive effect of common share equivalents | 2 | 3 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2021 | 2020 | 2021 | 2020 | (in millions) | 2022 | 2021 | ||||||||||||||||||||||||||||||||
Net earnings | Net earnings | $ | 4,372 | $ | 6,696 | $ | 9,350 | $ | 10,161 | Net earnings | $ | 5,148 | $ | 4,978 | ||||||||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||||
Gross unrealized gains (losses) on investment securities during the period | 251 | 1,120 | (513) | 771 | ||||||||||||||||||||||||||||||||||||
Other comprehensive loss: | Other comprehensive loss: | |||||||||||||||||||||||||||||||||||||||
Gross unrealized losses on investment securities during the period | Gross unrealized losses on investment securities during the period | (2,023) | (764) | |||||||||||||||||||||||||||||||||||||
Income tax effect | Income tax effect | (58) | (257) | 116 | (177) | Income tax effect | 465 | 174 | ||||||||||||||||||||||||||||||||
Total unrealized gains (losses), net of tax | 193 | 863 | (397) | 594 | ||||||||||||||||||||||||||||||||||||
Total unrealized losses, net of tax | Total unrealized losses, net of tax | (1,558) | (590) | |||||||||||||||||||||||||||||||||||||
Gross reclassification adjustment for net realized gains included in net earnings | Gross reclassification adjustment for net realized gains included in net earnings | (9) | (11) | (16) | (29) | Gross reclassification adjustment for net realized gains included in net earnings | (3) | (7) | ||||||||||||||||||||||||||||||||
Income tax effect | Income tax effect | 2 | 3 | 4 | 7 | Income tax effect | 1 | 2 | ||||||||||||||||||||||||||||||||
Total reclassification adjustment, net of tax | Total reclassification adjustment, net of tax | (7) | (8) | (12) | (22) | Total reclassification adjustment, net of tax | (2) | (5) | ||||||||||||||||||||||||||||||||
Total foreign currency translation gains (losses) | Total foreign currency translation gains (losses) | 554 | (45) | 137 | (1,544) | Total foreign currency translation gains (losses) | 918 | (417) | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 740 | 810 | (272) | (972) | ||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | (642) | (1,012) | |||||||||||||||||||||||||||||||||||||
Comprehensive income | Comprehensive income | 5,112 | 7,506 | 9,078 | 9,189 | Comprehensive income | 4,506 | 3,966 | ||||||||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | Comprehensive income attributable to noncontrolling interests | (106) | (59) | (222) | (142) | Comprehensive income attributable to noncontrolling interests | (121) | (116) | ||||||||||||||||||||||||||||||||
Comprehensive income attributable to UnitedHealth Group common shareholders | Comprehensive income attributable to UnitedHealth Group common shareholders | $ | 5,006 | $ | 7,447 | $ | 8,856 | $ | 9,047 | Comprehensive income attributable to UnitedHealth Group common shareholders | $ | 4,385 | $ | 3,850 |
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Nonredeemable Noncontrolling Interests | Total Equity | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Nonredeemable Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, (in millions) | Shares | Amount | Net Unrealized Gains on Investments | Foreign Currency Translation (Losses) Gains | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 944 | $ | 10 | $ | 0 | $ | 71,220 | $ | 741 | $ | (5,567) | $ | 2,909 | $ | 69,313 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, (in millions) | Three months ended March 31, (in millions) | Shares | Amount | Additional Paid-In Capital | Retained Earnings | Net Unrealized Gains (losses) on Investments | Foreign Currency Translation (Losses) Gains | Nonredeemable Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2022 | Balance at January 1, 2022 | 941 | $ | 10 | $ | 423 | $ | (5,807) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | Net earnings | 4,266 | 88 | 4,354 | Net earnings | 5,027 | 88 | 5,115 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | 186 | 554 | 740 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | Other comprehensive (loss) income | (1,560) | 918 | (642) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances of common stock, and related tax effects | Issuances of common stock, and related tax effects | 2 | 0 | 292 | 292 | Issuances of common stock, and related tax effects | 3 | — | 333 | 333 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | Share-based compensation | 158 | 158 | Share-based compensation | 282 | 282 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common share repurchases | Common share repurchases | (3) | 0 | (221) | (1,029) | (1,250) | Common share repurchases | (5) | — | (484) | (2,016) | (2,500) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends paid on common shares ($1.45 per share) | Cash dividends paid on common shares ($1.45 per share) | (1,367) | (1,367) | Cash dividends paid on common shares ($1.45 per share) | (1,363) | (1,363) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests fair value and other adjustments | Redeemable noncontrolling interests fair value and other adjustments | (229) | 0 | (229) | Redeemable noncontrolling interests fair value and other adjustments | (131) | (131) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition and other adjustments of nonredeemable noncontrolling interests | Acquisition and other adjustments of nonredeemable noncontrolling interests | 85 | 85 | Acquisition and other adjustments of nonredeemable noncontrolling interests | 91 | 91 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution to nonredeemable noncontrolling interests | Distribution to nonredeemable noncontrolling interests | (74) | (74) | Distribution to nonredeemable noncontrolling interests | (102) | (102) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 943 | $ | 10 | $ | 0 | $ | 73,090 | $ | 927 | $ | (5,013) | $ | 3,008 | $ | 72,022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | Balance at March 31, 2022 | 939 | $ | 10 | $ | — | $ | 78,782 | $ | (1,137) | $ | (4,889) | $ | 3,362 | $ | 76,128 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 947 | $ | 10 | $ | 0 | $ | 62,327 | $ | 306 | $ | (5,666) | $ | 2,886 | $ | 59,863 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | Balance at January 1, 2021 | 946 | $ | 10 | $ | — | $ | 69,295 | $ | 1,336 | $ | (5,150) | $ | 2,837 | $ | 68,328 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | Net earnings | 6,637 | 38 | 6,675 | Net earnings | 4,862 | 80 | 4,942 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 855 | (45) | 810 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | (595) | (417) | (1,012) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances of common stock, and related tax effects | Issuances of common stock, and related tax effects | 3 | 0 | 287 | 287 | Issuances of common stock, and related tax effects | 3 | — | 256 | 256 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | Share-based compensation | 144 | 144 | Share-based compensation | 242 | 242 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common share repurchases | Common share repurchases | 0 | 0 | 0 | 0 | 0 | Common share repurchases | (5) | — | — | (1,650) | (1,650) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends paid on common shares ($1.25 per share) | Cash dividends paid on common shares ($1.25 per share) | (1,188) | (1,188) | Cash dividends paid on common shares ($1.25 per share) | (1,181) | (1,181) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests fair value and other adjustments | Redeemable noncontrolling interests fair value and other adjustments | (43) | (43) | Redeemable noncontrolling interests fair value and other adjustments | (498) | (106) | (604) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition and other adjustments of nonredeemable noncontrolling interests | Acquisition and other adjustments of nonredeemable noncontrolling interests | 66 | 66 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution to nonredeemable noncontrolling interests | Distribution to nonredeemable noncontrolling interests | (33) | (33) | Distribution to nonredeemable noncontrolling interests | (74) | (74) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | 950 | $ | 10 | $ | 388 | $ | 67,776 | $ | 1,161 | $ | (5,711) | $ | 2,891 | $ | 66,515 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | Balance at March 31, 2021 | 944 | $ | 10 | $ | — | $ | 71,220 | $ | 741 | $ | (5,567) | $ | 2,909 | $ | 69,313 |
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Nonredeemable Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, (in millions) | Shares | Amount | Net Unrealized Gains (Losses) on Investments | Foreign Currency Translation (Losses) Gains | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | 946 | $ | 10 | $ | 0 | $ | 69,295 | $ | 1,336 | $ | (5,150) | $ | 2,837 | $ | 68,328 | |||||||||||||||||||||||||||||||||||
Net earnings | 9,128 | 168 | 9,296 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | (409) | 137 | (272) | |||||||||||||||||||||||||||||||||||||||||||||||
Issuances of common stock, and related tax effects | 5 | 0 | 548 | 548 | ||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | 400 | 400 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common share repurchases | (8) | 0 | (221) | (2,679) | (2,900) | |||||||||||||||||||||||||||||||||||||||||||||
Cash dividends paid on common shares ($2.70 per share) | (2,548) | (2,548) | ||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests fair value and other adjustments | (727) | (106) | (833) | |||||||||||||||||||||||||||||||||||||||||||||||
Acquisition and other adjustments of nonredeemable noncontrolling interests | 151 | 151 | ||||||||||||||||||||||||||||||||||||||||||||||||
Distribution to nonredeemable noncontrolling interests | (148) | (148) | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 943 | $ | 10 | $ | 0 | $ | 73,090 | $ | 927 | $ | (5,013) | $ | 3,008 | $ | 72,022 | |||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | 948 | $ | 9 | $ | 7 | $ | 61,178 | $ | 589 | $ | (4,167) | $ | 2,820 | $ | 60,436 | |||||||||||||||||||||||||||||||||||
Adjustment to Adopt ASU 2016-13 | (28) | (28) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | 10,019 | 97 | 10,116 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 572 | (1,544) | (972) | |||||||||||||||||||||||||||||||||||||||||||||||
Issuances of common stock, and related tax effects | 8 | 1 | 607 | 608 | ||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | 378 | 378 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common share repurchases | (6) | 0 | (510) | (1,181) | (1,691) | |||||||||||||||||||||||||||||||||||||||||||||
Cash dividends paid on common shares ($2.33 per share) | (2,212) | (2,212) | ||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests fair value and other adjustments | (94) | (94) | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and other adjustments of nonredeemable noncontrolling interests | 50 | 50 | ||||||||||||||||||||||||||||||||||||||||||||||||
Distribution to nonredeemable noncontrolling interests | (76) | (76) | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | 950 | $ | 10 | $ | 388 | $ | 67,776 | $ | 1,161 | $ | (5,711) | $ | 2,891 | $ | 66,515 |
Six Months Ended June 30, | Three Months Ended March 31, | |||||||||||||||||||||||||||
(in millions) | (in millions) | 2021 | 2020 | (in millions) | 2022 | 2021 | ||||||||||||||||||||||
Operating activities | Operating activities | Operating activities | ||||||||||||||||||||||||||
Net earnings | Net earnings | $ | 9,350 | $ | 10,161 | Net earnings | $ | 5,148 | $ | 4,978 | ||||||||||||||||||
Noncash items: | Noncash items: | Noncash items: | ||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 1,536 | 1,440 | Depreciation and amortization | 788 | 758 | ||||||||||||||||||||||
Deferred income taxes | Deferred income taxes | 327 | 114 | Deferred income taxes | 161 | 341 | ||||||||||||||||||||||
Share-based compensation | Share-based compensation | 426 | 388 | Share-based compensation | 299 | 256 | ||||||||||||||||||||||
Other, net | Other, net | (214) | 124 | Other, net | 17 | (55) | ||||||||||||||||||||||
Net change in other operating items, net of effects from acquisitions and changes in AARP balances: | Net change in other operating items, net of effects from acquisitions and changes in AARP balances: | Net change in other operating items, net of effects from acquisitions and changes in AARP balances: | ||||||||||||||||||||||||||
Accounts receivable | Accounts receivable | (1,218) | (439) | Accounts receivable | (4,521) | (2,895) | ||||||||||||||||||||||
Other assets | Other assets | (1,523) | (3,784) | Other assets | (1,089) | (955) | ||||||||||||||||||||||
Medical costs payable | Medical costs payable | 3,086 | (2,353) | Medical costs payable | 3,849 | 2,968 | ||||||||||||||||||||||
Accounts payable and other liabilities | Accounts payable and other liabilities | 298 | 7,591 | Accounts payable and other liabilities | 589 | 870 | ||||||||||||||||||||||
Unearned revenues | Unearned revenues | (523) | (296) | Unearned revenues | 78 | (261) | ||||||||||||||||||||||
Cash flows from operating activities | Cash flows from operating activities | 11,545 | 12,946 | Cash flows from operating activities | 5,319 | 6,005 | ||||||||||||||||||||||
Investing activities | Investing activities | Investing activities | ||||||||||||||||||||||||||
Purchases of investments | Purchases of investments | (8,847) | (6,412) | Purchases of investments | (4,982) | (4,612) | ||||||||||||||||||||||
Sales of investments | Sales of investments | 1,408 | 3,548 | Sales of investments | 1,591 | 643 | ||||||||||||||||||||||
Maturities of investments | Maturities of investments | 4,650 | 3,437 | Maturities of investments | 1,759 | 2,255 | ||||||||||||||||||||||
Cash paid for acquisitions, net of cash assumed | Cash paid for acquisitions, net of cash assumed | (4,642) | (3,952) | Cash paid for acquisitions, net of cash assumed | (1,231) | (1,193) | ||||||||||||||||||||||
Purchases of property, equipment and capitalized software | Purchases of property, equipment and capitalized software | (1,130) | (920) | Purchases of property, equipment and capitalized software | (555) | (568) | ||||||||||||||||||||||
Other, net | Other, net | (648) | (186) | Other, net | (255) | (232) | ||||||||||||||||||||||
Cash flows used for investing activities | Cash flows used for investing activities | (9,209) | (4,485) | Cash flows used for investing activities | (3,673) | (3,707) | ||||||||||||||||||||||
Financing activities | Financing activities | Financing activities | ||||||||||||||||||||||||||
Common share repurchases | Common share repurchases | (2,900) | (1,691) | Common share repurchases | (2,500) | (1,650) | ||||||||||||||||||||||
Cash dividends paid | Cash dividends paid | (2,548) | (2,212) | Cash dividends paid | (1,363) | (1,181) | ||||||||||||||||||||||
Proceeds from common stock issuances | Proceeds from common stock issuances | 764 | 870 | Proceeds from common stock issuances | 551 | 436 | ||||||||||||||||||||||
Repayments of long-term debt | Repayments of long-term debt | (1,900) | 0 | Repayments of long-term debt | (1,100) | (1,150) | ||||||||||||||||||||||
(Repayments of) proceeds from short-term borrowings, net | (176) | 351 | ||||||||||||||||||||||||||
Proceeds from issuance of long-term debt | 6,934 | 4,864 | ||||||||||||||||||||||||||
Proceeds from short-term borrowings, net | Proceeds from short-term borrowings, net | 3,148 | 4,057 | |||||||||||||||||||||||||
Customer funds administered | Customer funds administered | 2,395 | 1,263 | Customer funds administered | 5,120 | 2,131 | ||||||||||||||||||||||
Purchases of redeemable noncontrolling interests | (1,338) | 0 | ||||||||||||||||||||||||||
Other, net | Other, net | (662) | (421) | Other, net | (1,552) | (1,856) | ||||||||||||||||||||||
Cash flows from financing activities | Cash flows from financing activities | 569 | 3,024 | Cash flows from financing activities | 2,304 | 787 | ||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | Effect of exchange rate changes on cash and cash equivalents | 6 | (143) | Effect of exchange rate changes on cash and cash equivalents | 157 | (51) | ||||||||||||||||||||||
Increase in cash and cash equivalents | Increase in cash and cash equivalents | 2,911 | 11,342 | Increase in cash and cash equivalents | 4,107 | 3,034 | ||||||||||||||||||||||
Cash and cash equivalents, beginning of period | Cash and cash equivalents, beginning of period | 16,921 | 10,985 | Cash and cash equivalents, beginning of period | 21,375 | 16,921 | ||||||||||||||||||||||
Cash and cash equivalents, end of period | Cash and cash equivalents, end of period | $ | 19,832 | $ | 22,327 | Cash and cash equivalents, end of period | $ | 25,482 | $ | 19,955 |
(in millions) | (in millions) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | (in millions) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities - available-for-sale: | Debt securities - available-for-sale: | Debt securities - available-for-sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government and agency obligations | U.S. government and agency obligations | $ | 3,526 | $ | 88 | $ | (17) | $ | 3,597 | U.S. government and agency obligations | $ | 3,507 | $ | 4 | $ | (140) | $ | 3,371 | ||||||||||||||||||||||||||||||||||
State and municipal obligations | State and municipal obligations | 7,044 | 386 | (7) | 7,423 | State and municipal obligations | 7,022 | 57 | (224) | 6,855 | ||||||||||||||||||||||||||||||||||||||||||
Corporate obligations | Corporate obligations | 21,116 | 628 | (57) | 21,687 | Corporate obligations | 21,669 | 55 | (811) | 20,913 | ||||||||||||||||||||||||||||||||||||||||||
U.S. agency mortgage-backed securities | U.S. agency mortgage-backed securities | 6,596 | 167 | (30) | 6,733 | U.S. agency mortgage-backed securities | 6,210 | 7 | (316) | 5,901 | ||||||||||||||||||||||||||||||||||||||||||
Non-U.S. agency mortgage-backed securities | Non-U.S. agency mortgage-backed securities | 2,623 | 72 | (10) | 2,685 | Non-U.S. agency mortgage-backed securities | 2,913 | 2 | (112) | 2,803 | ||||||||||||||||||||||||||||||||||||||||||
Total debt securities - available-for-sale | Total debt securities - available-for-sale | 40,905 | 1,341 | (121) | 42,125 | Total debt securities - available-for-sale | 41,321 | 125 | (1,603) | 39,843 | ||||||||||||||||||||||||||||||||||||||||||
Debt securities - held-to-maturity: | Debt securities - held-to-maturity: | Debt securities - held-to-maturity: | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government and agency obligations | U.S. government and agency obligations | 412 | 4 | 0 | 416 | U.S. government and agency obligations | 510 | 1 | (9) | 502 | ||||||||||||||||||||||||||||||||||||||||||
State and municipal obligations | State and municipal obligations | 30 | 2 | 0 | 32 | State and municipal obligations | 29 | — | — | 29 | ||||||||||||||||||||||||||||||||||||||||||
Corporate obligations | Corporate obligations | 148 | 0 | (1) | 147 | Corporate obligations | 87 | — | — | 87 | ||||||||||||||||||||||||||||||||||||||||||
Total debt securities - held-to-maturity | Total debt securities - held-to-maturity | 590 | 6 | (1) | 595 | Total debt securities - held-to-maturity | 626 | 1 | (9) | 618 | ||||||||||||||||||||||||||||||||||||||||||
Total debt securities | Total debt securities | $ | 41,495 | $ | 1,347 | $ | (122) | $ | 42,720 | Total debt securities | $ | 41,947 | $ | 126 | $ | (1,612) | $ | 40,461 | ||||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities - available-for-sale: | Debt securities - available-for-sale: | Debt securities - available-for-sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government and agency obligations | U.S. government and agency obligations | $ | 3,335 | $ | 133 | $ | (3) | $ | 3,465 | U.S. government and agency obligations | $ | 3,206 | $ | 23 | $ | (31) | $ | 3,198 | ||||||||||||||||||||||||||||||||||
State and municipal obligations | State and municipal obligations | 6,893 | 435 | 0 | 7,328 | State and municipal obligations | 6,829 | 297 | (20) | 7,106 | ||||||||||||||||||||||||||||||||||||||||||
Corporate obligations | Corporate obligations | 18,886 | 863 | (12) | 19,737 | Corporate obligations | 20,947 | 372 | (145) | 21,174 | ||||||||||||||||||||||||||||||||||||||||||
U.S. agency mortgage-backed securities | U.S. agency mortgage-backed securities | 6,849 | 245 | (3) | 7,091 | U.S. agency mortgage-backed securities | 5,868 | 88 | (55) | 5,901 | ||||||||||||||||||||||||||||||||||||||||||
Non-U.S. agency mortgage-backed securities | Non-U.S. agency mortgage-backed securities | 2,116 | 95 | (4) | 2,207 | Non-U.S. agency mortgage-backed securities | 2,819 | 42 | (23) | 2,838 | ||||||||||||||||||||||||||||||||||||||||||
Total debt securities - available-for-sale | Total debt securities - available-for-sale | 38,079 | 1,771 | (22) | 39,828 | Total debt securities - available-for-sale | 39,669 | 822 | (274) | 40,217 | ||||||||||||||||||||||||||||||||||||||||||
Debt securities - held-to-maturity: | Debt securities - held-to-maturity: | Debt securities - held-to-maturity: | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government and agency obligations | U.S. government and agency obligations | 420 | 6 | 0 | 426 | U.S. government and agency obligations | 511 | 2 | (2) | 511 | ||||||||||||||||||||||||||||||||||||||||||
State and municipal obligations | State and municipal obligations | 31 | 2 | 0 | 33 | State and municipal obligations | 30 | 2 | — | 32 | ||||||||||||||||||||||||||||||||||||||||||
Corporate obligations | Corporate obligations | 187 | 1 | 0 | 188 | Corporate obligations | 100 | — | — | 100 | ||||||||||||||||||||||||||||||||||||||||||
Total debt securities - held-to-maturity | Total debt securities - held-to-maturity | 638 | 9 | 0 | 647 | Total debt securities - held-to-maturity | 641 | 4 | (2) | 643 | ||||||||||||||||||||||||||||||||||||||||||
Total debt securities | Total debt securities | $ | 38,717 | $ | 1,780 | $ | (22) | $ | 40,475 | Total debt securities | $ | 40,310 | $ | 826 | $ | (276) | $ | 40,860 |
Available-for-Sale | Held-to-Maturity | Available-for-Sale | Held-to-Maturity | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | (in millions) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||||||||||||||||||||||
Due in one year or less | Due in one year or less | $ | 2,808 | $ | 2,822 | $ | 309 | $ | 310 | Due in one year or less | $ | 2,987 | $ | 2,986 | $ | 217 | $ | 217 | ||||||||||||||||||||||||||||||||||
Due after one year through five years | Due after one year through five years | 13,088 | 13,460 | 231 | 233 | Due after one year through five years | 12,900 | 12,608 | 355 | 347 | ||||||||||||||||||||||||||||||||||||||||||
Due after five years through ten years | Due after five years through ten years | 11,550 | 12,000 | 28 | 29 | Due after five years through ten years | 12,055 | 11,461 | 29 | 29 | ||||||||||||||||||||||||||||||||||||||||||
Due after ten years | Due after ten years | 4,240 | 4,425 | 22 | 23 | Due after ten years | 4,256 | 4,084 | 25 | 25 | ||||||||||||||||||||||||||||||||||||||||||
U.S. agency mortgage-backed securities | U.S. agency mortgage-backed securities | 6,596 | 6,733 | — | — | U.S. agency mortgage-backed securities | 6,210 | 5,901 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Non-U.S. agency mortgage-backed securities | Non-U.S. agency mortgage-backed securities | 2,623 | 2,685 | — | — | Non-U.S. agency mortgage-backed securities | 2,913 | 2,803 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Total debt securities | Total debt securities | $ | 40,905 | $ | 42,125 | $ | 590 | $ | 595 | Total debt securities | $ | 41,321 | $ | 39,843 | $ | 626 | $ | 618 |
Less Than 12 Months | 12 Months or Greater | Total | Less Than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | (in millions) | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities - available-for-sale: | Debt securities - available-for-sale: | Debt securities - available-for-sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government and agency obligations | U.S. government and agency obligations | $ | 1,201 | $ | (17) | $ | 0 | $ | 0 | $ | 1,201 | $ | (17) | U.S. government and agency obligations | $ | 2,485 | $ | (96) | $ | 451 | $ | (44) | $ | 2,936 | $ | (140) | ||||||||||||||||||||||||||||||||||||||||||||||||||
State and municipal obligations | State and municipal obligations | 777 | (7) | 0 | 0 | 777 | (7) | State and municipal obligations | 3,568 | (204) | 218 | (20) | 3,786 | (224) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate obligations | Corporate obligations | 4,679 | (56) | 229 | (1) | 4,908 | (57) | Corporate obligations | 14,237 | (603) | 2,049 | (208) | 16,286 | (811) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. agency mortgage-backed securities | U.S. agency mortgage-backed securities | 2,668 | (30) | 0 | 0 | 2,668 | (30) | U.S. agency mortgage-backed securities | 4,192 | (201) | 1,225 | (115) | 5,417 | (316) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. agency mortgage-backed securities | Non-U.S. agency mortgage-backed securities | 713 | (8) | 42 | (2) | 755 | (10) | Non-U.S. agency mortgage-backed securities | 2,097 | (78) | 348 | (34) | 2,445 | (112) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt securities - available-for-sale | Total debt securities - available-for-sale | $ | 10,038 | $ | (118) | $ | 271 | $ | (3) | $ | 10,309 | $ | (121) | Total debt securities - available-for-sale | $ | 26,579 | $ | (1,182) | $ | 4,291 | $ | (421) | $ | 30,870 | $ | (1,603) | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities - available-for-sale: | Debt securities - available-for-sale: | Debt securities - available-for-sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government and agency obligations | U.S. government and agency obligations | $ | 346 | $ | (3) | $ | 0 | $ | 0 | $ | 346 | $ | (3) | U.S. government and agency obligations | $ | 1,976 | $ | (18) | $ | 249 | $ | (13) | $ | 2,225 | $ | (31) | ||||||||||||||||||||||||||||||||||||||||||||||||||
State and municipal obligations | State and municipal obligations | 1,386 | (19) | 31 | (1) | $ | 1,417 | $ | (20) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate obligations | Corporate obligations | 1,273 | (9) | 456 | (3) | 1,729 | (12) | Corporate obligations | 9,357 | (130) | 376 | (15) | $ | 9,733 | $ | (145) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. agency mortgage-backed securities | U.S. agency mortgage-backed securities | 601 | (3) | 0 | 0 | 601 | (3) | U.S. agency mortgage-backed securities | 3,078 | (52) | 116 | (3) | $ | 3,194 | $ | (55) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. agency mortgage-backed securities | Non-U.S. agency mortgage-backed securities | 195 | (1) | 93 | (3) | 288 | (4) | Non-U.S. agency mortgage-backed securities | 1,321 | (18) | 114 | (5) | $ | 1,435 | $ | (23) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt securities - available-for-sale | Total debt securities - available-for-sale | $ | 2,415 | $ | (16) | $ | 549 | $ | (6) | $ | 2,964 | $ | (22) | Total debt securities - available-for-sale | $ | 17,118 | $ | (237) | $ | 886 | $ | (37) | $ | 18,004 | $ | (274) |
(in millions) | (in millions) | Quoted Prices in Active Markets (Level 1) | Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Total Fair and Carrying Value | (in millions) | Quoted Prices in Active Markets (Level 1) | Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Total Fair and Carrying Value | ||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 19,703 | $ | 129 | $ | 0 | $ | 19,832 | Cash and cash equivalents | $ | 25,382 | $ | 100 | $ | — | $ | 25,482 | ||||||||||||||||||||||||||||||||||
Debt securities - available-for-sale: | Debt securities - available-for-sale: | Debt securities - available-for-sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government and agency obligations | U.S. government and agency obligations | 3,379 | 218 | 0 | 3,597 | U.S. government and agency obligations | 3,214 | 157 | — | 3,371 | ||||||||||||||||||||||||||||||||||||||||||
State and municipal obligations | State and municipal obligations | 0 | 7,423 | 0 | 7,423 | State and municipal obligations | — | 6,855 | — | 6,855 | ||||||||||||||||||||||||||||||||||||||||||
Corporate obligations | Corporate obligations | 40 | 21,416 | 231 | 21,687 | Corporate obligations | 36 | 20,670 | 207 | 20,913 | ||||||||||||||||||||||||||||||||||||||||||
U.S. agency mortgage-backed securities | U.S. agency mortgage-backed securities | 0 | 6,733 | 0 | 6,733 | U.S. agency mortgage-backed securities | — | 5,901 | — | 5,901 | ||||||||||||||||||||||||||||||||||||||||||
Non-U.S. agency mortgage-backed securities | Non-U.S. agency mortgage-backed securities | 0 | 2,685 | 0 | 2,685 | Non-U.S. agency mortgage-backed securities | — | 2,803 | — | 2,803 | ||||||||||||||||||||||||||||||||||||||||||
Total debt securities - available-for-sale | Total debt securities - available-for-sale | 3,419 | 38,475 | 231 | 42,125 | Total debt securities - available-for-sale | 3,250 | 36,386 | 207 | 39,843 | ||||||||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | 1,917 | 20 | 0 | 1,937 | Equity securities | 2,036 | 20 | 68 | 2,124 | ||||||||||||||||||||||||||||||||||||||||||
Assets under management | Assets under management | 1,803 | 2,292 | 103 | 4,198 | Assets under management | 1,727 | 2,333 | 95 | 4,155 | ||||||||||||||||||||||||||||||||||||||||||
Total assets at fair value | Total assets at fair value | $ | 26,842 | $ | 40,916 | $ | 334 | $ | 68,092 | Total assets at fair value | $ | 32,395 | $ | 38,839 | $ | 370 | $ | 71,604 | ||||||||||||||||||||||||||||||||||
Percentage of total assets at fair value | Percentage of total assets at fair value | 39 | % | 60 | % | 1 | % | 100 | % | Percentage of total assets at fair value | 45 | % | 54 | % | 1 | % | 100 | % | ||||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 16,841 | $ | 80 | $ | 0 | $ | 16,921 | Cash and cash equivalents | $ | 21,359 | $ | 16 | $ | — | $ | 21,375 | ||||||||||||||||||||||||||||||||||
Debt securities - available-for-sale: | Debt securities - available-for-sale: | Debt securities - available-for-sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government and agency obligations | U.S. government and agency obligations | 3,241 | 224 | 0 | 3,465 | U.S. government and agency obligations | 3,017 | 181 | — | 3,198 | ||||||||||||||||||||||||||||||||||||||||||
State and municipal obligations | State and municipal obligations | 0 | 7,328 | 0 | 7,328 | State and municipal obligations | — | 7,106 | — | 7,106 | ||||||||||||||||||||||||||||||||||||||||||
Corporate obligations | Corporate obligations | 25 | 19,424 | 288 | 19,737 | Corporate obligations | 40 | 20,916 | 218 | 21,174 | ||||||||||||||||||||||||||||||||||||||||||
U.S. agency mortgage-backed securities | U.S. agency mortgage-backed securities | 0 | 7,091 | 0 | 7,091 | U.S. agency mortgage-backed securities | — | 5,901 | — | 5,901 | ||||||||||||||||||||||||||||||||||||||||||
Non-U.S. agency mortgage-backed securities | Non-U.S. agency mortgage-backed securities | 0 | 2,207 | 0 | 2,207 | Non-U.S. agency mortgage-backed securities | — | 2,838 | — | 2,838 | ||||||||||||||||||||||||||||||||||||||||||
Total debt securities - available-for-sale | Total debt securities - available-for-sale | 3,266 | 36,274 | 288 | 39,828 | Total debt securities - available-for-sale | 3,057 | 36,942 | 218 | 40,217 | ||||||||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | 1,795 | 33 | 0 | 1,828 | Equity securities | 2,090 | 23 | 64 | 2,177 | ||||||||||||||||||||||||||||||||||||||||||
Assets under management | Assets under management | 1,774 | 2,250 | 52 | 4,076 | Assets under management | 1,972 | 2,376 | 101 | 4,449 | ||||||||||||||||||||||||||||||||||||||||||
Total assets at fair value | Total assets at fair value | $ | 23,676 | $ | 38,637 | $ | 340 | $ | 62,653 | Total assets at fair value | $ | 28,478 | $ | 39,357 | $ | 383 | $ | 68,218 | ||||||||||||||||||||||||||||||||||
Percentage of total assets at fair value | Percentage of total assets at fair value | 38 | % | 61 | % | 1 | % | 100 | % | Percentage of total assets at fair value | 42 | % | 57 | % | 1 | % | 100 | % |
(in millions) | (in millions) | Quoted Prices in Active Markets (Level 1) | Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Total Fair Value | Total Carrying Value | (in millions) | Quoted Prices in Active Markets (Level 1) | Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Total Fair Value | Total Carrying Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities - held-to-maturity | Debt securities - held-to-maturity | $ | 494 | $ | 93 | $ | 8 | $ | 595 | $ | 590 | Debt securities - held-to-maturity | $ | 525 | $ | 86 | $ | 7 | $ | 618 | $ | 626 | ||||||||||||||||||||||||||||||||||||||||||
Long-term debt and other financing obligations | Long-term debt and other financing obligations | $ | 0 | $ | 54,023 | $ | 0 | $ | 54,023 | $ | 47,091 | Long-term debt and other financing obligations | $ | — | $ | 46,686 | $ | — | $ | 46,686 | $ | 43,344 | ||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities - held-to-maturity | Debt securities - held-to-maturity | $ | 466 | $ | 108 | $ | 73 | $ | 647 | $ | 638 | Debt securities - held-to-maturity | $ | 534 | $ | 102 | $ | 7 | $ | 643 | $ | 641 | ||||||||||||||||||||||||||||||||||||||||||
Long-term debt and other financing obligations | Long-term debt and other financing obligations | $ | 0 | $ | 51,254 | $ | 0 | $ | 51,254 | $ | 42,171 | Long-term debt and other financing obligations | $ | — | $ | 52,583 | $ | — | $ | 52,583 | $ | 46,003 |
(in millions) | (in millions) | 2021 | 2020 | (in millions) | 2022 | 2021 | ||||||||||||||||||||||
Medical costs payable, beginning of period | Medical costs payable, beginning of period | $ | 21,872 | $ | 21,690 | Medical costs payable, beginning of period | $ | 24,483 | $ | 21,872 | ||||||||||||||||||
Acquisitions | Acquisitions | 46 | 41 | Acquisitions | 8 | 12 | ||||||||||||||||||||||
Reported medical costs: | Reported medical costs: | Reported medical costs: | ||||||||||||||||||||||||||
Current year | Current year | 92,570 | 76,338 | Current year | 52,813 | 45,914 | ||||||||||||||||||||||
Prior years | Prior years | (1,120) | (660) | Prior years | (290) | (1,010) | ||||||||||||||||||||||
Total reported medical costs | Total reported medical costs | 91,450 | 75,678 | Total reported medical costs | 52,523 | 44,904 | ||||||||||||||||||||||
Medical payments: | Medical payments: | Medical payments: | ||||||||||||||||||||||||||
Payments for current year | Payments for current year | (69,808) | (59,482) | Payments for current year | (29,589) | (25,960) | ||||||||||||||||||||||
Payments for prior years | Payments for prior years | (18,429) | (18,727) | Payments for prior years | (18,749) | (15,995) | ||||||||||||||||||||||
Total medical payments | Total medical payments | (88,237) | (78,209) | Total medical payments | (48,338) | (41,955) | ||||||||||||||||||||||
Medical costs payable, end of period | Medical costs payable, end of period | $ | 25,131 | $ | 19,200 | Medical costs payable, end of period | $ | 28,676 | $ | 24,833 |
Payment Date | Amount per Share | Total Amount Paid | ||||||||||||
(in millions) | ||||||||||||||
March 23 | $ | 1.25 | $ | 1,181 | ||||||||||
June 29 | $ | 1.45 | $ | 1,367 |
Optum | Optum | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | UnitedHealthcare | OptumHealth | OptumInsight | OptumRx | Optum Eliminations | Optum | Corporate and Eliminations | Consolidated | (in millions) | UnitedHealthcare | Optum Health | Optum Insight | Optum Rx | Optum Eliminations | Optum | Corporate and Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues - unaffiliated customers: | Revenues - unaffiliated customers: | Revenues - unaffiliated customers: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premiums | Premiums | $ | 52,858 | $ | 3,375 | $ | 0 | $ | 0 | $ | 0 | $ | 3,375 | $ | 0 | $ | 56,233 | Premiums | $ | 59,937 | $ | 4,133 | $ | — | $ | — | $ | — | $ | 4,133 | $ | — | $ | 64,070 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Products | Products | 0 | 9 | 33 | 8,391 | 0 | 8,433 | 0 | 8,433 | Products | — | 6 | 40 | 9,294 | — | 9,340 | — | 9,340 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Services | Services | 2,440 | 2,461 | 930 | 268 | 0 | 3,659 | 0 | 6,099 | Services | 2,515 | 2,558 | 974 | 325 | — | 3,857 | — | 6,372 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues - unaffiliated customers | Total revenues - unaffiliated customers | 55,298 | 5,845 | 963 | 8,659 | 0 | 15,467 | 0 | 70,765 | Total revenues - unaffiliated customers | 62,452 | 6,697 | 1,014 | 9,619 | — | 17,330 | — | 79,782 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues - affiliated customers | Total revenues - affiliated customers | 0 | 7,221 | 1,921 | 13,792 | (478) | 22,456 | (22,456) | 0 | Total revenues - affiliated customers | — | 9,829 | 2,138 | 14,291 | (553) | 25,705 | (25,705) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment and other income | Investment and other income | 176 | 234 | 73 | 73 | 0 | 380 | 0 | 556 | Investment and other income | 143 | 156 | 67 | 1 | — | 224 | — | 367 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 55,474 | $ | 13,300 | $ | 2,957 | $ | 22,524 | $ | (478) | $ | 38,303 | $ | (22,456) | $ | 71,321 | Total revenues | $ | 62,595 | $ | 16,682 | $ | 3,219 | $ | 23,911 | $ | (553) | $ | 43,259 | $ | (25,705) | $ | 80,149 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings from operations | Earnings from operations | $ | 3,095 | $ | 1,128 | $ | 762 | $ | 993 | $ | 0 | $ | 2,883 | $ | 0 | $ | 5,978 | Earnings from operations | $ | 3,798 | $ | 1,366 | $ | 847 | $ | 939 | $ | — | $ | 3,152 | $ | — | $ | 6,950 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 0 | 0 | 0 | 0 | 0 | 0 | (410) | (410) | Interest expense | — | — | — | — | — | — | (433) | (433) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings before income taxes | Earnings before income taxes | $ | 3,095 | $ | 1,128 | $ | 762 | $ | 993 | $ | 0 | $ | 2,883 | $ | (410) | $ | 5,568 | Earnings before income taxes | $ | 3,798 | $ | 1,366 | $ | 847 | $ | 939 | $ | — | $ | 3,152 | $ | (433) | $ | 6,517 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues - unaffiliated customers: | Revenues - unaffiliated customers: | Revenues - unaffiliated customers: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premiums | Premiums | $ | 47,039 | $ | 2,355 | $ | 0 | $ | 0 | $ | 0 | $ | 2,355 | $ | 0 | $ | 49,394 | Premiums | $ | 52,558 | $ | 2,928 | $ | — | $ | — | $ | — | $ | 2,928 | $ | — | $ | 55,486 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Products | Products | 0 | 7 | 27 | 8,213 | 0 | 8,247 | 0 | 8,247 | Products | — | 8 | 37 | 8,295 | — | 8,340 | — | 8,340 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Services | Services | 1,895 | 1,225 | 764 | 272 | 0 | 2,261 | 0 | 4,156 | Services | 2,350 | 2,336 | 961 | 271 | — | 3,568 | — | 5,918 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues - unaffiliated customers | Total revenues - unaffiliated customers | 48,934 | 3,587 | 791 | 8,485 | 0 | 12,863 | 0 | 61,797 | Total revenues - unaffiliated customers | 54,908 | 5,272 | 998 | 8,566 | — | 14,836 | — | 69,744 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues - affiliated customers | Total revenues - affiliated customers | 0 | 5,423 | 1,823 | 12,865 | (447) | 19,664 | (19,664) | 0 | Total revenues - affiliated customers | — | 6,952 | 1,821 | 13,004 | (475) | 21,302 | (21,302) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment and other income | Investment and other income | 173 | 129 | 18 | 21 | 0 | 168 | 0 | 341 | Investment and other income | 206 | 179 | 33 | 34 | — | 246 | — | 452 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 49,107 | $ | 9,139 | $ | 2,632 | $ | 21,371 | $ | (447) | $ | 32,695 | $ | (19,664) | $ | 62,138 | Total revenues | $ | 55,114 | $ | 12,403 | $ | 2,852 | $ | 21,604 | $ | (475) | $ | 36,384 | $ | (21,302) | $ | 70,196 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings from operations | Earnings from operations | $ | 7,007 | $ | 841 | $ | 561 | $ | 832 | $ | 0 | $ | 2,234 | $ | 0 | $ | 9,241 | Earnings from operations | $ | 4,108 | $ | 962 | $ | 779 | $ | 890 | $ | — | $ | 2,631 | $ | — | $ | 6,739 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 0 | 0 | 0 | 0 | 0 | 0 | (430) | (430) | Interest expense | — | — | — | — | — | — | (397) | (397) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings before income taxes | Earnings before income taxes | $ | 7,007 | $ | 841 | $ | 561 | $ | 832 | $ | 0 | $ | 2,234 | $ | (430) | $ | 8,811 | Earnings before income taxes | $ | 4,108 | $ | 962 | $ | 779 | $ | 890 | $ | — | $ | 2,631 | $ | (397) | $ | 6,342 |
Optum | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | UnitedHealthcare | OptumHealth | OptumInsight | OptumRx | Optum Eliminations | Optum | Corporate and Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues - unaffiliated customers: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Premiums | $ | 105,416 | $ | 6,303 | $ | 0 | $ | 0 | $ | 0 | $ | 6,303 | $ | 0 | $ | 111,719 | ||||||||||||||||||||||||||||||||||
Products | 0 | 17 | 70 | 16,686 | 0 | 16,773 | 0 | 16,773 | ||||||||||||||||||||||||||||||||||||||||||
Services | 4,790 | 4,797 | 1,891 | 539 | 0 | 7,227 | 0 | 12,017 | ||||||||||||||||||||||||||||||||||||||||||
Total revenues - unaffiliated customers | 110,206 | 11,117 | 1,961 | 17,225 | 0 | 30,303 | 0 | 140,509 | ||||||||||||||||||||||||||||||||||||||||||
Total revenues - affiliated customers | 0 | 14,173 | 3,742 | 26,796 | (953) | 43,758 | (43,758) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Investment and other income | 382 | 413 | 106 | 107 | 0 | 626 | 0 | 1,008 | ||||||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 110,588 | $ | 25,703 | $ | 5,809 | $ | 44,128 | $ | (953) | $ | 74,687 | $ | (43,758) | $ | 141,517 | ||||||||||||||||||||||||||||||||||
Earnings from operations | $ | 7,203 | $ | 2,090 | $ | 1,541 | $ | 1,883 | $ | 0 | $ | 5,514 | $ | 0 | $ | 12,717 | ||||||||||||||||||||||||||||||||||
Interest expense | 0 | 0 | 0 | 0 | 0 | 0 | (807) | (807) | ||||||||||||||||||||||||||||||||||||||||||
Earnings before income taxes | $ | 7,203 | $ | 2,090 | $ | 1,541 | $ | 1,883 | $ | 0 | $ | 5,514 | $ | (807) | $ | 11,910 | ||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues - unaffiliated customers: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Premiums | $ | 95,632 | $ | 4,402 | $ | 0 | $ | 0 | $ | 0 | $ | 4,402 | $ | 0 | $ | 100,034 | ||||||||||||||||||||||||||||||||||
Products | 0 | 16 | 56 | 16,606 | 0 | 16,678 | 0 | 16,678 | ||||||||||||||||||||||||||||||||||||||||||
Services | 4,173 | 2,773 | 1,655 | 540 | 0 | 4,968 | 0 | 9,141 | ||||||||||||||||||||||||||||||||||||||||||
Total revenues - unaffiliated customers | 99,805 | 7,191 | 1,711 | 17,146 | 0 | 26,048 | 0 | 125,853 | ||||||||||||||||||||||||||||||||||||||||||
Total revenues - affiliated customers | 0 | 10,875 | 3,385 | 25,741 | (851) | 39,150 | (39,150) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Investment and other income | 370 | 265 | 30 | 41 | 0 | 336 | 0 | 706 | ||||||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 100,175 | $ | 18,331 | $ | 5,126 | $ | 42,928 | $ | (851) | $ | 65,534 | $ | (39,150) | $ | 126,559 | ||||||||||||||||||||||||||||||||||
Earnings from operations | $ | 9,895 | $ | 1,553 | $ | 1,097 | $ | 1,692 | $ | 0 | $ | 4,342 | $ | 0 | $ | 14,237 | ||||||||||||||||||||||||||||||||||
Interest expense | 0 | 0 | 0 | 0 | 0 | 0 | (867) | (867) | ||||||||||||||||||||||||||||||||||||||||||
Earnings before income taxes | $ | 9,895 | $ | 1,553 | $ | 1,097 | $ | 1,692 | $ | 0 | $ | 4,342 | $ | (867) | $ | 13,370 |
(in millions, except percentages and per share data) | (in millions, except percentages and per share data) | Three Months Ended June 30, | Increase/(Decrease) | Six Months Ended June 30, | Increase/(Decrease) | (in millions, except percentages and per share data) | Three Months Ended March 31, | Increase/(Decrease) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 vs. 2020 | 2021 | 2020 | 2021 vs. 2020 | 2022 | 2021 | 2022 vs. 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | Revenues: | Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premiums | Premiums | $ | 56,233 | $ | 49,394 | $ | 6,839 | 14 | % | $ | 111,719 | $ | 100,034 | $ | 11,685 | 12 | % | Premiums | $ | 64,070 | $ | 55,486 | $ | 8,584 | 15 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Products | Products | 8,433 | 8,247 | 186 | 2 | 16,773 | 16,678 | 95 | 1 | Products | 9,340 | 8,340 | 1,000 | 12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Services | Services | 6,099 | 4,156 | 1,943 | 47 | 12,017 | 9,141 | 2,876 | 31 | Services | 6,372 | 5,918 | 454 | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment and other income | Investment and other income | 556 | 341 | 215 | 63 | 1,008 | 706 | 302 | 43 | Investment and other income | 367 | 452 | (85) | (19) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 71,321 | 62,138 | 9,183 | 15 | 141,517 | 126,559 | 14,958 | 12 | Total revenues | 80,149 | 70,196 | 9,953 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating costs: | Operating costs: | Operating costs: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Medical costs | Medical costs | 46,546 | 34,678 | 11,868 | 34 | 91,450 | 75,678 | 15,772 | 21 | Medical costs | 52,523 | 44,904 | 7,619 | 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating costs | Operating costs | 10,359 | 10,001 | 358 | 4 | 20,582 | 20,016 | 566 | 3 | Operating costs | 11,401 | 10,223 | 1,178 | 12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of products sold | Cost of products sold | 7,660 | 7,501 | 159 | 2 | 15,232 | 15,188 | 44 | — | Cost of products sold | 8,487 | 7,572 | 915 | 12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 778 | 717 | 61 | 9 | 1,536 | 1,440 | 96 | 7 | Depreciation and amortization | 788 | 758 | 30 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating costs | Total operating costs | 65,343 | 52,897 | 12,446 | 24 | 128,800 | 112,322 | 16,478 | 15 | Total operating costs | 73,199 | 63,457 | 9,742 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings from operations | Earnings from operations | 5,978 | 9,241 | (3,263) | (35) | 12,717 | 14,237 | (1,520) | (11) | Earnings from operations | 6,950 | 6,739 | 211 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | (410) | (430) | 20 | (5) | (807) | (867) | 60 | (7) | Interest expense | (433) | (397) | (36) | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings before income taxes | Earnings before income taxes | 5,568 | 8,811 | (3,243) | (37) | 11,910 | 13,370 | (1,460) | (11) | Earnings before income taxes | 6,517 | 6,342 | 175 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | Provision for income taxes | (1,196) | (2,115) | 919 | (43) | (2,560) | (3,209) | 649 | (20) | Provision for income taxes | (1,369) | (1,364) | (5) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | Net earnings | 4,372 | 6,696 | (2,324) | (35) | 9,350 | 10,161 | (811) | (8) | Net earnings | 5,148 | 4,978 | 170 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings attributable to noncontrolling interests | Earnings attributable to noncontrolling interests | (106) | (59) | (47) | 80 | (222) | (142) | (80) | 56 | Earnings attributable to noncontrolling interests | (121) | (116) | (5) | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings attributable to UnitedHealth Group common shareholders | Net earnings attributable to UnitedHealth Group common shareholders | $ | 4,266 | $ | 6,637 | $ | (2,371) | (36) | % | $ | 9,128 | $ | 10,019 | $ | (891) | (9) | % | Net earnings attributable to UnitedHealth Group common shareholders | $ | 5,027 | $ | 4,862 | $ | 165 | 3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted earnings per share attributable to UnitedHealth Group common shareholders | Diluted earnings per share attributable to UnitedHealth Group common shareholders | $ | 4.46 | $ | 6.91 | $ | (2.45) | (35) | % | $ | 9.55 | $ | 10.43 | $ | (0.88) | (8) | % | Diluted earnings per share attributable to UnitedHealth Group common shareholders | $ | 5.27 | $ | 5.08 | $ | 0.19 | 4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Medical care ratio (a) | Medical care ratio (a) | 82.8 | % | 70.2 | % | 12.6 | % | 81.9 | % | 75.7 | % | 6.2 | % | Medical care ratio (a) | 82.0 | % | 80.9 | % | 1.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating cost ratio | Operating cost ratio | 14.5 | 16.1 | (1.6) | 14.5 | 15.8 | (1.3) | Operating cost ratio | 14.2 | 14.6 | (0.4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating margin | Operating margin | 8.4 | 14.9 | (6.5) | 9.0 | 11.2 | (2.2) | Operating margin | 8.7 | 9.6 | (0.9) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax rate | Tax rate | 21.5 | 24.0 | (2.5) | 21.5 | 24.0 | (2.5) | Tax rate | 21.0 | 21.5 | (0.5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings margin (b) | Net earnings margin (b) | 6.0 | 10.7 | (4.7) | 6.5 | 7.9 | (1.4) | Net earnings margin (b) | 6.3 | 6.9 | (0.6) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Return on equity (c) | Return on equity (c) | 25.2 | % | 44.0 | % | (18.8) | % | 27.3 | % | 33.7 | % | (6.4) | % | Return on equity (c) | 27.8 | % | 29.5 | % | (1.7) | % |
Three Months Ended June 30, | Increase/(Decrease) | Six Months Ended June 30, | Increase/(Decrease) | Three Months Ended March 31, | Increase/(Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except percentages) | (in millions, except percentages) | 2021 | 2020 | 2021 vs. 2020 | 2021 | 2020 | 2021 vs. 2020 | (in millions, except percentages) | 2022 | 2021 | 2022 vs. 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues | Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UnitedHealthcare | UnitedHealthcare | $ | 55,474 | $ | 49,107 | $ | 6,367 | 13 | % | $ | 110,588 | $ | 100,175 | $ | 10,413 | 10 | % | UnitedHealthcare | $ | 62,595 | $ | 55,114 | $ | 7,481 | 14 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
OptumHealth | 13,300 | 9,139 | 4,161 | 46 | 25,703 | 18,331 | 7,372 | 40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OptumInsight | 2,957 | 2,632 | 325 | 12 | 5,809 | 5,126 | 683 | 13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OptumRx | 22,524 | 21,371 | 1,153 | 5 | 44,128 | 42,928 | 1,200 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Optum Health | Optum Health | 16,682 | 12,403 | 4,279 | 34 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Optum Insight | Optum Insight | 3,219 | 2,852 | 367 | 13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Optum Rx | Optum Rx | 23,911 | 21,604 | 2,307 | 11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Optum eliminations | Optum eliminations | (478) | (447) | (31) | 7 | (953) | (851) | (102) | 12 | Optum eliminations | (553) | (475) | (78) | 16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Optum | Optum | 38,303 | 32,695 | 5,608 | 17 | 74,687 | 65,534 | 9,153 | 14 | Optum | 43,259 | 36,384 | 6,875 | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eliminations | Eliminations | (22,456) | (19,664) | (2,792) | 14 | (43,758) | (39,150) | (4,608) | 12 | Eliminations | (25,705) | (21,302) | (4,403) | 21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated revenues | Consolidated revenues | $ | 71,321 | $ | 62,138 | $ | 9,183 | 15 | % | $ | 141,517 | $ | 126,559 | $ | 14,958 | 12 | % | Consolidated revenues | $ | 80,149 | $ | 70,196 | $ | 9,953 | 14 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings from operations | Earnings from operations | Earnings from operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UnitedHealthcare | UnitedHealthcare | $ | 3,095 | $ | 7,007 | $ | (3,912) | (56) | % | $ | 7,203 | $ | 9,895 | $ | (2,692) | (27) | % | UnitedHealthcare | $ | 3,798 | $ | 4,108 | $ | (310) | (8) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
OptumHealth | 1,128 | 841 | 287 | 34 | 2,090 | 1,553 | 537 | 35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OptumInsight | 762 | 561 | 201 | 36 | 1,541 | 1,097 | 444 | 40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OptumRx | 993 | 832 | 161 | 19 | 1,883 | 1,692 | 191 | 11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Optum Health | Optum Health | 1,366 | 962 | 404 | 42 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Optum Insight | Optum Insight | 847 | 779 | 68 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Optum Rx | Optum Rx | 939 | 890 | 49 | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Optum | Optum | 2,883 | 2,234 | 649 | 29 | 5,514 | 4,342 | 1,172 | 27 | Optum | 3,152 | 2,631 | 521 | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated earnings from operations | Consolidated earnings from operations | $ | 5,978 | $ | 9,241 | $ | (3,263) | (35) | % | $ | 12,717 | $ | 14,237 | $ | (1,520) | (11) | % | Consolidated earnings from operations | $ | 6,950 | $ | 6,739 | $ | 211 | 3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Operating margin | Operating margin | Operating margin | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UnitedHealthcare | UnitedHealthcare | 5.6 | % | 14.3 | % | (8.7) | % | 6.5 | % | 9.9 | % | (3.4) | % | UnitedHealthcare | 6.1 | % | 7.5 | % | (1.4) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OptumHealth | 8.5 | 9.2 | (0.7) | 8.1 | 8.5 | (0.4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OptumInsight | 25.8 | 21.3 | 4.5 | 26.5 | 21.4 | 5.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OptumRx | 4.4 | 3.9 | 0.5 | 4.3 | 3.9 | 0.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Optum Health | Optum Health | 8.2 | 7.8 | 0.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Optum Insight | Optum Insight | 26.3 | 27.3 | (1.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Optum Rx | Optum Rx | 3.9 | 4.1 | (0.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Optum | Optum | 7.5 | 6.8 | 0.7 | 7.4 | 6.6 | 0.8 | Optum | 7.3 | 7.2 | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated operating margin | Consolidated operating margin | 8.4 | % | 14.9 | % | (6.5) | % | 9.0 | % | 11.2 | % | (2.2) | % | Consolidated operating margin | 8.7 | % | 9.6 | % | (0.9) | % |
Three Months Ended June 30, | Increase/(Decrease) | Six Months Ended June 30, | Increase/(Decrease) | Three Months Ended March 31, | Increase/(Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except percentages) | (in millions, except percentages) | 2021 | 2020 | 2021 vs. 2020 | 2021 | 2020 | 2021 vs. 2020 | (in millions, except percentages) | 2022 | 2021 | 2022 vs. 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UnitedHealthcare Employer & Individual | $ | 14,942 | $ | 12,963 | $ | 1,979 | 15 | % | $ | 29,574 | $ | 27,243 | $ | 2,331 | 9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UnitedHealthcare Employer & Individual - Domestic | UnitedHealthcare Employer & Individual - Domestic | $ | 15,822 | $ | 14,632 | $ | 1,190 | 8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UnitedHealthcare Employer & Individual - Global (a) | UnitedHealthcare Employer & Individual - Global (a) | 2,133 | 2,035 | 98 | 5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UnitedHealthcare Employer & Individual - Total (a) | UnitedHealthcare Employer & Individual - Total (a) | 17,955 | 16,667 | 1,288 | 8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UnitedHealthcare Medicare & Retirement | UnitedHealthcare Medicare & Retirement | 25,304 | 22,855 | 2,449 | 11 | 50,778 | 46,007 | 4,771 | 10 | UnitedHealthcare Medicare & Retirement | 29,100 | 25,474 | 3,626 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UnitedHealthcare Community & State | UnitedHealthcare Community & State | 13,110 | 11,523 | 1,587 | 14 | 26,083 | 22,976 | 3,107 | 14 | UnitedHealthcare Community & State | 15,540 | 12,973 | 2,567 | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UnitedHealthcare Global | 2,118 | 1,766 | 352 | 20 | 4,153 | 3,949 | 204 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total UnitedHealthcare revenues | Total UnitedHealthcare revenues | $ | 55,474 | $ | 49,107 | $ | 6,367 | 13 | % | $ | 110,588 | $ | 100,175 | $ | 10,413 | 10 | % | Total UnitedHealthcare revenues | $ | 62,595 | $ | 55,114 | $ | 7,481 | 14 | % |
June 30, | Increase/(Decrease) | March 31, | Increase/(Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) | (in thousands, except percentages) | 2021 | 2020 | 2021 vs. 2020 | (in thousands, except percentages) | 2022 | 2021 | 2022 vs. 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial - domestic: | Commercial - domestic: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Risk-based | Risk-based | 7,840 | 8,065 | (225) | (3) | % | Risk-based | 7,950 | 7,860 | 90 | 1 | % | ||||||||||||||||||||||||||||||||||||||||
Fee-based | Fee-based | 18,395 | 18,705 | (310) | (2) | Fee-based | 18,460 | 18,455 | 5 | — | ||||||||||||||||||||||||||||||||||||||||||
Total commercial | 26,235 | 26,770 | (535) | (2) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial - domestic | Total commercial - domestic | 26,410 | 26,315 | 95 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Medicare Advantage | Medicare Advantage | 6,385 | 5,605 | 780 | 14 | Medicare Advantage | 6,890 | 6,335 | 555 | 9 | ||||||||||||||||||||||||||||||||||||||||||
Medicaid | Medicaid | 7,130 | 6,210 | 920 | 15 | Medicaid | 7,810 | 6,975 | 835 | 12 | ||||||||||||||||||||||||||||||||||||||||||
Medicare Supplement (Standardized) | Medicare Supplement (Standardized) | 4,390 | 4,450 | (60) | (1) | Medicare Supplement (Standardized) | 4,355 | 4,390 | (35) | (1) | ||||||||||||||||||||||||||||||||||||||||||
Total community and senior | Total community and senior | 17,905 | 16,265 | 1,640 | 10 | Total community and senior | 19,055 | 17,700 | 1,355 | 8 | ||||||||||||||||||||||||||||||||||||||||||
Total UnitedHealthcare - domestic medical | Total UnitedHealthcare - domestic medical | 44,140 | 43,035 | 1,105 | 3 | Total UnitedHealthcare - domestic medical | 45,465 | 44,015 | 1,450 | 3 | ||||||||||||||||||||||||||||||||||||||||||
Global | 5,485 | 5,365 | 120 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial - global | Commercial - global | 5,500 | 5,460 | 40 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||
Total UnitedHealthcare - medical | Total UnitedHealthcare - medical | 49,625 | 48,400 | 1,225 | 3 | % | Total UnitedHealthcare - medical | 50,965 | 49,475 | 1,490 | 3 | % | ||||||||||||||||||||||||||||||||||||||||
Supplemental Data: | Supplemental Data: | Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Medicare Part D stand-alone | Medicare Part D stand-alone | 3,750 | 4,120 | (370) | (9) | % | Medicare Part D stand-alone | 3,360 | 3,795 | (435) | (11) | % |
Six Months Ended June 30, | Increase/(Decrease) | Three Months Ended March 31, | Increase/(Decrease) | |||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2021 | 2020 | 2021 vs. 2020 | (in millions) | 2022 | 2021 | 2022 vs. 2021 | ||||||||||||||||||||||||||||||||
Sources of cash: | Sources of cash: | Sources of cash: | ||||||||||||||||||||||||||||||||||||||
Cash provided by operating activities | Cash provided by operating activities | $ | 11,545 | $ | 12,946 | $ | (1,401) | Cash provided by operating activities | $ | 5,319 | $ | 6,005 | $ | (686) | ||||||||||||||||||||||||||
Issuances of short-term borrowings and long-term debt, net of repayments | Issuances of short-term borrowings and long-term debt, net of repayments | 4,858 | 5,215 | (357) | Issuances of short-term borrowings and long-term debt, net of repayments | 2,048 | 2,907 | (859) | ||||||||||||||||||||||||||||||||
Proceeds from common stock issuances | Proceeds from common stock issuances | 764 | 870 | (106) | Proceeds from common stock issuances | 551 | 436 | 115 | ||||||||||||||||||||||||||||||||
Customer funds administered | Customer funds administered | 2,395 | 1,263 | 1,132 | Customer funds administered | 5,120 | 2,131 | 2,989 | ||||||||||||||||||||||||||||||||
Sales and maturities of investments, net of purchases | — | 573 | (573) | |||||||||||||||||||||||||||||||||||||
Total sources of cash | Total sources of cash | 19,562 | 20,867 | Total sources of cash | 13,038 | 11,479 | ||||||||||||||||||||||||||||||||||
Uses of cash: | Uses of cash: | Uses of cash: | ||||||||||||||||||||||||||||||||||||||
Common stock repurchases | Common stock repurchases | (2,900) | (1,691) | (1,209) | Common stock repurchases | (2,500) | (1,650) | (850) | ||||||||||||||||||||||||||||||||
Cash paid for acquisitions, net of cash assumed | Cash paid for acquisitions, net of cash assumed | (4,642) | (3,952) | (690) | Cash paid for acquisitions, net of cash assumed | (1,231) | (1,193) | (38) | ||||||||||||||||||||||||||||||||
Purchases of investments, net of sales and maturities | Purchases of investments, net of sales and maturities | (2,789) | — | (2,789) | Purchases of investments, net of sales and maturities | (1,632) | (1,714) | 82 | ||||||||||||||||||||||||||||||||
Purchases of property, equipment and capitalized software | Purchases of property, equipment and capitalized software | (1,130) | (920) | (210) | Purchases of property, equipment and capitalized software | (555) | (568) | 13 | ||||||||||||||||||||||||||||||||
Cash dividends paid | Cash dividends paid | (2,548) | (2,212) | (336) | Cash dividends paid | (1,363) | (1,181) | (182) | ||||||||||||||||||||||||||||||||
Purchases of redeemable noncontrolling interests | (1,338) | — | (1,338) | |||||||||||||||||||||||||||||||||||||
Other | Other | (1,310) | (607) | (703) | Other | (1,807) | (2,088) | 281 | ||||||||||||||||||||||||||||||||
Total uses of cash | Total uses of cash | (16,657) | (9,382) | Total uses of cash | (9,088) | (8,394) | ||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | Effect of exchange rate changes on cash and cash equivalents | 6 | (143) | 149 | Effect of exchange rate changes on cash and cash equivalents | 157 | (51) | 208 | ||||||||||||||||||||||||||||||||
Net increase in cash and cash equivalents | Net increase in cash and cash equivalents | $ | 2,911 | $ | 11,342 | $ | (8,431) | Net increase in cash and cash equivalents | $ | 4,107 | $ | 3,034 | $ | 1,073 |
Moody’s | S&P Global | Fitch | A.M. Best | ||||||||||||||||||||||||||||||||||||||||||||
Ratings | Outlook | Ratings | Outlook | Ratings | Outlook | Ratings | Outlook | ||||||||||||||||||||||||||||||||||||||||
Senior unsecured debt | A3 | Stable | A+ | Stable | A | Stable | |||||||||||||||||||||||||||||||||||||||||
Commercial paper | P-2 | n/a | A-1 | n/a | F1 | n/a | n/a |
June 30, 2021 | March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Market Interest Rate | Increase (Decrease) in Market Interest Rate | Investment Income Per Annum (a) | Interest Expense Per Annum (a) | Fair Value of Financial Assets (b) | Fair Value of Financial Liabilities | 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 % | 2 % | $ | 472 | $ | 204 | $ | (3,200) | $ | (8,864) | 2 % | $ | 578 | $ | 202 | $ | (3,090) | $ | (7,429) | ||||||||||||||||||||||||||||||||||
1 | 1 | 236 | 102 | (1,615) | (4,831) | 1 | 289 | 101 | (1,586) | (4,041) | ||||||||||||||||||||||||||||||||||||||||||
(1) | (1) | (88) | (10) | 1,222 | 5,640 | (1) | (92) | (46) | 1,650 | 4,857 | ||||||||||||||||||||||||||||||||||||||||||
(2) | (2) | (88) | (10) | 1,555 | 11,426 | (2) | (92) | (46) | 3,280 | 10,710 |
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, 2022 | 1 | $ | 472.20 | 1 | 44 | |||||||||||||||||||||
February 28, 2022 | 1 | 474.86 | 1 | 43 | ||||||||||||||||||||||
March 31, 2022 | 3 | 494.10 | 3 | 40 | ||||||||||||||||||||||
Total | 5 | $ | 485.12 | 5 |
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 P. WITTY | Chief Executive Officer (principal executive officer) | Dated: | ||||||||||||
Andrew P. Witty | ||||||||||||||
/s/ JOHN F. REX | Executive Vice President and Chief Financial Officer (principal financial officer) | Dated: | ||||||||||||
John F. Rex | ||||||||||||||
/s/ THOMAS E. ROOS | Senior Vice President and Chief Accounting Officer (principal accounting officer) | Dated: | ||||||||||||
Thomas E. Roos |