☒ | 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 | 42-1406317 | ||||||||||
(State or other jurisdiction of | (I.R.S. Employer | ||||||||||
incorporation or organization) | Identification Number) | ||||||||||
7700 Forsyth Boulevard | |||||||||||
St. Louis, | Missouri | 63105 | |||||||||
(Address of principal executive offices) | (Zip Code) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
Common Stock $0.001 Par Value | CNC | New York Stock Exchange |
Large | ☒ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ |
PAGE | ||||||||
Part I | ||||||||
Financial Information | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Part II | ||||||||
Other Information | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 6. | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
GAAP net earnings (loss) attributable to Centene | $ | (172) | $ | (535) | $ | 677 | $ | 164 | ||||||||||||||||||||||||||||||||||||||
GAAP net earnings attributable to Centene | GAAP net earnings attributable to Centene | $ | 1,130 | $ | 849 | |||||||||||||||||||||||||||||||||||||||||
Amortization of acquired intangible assets | Amortization of acquired intangible assets | 199 | 188 | 398 | 383 | Amortization of acquired intangible assets | 183 | 199 | ||||||||||||||||||||||||||||||||||||||
Acquisition and divestiture related expenses | Acquisition and divestiture related expenses | 22 | 40 | 119 | 87 | Acquisition and divestiture related expenses | 23 | 97 | ||||||||||||||||||||||||||||||||||||||
Other adjustments (1) | Other adjustments (1) | 1,445 | 1,314 | 1,447 | 1,416 | Other adjustments (1) | (53) | 2 | ||||||||||||||||||||||||||||||||||||||
Income tax effects of adjustments (2) | Income tax effects of adjustments (2) | (452) | (270) | (519) | (353) | Income tax effects of adjustments (2) | (114) | (67) | ||||||||||||||||||||||||||||||||||||||
Adjusted net earnings | Adjusted net earnings | $ | 1,042 | $ | 737 | $ | 2,122 | $ | 1,697 | Adjusted net earnings | $ | 1,169 | $ | 1,080 | ||||||||||||||||||||||||||||||||
GAAP diluted earnings (loss) per share attributable to Centene | $ | (0.29) | $ | (0.92) | $ | 1.15 | $ | 0.28 | ||||||||||||||||||||||||||||||||||||||
GAAP diluted earnings per share (EPS) attributable to Centene | GAAP diluted earnings per share (EPS) attributable to Centene | $ | 2.04 | $ | 1.44 | |||||||||||||||||||||||||||||||||||||||||
Amortization of acquired intangible assets | Amortization of acquired intangible assets | 0.34 | 0.33 | 0.68 | 0.65 | Amortization of acquired intangible assets | 0.33 | 0.34 | ||||||||||||||||||||||||||||||||||||||
Acquisition and divestiture related expenses | Acquisition and divestiture related expenses | 0.04 | 0.07 | 0.20 | 0.15 | Acquisition and divestiture related expenses | 0.04 | 0.16 | ||||||||||||||||||||||||||||||||||||||
Other adjustments (1) | Other adjustments (1) | 2.45 | 2.23 | 2.45 | 2.40 | Other adjustments (1) | (0.09) | — | ||||||||||||||||||||||||||||||||||||||
Income tax effects of adjustments (2) | Income tax effects of adjustments (2) | (0.77) | (0.46) | (0.88) | (0.60) | Income tax effects of adjustments (2) | (0.21) | (0.11) | ||||||||||||||||||||||||||||||||||||||
Adjusted diluted earnings per share (EPS) | $ | 1.77 | $ | 1.25 | $ | 3.60 | $ | 2.88 | ||||||||||||||||||||||||||||||||||||||
Adjusted diluted EPS | Adjusted diluted EPS | $ | 2.11 | $ | 1.83 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
GAAP selling, general and administrative expenses | $ | 2,800 | $ | 2,139 | $ | 5,545 | $ | 4,373 | |||||||||||||||
Less: | |||||||||||||||||||||||
Acquisition and divestiture related expenses | 22 | 39 | 121 | 85 | |||||||||||||||||||
Restructuring costs | — | 2 | — | 58 | |||||||||||||||||||
Costs related to the PBM legal settlement | 2 | — | 4 | — | |||||||||||||||||||
Real estate optimization | 4 | — | 4 | — | |||||||||||||||||||
Adjusted selling, general and administrative expenses | $ | 2,772 | $ | 2,098 | $ | 5,416 | $ | 4,230 | |||||||||||||||
Note: Beginning in 2022, we have included a separate line item for depreciation expense on the Consolidated Statements of Operations, which was previously included in selling, general and administrative (SG&A) expenses. Prior period SG&A expenses have been conformed to the current presentation. | |||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
GAAP selling, general and administrative expenses | $ | 3,011 | $ | 2,745 | |||||||||||||||||||
Less: | |||||||||||||||||||||||
Acquisition and divestiture related expenses | 23 | 99 | |||||||||||||||||||||
Costs related to the PBM legal settlement | — | 2 | |||||||||||||||||||||
Real estate optimization | 6 | — | |||||||||||||||||||||
Adjusted selling, general and administrative expenses | $ | 2,982 | $ | 2,644 | |||||||||||||||||||
June 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||
Current assets: | Current assets: | Current assets: | ||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 13,435 | $ | 13,118 | Cash and cash equivalents | $ | 15,853 | $ | 12,074 | ||||||||||||
Premium and trade receivables | Premium and trade receivables | 14,153 | 12,238 | Premium and trade receivables | 15,210 | 13,272 | ||||||||||||||||
Short-term investments | Short-term investments | 1,794 | 1,539 | Short-term investments | 2,135 | 2,321 | ||||||||||||||||
Other current assets | Other current assets | 3,024 | 1,602 | Other current assets | 1,811 | 2,461 | ||||||||||||||||
Total current assets | Total current assets | 32,406 | 28,497 | Total current assets | 35,009 | 30,128 | ||||||||||||||||
Long-term investments | Long-term investments | 13,671 | 14,043 | Long-term investments | 15,833 | 14,684 | ||||||||||||||||
Restricted deposits | Restricted deposits | 1,225 | 1,068 | Restricted deposits | 1,313 | 1,217 | ||||||||||||||||
Property, software and equipment, net | Property, software and equipment, net | 2,557 | 3,391 | Property, software and equipment, net | 2,478 | 2,432 | ||||||||||||||||
Goodwill | Goodwill | 20,310 | 19,771 | Goodwill | 18,836 | 18,812 | ||||||||||||||||
Intangible assets, net | Intangible assets, net | 7,671 | 7,824 | Intangible assets, net | 6,730 | 6,911 | ||||||||||||||||
Other long-term assets | Other long-term assets | 3,220 | 3,781 | Other long-term assets | 2,783 | 2,686 | ||||||||||||||||
Total assets | Total assets | $ | 81,060 | $ | 78,375 | Total assets | $ | 82,982 | $ | 76,870 | ||||||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY | LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY | |||||||||||||||||||||
Current liabilities: | Current liabilities: | Current liabilities: | ||||||||||||||||||||
Medical claims liability | Medical claims liability | $ | 16,581 | $ | 14,243 | Medical claims liability | $ | 17,504 | $ | 16,745 | ||||||||||||
Accounts payable and accrued expenses | Accounts payable and accrued expenses | 9,303 | 8,493 | Accounts payable and accrued expenses | 10,781 | 9,525 | ||||||||||||||||
Return of premium payable | Return of premium payable | 2,379 | 2,328 | Return of premium payable | 2,077 | 1,634 | ||||||||||||||||
Unearned revenue | Unearned revenue | 523 | 434 | Unearned revenue | 2,398 | 478 | ||||||||||||||||
Current portion of long-term debt | Current portion of long-term debt | 300 | 267 | Current portion of long-term debt | 97 | 82 | ||||||||||||||||
Total current liabilities | Total current liabilities | 29,086 | 25,765 | Total current liabilities | 32,857 | 28,464 | ||||||||||||||||
Long-term debt | Long-term debt | 18,456 | 18,571 | Long-term debt | 18,223 | 17,938 | ||||||||||||||||
Deferred tax liability | Deferred tax liability | 746 | 1,407 | Deferred tax liability | 522 | 615 | ||||||||||||||||
Other long-term liabilities | Other long-term liabilities | 6,209 | 5,610 | Other long-term liabilities | 6,194 | 5,616 | ||||||||||||||||
Total liabilities | Total liabilities | 54,497 | 51,353 | Total liabilities | 57,796 | 52,633 | ||||||||||||||||
Commitments and contingencies | Commitments and contingencies | 0 | 0 | Commitments and contingencies | ||||||||||||||||||
Redeemable noncontrolling interests | Redeemable noncontrolling interests | 133 | 82 | Redeemable noncontrolling interests | 20 | 56 | ||||||||||||||||
Stockholders’ equity: | ||||||||||||||||||||||
Preferred stock, $0.001 par value; authorized 10,000 shares; no shares issued or outstanding at June 30, 2022 and December 31, 2021 | — | — | ||||||||||||||||||||
Common stock, $0.001 par value; authorized 800,000 shares; 606,444 issued and 581,124 outstanding at June 30, 2022, and 602,704 issued and 582,479 outstanding at December 31, 2021 | 1 | 1 | ||||||||||||||||||||
Stockholders' equity: | Stockholders' equity: | |||||||||||||||||||||
Preferred stock, $0.001 par value; authorized 10,000 shares; no shares issued or outstanding at March 31, 2023 and December 31, 2022 | Preferred stock, $0.001 par value; authorized 10,000 shares; no shares issued or outstanding at March 31, 2023 and December 31, 2022 | — | — | |||||||||||||||||||
Common stock, $0.001 par value; authorized 800,000 shares; 614,355 issued and 551,714 outstanding at March 31, 2023, and 607,847 issued and 550,754 outstanding at December 31, 2022 | Common stock, $0.001 par value; authorized 800,000 shares; 614,355 issued and 551,714 outstanding at March 31, 2023, and 607,847 issued and 550,754 outstanding at December 31, 2022 | 1 | 1 | |||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 19,899 | 19,672 | Additional paid-in capital | 20,121 | 20,060 | ||||||||||||||||
Accumulated other comprehensive earnings (loss) | Accumulated other comprehensive earnings (loss) | (913) | 77 | Accumulated other comprehensive earnings (loss) | (915) | (1,132) | ||||||||||||||||
Retained earnings | Retained earnings | 8,816 | 8,139 | Retained earnings | 10,471 | 9,341 | ||||||||||||||||
Treasury stock, at cost (25,320 and 20,225 shares, respectively) | (1,514) | (1,094) | ||||||||||||||||||||
Total Centene stockholders’ equity | 26,289 | 26,795 | ||||||||||||||||||||
Treasury stock, at cost (62,641 and 57,093 shares, respectively) | Treasury stock, at cost (62,641 and 57,093 shares, respectively) | (4,636) | (4,213) | |||||||||||||||||||
Total Centene stockholders' equity | Total Centene stockholders' equity | 25,042 | 24,057 | |||||||||||||||||||
Nonredeemable noncontrolling interest | Nonredeemable noncontrolling interest | 141 | 145 | Nonredeemable noncontrolling interest | 124 | 124 | ||||||||||||||||
Total stockholders’ equity | 26,430 | 26,940 | ||||||||||||||||||||
Total liabilities, redeemable noncontrolling interests and stockholders’ equity | $ | 81,060 | $ | 78,375 | ||||||||||||||||||
Total stockholders' equity | Total stockholders' equity | 25,166 | 24,181 | |||||||||||||||||||
Total liabilities, redeemable noncontrolling interests and stockholders' equity | Total liabilities, redeemable noncontrolling interests and stockholders' equity | $ | 82,982 | $ | 76,870 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Revenues: | Revenues: | Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Premium | Premium | $ | 31,510 | $ | 27,627 | $ | 63,399 | $ | 54,560 | Premium | $ | 33,825 | $ | 31,889 | ||||||||||||||||||||||||||||||||
Service | Service | 2,458 | 1,235 | 4,801 | 2,416 | Service | 1,127 | 2,343 | ||||||||||||||||||||||||||||||||||||||
Premium and service revenues | Premium and service revenues | 33,968 | 28,862 | 68,200 | 56,976 | Premium and service revenues | 34,952 | 34,232 | ||||||||||||||||||||||||||||||||||||||
Premium tax | Premium tax | 1,968 | 2,163 | 4,921 | 4,032 | Premium tax | 3,937 | 2,953 | ||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 35,936 | 31,025 | 73,121 | 61,008 | Total revenues | 38,889 | 37,185 | ||||||||||||||||||||||||||||||||||||||
Expenses: | Expenses: | Expenses: | ||||||||||||||||||||||||||||||||||||||||||||
Medical costs | Medical costs | 27,312 | 24,389 | 55,150 | 47,780 | Medical costs | 29,434 | 27,838 | ||||||||||||||||||||||||||||||||||||||
Cost of services | Cost of services | 2,099 | 1,107 | 4,087 | 2,155 | Cost of services | 870 | 1,988 | ||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | Selling, general and administrative expenses | 2,800 | 2,139 | 5,545 | 4,373 | Selling, general and administrative expenses | 3,011 | 2,745 | ||||||||||||||||||||||||||||||||||||||
Depreciation expense | Depreciation expense | 164 | 134 | 320 | 267 | Depreciation expense | 142 | 156 | ||||||||||||||||||||||||||||||||||||||
Amortization of acquired intangible assets | Amortization of acquired intangible assets | 199 | 188 | 398 | 383 | Amortization of acquired intangible assets | 183 | 199 | ||||||||||||||||||||||||||||||||||||||
Premium tax expense | Premium tax expense | 2,041 | 2,236 | 5,047 | 4,164 | Premium tax expense | 4,011 | 3,006 | ||||||||||||||||||||||||||||||||||||||
Impairment | Impairment | 1,450 | — | 1,450 | — | Impairment | 20 | — | ||||||||||||||||||||||||||||||||||||||
Legal settlement | — | 1,250 | — | 1,250 | ||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | Total operating expenses | 36,065 | 31,443 | 71,997 | 60,372 | Total operating expenses | 37,671 | 35,932 | ||||||||||||||||||||||||||||||||||||||
Earnings (loss) from operations | (129) | (418) | 1,124 | 636 | ||||||||||||||||||||||||||||||||||||||||||
Earnings from operations | Earnings from operations | 1,218 | 1,253 | |||||||||||||||||||||||||||||||||||||||||||
Other income (expense): | Other income (expense): | Other income (expense): | ||||||||||||||||||||||||||||||||||||||||||||
Investment and other income | Investment and other income | 42 | 39 | 94 | 142 | Investment and other income | 353 | 52 | ||||||||||||||||||||||||||||||||||||||
Debt extinguishment | Debt extinguishment | 13 | — | 16 | (46) | Debt extinguishment | — | 3 | ||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | (162) | (163) | (322) | (333) | Interest expense | (180) | (160) | ||||||||||||||||||||||||||||||||||||||
Earnings (loss) before income tax | (236) | (542) | 912 | 399 | ||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | (65) | (7) | 231 | 237 | ||||||||||||||||||||||||||||||||||||||||||
Net earnings (loss) | (171) | (535) | 681 | 162 | ||||||||||||||||||||||||||||||||||||||||||
Earnings before income tax | Earnings before income tax | 1,391 | 1,148 | |||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 261 | 296 | |||||||||||||||||||||||||||||||||||||||||||
Net earnings | Net earnings | 1,130 | 852 | |||||||||||||||||||||||||||||||||||||||||||
(Earnings) loss attributable to noncontrolling interests | (Earnings) loss attributable to noncontrolling interests | (1) | — | (4) | 2 | (Earnings) loss attributable to noncontrolling interests | — | (3) | ||||||||||||||||||||||||||||||||||||||
Net earnings (loss) attributable to Centene Corporation | $ | (172) | $ | (535) | $ | 677 | $ | 164 | ||||||||||||||||||||||||||||||||||||||
Net earnings attributable to Centene Corporation | Net earnings attributable to Centene Corporation | $ | 1,130 | $ | 849 | |||||||||||||||||||||||||||||||||||||||||
Net earnings (loss) per common share attributable to Centene Corporation: | ||||||||||||||||||||||||||||||||||||||||||||||
Basic earnings (loss) per common share | $ | (0.29) | $ | (0.92) | $ | 1.16 | $ | 0.28 | ||||||||||||||||||||||||||||||||||||||
Diluted earnings (loss) per common share | $ | (0.29) | $ | (0.92) | $ | 1.15 | $ | 0.28 | ||||||||||||||||||||||||||||||||||||||
Net earnings per common share attributable to Centene Corporation: | Net earnings per common share attributable to Centene Corporation: | |||||||||||||||||||||||||||||||||||||||||||||
Basic earnings per common share | Basic earnings per common share | $ | 2.05 | $ | 1.46 | |||||||||||||||||||||||||||||||||||||||||
Diluted earnings per common share | Diluted earnings per common share | $ | 2.04 | $ | 1.44 | |||||||||||||||||||||||||||||||||||||||||
Weighted average number of common shares outstanding: | Weighted average number of common shares outstanding: | Weighted average number of common shares outstanding: | ||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | 583,644 | 582,804 | 583,435 | 582,331 | Basic | 550,779 | 583,230 | ||||||||||||||||||||||||||||||||||||||
Diluted | Diluted | 583,644 | 582,804 | 590,226 | 589,799 | Diluted | 553,845 | 590,658 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Net earnings (loss) | $ | (171) | $ | (535) | $ | 681 | $ | 162 | ||||||||||||||||||||||||||||||||||||||
Net earnings | Net earnings | $ | 1,130 | $ | 852 | |||||||||||||||||||||||||||||||||||||||||
Change in unrealized gain (loss) on investments | Change in unrealized gain (loss) on investments | 253 | (715) | |||||||||||||||||||||||||||||||||||||||||||
Change in unrealized gain (loss) on investments, tax effect | Change in unrealized gain (loss) on investments, tax effect | (61) | 171 | |||||||||||||||||||||||||||||||||||||||||||
Change in unrealized gain (loss) on investments, net of tax | Change in unrealized gain (loss) on investments, net of tax | 192 | (544) | |||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment, net of tax | Reclassification adjustment, net of tax | 7 | (15) | 9 | (17) | Reclassification adjustment, net of tax | 2 | 2 | ||||||||||||||||||||||||||||||||||||||
Change in unrealized gain (loss) on investments, net of tax | (340) | 76 | (884) | (78) | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | (95) | 2 | (115) | (3) | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments, net of tax | Foreign currency translation adjustments, net of tax | 23 | (20) | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive earnings (loss) | Other comprehensive earnings (loss) | (428) | 63 | (990) | (98) | Other comprehensive earnings (loss) | 217 | (562) | ||||||||||||||||||||||||||||||||||||||
Comprehensive earnings (loss) | (599) | (472) | (309) | 64 | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive earnings | Comprehensive earnings | 1,347 | 290 | |||||||||||||||||||||||||||||||||||||||||||
Comprehensive (earnings) loss attributable to noncontrolling interests | Comprehensive (earnings) loss attributable to noncontrolling interests | (1) | — | (4) | 2 | Comprehensive (earnings) loss attributable to noncontrolling interests | — | (3) | ||||||||||||||||||||||||||||||||||||||
Comprehensive earnings (loss) attributable to Centene Corporation | $ | (600) | $ | (472) | $ | (313) | $ | 66 | ||||||||||||||||||||||||||||||||||||||
Comprehensive earnings attributable to Centene Corporation | Comprehensive earnings attributable to Centene Corporation | $ | 1,347 | $ | 287 |
Centene Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Treasury Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
$0.001 Par Value Shares | Amt | Additional Paid-in Capital | Accumulated Other Comprehensive Earnings (Loss) | Retained Earnings | $0.001 Par Value Shares | Amt | Non-redeemable Non- controlling Interest | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | 602,704 | $ | 1 | $ | 19,672 | $ | 77 | $ | 8,139 | 20,225 | $ | (1,094) | $ | 145 | $ | 26,940 | ||||||||||||||||||||||||||||||||||||||||
Comprehensive Earnings: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings (loss) | — | — | — | — | 849 | — | — | (1) | 848 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of $(171) tax | — | — | — | (562) | — | — | — | — | (562) | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued for employee benefit plans | 3,221 | — | 28 | — | — | — | — | — | 28 | |||||||||||||||||||||||||||||||||||||||||||||||
Fair value of unvested equity awards in connection with acquisition | — | — | 60 | — | — | — | — | — | 60 | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchases | — | — | — | — | — | 846 | (71) | — | (71) | |||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation expense | — | — | 70 | — | — | — | — | — | 70 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | 605,925 | $ | 1 | $ | 19,830 | $ | (485) | $ | 8,988 | 21,071 | $ | (1,165) | $ | 144 | $ | 27,313 | ||||||||||||||||||||||||||||||||||||||||
Comprehensive Earnings: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings (loss) | — | — | — | — | (172) | — | — | (3) | (175) | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of $(106) tax | — | — | — | (428) | — | — | — | — | (428) | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued for employee benefit plans | 519 | — | 10 | — | — | — | — | — | 10 | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchases | — | — | — | — | — | 4,249 | (349) | — | (349) | |||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation expense | — | — | 59 | — | — | — | — | — | 59 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | 606,444 | $ | 1 | $ | 19,899 | $ | (913) | $ | 8,816 | 25,320 | $ | (1,514) | $ | 141 | $ | 26,430 | ||||||||||||||||||||||||||||||||||||||||
Centene Stockholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Treasury Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
$0.001 Par Value Shares | Amt | Additional Paid-in Capital | Accumulated Other Comprehensive Earnings (Loss) | Retained Earnings | $0.001 Par Value Shares | Amt | Noncontrolling Interest | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | 607,847 | $ | 1 | $ | 20,060 | $ | (1,132) | $ | 9,341 | 57,093 | $ | (4,213) | $ | 124 | $ | 24,181 | ||||||||||||||||||||||||||||||||||||||||
Net earnings | — | — | — | — | 1,130 | — | — | — | 1,130 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive earnings, net of $61 tax | — | — | — | 217 | — | — | — | — | 217 | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued for employee benefit plans | 6,508 | — | 12 | — | — | — | — | — | 12 | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchases | — | — | — | — | — | 5,548 | (423) | — | (423) | |||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation expense | — | — | 61 | — | — | — | — | — | 61 | |||||||||||||||||||||||||||||||||||||||||||||||
Purchase of redeemable noncontrolling interest | — | — | (12) | — | — | — | — | — | (12) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | 614,355 | $ | 1 | $ | 20,121 | $ | (915) | $ | 10,471 | 62,641 | $ | (4,636) | $ | 124 | $ | 25,166 | ||||||||||||||||||||||||||||||||||||||||
Centene Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Treasury Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||
$0.001 Par Value Shares | Amt | Additional Paid-in Capital | Accumulated Other Comprehensive Earnings (Loss) | Retained Earnings | $0.001 Par Value Shares | Amt | Noncontrolling Interest | Total | |||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | 602,704 | $ | 1 | $ | 19,672 | $ | 77 | $ | 8,139 | 20,225 | $ | (1,094) | $ | 145 | $ | 26,940 | |||||||||||||||||||||||||||||||||||||
Net earnings (loss) | — | — | — | — | 849 | — | — | (1) | 848 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of $(171) tax | — | — | — | (562) | — | — | — | — | (562) | ||||||||||||||||||||||||||||||||||||||||||||
Common stock issued for employee benefit plans | 3,221 | — | 28 | — | — | — | — | — | 28 | ||||||||||||||||||||||||||||||||||||||||||||
Fair value of unvested equity awards in connection with acquisition | — | — | 60 | — | — | — | — | — | 60 | ||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchases | — | — | — | — | — | 846 | (71) | — | (71) | ||||||||||||||||||||||||||||||||||||||||||||
Stock compensation expense | — | — | 70 | — | — | — | — | — | 70 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | 605,925 | $ | 1 | $ | 19,830 | $ | (485) | $ | 8,988 | 21,071 | $ | (1,165) | $ | 144 | $ | 27,313 | |||||||||||||||||||||||||||||||||||||
Centene Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Treasury Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||
$0.001 Par Value Shares | Amt | Additional Paid-in Capital | Accumulated Other Comprehensive Earnings (Loss) | Retained Earnings | $0.001 Par Value Shares | Amt | Non-redeemable Non- controlling Interest | Total | |||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | 598,249 | $ | 1 | $ | 19,459 | $ | 337 | $ | 6,792 | 16,770 | $ | (816) | $ | 112 | $ | 25,885 | |||||||||||||||||||||||||||||||||||||
Comprehensive Earnings: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings (loss) | — | — | — | — | 699 | — | — | (5) | 694 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of $(49) tax | — | — | — | (161) | — | — | — | — | (161) | ||||||||||||||||||||||||||||||||||||||||||||
Common stock issued for employee benefit plans | 1,675 | — | 9 | — | — | — | — | — | 9 | ||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchases | (316) | — | (19) | — | — | 156 | (10) | — | (29) | ||||||||||||||||||||||||||||||||||||||||||||
Stock compensation expense | — | — | 51 | — | — | — | — | — | 51 | ||||||||||||||||||||||||||||||||||||||||||||
Contribution from noncontrolling interest | — | — | — | — | — | — | — | 9 | 9 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | 599,608 | $ | 1 | $ | 19,500 | $ | 176 | $ | 7,491 | 16,926 | $ | (826) | $ | 116 | $ | 26,458 | |||||||||||||||||||||||||||||||||||||
Comprehensive Earnings: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings (loss) | — | — | — | — | (535) | — | — | (3) | (538) | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive earnings, net of $19 tax | — | — | — | 63 | — | — | — | — | 63 | ||||||||||||||||||||||||||||||||||||||||||||
Common stock issued for employee benefit plans | 390 | — | 9 | — | — | — | — | — | 9 | ||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchases | (10) | — | — | — | — | 60 | (4) | — | (4) | ||||||||||||||||||||||||||||||||||||||||||||
Stock compensation expense | — | — | 36 | — | — | — | — | — | 36 | ||||||||||||||||||||||||||||||||||||||||||||
Contribution from noncontrolling interest | — | — | — | — | — | — | — | 21 | 21 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | 599,988 | $ | 1 | $ | 19,545 | $ | 239 | $ | 6,956 | 16,986 | $ | (830) | $ | 134 | $ | 26,045 | |||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net earnings | $ | 1,130 | $ | 852 | |||||||
Adjustments to reconcile net earnings to net cash provided by operating activities | |||||||||||
Depreciation and amortization | 346 | 390 | |||||||||
Stock compensation expense | 61 | 70 | |||||||||
Impairment | 20 | — | |||||||||
(Gain) loss on debt extinguishment | — | (3) | |||||||||
Deferred income taxes | (159) | 12 | |||||||||
(Gain) on divestiture | (79) | — | |||||||||
Other adjustments, net | 7 | 22 | |||||||||
Changes in assets and liabilities | |||||||||||
Premium and trade receivables | (1,938) | (3,099) | |||||||||
Other assets | (315) | (299) | |||||||||
Medical claims liabilities | 759 | 1,767 | |||||||||
Unearned revenue | 1,919 | 81 | |||||||||
Accounts payable and accrued expenses | 1,548 | 957 | |||||||||
Other long-term liabilities | 970 | 401 | |||||||||
Net cash provided by operating activities | 4,269 | 1,151 | |||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | (225) | (242) | |||||||||
Purchases of investments | (1,619) | (1,700) | |||||||||
Sales and maturities of investments | 1,148 | 1,047 | |||||||||
Acquisitions, net of cash acquired | — | (1,504) | |||||||||
Divestiture proceeds, net of divested cash | 443 | — | |||||||||
Other investing activities, net | — | (2) | |||||||||
Net cash (used in) investing activities | (253) | (2,401) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from long-term debt | 287 | 100 | |||||||||
Payments and repurchases of long-term debt | — | (526) | |||||||||
Common stock repurchases | (423) | (71) | |||||||||
Proceeds from common stock issuances | — | 27 | |||||||||
Payments for debt extinguishment | — | (27) | |||||||||
Purchase of noncontrolling interest | (58) | — | |||||||||
Other financing activities, net | 11 | (1) | |||||||||
Net cash (used in) financing activities | (183) | (498) | |||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 2 | 33 | |||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents | 3,835 | (1,715) | |||||||||
Cash, cash equivalents, and restricted cash and cash equivalents, beginning of period | 12,330 | 13,214 | |||||||||
Cash, cash equivalents, and restricted cash and cash equivalents, end of period | $ | 16,165 | $ | 11,499 | |||||||
Supplemental disclosures of cash flow information: | |||||||||||
Interest paid | $ | 144 | $ | 139 | |||||||
Income taxes paid | $ | 11 | $ | 11 | |||||||
The following table provides a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents reported within the Consolidated Balance Sheets to the totals above: | |||||||||||
March 31, | |||||||||||
2023 | 2022 | ||||||||||
Cash and cash equivalents | $ | 15,853 | $ | 11,237 | |||||||
Restricted cash and cash equivalents, included in restricted deposits | 312 | 262 | |||||||||
Total cash, cash equivalents, and restricted cash and cash equivalents | $ | 16,165 | $ | 11,499 |
Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net earnings | $ | 681 | $ | 162 | |||||||
Adjustments to reconcile net earnings to net cash provided by operating activities | |||||||||||
Depreciation and amortization | 787 | 717 | |||||||||
Stock compensation expense | 129 | 87 | |||||||||
Impairment | 1,450 | — | |||||||||
(Gain) loss on debt extinguishment | (16) | 46 | |||||||||
Gain on acquisition | (2) | — | |||||||||
Deferred income taxes | (417) | (76) | |||||||||
Gain on divestiture | — | 62 | |||||||||
Other adjustments, net | 162 | 14 | |||||||||
Changes in assets and liabilities | |||||||||||
Premium and trade receivables | (1,288) | (1,514) | |||||||||
Other assets | (245) | (458) | |||||||||
Medical claims liabilities | 2,089 | 325 | |||||||||
Unearned revenue | 75 | (83) | |||||||||
Accounts payable and accrued expenses | 41 | 1,285 | |||||||||
Other long-term liabilities | 1,058 | 1,161 | |||||||||
Other operating activities, net | 1 | — | |||||||||
Net cash provided by operating activities | 4,505 | 1,728 | |||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | (524) | (437) | |||||||||
Purchases of investments | (3,114) | (3,590) | |||||||||
Sales and maturities of investments | 2,005 | 2,809 | |||||||||
Acquisitions, net of cash acquired | (1,512) | (140) | |||||||||
Divestiture proceeds, net of divested cash | — | (62) | |||||||||
Net cash used in investing activities | (3,145) | (1,420) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from long-term debt | 331 | 2,398 | |||||||||
Payments of long-term debt | (900) | (2,353) | |||||||||
Common stock repurchases | (420) | (33) | |||||||||
Payments for debt extinguishment | (27) | (54) | |||||||||
Debt issuance costs | — | (28) | |||||||||
Other financing activities, net | 32 | 24 | |||||||||
Net cash used in financing activities | (984) | (46) | |||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (9) | (24) | |||||||||
Net increase in cash, cash equivalents and restricted cash and cash equivalents | 367 | 238 | |||||||||
Cash, cash equivalents, and restricted cash and cash equivalents, beginning of period | 13,214 | 10,957 | |||||||||
Cash, cash equivalents, and restricted cash and cash equivalents, end of period | $ | 13,581 | $ | 11,195 | |||||||
Supplemental disclosures of cash flow information: | |||||||||||
Interest paid | $ | 327 | $ | 355 | |||||||
Income taxes paid | $ | 411 | $ | 406 | |||||||
The following table provides a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents reported within the Consolidated Balance Sheets to the totals above: | |||||||||||
June 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash and cash equivalents | $ | 13,435 | $ | 11,018 | |||||||
Restricted cash and cash equivalents, included in restricted deposits | 146 | 177 | |||||||||
Total cash, cash equivalents, and restricted cash and cash equivalents | $ | 13,581 | $ | 11,195 |
Fair Value | Weighted Average Useful Life (in years) | |||||||||||||
Purchased contract rights | $ | 400 | ||||||||||||
Provider contracts | 100 | |||||||||||||
Trade names | 50 | |||||||||||||
Developed technologies | 50 | |||||||||||||
Total intangible assets acquired | $ | 600 | 12 |
June 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities: | Debt securities: | Debt securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government corporations and agencies | U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | 719 | $ | — | $ | (13) | $ | 706 | $ | 642 | $ | — | $ | (2) | $ | 640 | U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | 489 | $ | — | $ | (12) | $ | 477 | $ | 695 | $ | — | $ | (16) | $ | 679 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate securities | Corporate securities | 8,995 | 4 | (627) | 8,372 | 8,145 | 130 | (75) | 8,200 | Corporate securities | 10,523 | 32 | (668) | 9,887 | 10,127 | 12 | (778) | 9,361 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted certificates of deposit | Restricted certificates of deposit | 4 | — | — | 4 | 4 | — | — | 4 | Restricted certificates of deposit | 4 | — | — | 4 | 4 | — | — | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted cash equivalents | Restricted cash equivalents | 146 | — | — | 146 | 96 | — | — | 96 | Restricted cash equivalents | 312 | — | — | 312 | 256 | — | — | 256 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term time deposits | Short-term time deposits | 88 | — | — | 88 | 109 | — | — | 109 | Short-term time deposits | 198 | — | — | 198 | 204 | — | — | 204 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal securities | Municipal securities | 3,724 | 5 | (200) | 3,529 | 3,398 | 85 | (15) | 3,468 | Municipal securities | 4,131 | 15 | (213) | 3,933 | 4,055 | 6 | (280) | 3,781 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | 1,323 | — | (53) | 1,270 | 1,308 | 5 | (5) | 1,308 | Asset-backed securities | 1,492 | 2 | (57) | 1,437 | 1,396 | — | (70) | 1,326 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | Residential mortgage-backed securities | 994 | 2 | (80) | 916 | 850 | 10 | (7) | 853 | Residential mortgage-backed securities | 1,187 | 4 | (105) | 1,086 | 1,165 | 2 | (121) | 1,046 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | Commercial mortgage-backed securities | 921 | — | (68) | 853 | 870 | 13 | (10) | 873 | Commercial mortgage-backed securities | 1,067 | 1 | (87) | 981 | 961 | — | (99) | 862 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities (1) | Equity securities (1) | 70 | — | — | 70 | 326 | — | — | 326 | Equity securities (1) | 250 | — | — | 250 | 5 | — | — | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private equity investments | Private equity investments | 563 | — | — | 563 | 587 | — | — | 587 | Private equity investments | 540 | — | — | 540 | 529 | — | — | 529 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life insurance contracts | Life insurance contracts | 173 | — | — | 173 | 186 | — | — | 186 | Life insurance contracts | 176 | — | — | 176 | 169 | — | — | 169 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 17,720 | $ | 11 | $ | (1,041) | $ | 16,690 | $ | 16,521 | $ | 243 | $ | (114) | $ | 16,650 | Total | $ | 20,369 | $ | 54 | $ | (1,142) | $ | 19,281 | $ | 19,566 | $ | 20 | $ | (1,364) | $ | 18,222 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Investments in equity securities primarily consist of exchange traded funds in fixed income securities. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Investments in equity securities as of March 31, 2023 primarily consisted of shares received as part of the Magellan Specialty Health divestiture consideration. These shares were subsequently sold in April 2023. | (1) Investments in equity securities as of March 31, 2023 primarily consisted of shares received as part of the Magellan Specialty Health divestiture consideration. These shares were subsequently sold in April 2023. |
June 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Less Than 12 Months | 12 Months or More | Less Than 12 Months | 12 Months or More | Less Than 12 Months | 12 Months or More | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government corporations and agencies | U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | (11) | $ | 643 | $ | (2) | $ | 43 | $ | (2) | $ | 598 | $ | — | $ | 3 | U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | (2) | $ | 249 | $ | (10) | $ | 170 | $ | (5) | $ | 342 | $ | (11) | $ | 184 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate securities | Corporate securities | (486) | 6,673 | (141) | 993 | (66) | 4,209 | (9) | 209 | Corporate securities | (72) | 2,755 | (596) | 5,683 | (340) | 5,368 | (438) | 3,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal securities | Municipal securities | (186) | 2,735 | (14) | 139 | (14) | 1,173 | (1) | 39 | Municipal securities | (18) | 1,161 | (195) | 1,945 | (142) | 2,437 | (138) | 995 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | (49) | 1,141 | (4) | 88 | (5) | 770 | — | 33 | Asset-backed securities | (5) | 310 | (52) | 928 | (29) | 786 | (41) | 486 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | Residential mortgage-backed securities | (54) | 635 | (26) | 177 | (7) | 472 | — | 15 | Residential mortgage-backed securities | (10) | 319 | (95) | 652 | (55) | 629 | (66) | 352 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | Commercial mortgage-backed securities | (47) | 712 | (21) | 132 | (8) | 380 | (2) | 32 | Commercial mortgage-backed securities | (8) | 188 | (79) | 697 | (49) | 513 | (50) | 330 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | (833) | $ | 12,539 | $ | (208) | $ | 1,572 | $ | (102) | $ | 7,602 | $ | (12) | $ | 331 | Total | $ | (115) | $ | 4,982 | $ | (1,027) | $ | 10,075 | $ | (620) | $ | 10,075 | $ | (744) | $ | 5,747 |
June 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Restricted Deposits | Investments | Restricted Deposits | Investments | Restricted Deposits | Investments | Restricted Deposits | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One year or less | One year or less | $ | 1,646 | $ | 1,632 | $ | 490 | $ | 488 | $ | 1,390 | $ | 1,396 | $ | 368 | $ | 368 | One year or less | $ | 2,011 | $ | 1,981 | $ | 570 | $ | 569 | $ | 2,207 | $ | 2,179 | $ | 534 | $ | 532 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One year through five years | One year through five years | 6,713 | 6,374 | 543 | 518 | 6,212 | 6,294 | 460 | 457 | One year through five years | 8,008 | 7,556 | 546 | 518 | 7,651 | 7,147 | 524 | 490 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Five years through ten years | Five years through ten years | 3,941 | 3,521 | 243 | 218 | 3,647 | 3,681 | 244 | 243 | Five years through ten years | 4,131 | 3,821 | 245 | 224 | 4,066 | 3,613 | 224 | 195 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greater than ten years | Greater than ten years | 99 | 93 | 1 | 1 | 73 | 78 | — | — | Greater than ten years | 144 | 140 | 2 | 2 | 135 | 129 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | 3,238 | 3,039 | — | — | 3,028 | 3,034 | — | — | Asset-backed securities | 3,746 | 3,504 | — | — | 3,522 | 3,234 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 15,637 | $ | 14,659 | $ | 1,277 | $ | 1,225 | $ | 14,350 | $ | 14,483 | $ | 1,072 | $ | 1,068 | Total | $ | 18,040 | $ | 17,002 | $ | 1,363 | $ | 1,313 | $ | 17,581 | $ | 16,302 | $ | 1,282 | $ | 1,217 |
Level Input: | Input Definition: | |||||||
Level I | Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement date. | |||||||
Level II | Inputs other than quoted prices included in Level I that are observable for the asset or liability through corroboration with market data at the measurement date. | |||||||
Level III | Unobservable inputs that reflect management's best estimate of what market participants would use in pricing the asset or liability at the measurement date. |
Level I | Level II | Level III | Total | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
Cash and cash equivalents | $ | 15,853 | $ | — | $ | — | $ | 15,853 | |||||||||||||||
Investments: | |||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | 156 | $ | — | $ | — | $ | 156 | |||||||||||||||
Corporate securities | — | 9,853 | — | 9,853 | |||||||||||||||||||
Municipal securities | — | 3,291 | — | 3,291 | |||||||||||||||||||
Short-term time deposits | — | 198 | — | 198 | |||||||||||||||||||
Asset-backed securities | — | 1,437 | — | 1,437 | |||||||||||||||||||
Residential mortgage-backed securities | — | 1,086 | — | 1,086 | |||||||||||||||||||
Commercial mortgage-backed securities | — | 981 | — | 981 | |||||||||||||||||||
Equity securities | 248 | 2 | — | 250 | |||||||||||||||||||
Total investments | $ | 404 | $ | 16,848 | $ | — | $ | 17,252 | |||||||||||||||
Restricted deposits: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 312 | $ | — | $ | — | $ | 312 | |||||||||||||||
U.S. Treasury securities and obligations of U.S. government corporations and agencies | 321 | — | — | 321 | |||||||||||||||||||
Corporate securities | — | 34 | — | 34 | |||||||||||||||||||
Certificates of deposit | — | 4 | — | 4 | |||||||||||||||||||
Municipal securities | — | 642 | — | 642 | |||||||||||||||||||
Total restricted deposits | $ | 633 | $ | 680 | $ | — | $ | 1,313 | |||||||||||||||
Total assets at fair value | $ | 16,890 | $ | 17,528 | $ | — | $ | 34,418 | |||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
Cash and cash equivalents | $ | 13,435 | $ | — | $ | — | $ | 13,435 | |||||||||||||||
Investments: | |||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | 239 | $ | — | $ | — | $ | 239 | |||||||||||||||
Corporate securities | — | 8,341 | — | 8,341 | |||||||||||||||||||
Municipal securities | — | 2,952 | — | 2,952 | |||||||||||||||||||
Short-term time deposits | — | 88 | — | 88 | |||||||||||||||||||
Asset-backed securities | — | 1,270 | — | 1,270 | |||||||||||||||||||
Residential mortgage-backed securities | — | 916 | — | 916 | |||||||||||||||||||
Commercial mortgage-backed securities | — | 853 | — | 853 | |||||||||||||||||||
Equity securities | 68 | 2 | — | 70 | |||||||||||||||||||
Total investments | $ | 307 | $ | 14,422 | $ | — | $ | 14,729 | |||||||||||||||
Restricted deposits: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 146 | $ | — | $ | — | $ | 146 | |||||||||||||||
Certificates of deposit | — | 4 | — | 4 | |||||||||||||||||||
Corporate securities | — | 31 | — | 31 | |||||||||||||||||||
Municipal securities | — | 577 | — | 577 | |||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government corporations and agencies | 467 | — | — | 467 | |||||||||||||||||||
Total restricted deposits | $ | 613 | $ | 612 | $ | — | $ | 1,225 | |||||||||||||||
Total assets at fair value | $ | 14,355 | $ | 15,034 | $ | — | $ | 29,389 | |||||||||||||||
Level I | Level II | Level III | Total | Level I | Level II | Level III | Total | |||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 13,118 | $ | — | $ | — | $ | 13,118 | Cash and cash equivalents | $ | 12,074 | $ | — | $ | — | $ | 12,074 | ||||||||||||||||||||||||||||
Investments: | Investments: | Investments: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government corporations and agencies | U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | 171 | $ | — | $ | — | $ | 171 | U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | 366 | $ | 5 | $ | — | $ | 371 | ||||||||||||||||||||||||||||
Corporate securities | Corporate securities | — | 8,170 | — | 8,170 | Corporate securities | — | 9,328 | — | 9,328 | ||||||||||||||||||||||||||||||||||||
Municipal securities | Municipal securities | — | 2,999 | — | 2,999 | Municipal securities | — | 3,165 | — | 3,165 | ||||||||||||||||||||||||||||||||||||
Short-term time deposits | Short-term time deposits | — | 109 | — | 109 | Short-term time deposits | — | 204 | — | 204 | ||||||||||||||||||||||||||||||||||||
Asset backed securities | Asset backed securities | — | 1,308 | — | 1,308 | Asset backed securities | — | 1,326 | — | 1,326 | ||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities | Residential mortgage backed securities | — | 853 | — | 853 | Residential mortgage backed securities | — | 1,046 | — | 1,046 | ||||||||||||||||||||||||||||||||||||
Commercial mortgage backed securities | Commercial mortgage backed securities | — | 873 | — | 873 | Commercial mortgage backed securities | — | 862 | — | 862 | ||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | 324 | 2 | — | 326 | Equity securities | 3 | 2 | — | 5 | ||||||||||||||||||||||||||||||||||||
Total investments | Total investments | $ | 495 | $ | 14,314 | $ | — | $ | 14,809 | Total investments | $ | 369 | $ | 15,938 | $ | — | $ | 16,307 | ||||||||||||||||||||||||||||
Restricted deposits: | Restricted deposits: | Restricted deposits: | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 96 | $ | — | $ | — | $ | 96 | Cash and cash equivalents | $ | 256 | $ | — | $ | — | $ | 256 | ||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government corporations and agencies | U.S. Treasury securities and obligations of U.S. government corporations and agencies | 308 | — | — | 308 | |||||||||||||||||||||||||||||||||||||||||
Corporate securities | Corporate securities | — | 33 | — | 33 | |||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | Certificates of deposit | — | 4 | — | 4 | Certificates of deposit | — | 4 | — | 4 | ||||||||||||||||||||||||||||||||||||
Corporate securities | — | 30 | — | 30 | ||||||||||||||||||||||||||||||||||||||||||
Municipal securities | Municipal securities | — | 469 | — | 469 | Municipal securities | — | 616 | — | 616 | ||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government corporations and agencies | 469 | — | — | 469 | ||||||||||||||||||||||||||||||||||||||||||
Total restricted deposits | Total restricted deposits | $ | 565 | $ | 503 | $ | — | $ | 1,068 | Total restricted deposits | $ | 564 | $ | 653 | $ | — | $ | 1,217 | ||||||||||||||||||||||||||||
Other long-term assets: | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap agreements | $ | — | $ | 15 | $ | — | $ | 15 | ||||||||||||||||||||||||||||||||||||||
Total assets at fair value | Total assets at fair value | $ | 14,178 | $ | 14,832 | $ | — | $ | 29,010 | Total assets at fair value | $ | 13,007 | $ | 16,591 | $ | — | $ | 29,598 |
June 30, 2022 | December 31, 2021 | |||||||||||||
Computer software | $ | 2,095 | $ | 1,825 | ||||||||||
Building | 663 | 1,116 | ||||||||||||
Furniture and office equipment | 550 | 753 | ||||||||||||
Leasehold improvements | 468 | 732 | ||||||||||||
Computer hardware | 642 | 617 | ||||||||||||
Land | 192 | 248 | ||||||||||||
Property, software and equipment, at cost | 4,610 | 5,291 | ||||||||||||
Less: accumulated depreciation | (2,053) | (1,900) | ||||||||||||
Property, software and equipment, net | $ | 2,557 | $ | 3,391 |
Medicaid | Medicare | Commercial | Other | Consolidated Total | |||||||||||||||||||||||||
Balance, December 31, 2021 | $ | 10,194 | $ | 1,592 | $ | 5,424 | $ | 2,561 | $ | 19,771 | |||||||||||||||||||
Acquisition and purchase accounting adjustments | — | — | — | 1,077 | 1,077 | ||||||||||||||||||||||||
Divestitures | — | — | — | (1,533) | (1,533) | ||||||||||||||||||||||||
Reallocation | 4 | — | — | (4) | — | ||||||||||||||||||||||||
Impairments | — | — | — | (370) | (370) | ||||||||||||||||||||||||
Translation impact | — | — | — | (133) | (133) | ||||||||||||||||||||||||
Balance, December 31, 2022 | $ | 10,198 | $ | 1,592 | $ | 5,424 | $ | 1,598 | $ | 18,812 | |||||||||||||||||||
Translation impact | — | — | — | 24 | 24 | ||||||||||||||||||||||||
Balance, March 31, 2023 | $ | 10,198 | $ | 1,592 | $ | 5,424 | $ | 1,622 | $ | 18,836 |
Six Months Ended June 30, | Medicaid | Medicare | Commercial | Other | Consolidated Total | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||
Balance, January 1 | $ | 14,243 | $ | 12,438 | |||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2023 | Balance, January 1, 2023 | $ | 11,253 | $ | 3,431 | $ | 1,921 | $ | 140 | $ | 16,745 | ||||||||||||||||||||||||||||||||
Less: Reinsurance recoverable | Less: Reinsurance recoverable | 23 | 23 | Less: Reinsurance recoverable | 7 | — | 19 | — | 26 | ||||||||||||||||||||||||||||||||||
Balance, January 1, net | 14,220 | 12,415 | |||||||||||||||||||||||||||||||||||||||||
Acquisitions and divestitures | 249 | — | |||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2023, net | Balance, January 1, 2023, net | 11,246 | 3,431 | 1,902 | 140 | 16,719 | |||||||||||||||||||||||||||||||||||||
Incurred related to: | Incurred related to: | Incurred related to: | |||||||||||||||||||||||||||||||||||||||||
Current year | Current year | 56,179 | 49,147 | Current year | 20,813 | 5,163 | 4,177 | 418 | 30,571 | ||||||||||||||||||||||||||||||||||
Prior years | Prior years | (1,029) | (1,367) | Prior years | (803) | (155) | (172) | (7) | (1,137) | ||||||||||||||||||||||||||||||||||
Total incurred | Total incurred | 55,150 | 47,780 | Total incurred | 20,010 | 5,008 | 4,005 | 411 | 29,434 | ||||||||||||||||||||||||||||||||||
Paid related to: | Paid related to: | Paid related to: | |||||||||||||||||||||||||||||||||||||||||
Current year | Current year | 42,886 | 38,618 | Current year | 12,679 | 2,988 | 2,541 | 294 | 18,502 | ||||||||||||||||||||||||||||||||||
Prior years | Prior years | 10,161 | 8,837 | Prior years | 6,834 | 2,145 | 1,063 | 132 | 10,174 | ||||||||||||||||||||||||||||||||||
Total paid | Total paid | 53,047 | 47,455 | Total paid | 19,513 | 5,133 | 3,604 | 426 | 28,676 | ||||||||||||||||||||||||||||||||||
Balance, June 30, net | 16,572 | 12,740 | |||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2023, net | Balance, March 31, 2023, net | 11,743 | 3,306 | 2,303 | 125 | 17,477 | |||||||||||||||||||||||||||||||||||||
Plus: Reinsurance recoverable | Plus: Reinsurance recoverable | 9 | 23 | Plus: Reinsurance recoverable | 9 | — | 18 | — | 27 | ||||||||||||||||||||||||||||||||||
Balance, June 30 | $ | 16,581 | $ | 12,763 | |||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | Balance, March 31, 2023 | $ | 11,752 | $ | 3,306 | $ | 2,321 | $ | 125 | $ | 17,504 |
Medicaid | Medicare | Commercial | Other | Consolidated Total | |||||||||||||||||||||||||
Balance, January 1, 2022 | $ | 9,845 | $ | 2,286 | $ | 2,014 | $ | 98 | $ | 14,243 | |||||||||||||||||||
Less: Reinsurance recoverable | 23 | — | — | — | 23 | ||||||||||||||||||||||||
Balance, January 1, 2022, net | 9,822 | 2,286 | 2,014 | 98 | 14,220 | ||||||||||||||||||||||||
Acquisitions | — | — | — | 249 | 249 | ||||||||||||||||||||||||
Incurred related to: | |||||||||||||||||||||||||||||
Current year | 19,289 | 5,098 | 3,423 | 751 | 28,561 | ||||||||||||||||||||||||
Prior years | (514) | (52) | (149) | (8) | (723) | ||||||||||||||||||||||||
Total incurred | 18,775 | 5,046 | 3,274 | 743 | 27,838 | ||||||||||||||||||||||||
Paid related to: | |||||||||||||||||||||||||||||
Current year | 12,022 | 2,674 | 2,012 | 690 | 17,398 | ||||||||||||||||||||||||
Prior years | 5,643 | 1,624 | 1,319 | 76 | 8,662 | ||||||||||||||||||||||||
Total paid | 17,665 | 4,298 | 3,331 | 766 | 26,060 | ||||||||||||||||||||||||
Balance, March 31, 2022, net | 10,932 | 3,034 | 1,957 | 324 | 16,247 | ||||||||||||||||||||||||
Plus: Reinsurance recoverable | 12 | — | — | — | 12 | ||||||||||||||||||||||||
Balance, March 31, 2022 | $ | 10,944 | $ | 3,034 | $ | 1,957 | $ | 324 | $ | 16,259 |
June 30, 2022 | December 31, 2021 | ||||||||||
Risk adjustment receivable | $ | 1,096 | $ | 522 | |||||||
Risk adjustment payable | (805) | (536) | |||||||||
Minimum medical loss ratio | (255) | (196) | |||||||||
Cost sharing reduction receivable | 19 | 69 | |||||||||
Cost sharing reduction payable | (71) | (42) |
March 31, 2023 | December 31, 2022 | ||||||||||
Risk adjustment receivable | $ | 887 | $ | 838 | |||||||
Risk adjustment payable | (1,556) | (780) | |||||||||
Minimum medical loss ratio | (176) | (103) | |||||||||
Cost sharing reduction payable | (89) | (99) |
June 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||
$2,500 million 4.25% Senior Notes due December 15, 2027 | $2,500 million 4.25% Senior Notes due December 15, 2027 | $ | 2,486 | $ | 2,484 | $2,500 million 4.25% Senior Notes due December 15, 2027 | $ | 2,393 | $ | 2,393 | ||||||||||||
$2,300 million 2.45% Senior Notes due July 15, 2028 | $2,300 million 2.45% Senior Notes due July 15, 2028 | 2,304 | 2,304 | $2,300 million 2.45% Senior Notes due July 15, 2028 | 2,303 | 2,303 | ||||||||||||||||
$3,500 million 4.625% Senior Notes due December 15, 2029 | $3,500 million 4.625% Senior Notes due December 15, 2029 | 3,500 | 3,500 | $3,500 million 4.625% Senior Notes due December 15, 2029 | 3,277 | 3,277 | ||||||||||||||||
$2,000 million 3.375% Senior Notes due February 15, 2030 | $2,000 million 3.375% Senior Notes due February 15, 2030 | 2,000 | 2,000 | $2,000 million 3.375% Senior Notes due February 15, 2030 | 2,000 | 2,000 | ||||||||||||||||
$2,200 million 3.00% Senior Notes due October 15, 2030 | $2,200 million 3.00% Senior Notes due October 15, 2030 | 2,200 | 2,200 | $2,200 million 3.00% Senior Notes due October 15, 2030 | 2,200 | 2,200 | ||||||||||||||||
$2,200 million 2.50% Senior Notes due March 1, 2031 | $2,200 million 2.50% Senior Notes due March 1, 2031 | 2,200 | 2,200 | $2,200 million 2.50% Senior Notes due March 1, 2031 | 2,200 | 2,200 | ||||||||||||||||
$1,300 million 2.625% Senior Notes due August 1, 2031 | $1,300 million 2.625% Senior Notes due August 1, 2031 | 1,300 | 1,300 | $1,300 million 2.625% Senior Notes due August 1, 2031 | 1,300 | 1,300 | ||||||||||||||||
Total senior notes | Total senior notes | 15,990 | 15,988 | Total senior notes | 15,673 | 15,673 | ||||||||||||||||
Term loan facility | Term loan facility | 2,196 | 2,195 | Term loan facility | 2,169 | 2,183 | ||||||||||||||||
Revolving credit agreement | Revolving credit agreement | 129 | 149 | Revolving credit agreement | 359 | 58 | ||||||||||||||||
Construction loan payable | 181 | 184 | ||||||||||||||||||||
Finance leases and other | Finance leases and other | 421 | 493 | Finance leases and other | 260 | 253 | ||||||||||||||||
Debt issuance costs | Debt issuance costs | (161) | (171) | Debt issuance costs | (141) | (147) | ||||||||||||||||
Total debt | Total debt | 18,756 | 18,838 | Total debt | 18,320 | 18,020 | ||||||||||||||||
Less current portion | (300) | (267) | ||||||||||||||||||||
Less: current portion | Less: current portion | (97) | (82) | |||||||||||||||||||
Long-term debt | Long-term debt | $ | 18,456 | $ | 18,571 | Long-term debt | $ | 18,223 | $ | 17,938 |
June 30, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
ROU assets (recorded within other long-term assets) | $ | 2,720 | $ | 3,566 | |||||||
Liabilities | |||||||||||
Short-term (recorded within accounts payable and accrued expenses) | $ | 204 | $ | 204 | |||||||
Long-term (recorded within other long-term liabilities) | 3,268 | 3,619 | |||||||||
Total lease liabilities | $ | 3,472 | $ | 3,823 |
March 31, 2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
ROU assets (recorded within other long-term assets) | $ | 2,578 | $ | 2,554 | |||||||
Liabilities | |||||||||||
Short-term (recorded within accounts payable and accrued expenses) | $ | 177 | $ | 180 | |||||||
Long-term (recorded within other long-term liabilities) | 3,144 | 3,133 | |||||||||
Total lease liabilities | $ | 3,321 | $ | 3,313 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
Shares | Cost | Shares | Cost | |||||||||||||||||||||||
Share buybacks | 4,852 | $ | 377 | — | $ | — | ||||||||||||||||||||
Income tax withholding | 696 | 46 | 846 | 71 | ||||||||||||||||||||||
Total share repurchases | 5,548 | $ | 423 | 846 | $ | 71 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Earnings (loss) attributable to Centene Corporation | $ | (172) | $ | (535) | $ | 677 | $ | 164 | |||||||||||||||
Shares used in computing per share amounts: | |||||||||||||||||||||||
Weighted average number of common shares outstanding | 583,644 | 582,804 | 583,435 | 582,331 | |||||||||||||||||||
Common stock equivalents (as determined by applying the treasury stock method) | — | — | 6,791 | 7,468 | |||||||||||||||||||
Weighted average number of common shares and potential dilutive common shares outstanding | 583,644 | 582,804 | 590,226 | 589,799 | |||||||||||||||||||
Net earnings (loss) per common share attributable to Centene Corporation: | |||||||||||||||||||||||
Basic earnings (loss) per common share | $ | (0.29) | $ | (0.92) | $ | 1.16 | $ | 0.28 | |||||||||||||||
Diluted earnings (loss) per common share | $ | (0.29) | $ | (0.92) | $ | 1.15 | $ | 0.28 |
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Earnings attributable to Centene Corporation | $ | 1,130 | $ | 849 | |||||||||||||||||||
Shares used in computing per share amounts: | |||||||||||||||||||||||
Weighted average number of common shares outstanding | 550,779 | 583,230 | |||||||||||||||||||||
Common stock equivalents (as determined by applying the treasury stock method) (1) | 3,066 | 7,428 | |||||||||||||||||||||
Weighted average number of common shares and potential dilutive common shares outstanding | 553,845 | 590,658 | |||||||||||||||||||||
Net earnings per common share attributable to Centene Corporation: | |||||||||||||||||||||||
Basic earnings per common share | $ | 2.05 | $ | 1.46 | |||||||||||||||||||
Diluted earnings per common share | $ | 2.04 | $ | 1.44 | |||||||||||||||||||
(1) The reduction in common stock equivalents is primarily driven by the distribution of long-term stock awards to the estate of the Company's former CEO during the first quarter of 2023, which were fully dilutive prior to their distribution. |
Managed Care | Specialty Services | Eliminations | Consolidated Total | ||||||||||||||||||||
Total revenues from external customers | $ | 33,187 | $ | 2,749 | $ | — | $ | 35,936 | |||||||||||||||
Total revenues from internal customers | 2 | 3,226 | (3,228) | — | |||||||||||||||||||
Total revenues | $ | 33,189 | $ | 5,975 | $ | (3,228) | $ | 35,936 | |||||||||||||||
Earnings (loss) from operations | $ | (130) | $ | 1 | $ | — | $ | (129) | |||||||||||||||
Medicaid | Medicare | Commercial | Other/Eliminations | Consolidated Total | |||||||||||||||||||||||||||||||
Premium | $ | 22,227 | $ | 5,876 | $ | 5,252 | $ | 470 | $ | 33,825 | |||||||||||||||||||||||||
Service | — | — | — | 1,127 | 1,127 | ||||||||||||||||||||||||||||||
Premium and service revenues | 22,227 | 5,876 | 5,252 | 1,597 | 34,952 | ||||||||||||||||||||||||||||||
Premium tax | 3,937 | — | — | — | 3,937 | ||||||||||||||||||||||||||||||
Total external revenues | 26,164 | 5,876 | 5,252 | 1,597 | 38,889 | ||||||||||||||||||||||||||||||
Internal revenues | — | — | — | 3,867 | 3,867 | ||||||||||||||||||||||||||||||
Eliminations | — | — | — | (3,867) | (3,867) | ||||||||||||||||||||||||||||||
Total revenues | $ | 26,164 | $ | 5,876 | $ | 5,252 | $ | 1,597 | $ | 38,889 | |||||||||||||||||||||||||
Medical costs | $ | 20,010 | $ | 5,008 | $ | 4,005 | $ | 411 | $ | 29,434 | |||||||||||||||||||||||||
Cost of services | $ | — | $ | — | $ | — | $ | 870 | $ | 870 | |||||||||||||||||||||||||
Gross margin (1) | $ | 2,217 | $ | 868 | $ | 1,247 | $ | 316 | $ | 4,648 | |||||||||||||||||||||||||
(1) Gross margin represents premium and service revenues less medical costs and cost of services. |
Managed Care | Specialty Services | Eliminations | Consolidated Total | ||||||||||||||||||||
Total revenues from external customers | $ | 29,588 | $ | 1,437 | $ | — | $ | 31,025 | |||||||||||||||
Total revenues from internal customers | 2 | 3,122 | (3,124) | — | |||||||||||||||||||
Total revenues | $ | 29,590 | $ | 4,559 | $ | (3,124) | $ | 31,025 | |||||||||||||||
Earnings (loss) from operations | $ | (415) | $ | (3) | $ | — | $ | (418) |
Medicaid | Medicare | Commercial | Other/Eliminations | Consolidated Total | |||||||||||||||||||||||||||||||
Premium | $ | 21,121 | $ | 5,757 | $ | 4,132 | $ | 879 | $ | 31,889 | |||||||||||||||||||||||||
Service | — | — | — | 2,343 | 2,343 | ||||||||||||||||||||||||||||||
Premium and service revenues | 21,121 | 5,757 | 4,132 | 3,222 | 34,232 | ||||||||||||||||||||||||||||||
Premium tax | 2,953 | — | — | — | 2,953 | ||||||||||||||||||||||||||||||
Total external revenues | 24,074 | 5,757 | 4,132 | 3,222 | 37,185 | ||||||||||||||||||||||||||||||
Internal revenues | — | — | — | 6,450 | 6,450 | ||||||||||||||||||||||||||||||
Eliminations | — | — | — | (6,450) | (6,450) | ||||||||||||||||||||||||||||||
Total revenues | $ | 24,074 | $ | 5,757 | $ | 4,132 | $ | 3,222 | $ | 37,185 | |||||||||||||||||||||||||
Medical costs | $ | 18,775 | $ | 5,046 | $ | 3,274 | $ | 743 | $ | 27,838 | |||||||||||||||||||||||||
Cost of services | $ | — | $ | — | $ | — | $ | 1,988 | $ | 1,988 | |||||||||||||||||||||||||
Gross margin (1) | $ | 2,346 | $ | 711 | $ | 858 | $ | 491 | $ | 4,406 | |||||||||||||||||||||||||
(1) Gross margin represents premium and service revenues less medical costs and cost of services. |
Managed Care | Specialty Services | Eliminations | Consolidated Total | ||||||||||||||||||||
Total revenues from external customers | $ | 67,706 | $ | 5,415 | $ | — | $ | 73,121 | |||||||||||||||
Total revenues from internal customers | 4 | 6,675 | (6,679) | — | |||||||||||||||||||
Total revenues | $ | 67,710 | $ | 12,090 | $ | (6,679) | $ | 73,121 | |||||||||||||||
Earnings from operations | $ | 1,107 | $ | 17 | $ | — | $ | 1,124 | |||||||||||||||
Managed Care | Specialty Services | Eliminations | Consolidated Total | ||||||||||||||||||||
Total revenues from external customers | $ | 58,190 | $ | 2,818 | $ | — | $ | 61,008 | |||||||||||||||
Total revenues from internal customers | 3 | 6,008 | (6,011) | — | |||||||||||||||||||
Total revenues | $ | 58,193 | $ | 8,826 | $ | (6,011) | $ | 61,008 | |||||||||||||||
Earnings from operations | $ | 541 | $ | 95 | $ | — | $ | 636 |
Three Months Ended June 30, | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||
GAAP diluted earnings (loss) per share attributable to Centene | $ | (0.29) | $ | (0.92) | ||||||||||||||||||||||||||||||||||||||||||
GAAP diluted EPS attributable to Centene | GAAP diluted EPS attributable to Centene | $ | 2.04 | $ | 1.44 | |||||||||||||||||||||||||||||||||||||||||
Amortization of acquired intangible assets | Amortization of acquired intangible assets | 0.34 | 0.33 | Amortization of acquired intangible assets | 0.33 | 0.34 | ||||||||||||||||||||||||||||||||||||||||
Acquisition and divestiture related expenses | Acquisition and divestiture related expenses | 0.04 | 0.07 | Acquisition and divestiture related expenses | 0.04 | 0.16 | ||||||||||||||||||||||||||||||||||||||||
Other adjustments (1) | Other adjustments (1) | 2.45 | 2.23 | Other adjustments (1) | (0.09) | — | ||||||||||||||||||||||||||||||||||||||||
Income tax effects of adjustments (2) | Income tax effects of adjustments (2) | (0.77) | (0.46) | Income tax effects of adjustments (2) | (0.21) | (0.11) | ||||||||||||||||||||||||||||||||||||||||
Adjusted diluted EPS | Adjusted diluted EPS | $ | 1.77 | $ | 1.25 | Adjusted diluted EPS | $ | 2.11 | $ | 1.83 |
June 30, 2022 | December 31, 2021 | June 30, 2021 | |||||||||||||||
Traditional Medicaid (1) | 13,758,000 | 13,328,400 | 12,492,600 | ||||||||||||||
High Acuity Medicaid (2) | 1,688,000 | 1,686,100 | 1,531,000 | ||||||||||||||
Total Medicaid | 15,446,000 | 15,014,500 | 14,023,600 | ||||||||||||||
Commercial Marketplace | 2,033,300 | 2,140,500 | 2,040,900 | ||||||||||||||
Commercial Group | 448,700 | 462,100 | 479,500 | ||||||||||||||
Total Commercial | 2,482,000 | 2,602,600 | 2,520,400 | ||||||||||||||
Medicare (3) | 1,483,900 | 1,252,200 | 1,182,900 | ||||||||||||||
Medicare PDP | 4,165,500 | 4,070,500 | 4,064,500 | ||||||||||||||
Total at-risk membership (4) | 23,577,400 | 22,939,800 | 21,791,400 | ||||||||||||||
TRICARE eligibles | 2,862,400 | 2,874,700 | 2,881,400 | ||||||||||||||
Total | 26,439,800 | 25,814,500 | 24,672,800 | ||||||||||||||
(1) Membership includes TANF, Medicaid Expansion, CHIP, Foster Care and Behavioral Health. (2) Membership includes ABD, IDD, LTSS and MMP Duals. (3) Membership includes Medicare Advantage and Medicare Supplement. (4) Membership includes 1,252,600, 1,178,000, and 1,131,900 dual-eligible beneficiaries for the periods ending June 30, 2022, December 31, 2021, and June 30, 2021, respectively. |
March 31, 2023 | December 31, 2022 | March 31, 2022 | |||||||||||||||
Traditional Medicaid (1) | 14,521,100 | 14,264,800 | 13,590,100 | ||||||||||||||
High Acuity Medicaid (2) | 1,801,200 | 1,710,000 | 1,682,800 | ||||||||||||||
Total Medicaid (4) | 16,322,300 | 15,974,800 | 15,272,900 | ||||||||||||||
Commercial Marketplace | 3,093,600 | 2,076,100 | 2,031,000 | ||||||||||||||
Commercial Group | 437,200 | 441,100 | 449,700 | ||||||||||||||
Total Commercial | 3,530,800 | 2,517,200 | 2,480,700 | ||||||||||||||
Medicare (3) (4) | 1,343,800 | 1,511,100 | 1,452,500 | ||||||||||||||
Medicare PDP | 4,459,300 | 4,226,000 | 4,169,700 | ||||||||||||||
Total at-risk membership | 25,656,200 | 24,229,100 | 23,375,800 | ||||||||||||||
TRICARE eligibles | 2,799,300 | 2,832,300 | 2,862,400 | ||||||||||||||
Total | 28,455,500 | 27,061,400 | 26,238,200 | ||||||||||||||
(1) Membership includes Temporary Assistance for Needy Families (TANF), Medicaid Expansion, Children's Health Insurance Program (CHIP), Foster Care, and Behavioral Health. (2) Membership includes Aged, Blind, or Disabled (ABD), Intellectual and Developmental Disabilities (IDD), Long-Term Services and Supports (LTSS), and Medicare-Medicaid Plans (MMP) Duals. (3) Membership includes Medicare Advantage and Medicare Supplement. (4) Membership includes 1,323,000, 1,291,300, and 1,231,500 Dual Eligible Special Needs Plans (D-SNP) beneficiaries for the periods ending March 31, 2023, December 31, 2022, and March 31, 2022, respectively. |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | 2022 | 2021 | % Change | 2023 | 2022 | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premium | Premium | $ | 31,510 | $ | 27,627 | 14 | % | $ | 63,399 | $ | 54,560 | 16 | % | Premium | $ | 33,825 | $ | 31,889 | 6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Service | Service | 2,458 | 1,235 | 99 | % | 4,801 | 2,416 | 99 | % | Service | 1,127 | 2,343 | (52) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premium and service revenues | Premium and service revenues | 33,968 | 28,862 | 18 | % | 68,200 | 56,976 | 20 | % | Premium and service revenues | 34,952 | 34,232 | 2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premium tax | Premium tax | 1,968 | 2,163 | (9) | % | 4,921 | 4,032 | 22 | % | Premium tax | 3,937 | 2,953 | 33 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 35,936 | 31,025 | 16 | % | 73,121 | 61,008 | 20 | % | Total revenues | 38,889 | 37,185 | 5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Medical costs | Medical costs | 27,312 | 24,389 | 12 | % | 55,150 | 47,780 | 15 | % | Medical costs | 29,434 | 27,838 | 6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of services | Cost of services | 2,099 | 1,107 | 90 | % | 4,087 | 2,155 | 90 | % | Cost of services | 870 | 1,988 | (56) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | Selling, general and administrative expenses | 2,800 | 2,139 | 31 | % | 5,545 | 4,373 | 27 | % | Selling, general and administrative expenses | 3,011 | 2,745 | 10 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation expense | Depreciation expense | 164 | 134 | 22 | % | 320 | 267 | 20 | % | Depreciation expense | 142 | 156 | (9) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of acquired intangible assets | Amortization of acquired intangible assets | 199 | 188 | 6 | % | 398 | 383 | 4 | % | Amortization of acquired intangible assets | 183 | 199 | (8) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premium tax expense | Premium tax expense | 2,041 | 2,236 | (9) | % | 5,047 | 4,164 | 21 | % | Premium tax expense | 4,011 | 3,006 | 33 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment | Impairment | 20 | — | n.m. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment | 1,450 | — | n.m. | 1,450 | — | n.m. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legal settlement | — | 1,250 | n.m. | — | 1,250 | n.m. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (loss) from operations | (129) | (418) | 69 | % | 1,124 | 636 | 77 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings from operations | Earnings from operations | 1,218 | 1,253 | (3) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment and other income | Investment and other income | 42 | 39 | 8 | % | 94 | 142 | (34) | % | Investment and other income | 353 | 52 | n.m. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt extinguishment | Debt extinguishment | 13 | — | n.m. | 16 | (46) | 135 | % | Debt extinguishment | — | 3 | n.m. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | (162) | (163) | 1 | % | (322) | (333) | 3 | % | Interest expense | (180) | (160) | (13) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (loss) before income tax | (236) | (542) | 56 | % | 912 | 399 | 129 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | (65) | (7) | n.m. | 231 | 237 | (3) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings (loss) | (171) | (535) | 68 | % | 681 | 162 | 320 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings before income tax | Earnings before income tax | 1,391 | 1,148 | 21 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 261 | 296 | (12) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | Net earnings | 1,130 | 852 | 33 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Earnings) loss attributable to noncontrolling interests | (Earnings) loss attributable to noncontrolling interests | (1) | — | n.m. | (4) | 2 | (300) | % | (Earnings) loss attributable to noncontrolling interests | — | (3) | n.m. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings (loss) attributable to Centene Corporation | $ | (172) | $ | (535) | 68 | % | $ | 677 | $ | 164 | 313 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted earnings (loss) per common share attributable to Centene Corporation | $ | (0.29) | $ | (0.92) | 68 | % | $ | 1.15 | $ | 0.28 | 311 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings attributable to Centene Corporation | Net earnings attributable to Centene Corporation | $ | 1,130 | $ | 849 | 33 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted earnings per common share attributable to Centene Corporation | Diluted earnings per common share attributable to Centene Corporation | $ | 2.04 | $ | 1.44 | 42 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
n.m.: not meaningful | n.m.: not meaningful | n.m.: not meaningful |
2022 | 2021 | % Change | 2023 | 2022 | % Change | |||||||||||||||||||||||||||||
Medicaid | Medicaid | $ | 22,458 | $ | 20,797 | 8 | % | Medicaid | $ | 26,164 | $ | 24,076 | 9 | % | ||||||||||||||||||||
Commercial | Commercial | 4,556 | 4,110 | 11 | % | Commercial | 5,252 | 4,132 | 27 | % | ||||||||||||||||||||||||
Medicare (1) | Medicare (1) | 5,639 | 4,464 | 26 | % | Medicare (1) | 5,876 | 5,757 | 2 | % | ||||||||||||||||||||||||
Other | Other | 3,283 | 1,654 | 98 | % | Other | 1,597 | 3,220 | (50) | % | ||||||||||||||||||||||||
Total Revenues | Total Revenues | $ | 35,936 | $ | 31,025 | 16 | % | Total Revenues | $ | 38,889 | $ | 37,185 | 5 | % | ||||||||||||||||||||
(1) Medicare includes Medicare Advantage, Medicare Supplement and Medicare PDP. | ||||||||||||||||||||||||||||||||||
(1) Medicare includes Medicare Advantage, Medicare Supplement, D-SNPs, and Medicare Prescription Drug Plan (PDP). | (1) Medicare includes Medicare Advantage, Medicare Supplement, D-SNPs, and Medicare Prescription Drug Plan (PDP). |
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||
Investment and other income | Investment and other income | $ | 42 | $ | 39 | Investment and other income | $ | 353 | $ | 52 | ||||||||||||
Debt extinguishment | Debt extinguishment | 13 | — | Debt extinguishment | — | 3 | ||||||||||||||||
Interest expense | Interest expense | (162) | (163) | Interest expense | (180) | (160) | ||||||||||||||||
Other income (expense), net | Other income (expense), net | $ | (107) | $ | (124) | Other income (expense), net | $ | 173 | $ | (105) |
2022 | 2021 | % Change | |||||||||||||||
Total Revenues | |||||||||||||||||
Managed Care | $ | 33,189 | $ | 29,590 | 12 | % | |||||||||||
Specialty Services | 5,975 | 4,559 | 31 | % | |||||||||||||
Eliminations | (3,228) | (3,124) | (3) | % | |||||||||||||
Consolidated Total | $ | 35,936 | $ | 31,025 | 16 | % | |||||||||||
Earnings from Operations | |||||||||||||||||
Managed Care | $ | (130) | $ | (415) | 69 | % | |||||||||||
Specialty Services | 1 | (3) | 133 | % | |||||||||||||
Consolidated Total | $ | (129) | $ | (418) | 69 | % |
2023 | 2022 | % Change | |||||||||||||||
Total Revenues | |||||||||||||||||
Medicaid | $ | 26,164 | $ | 24,074 | 9 | % | |||||||||||
Medicare | 5,876 | 5,757 | 2 | % | |||||||||||||
Commercial | 5,252 | 4,132 | 27 | % | |||||||||||||
Other | 1,597 | 3,222 | (50) | % | |||||||||||||
Consolidated Total | $ | 38,889 | $ | 37,185 | 5 | % | |||||||||||
Gross Margin (1) | |||||||||||||||||
Medicaid | $ | 2,217 | $ | 2,346 | (5) | % | |||||||||||
Medicare | 868 | 711 | 22 | % | |||||||||||||
Commercial | 1,247 | 858 | 45 | % | |||||||||||||
Other | 316 | 491 | (36) | % | |||||||||||||
Consolidated Total | $ | 4,648 | $ | 4,406 | 5 | % | |||||||||||
(1) Gross margin represents premium and service revenues less medical costs and cost of services. |
2022 | 2021 | % Change | |||||||||||||||
Medicaid | $ | 46,534 | $ | 40,988 | 14 | % | |||||||||||
Commercial | 8,688 | 8,008 | 8 | % | |||||||||||||
Medicare (1) | 11,396 | 8,803 | 29 | % | |||||||||||||
Other | 6,503 | 3,209 | 103 | % | |||||||||||||
Total Revenues | $ | 73,121 | $ | 61,008 | 20 | % | |||||||||||
(1) Medicare includes Medicare Advantage, Medicare Supplement and Medicare PDP. | |||||||||||||||||
2022 | 2021 | ||||||||||
Investment and other income | $ | 94 | $ | 142 | |||||||
Debt extinguishment | 16 | (46) | |||||||||
Interest expense | (322) | (333) | |||||||||
Other income (expense), net | $ | (212) | $ | (237) |
2022 | 2021 | % Change | |||||||||||||||
Total Revenues | |||||||||||||||||
Managed Care | $ | 67,710 | $ | 58,193 | 16 | % | |||||||||||
Specialty Services | 12,090 | 8,826 | 37 | % | |||||||||||||
Eliminations | (6,679) | (6,011) | (11) | % | |||||||||||||
Consolidated Total | $ | 73,121 | $ | 61,008 | 20 | % | |||||||||||
Earnings from Operations | |||||||||||||||||
Managed Care | $ | 1,107 | $ | 541 | 105 | % | |||||||||||
Specialty Services | 17 | 95 | (82) | % | |||||||||||||
Consolidated Total | $ | 1,124 | $ | 636 | 77 | % |
Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Net cash provided by operating activities | $ | 4,505 | $ | 1,728 | |||||||
Net cash used in investing activities | (3,145) | (1,420) | |||||||||
Net cash used in financing activities | (984) | (46) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (9) | (24) | |||||||||
Net increase in cash, cash equivalents, and restricted cash and cash equivalents | $ | 367 | $ | 238 |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Net cash provided by operating activities | $ | 4,269 | $ | 1,151 | |||||||
Net cash (used in) investing activities | (253) | (2,401) | |||||||||
Net cash (used in) financing activities | (183) | (498) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 2 | 33 | |||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents | $ | 3,835 | $ | (1,715) |
Issuer Purchases of Equity Securities Second Quarter 2022 (shares in thousands) | ||||||||||||||||||||||||||
Period | Total Number of Shares Purchased (1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs ($ in millions) (2) | ||||||||||||||||||||||
April 1, 2022 - April 30, 2022 | 21 | $ | 86.63 | — | $ | 800 | ||||||||||||||||||||
May 1, 2022 - May 31, 2022 | 2,452 | 82.04 | 2,438 | 600 | ||||||||||||||||||||||
June 1, 2022 - June 30, 2022 | 1,775 | 82.49 | 1,750 | 3,456 | ||||||||||||||||||||||
Total | 4,248 | $ | 82.25 | 4,188 | $ | 3,456 | ||||||||||||||||||||
(1) Shares acquired represent shares relinquished to the Company by certain employees for payment of taxes or option cost upon vesting of restricted stock units or option exercise. (2) In June 2022, the Company's Board of Directors approved a $3.0 billion increase to the Company's existing stock repurchase program for its common stock. A remaining amount of approximately $3.5 billion is available under the program as of June 30, 2022. |
Issuer Purchases of Equity Securities First Quarter 2023 (shares in thousands) | ||||||||||||||||||||||||||
Period | Total Number of Shares Purchased (1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs ($ in millions) (2) | ||||||||||||||||||||||
January 1, 2023 - January 31, 2023 | 3,511 | $ | 79.44 | 3,485 | $ | 2,529 | ||||||||||||||||||||
February 1, 2023 - February 28, 2023 | 1,571 | 72.93 | 1,367 | 2,429 | ||||||||||||||||||||||
March 1, 2023 - March 31, 2023 | 503 | 64.08 | — | 2,429 | ||||||||||||||||||||||
Total | 5,585 | $ | 76.22 | 4,852 | $ | 2,429 | ||||||||||||||||||||
(1) Includes 696 thousand shares relinquished to the Company by certain employees for payment of taxes; open market purchases of 6.8 thousand shares by Andrew Asher, the Company's CFO, at a weighted average price of $71.94 which was previously disclosed on Form 4 filed with the SEC on February 10, 2023; and an open market purchase of 30 thousand shares by Sarah London, the Company's CEO, at a price of $62.60 which was previously disclosed on Form 4 filed with the SEC on March 17, 2023. (2) A remaining amount of approximately $2.4 billion is available under the stock repurchase program as of March 31, 2023. |
EXHIBIT NUMBER | DESCRIPTION | |||||||||||||
10.2 | ||||||||||||||
31.1 | ||||||||||||||
31.2 | ||||||||||||||
32.1 | ||||||||||||||
32.2 | ||||||||||||||
101 | The following materials from the Centene Corporation Quarterly Report on Form 10-Q for the quarter ended | |||||||||||||
104 | Cover Page Interactive Data File, formatted in iXBRL and contained in Exhibit 101. | |||||||||||||
CENTENE CORPORATION | ||||||||
By: | /s/ SARAH M. LONDON | |||||||
Chief Executive Officer (principal executive officer) |
By: | /s/ ANDREW L. ASHER | |||||||
Executive Vice President, (principal financial officer) |
By: | /s/ KATIE N. CASSO | |||||||
Senior Vice President, Corporate Controller and Chief Accounting Officer (principal accounting officer) | ||||||||