Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 14, 2014 | Jun. 28, 2013 |
Document And Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'CENTENE CORP | ' | ' |
Entity Central Index Key | '0001071739 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Public Float | ' | ' | $2.90 |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 57,615,380 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents of continuing operations | $974,304 | $745,933 |
Cash and cash equivalents of discontinued operations | 63,769 | 98,019 |
Total cash and cash equivalents | 1,038,073 | 843,952 |
Premium and related receivables | 428,570 | 251,473 |
Short-term investments | 102,126 | 138,101 |
Other current assets | 217,661 | 93,322 |
Other current assets of discontinued operations | 13,743 | 78,977 |
Total current assets | 1,800,173 | 1,405,825 |
Long-term investments | 791,900 | 554,770 |
Restricted deposits | 46,946 | 34,286 |
Property, software and equipment, net | 395,407 | 375,893 |
Goodwill | 348,432 | 256,288 |
Intangible assets, net | 48,780 | 20,268 |
Other long-term assets | 59,357 | 64,278 |
Long term assets of discontinued operations | 38,305 | 62,297 |
Total assets | 3,529,300 | 2,773,905 |
Current liabilities: | ' | ' |
Medical claims liability | 1,111,709 | 815,161 |
Accounts payable and accrued expenses | 375,862 | 219,066 |
Unearned revenue | 38,191 | 34,597 |
Current portion of long-term debt | 3,065 | 3,373 |
Current liabilities of discontinued operations | 30,294 | 157,116 |
Total current liabilities | 1,559,121 | 1,229,313 |
Long-term debt | 665,697 | 535,481 |
Other long-term liabilities | 60,015 | 54,987 |
Long term liabilities of discontinued operations | 1,028 | 357 |
Total liabilities | 2,285,861 | 1,820,138 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Common stock, $.001 par value; authorized 100,000,000 shares; 58,673,215 issued and 55,319,239 outstanding at December 31, 2013, and 55,339,160 issued and 52,329,248 outstanding at December 31, 2012 | 59 | 55 |
Additional paid-in capital | 594,326 | 450,856 |
Accumulated other comprehensive income: | ' | ' |
Unrealized gain on investments, net of tax | -2,620 | 5,189 |
Retained earnings | 731,919 | 566,820 |
Treasury stock, at cost (3,353,976 and 3,009,912 shares, respectively) | -89,643 | -69,864 |
Total Centene stockholders’ equity | 1,234,041 | 953,056 |
Noncontrolling interest | 9,398 | 711 |
Total stockholders’ equity | 1,243,439 | 953,767 |
Total liabilities and stockholders’ equity | $3,529,300 | $2,773,905 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Stockholders' equity: | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 58,673,215 | 55,339,160 |
Common stock, shares outstanding | 55,319,239 | 52,329,248 |
Treasury stock, at cost | 3,353,976 | 3,009,912 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' |
Premium | $10,153,460 | $7,568,889 | $4,948,137 |
Service | 372,580 | 112,742 | 103,765 |
Premium and service revenues | 10,526,040 | 7,681,631 | 5,051,902 |
Premium tax | 337,289 | 428,665 | 159,575 |
Total revenues | 10,863,329 | 8,110,296 | 5,211,477 |
Expenses: | ' | ' | ' |
Medical costs | 8,994,641 | 6,781,081 | 4,191,268 |
Cost of services | 326,924 | 87,705 | 78,114 |
General and administrative expenses | 931,137 | 677,157 | 577,898 |
Premium tax expense | 333,210 | 428,354 | 160,394 |
Impairment loss | 0 | 28,033 | 0 |
Total operating expenses | 10,585,912 | 8,002,330 | 5,007,674 |
Earnings from operations | 277,417 | 107,966 | 203,803 |
Other income (expense): | ' | ' | ' |
Investment and other income | 18,457 | 35,285 | 13,355 |
Debt extinguishment costs | 0 | 0 | -8,488 |
Interest expense | -26,957 | -20,460 | -20,320 |
Earnings from continuing operations, before income tax expense | 268,917 | 122,791 | 188,350 |
Income tax expense | 107,080 | 47,412 | 70,687 |
Earnings from continuing operations, net of income tax expense | 161,837 | 75,379 | 117,663 |
Net earnings (loss) | 165,718 | -11,295 | 108,363 |
Noncontrolling interest | 619 | -13,154 | -2,855 |
Net earnings attributable to Centene Corporation | 165,099 | 1,859 | 111,218 |
Amounts attributable to Centene Corporation common shareholders: | ' | ' | ' |
Earnings from continuing operations, net of income tax expense | 161,218 | 88,533 | 120,518 |
Discontinued operations, net of income tax expense (benefit) | 3,881 | -86,674 | -9,300 |
Net earnings | $165,099 | $1,859 | $111,218 |
Basic: | ' | ' | ' |
Continuing operations | $2.98 | $1.72 | $2.40 |
Discontinued operations | $0.07 | ($1.68) | ($0.18) |
Basic earnings per common share | $3.05 | $0.04 | $2.22 |
Diluted: | ' | ' | ' |
Continuing operations | $2.87 | $1.65 | $2.30 |
Discontinued operations | $0.07 | ($1.62) | ($0.18) |
Diluted earnings per common share | $2.94 | $0.03 | $2.12 |
Weighted average number of common shares outstanding: | ' | ' | ' |
Basic | 54,126,545 | 51,509,366 | 50,198,954 |
Diluted | 56,247,173 | 53,714,375 | 52,474,238 |
Consolidated_Statements_Of_Ope1
Consolidated Statements Of Operations Consolidated Statements of Operations (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statements of Operations [Abstract] | ' | ' | ' |
Discontinued Operation, Tax Effect of Discontinued Operation | $2,284 | ($47,741) | ($4,165) |
Consolidated_Statement_Of_Comp
Consolidated Statement Of Comprehensive Earnings (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net earnings (loss) | $165,718 | ($11,295) | $108,363 |
Reclassification adjustment, net of tax | -875 | -1,789 | -549 |
Change in unrealized (loss) gain on investments, net of tax | -6,934 | 1,217 | -114 |
Other comprehensive earnings (loss) | -7,809 | -572 | -663 |
Comprehensive earnings (loss) | 157,909 | -11,867 | 107,700 |
Comprehensive earnings (loss) attributable to the noncontrolling interest | 619 | -13,154 | -2,855 |
Comprehensive earnings attributable to Centene Corporation | $157,290 | $1,287 | $110,555 |
Consolidated_Statement_Of_Stoc
Consolidated Statement Of Stockholders' Equity (USD $) | Total | Centene Stockholders' Equity - Common Stock [Member] | Centene Stockholders' Equity - Additional Paid-In Capital [Member] | Centene Stockholders' Equity - Accumulated Other Comprehensive Income [Member] | Centene Stockholders' Equity - Retained Earnings [Member] | Centene Stockholders' Equity - Treasury Stock [Member] | Non Controlling Interest [Member] |
In Thousands, except Share data, unless otherwise specified | |||||||
Balance at Dec. 31, 2010 | $797,055 | $52 | $384,206 | $6,424 | $453,743 | ($50,486) | $3,116 |
Balance (in shares) at Dec. 31, 2010 | ' | 52,172,037 | ' | ' | ' | 2,555,213 | ' |
Net Income (Loss) Attributable to Parent | 111,218 | ' | ' | ' | ' | ' | ' |
Comprehensive Earnings: | ' | ' | ' | ' | ' | ' | ' |
Net earnings (loss) | 108,363 | ' | ' | ' | 111,218 | ' | -2,855 |
Change in unrealized investment gain, net of tax | -663 | ' | ' | -663 | ' | ' | ' |
Comprehensive earnings (loss) | 107,700 | ' | ' | ' | ' | ' | ' |
Common stock issued for employee benefit plans | 15,437 | 2 | 15,435 | ' | ' | ' | ' |
Common stock issued for employee benefit plans (in shares) | ' | 1,414,689 | ' | ' | ' | ' | ' |
Exercise of stock warrants | 1,172 | ' | ' | ' | ' | 1,172 | ' |
Exercise of stock warrants shares | ' | ' | ' | ' | ' | -50,000 | ' |
Common stock repurchases | -7,809 | ' | ' | ' | ' | -7,809 | ' |
Common stock repurchases (in shares) | ' | ' | ' | ' | ' | 216,895 | ' |
Stock compensation expense | 18,171 | ' | 18,171 | ' | ' | ' | ' |
Excess tax benefit from stock compensation | 4,169 | ' | 4,169 | ' | ' | ' | ' |
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 813 | ' | ' | ' | ' | ' | 813 |
Deconsolidation of Noncontrolling interest | -289 | ' | ' | ' | ' | ' | -289 |
Balance at Dec. 31, 2011 | 936,419 | 54 | 421,981 | 5,761 | 564,961 | -57,123 | 785 |
Balance (in shares) at Dec. 31, 2011 | ' | 53,586,726 | ' | ' | ' | 2,722,108 | ' |
Net Income (Loss) Attributable to Parent | 1,859 | ' | ' | ' | ' | ' | ' |
Comprehensive Earnings: | ' | ' | ' | ' | ' | ' | ' |
Net earnings (loss) | -11,295 | ' | ' | ' | 1,859 | ' | -13,154 |
Change in unrealized investment gain, net of tax | -572 | ' | ' | -572 | ' | ' | ' |
Comprehensive earnings (loss) | -11,867 | ' | ' | ' | ' | ' | ' |
Common stock issued for employee benefit plans | 16,726 | 1 | 16,725 | ' | ' | ' | ' |
Common stock issued for employee benefit plans (in shares) | ' | 1,752,434 | ' | ' | ' | ' | ' |
Common stock repurchases | -12,741 | ' | ' | ' | ' | -12,741 | ' |
Common stock repurchases (in shares) | 287,804 | ' | ' | ' | ' | 287,804 | ' |
Stock compensation expense | 25,332 | ' | 25,332 | ' | ' | ' | ' |
Excess tax benefit from stock compensation | 10,999 | ' | 10,999 | ' | ' | ' | ' |
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 1,092 | ' | ' | ' | ' | ' | 1,092 |
Redemption / purchase of noncontrolling interest | -12,193 | ' | -24,181 | ' | ' | ' | 11,988 |
Balance at Dec. 31, 2012 | 953,767 | 55 | 450,856 | 5,189 | 566,820 | -69,864 | 711 |
Balance (in shares) at Dec. 31, 2012 | 52,329,248 | 55,339,160 | ' | ' | ' | 3,009,912 | ' |
Net Income (Loss) Attributable to Parent | 165,099 | ' | ' | ' | 165,099 | ' | ' |
Comprehensive Earnings: | ' | ' | ' | ' | ' | ' | ' |
Net earnings (loss) | 165,718 | ' | ' | ' | ' | ' | 619 |
Change in unrealized investment gain, net of tax | -7,809 | ' | ' | -7,809 | ' | ' | ' |
Comprehensive earnings (loss) | 157,909 | ' | ' | ' | ' | ' | ' |
Equity issued in connection with acquisition | 75,407 | 2 | 75,405 | ' | ' | ' | ' |
Stock Issued During Period, Shares, Acquisitions | ' | 1,716,690 | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, New Issues | 15,225 | 0 | 15,225 | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | 342,640 | 342,640 | ' | ' | ' | ' | ' |
Common stock issued for employee benefit plans | 9,798 | 2 | 9,796 | ' | ' | ' | ' |
Common stock issued for employee benefit plans (in shares) | ' | 1,274,725 | ' | ' | ' | ' | ' |
Common stock repurchases | -19,779 | ' | ' | ' | ' | -19,779 | ' |
Common stock repurchases (in shares) | 344,064 | ' | ' | ' | ' | 344,064 | ' |
Stock compensation expense | 36,656 | ' | 36,656 | ' | ' | ' | ' |
Excess tax benefit from stock compensation | 6,388 | ' | 6,388 | ' | ' | ' | ' |
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 8,068 | ' | ' | ' | ' | ' | 8,068 |
Balance at Dec. 31, 2013 | $1,243,439 | $59 | $594,326 | ($2,620) | $731,919 | ($89,643) | $9,398 |
Balance (in shares) at Dec. 31, 2013 | 55,319,239 | 58,673,215 | ' | ' | ' | 3,353,976 | ' |
Consolidated_Statements_Of_Sto
Consolidated Statements Of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statement of Stockholders' Equity (Parenthetical) [Abstract] | ' | ' | ' |
Tax on unrealized investment gain | ($4,438) | ($296) | ($334) |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net earnings (loss) | $165,718 | ($11,295) | $108,363 |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities | ' | ' | ' |
Depreciation and amortization | 67,420 | 65,866 | 58,327 |
Stock compensation expense | 36,656 | 25,332 | 18,171 |
Impairment loss | 0 | 28,033 | ' |
Gain on sale of investment in convertible note | 0 | -17,880 | 0 |
Debt extinguishment costs | 0 | 0 | 8,488 |
Deferred income taxes | -2,293 | -14,438 | 2,031 |
Changes in assets and liabilities | ' | ' | ' |
Premium and related receivables | -142,977 | -116,558 | -11,306 |
Other current assets | -79,588 | -36,818 | -11,812 |
Other assets | -736 | 2,825 | -2 |
Medical claims liabilities | 171,569 | 359,792 | 149,756 |
Unearned revenue | 2,724 | 24,707 | -109,082 |
Accounts payable and accrued expenses | 151,712 | -21,474 | 38,889 |
Other operating activities | 12,321 | -9,401 | 9,873 |
Net cash provided by operating activities | 382,526 | 278,691 | 261,696 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures | -67,835 | -82,144 | -73,708 |
Purchases of investments | -790,653 | -695,687 | -318,397 |
Sales and maturities of investments | 579,161 | 589,921 | 267,404 |
Investments in acquisitions, net of cash acquired | -62,773 | 0 | -4,375 |
Net cash used in investing activities | -342,100 | -187,910 | -129,076 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from exercise of stock options | 8,983 | 15,912 | 15,815 |
Proceeds from borrowings | 180,000 | 400,500 | 419,183 |
Proceeds from stock offering | 15,225 | 0 | 0 |
Payment of long-term debt | -41,593 | -218,234 | -416,283 |
Excess tax benefits from stock compensation | 6,380 | 10,996 | 4,435 |
Common stock repurchases | -19,779 | -12,741 | -7,809 |
Contribution from (to) noncontrolling interest | 8,068 | 1,092 | 813 |
Purchase of noncontrolling interest | 0 | -14,429 | 0 |
Debt issue costs | -3,589 | -3,623 | -9,242 |
Net cash provided by financing activities | 153,695 | 179,473 | 6,912 |
Net increase in cash and cash equivalents | 194,121 | 270,254 | 139,532 |
Cash and cash equivalents, beginning of period | 843,952 | 573,698 | 434,166 |
Cash and cash equivalents, end of period | 1,038,073 | 843,952 | 573,698 |
Supplemental disclosures of cash flow information: | ' | ' | ' |
Interest paid | 30,009 | 21,605 | 27,383 |
Income taxes paid | 84,681 | 42,877 | 50,444 |
Equity issued in connection with acquisition | $75,425 | $0 | $0 |
Organization_And_Operations
Organization And Operations | 12 Months Ended |
Dec. 31, 2013 | |
Organization And Operations [Abstract] | ' |
Organization and Operations | ' |
Organization and Operations | |
Centene Corporation, or the Company, is a diversified, multi-line healthcare enterprise operating in two segments: Managed Care and Specialty Services. The Managed Care segment provides Medicaid and Medicaid-related health plan coverage to individuals through government subsidized programs, including Medicaid, the State Children's Health Insurance Program, or CHIP, Long Term Care (LTC), Foster Care, Medicare Special Needs Plans and the Supplemental Security Income Program, also known as the Aged, Blind or Disabled Program, or collectively ABD. The Specialty Services segment consists of our specialty companies offering auxiliary healthcare services and products to state programs, healthcare organizations, employer groups and other commercial organizations, as well as to our own subsidiaries. The health plan in Massachusetts, operated by our individual health insurance business, is included in the Specialty Services segment. |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Summary Of Significant Accounting Policies [Abstract] | ' | ||||||||
Summary of Significant Accounting Policies | ' | ||||||||
Summary of Significant Accounting Policies | |||||||||
Principles of Consolidation | |||||||||
The accompanying consolidated financial statements include the accounts of Centene Corporation and all majority owned subsidiaries and subsidiaries over which the Company exercises the power and control to direct activities significantly impacting financial performance. All material intercompany balances and transactions have been eliminated. The assets, liabilities and results of operations of Kentucky Spirit Health Plan are classified as discontinued operations for all periods presented. | |||||||||
Certain amounts in the consolidated financial statements have been reclassified to conform to the 2013 presentation. These reclassifications have no effect on net earnings or stockholders' equity as previously reported. | |||||||||
Use of Estimates | |||||||||
The preparation of financial statements in conformity with generally accepted accounting principles in the United States, or GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Future events and their effects cannot be predicted with certainty; accordingly, the accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of the consolidated financial statements will change as new events occur, as more experience is acquired, as additional information is obtained and as the operating environment changes. The Company evaluates and updates its assumptions and estimates on an ongoing basis and may employ outside experts to assist in our evaluation, as considered necessary. Actual results could differ from those estimates. | |||||||||
Cash and Cash Equivalents | |||||||||
Investments with original maturities of three months or less are considered to be cash equivalents. Cash equivalents consist of money market funds and bank certificates of deposit and savings accounts. | |||||||||
The Company maintains amounts on deposit with various financial institutions, which may exceed federally insured limits. However, management periodically evaluates the credit-worthiness of those institutions, and the Company has not experienced any losses on such deposits. | |||||||||
Investments | |||||||||
Short term investments include securities with maturities greater than three months to one year. Long term investments include securities with maturities greater than one year. | |||||||||
Short term and long term investments are generally classified as available for sale and are carried at fair value. Certain equity investments are recorded using the cost or equity method. Unrealized gains and losses on investments available for sale are excluded from earnings and reported in accumulated other comprehensive income, a separate component of stockholders' equity, net of income tax effects. Premiums and discounts are amortized or accreted over the life of the related security using the effective interest method. The Company monitors the difference between the cost and fair value of investments. Investments that experience a decline in value that is judged to be other than temporary are written down to fair value and a realized loss is recorded in investment and other income. To calculate realized gains and losses on the sale of investments, the Company uses the specific amortized cost of each investment sold. Realized gains and losses are recorded in investment and other income. | |||||||||
The Company uses the equity method to account for certain of its investment in entities that it does not control and for which it does not have the ability to exercise significant influence over operating and financial policies. These investments are recorded at the lower of their cost or fair value. | |||||||||
Restricted Deposits | |||||||||
Restricted deposits consist of investments required by various state statutes to be deposited or pledged to state agencies. These investments are classified as long term, regardless of the contractual maturity date, due to the nature of the states' requirements. The Company is required to annually adjust the amount of the deposit pledged to certain states. | |||||||||
Fair Value Measurements | |||||||||
In the normal course of business, the Company invests in various financial assets and incurs various financial liabilities. Fair values are disclosed for all financial instruments, whether or not such values are recognized in the Consolidated Balance Sheets. Management obtains quoted market prices and other observable inputs for these disclosures. The carrying amounts reported in the Consolidated Balance Sheets for cash and cash equivalents, premium and related receivables, unearned revenue, accounts payable and accrued expenses, and certain other current liabilities are carried at cost, which approximates fair value because of their short term nature. | |||||||||
The following methods and assumptions were used to estimate the fair value of each financial instrument: | |||||||||
• | Available for sale investments and restricted deposits: The carrying amount is stated at fair value, based on quoted market prices, where available. For securities not actively traded, fair values were estimated using values obtained from independent pricing services or quoted market prices of comparable instruments. | ||||||||
• | Senior unsecured notes: Estimated based on third-party quoted market prices for the same or similar issues. | ||||||||
• | Variable rate debt: The carrying amount of our floating rate debt approximates fair value since the interest rates adjust based on market rate adjustments. | ||||||||
• | Interest rate swap: Estimated based on third-party market prices based on the forward 3-month LIBOR curve. | ||||||||
Property, Software and Equipment | |||||||||
Property, software and equipment are stated at cost less accumulated depreciation. Capitalized software includes certain costs incurred in the development of internal-use software, including external direct costs of materials and services and payroll costs of employees devoted to specific software development. Depreciation is calculated principally by the straight-line method over estimated useful lives. Leasehold improvements are depreciated using the straight-line method over the shorter of the expected useful life or the remaining term of the lease. Property, software and equipment are depreciated over the following periods: | |||||||||
Fixed Asset | Depreciation Period | ||||||||
Buildings and land improvements | 5 - 40 years | ||||||||
Computer hardware and software | 2 - 7 years | ||||||||
Furniture and equipment | 3 - 10 years | ||||||||
Leasehold improvements | 1 - 20 years | ||||||||
The carrying amounts of all long-lived assets are evaluated to determine if adjustment to the depreciation and amortization period or to the unamortized balance is warranted. Such evaluation is based principally on the expected utilization of the long-lived assets. | |||||||||
The Company retains fully depreciated assets in property and accumulated depreciation accounts until it removes them from service. In the case of sale, retirement, or disposal, the asset cost and related accumulated depreciation balance is removed from the respective account, and the resulting net amount, less any proceeds, is included as a component of earnings from operations in the consolidated statements of operations. | |||||||||
Goodwill and Intangible Assets | |||||||||
Intangible assets represent assets acquired in purchase transactions and consist primarily of customer relationships, purchased contract rights, provider contracts, trade names and goodwill. Intangible assets are amortized using the straight-line method over the following periods: | |||||||||
Intangible Asset | Amortization Period | ||||||||
Purchased contract rights | 5 - 15 years | ||||||||
Provider contracts | 4 - 15 years | ||||||||
Customer relationships | 5 - 15 years | ||||||||
Trade names | 7 - 20 years | ||||||||
The Company tests for impairment of intangible assets as well as long-lived assets whenever events or changes in circumstances indicate that the carrying value of an asset or asset group (hereinafter referred to as “asset group”) may not be recoverable by comparing the sum of the estimated undiscounted future cash flows expected to result from use of the asset group and its eventual disposition to the carrying value. Such factors include, but are not limited to, significant changes in membership, state funding, state contracts and provider networks and contracts. If the sum of the estimated undiscounted future cash flows is less than the carrying value, an impairment determination is required. The amount of impairment is calculated by subtracting the fair value of the asset group from the carrying value of the asset group. An impairment charge, if any, is recognized within earnings from operations. | |||||||||
The Company tests goodwill for impairment using a fair value approach. The Company is required to test for impairment at least annually, absent a triggering event including a significant decline in operating performance that would require an impairment assessment. Absent any impairment indicators, the Company performs its goodwill impairment testing during the fourth quarter of each year. The Company recognizes an impairment charge for any amount by which the carrying amount of goodwill exceeds its implied fair value. | |||||||||
The Company first assesses qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. The Company does not calculate the fair value of a reporting unit unless it determines, based on a qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. | |||||||||
If the two-step quantitative test is deemed necessary, the Company uses discounted cash flows to establish the fair value as of the testing date. The discounted cash flow approach includes many assumptions related to future growth rates, discount factors, future tax rates, etc. Changes in economic and operating conditions impacting these assumptions could result in goodwill impairment in future periods. When available and as appropriate, the Company uses comparative market multiples to corroborate discounted cash flow results. | |||||||||
Medical Claims Liability | |||||||||
Medical claims liability includes claims reported but not yet paid, or inventory, estimates for claims incurred but not reported, or IBNR, and estimates for the costs necessary to process unpaid claims at the end of each period. The Company estimates its medical claims liability using actuarial methods that are commonly used by health insurance actuaries and meet Actuarial Standards of Practice. These actuarial methods consider factors such as historical data for payment patterns, cost trends, product mix, seasonality, utilization of healthcare services and other relevant factors. | |||||||||
Actuarial Standards of Practice generally require that the medical claims liability estimates be adequate to cover obligations under moderately adverse conditions. Moderately adverse conditions are situations in which the actual claims are expected to be higher than the otherwise estimated value of such claims at the time of estimate. In many situations, the claims amounts ultimately settled will be different than the estimate that satisfies the Actuarial Standards of Practice. The Company includes in its IBNR an estimate for medical claims liability under moderately adverse conditions which represents the risk of adverse deviation of the estimates in its actuarial method of reserving. | |||||||||
The Company uses its judgment to determine the assumptions to be used in the calculation of the required estimates. The assumptions it considers when estimating IBNR include, without limitation, claims receipt and payment experience (and variations in that experience), changes in membership, provider billing practices, healthcare service utilization trends, cost trends, product mix, seasonality, prior authorization of medical services, benefit changes, known outbreaks of disease or increased incidence of illness such as influenza, provider contract changes, changes to fee schedules, and the incidence of high dollar or catastrophic claims. | |||||||||
The Company's development of the medical claims liability estimate is a continuous process which it monitors and refines on a monthly basis as additional claims receipts and payment information becomes available. As more complete claims information becomes available, the Company adjusts the amount of the estimates, and includes the changes in estimates in medical costs in the period in which the changes are identified. In every reporting period, the operating results include the effects of more completely developed medical claims liability estimates associated with previously reported periods. The Company consistently applies its reserving methodology from period to period. As additional information becomes known, it adjusts the actuarial model accordingly to establish medical claims liability estimates. | |||||||||
The Company periodically reviews actual and anticipated experience compared to the assumptions used to establish medical costs. The Company establishes premium deficiency reserves if actual and anticipated experience indicates that existing policy liabilities together with the present value of future gross premiums will not be sufficient to cover the present value of future benefits, settlement and maintenance costs. | |||||||||
Revenue Recognition | |||||||||
The Company's health plans generate revenues primarily from premiums received from the states in which it operates health plans. The Company receives a fixed premium per member per month pursuant to its state contracts. The Company generally receives premium payments during the month it provides services and recognizes premium revenue during the period in which it is obligated to provide services to its members. In some instances, the Company's base premiums are subject to an adjustment, or risk score, based on the acuity of its membership. Generally, the risk score is determined by the State analyzing submissions of processed claims data to determine the acuity of the Company's membership relative to the entire state's Medicaid membership. Some states enact premium taxes, similar assessments and provider pass-through payments, collectively premium taxes, and these taxes are recorded as a separate component of both revenues and operating expenses. Some contracts allow for additional premiums related to certain supplemental services provided such as maternity deliveries. | |||||||||
Revenues are recorded based on membership and eligibility data provided by the states, which is adjusted on a monthly basis by the states for retroactive additions or deletions to membership data. These eligibility adjustments are estimated monthly and subsequent adjustments are made in the period known. We continuously review and update those estimates as new information becomes available. It is possible that new information could require us to make additional adjustments, which could be significant, to these estimates. | |||||||||
The Company's specialty companies generate revenues under contracts with state programs, individuals, healthcare organizations and other commercial organizations, as well as from the Company's own subsidiaries. Revenues are recognized when the related services are provided or as ratably earned over the covered period of service. | |||||||||
Premium and Related Receivables and Unearned Revenue | |||||||||
Premium and service revenues collected in advance are recorded as unearned revenue. For performance-based contracts the Company does not recognize revenue subject to refund until data is sufficient to measure performance. Premiums and service revenues due to the Company are recorded as premium and related receivables and are recorded net of an allowance based on historical trends and management's judgment on the collectibility of these accounts. As the Company generally receives payments during the month in which services are provided, the allowance is typically not significant in comparison to total revenues and does not have a material impact on the presentation of the financial condition or results of operations. Activity in the allowance for uncollectible accounts for the years ended December 31, is summarized below: | |||||||||
2013 | 2012 | 2011 | |||||||
Allowances, beginning of year | 781 | 639 | 17 | ||||||
Amounts charged to expense | 3,138 | 1,350 | 865 | ||||||
Write-offs of uncollectible receivables | (2,801 | ) | (1,208 | ) | (243 | ) | |||
Allowances, end of year | 1,118 | 781 | 639 | ||||||
Significant Customers | |||||||||
Centene receives the majority of its revenues under contracts or subcontracts with state Medicaid managed care programs. The current contracts expire on various dates between March 31, 2014 and October 31, 2018. States whose aggregate annual contract value exceeded 10% of annual revenues and the respective percentage of the Company's total revenues for the years ended December 31, are as follows: | |||||||||
2013 | 2012 | 2011 | |||||||
Texas | 37% | Texas | 40% | Georgia | 15% | ||||
Ohio | 12% | ||||||||
Texas | 21% | ||||||||
Reinsurance | |||||||||
Centene's subsidiaries report reinsurance premiums as medical costs, while related reinsurance recoveries are reported as deductions from medical costs. The Company limits its risk of certain catastrophic losses by maintaining high deductible reinsurance coverage. | |||||||||
Other Income (Expense) | |||||||||
Other income (expense) consists principally of investment income, interest expense and equity method earnings from investments. Investment income is derived from the Company's cash, cash equivalents, restricted deposits and investments. Interest expense relates to borrowings under the senior notes, interest rate swap, credit facilities, interest on capital leases and credit facility fees. | |||||||||
Income Taxes | |||||||||
Deferred tax assets and liabilities are recorded for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax law or tax rates is recognized in income in the period that includes the enactment date. | |||||||||
Valuation allowances are provided when it is considered more likely than not that deferred tax assets will not be realized. In determining if a deductible temporary difference or net operating loss can be realized, the Company considers future reversals of existing taxable temporary differences, future taxable income, taxable income in prior carryback periods and tax planning strategies. | |||||||||
Contingencies | |||||||||
The Company accrues for loss contingencies associated with outstanding litigation, claims and assessments for which it has determined it is probable that a loss contingency exists and the amount of loss can be reasonably estimated. The Company expenses professional fees associated with litigation claims and assessments as incurred. | |||||||||
Stock Based Compensation | |||||||||
The fair value of the Company's employee share options and similar instruments are estimated using the Black-Scholes option-pricing model. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. Excess tax benefits related to stock compensation are presented as a cash inflow from financing activities. | |||||||||
Recent Accounting Pronouncements | |||||||||
In 2011, the Financial Accounting Standards Board issued accounting guidance for the health insurance industry's annual fees mandated by the Patient Protection and Affordable Care Act. The fees will be imposed beginning in 2014 based on the Company's share of the industry's net premiums written during the preceding calendar year. In addition, these fees will not be tax deductible. Under the guidance, the liability for the fee will be estimated and recorded in full each year beginning in 2014 when health insurance is first provided. A corresponding deferred cost will be recorded and amortized to operating expense over the calendar year. |
Noncontolling_Interest_and_Acq
Noncontolling Interest and Acquisitions | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Noncontrolling Interest and Acquisitions Disclosure [Abstract] | ' | |||||||||||
Noncontrolling Interest and Acquisitions | ' | |||||||||||
Noncontrolling Interest and Acquisition | ||||||||||||
Noncontrolling Interest | ||||||||||||
The Company has consolidated subsidiaries where it maintains less than 100% ownership. The Company’s ownership interest for each subsidiary as of December 31, are as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Casenet | 100 | % | 100 | % | 81 | % | ||||||
Centurion | 51 | % | 51 | % | 51 | % | ||||||
Louisiana Healthcare Connections | 100 | % | 100 | % | 51 | % | ||||||
Home State Health Plan | 95 | % | 95 | % | — | % | ||||||
Casenet. During 2011, the Company increased its ownership interest in Casenet to 81% and in December 2012, acquired the remaining ownership interest for $4,429. The excess purchase price over the noncontrolling interest was recorded to additional paid in capital, net of the related deferred tax asset. Casenet is recorded in the Specialty Services segment. | ||||||||||||
Centurion. During 2011, the Company began operations as a 51% joint venture partner with MHM Services Inc. as Centurion. In July 2013, Centurion began operating under a new contract with the Department of Corrections in Massachusetts to provide comprehensive healthcare services to individuals incarcerated in Massachusetts state correctional facilities and in September 2013, began operating under a new contract to provide comprehensive healthcare services to individuals incarcerated in Tennessee state correctional facilities. Centurion is recorded in the Specialty Services segment. | ||||||||||||
Home State Health Plan. In July 2012, the Company began operations as a 95% joint venture partner, operating under a new contract with the Office of Administration for Missouri to serve Medicaid beneficiaries in the Eastern, Central, and Western Managed Care Regions of the state. | ||||||||||||
Louisiana Healthcare Connections. In February 2012, the Company began operations under a new contract in Louisiana through a joint venture subsidiary, Louisiana Healthcare Connections. The Company initially owned a 51% interest in the subsidiary and in October 2012, acquired the remaining noncontrolling interest for $10,000. The purchase price in excess of the noncontrolling interest was recorded to additional paid in capital. The operating results of Louisiana are included in the Company's Managed Care segment. | ||||||||||||
Net income attributable to Centene Corporation and transfers from (to) noncontrolling interest entities are as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net earnings attributable to Centene Corporation | $ | 161,218 | $ | 88,533 | $ | 120,518 | ||||||
Transfers from (to) the noncontrolling interest: | ||||||||||||
Decrease in equity for purchase of, distribution to and redemption of noncontrolling interest | — | (12,193 | ) | (289 | ) | |||||||
Increase in equity for distributions from and consolidation of noncontrolling interest | 8,068 | 1,092 | 813 | |||||||||
Net transfers from (to) noncontrolling interest | 8,068 | (11,101 | ) | 524 | ||||||||
Changes from net earnings attributable to Centene Corporation and net transfers from (to) the noncontrolling interest | $ | 169,286 | $ | 77,432 | $ | 121,042 | ||||||
Acquisition | ||||||||||||
AcariaHealth. In April 2013, the Company acquired 100% of AcariaHealth, a specialty pharmacy company, for $142,495 in total consideration. The transaction consideration was financed through a combination of $75,425 of Centene common stock and $67,070 of cash on hand. The Company also sold 342,640 shares of common stock for $15,225 related to funding the escrow account for the acquisition. The Company's allocation of fair value resulted in goodwill of $92,144 and other identifiable intangible assets of $35,000. The goodwill is not deductible for income tax purposes. The acquisition is recorded in the Specialty Services segment. | ||||||||||||
Pro forma disclosures related to the acquisitions have been excluded as immaterial. |
Discontinued_Operations_Notes
Discontinued Operations (Notes) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | ||||||||||||
4. Discontinued Operations: Kentucky Spirit Health Plan | |||||||||||||
In October 2012, the Company notified the Kentucky Cabinet for Health and Family Services (Cabinet) that it was exercising a contractual right that it believes allows the Company to terminate its Medicaid managed care contract with the Commonwealth of Kentucky (Commonwealth) effective July 5, 2013. As of July 6, 2013, our subsidiary, Kentucky Spirit Health Plan (KSHP), ceased serving Medicaid members in Kentucky. Accordingly, the results of operations of KSHP are presented as discontinued operations for all periods presented. The assets, liabilities and results of operations of KSHP are classified as discontinued operations for all periods presented beginning in 2011. KSHP was previously reported in the Managed Care segment. | |||||||||||||
During the years ended December 31, 2013 and 2012, the Company incurred exit costs consisting primarily of lease termination fees and employee severance. The change in exit cost liability for KSHP is summarized as follows: | |||||||||||||
Employee Benefits | Lease Termination | Total | |||||||||||
Balance, December 31, 2011 | $ | — | $ | — | $ | — | |||||||
Incurred | 2,939 | — | 2,939 | ||||||||||
Balance, December 31, 2012 | 2,939 | — | 2,939 | ||||||||||
Incurred | 434 | 735 | 1,169 | ||||||||||
Paid | (2,837 | ) | — | (2,837 | ) | ||||||||
Balance, December 31, 2013 | $ | 536 | $ | 735 | $ | 1,271 | |||||||
KSHP had remaining statutory capital of approximately $83,600 at December 31, 2013, which will be transferred to unregulated cash, subject to regulatory approval. | |||||||||||||
Operating results for the discontinued operations are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues | $ | 248,327 | $ | 557,316 | $ | 129,105 | |||||||
Earnings (loss) before income taxes | $ | 6,165 | $ | (134,415 | ) | $ | (13,465 | ) | |||||
Net earnings (loss) | $ | 3,881 | $ | (86,674 | ) | $ | (9,300 | ) | |||||
Assets and liabilities of the discontinued operations are as follows: | |||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||
Current assets | $ | 77,512 | $ | 176,996 | |||||||||
Long term investments and restricted deposits | 38,305 | 60,461 | |||||||||||
Other assets | — | 1,836 | |||||||||||
Assets of discontinued operations | $ | 115,817 | $ | 239,293 | |||||||||
Medical claims liability | $ | 27,637 | $ | 111,141 | |||||||||
Accounts payable and accrued expenses | 2,657 | 45,975 | |||||||||||
Other liabilities | 1,028 | 357 | |||||||||||
Liabilities of discontinued operations | $ | 31,322 | $ | 157,473 | |||||||||
ShortTerm_And_LongTerm_Investm
Short-Term And Long-Term Investments And Restricted Deposits | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||||||||||
Short-Term And Long-Term Investments And Restricted Deposits | ' | |||||||||||||||||||||||||||||||
Short term and Long term Investments and Restricted Deposits | ||||||||||||||||||||||||||||||||
Short term and long term investments and restricted deposits by investment type consist of the following: | ||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||
Cost | Unrealized | Unrealized Losses | Value | Cost | Unrealized | Unrealized Losses | Value | |||||||||||||||||||||||||
Gains | Gains | |||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | 246,085 | $ | 245 | $ | (7,494 | ) | $ | 238,836 | $ | 110,941 | $ | 581 | $ | (221 | ) | $ | 111,301 | ||||||||||||||
Corporate securities | 293,912 | 2,782 | (608 | ) | 296,086 | 290,691 | 4,615 | (195 | ) | 295,111 | ||||||||||||||||||||||
Restricted certificates of deposit | 5,891 | — | — | 5,891 | 5,890 | — | — | 5,890 | ||||||||||||||||||||||||
Restricted cash equivalents | 26,642 | — | — | 26,642 | 14,455 | — | — | 14,455 | ||||||||||||||||||||||||
Municipal securities: | ||||||||||||||||||||||||||||||||
General obligation | 54,003 | 555 | (136 | ) | 54,422 | 85,440 | 1,157 | (26 | ) | 86,571 | ||||||||||||||||||||||
Pre-refunded | 10,835 | 82 | — | 10,917 | 5,337 | 85 | — | 5,422 | ||||||||||||||||||||||||
Revenue | 68,801 | 545 | (292 | ) | 69,054 | 82,781 | 1,313 | (30 | ) | 84,064 | ||||||||||||||||||||||
Variable rate demand notes | 28,575 | — | — | 28,575 | 23,385 | — | — | 23,385 | ||||||||||||||||||||||||
Asset backed securities | 138,803 | 579 | (332 | ) | 139,050 | 73,570 | 1,082 | (15 | ) | 74,637 | ||||||||||||||||||||||
Mortgage backed securities | 33,974 | — | (83 | ) | 33,891 | — | — | — | — | |||||||||||||||||||||||
Cost and equity method investments | 22,239 | — | — | 22,239 | 11,298 | — | — | 11,298 | ||||||||||||||||||||||||
Life insurance contracts | 15,369 | — | — | 15,369 | 15,023 | — | — | 15,023 | ||||||||||||||||||||||||
Total | $ | 945,129 | $ | 4,788 | $ | (8,945 | ) | $ | 940,972 | $ | 718,811 | $ | 8,833 | $ | (487 | ) | $ | 727,157 | ||||||||||||||
The Company’s investments are classified as available-for-sale with the exception of life insurance contracts and certain cost and equity method investments. The Company’s investment policies are designed to provide liquidity, preserve capital and maximize total return on invested assets with the focus on high credit quality securities. The Company limits the size of investment in any single issuer other than U.S. treasury securities and obligations of U.S. government corporations and agencies. The Company's mortgage backed securities are issued by the Federal National Mortgage Association and carry guarantees by the U.S. government. As of December 31, 2013, 52% of the Company’s investments in securities recorded at fair value that carry a rating by S&P or Moody’s were rated AAA/Aaa, 68% were rated AA-/Aa3 or higher, and 94% were rated A-/A3 or higher. At December 31, 2013, the Company held certificates of deposit, life insurance contracts and cost and equity method investments which did not carry a credit rating. | ||||||||||||||||||||||||||||||||
The fair value of available-for-sale investments with gross unrealized losses by investment type and length of time that individual securities have been in a continuous unrealized loss position were as follows: | ||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Less Than 12 Months | 12 Months or More | |||||||||||||||||||||||||||||
Unrealized Losses | Fair | Unrealized Losses | Fair | Unrealized Losses | Fair | Unrealized Losses | Fair | |||||||||||||||||||||||||
Value | Value | Value | Value | |||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | (6,188 | ) | $ | 172,365 | $ | (1,307 | ) | $ | 26,454 | $ | (219 | ) | $ | 56,033 | $ | (2 | ) | $ | 201 | ||||||||||||
Corporate securities | (400 | ) | 52,725 | (207 | ) | 5,020 | (195 | ) | 44,208 | — | — | |||||||||||||||||||||
Municipal securities: | ||||||||||||||||||||||||||||||||
General obligation | (72 | ) | 3,480 | (63 | ) | 2,426 | (26 | ) | 7,930 | — | — | |||||||||||||||||||||
Revenue | (292 | ) | 27,789 | — | — | (30 | ) | 3,090 | — | — | ||||||||||||||||||||||
Asset backed securities | (333 | ) | 37,689 | — | — | (15 | ) | 8,192 | — | — | ||||||||||||||||||||||
Mortgage backed securities | (83 | ) | 33,891 | — | — | — | — | — | — | |||||||||||||||||||||||
Total | $ | (7,368 | ) | $ | 327,939 | $ | (1,577 | ) | $ | 33,900 | $ | (485 | ) | $ | 119,453 | $ | (2 | ) | $ | 201 | ||||||||||||
As of December 31, 2013, the gross unrealized losses were generated from 83 positions out of a total of 343 positions. The decline in fair value of fixed income securities is a result of movement in interest rates subsequent to the purchase of the security. | ||||||||||||||||||||||||||||||||
For each security in an unrealized loss position, the Company assesses whether it intends to sell the security or if it is more likely than not the Company will be required to sell the security before recovery of the amortized cost basis for reasons such as liquidity, contractual or regulatory purposes. If the security meets this criterion, the decline in fair value is other-than-temporary and is recorded in earnings. The Company does not intend to sell these securities prior to maturity and it is not likely that the Company will be required to sell these securities prior to maturity; therefore, there is no indication of other than temporary impairment for these securities. | ||||||||||||||||||||||||||||||||
The contractual maturities of short term and long term investments and restricted deposits are as follows: | ||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
Investments | Restricted Deposits | Investments | Restricted Deposits | |||||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | Amortized | Fair | Amortized | Fair | |||||||||||||||||||||||||
Cost | Value | Cost | Value | Cost | Value | Cost | Value | |||||||||||||||||||||||||
One year or less | $ | 101,537 | $ | 102,126 | $ | 40,633 | $ | 40,637 | $ | 136,997 | $ | 138,101 | $ | 33,897 | $ | 33,928 | ||||||||||||||||
One year through five years | 609,755 | 610,589 | 6,301 | 6,309 | 429,053 | 435,728 | 358 | 358 | ||||||||||||||||||||||||
Five years through ten years | 157,003 | 151,221 | — | — | 93,907 | 93,778 | — | — | ||||||||||||||||||||||||
Greater than ten years | 29,900 | 30,090 | — | — | 24,599 | 25,264 | — | — | ||||||||||||||||||||||||
Total | $ | 898,195 | $ | 894,026 | $ | 46,934 | $ | 46,946 | $ | 684,556 | $ | 692,871 | $ | 34,255 | $ | 34,286 | ||||||||||||||||
Actual maturities may differ from contractual maturities due to call or prepayment options. Asset backed and mortgage backed securities are included in the one year through five years category, while cost and equity method investments and life insurance contracts are included in the five years through ten years category. The Company has an option to redeem at amortized cost substantially all of the securities included in the greater than ten years category listed above. | ||||||||||||||||||||||||||||||||
The Company continuously monitors investments for other-than-temporary impairment. Certain investments have experienced a decline in fair value due to changes in credit quality, market interest rates and/or general economic conditions. The Company recognizes an impairment loss for cost and equity method investments when evidence demonstrates that it is other-than-temporarily impaired. Evidence of a loss in value that is other than temporary may include the absence of an ability to recover the carrying amount of the investment or the inability of the investee to sustain a level of earnings that would justify the carrying amount of the investment. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
Assets and liabilities recorded at fair value in the consolidated balance sheets are categorized based upon the extent to which the fair value estimates are based upon observable or unobservable inputs. Level inputs are as follows: | ||||||||||||||||
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. | |||||||||||||||
The following table summarizes fair value measurements by level at December 31, 2013, for assets and liabilities measured at fair value on a recurring basis: | ||||||||||||||||
Level I | Level II | Level III | Total | |||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 974,304 | $ | — | $ | — | $ | 974,304 | ||||||||
Investments available for sale: | ||||||||||||||||
U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | 212,185 | $ | 12,238 | $ | — | $ | 224,423 | ||||||||
Corporate securities | — | 296,086 | — | 296,086 | ||||||||||||
Municipal securities: | ||||||||||||||||
General obligation | — | 54,422 | — | 54,422 | ||||||||||||
Pre-refunded | — | 10,917 | — | 10,917 | ||||||||||||
Revenue | — | 69,054 | — | 69,054 | ||||||||||||
Variable rate demand notes | — | 28,575 | — | 28,575 | ||||||||||||
Asset backed securities | — | 139,050 | — | 139,050 | ||||||||||||
Mortgage backed securities | $ | — | $ | 33,891 | $ | — | $ | 33,891 | ||||||||
Total investments | $ | 212,185 | $ | 644,233 | $ | — | $ | 856,418 | ||||||||
Restricted deposits available for sale: | ||||||||||||||||
Cash and cash equivalents | $ | 26,642 | $ | — | $ | — | $ | 26,642 | ||||||||
Certificates of deposit | 5,891 | — | — | 5,891 | ||||||||||||
U.S. Treasury securities and obligations of U.S. government corporations and agencies | 14,413 | — | — | 14,413 | ||||||||||||
Total restricted deposits | $ | 46,946 | $ | — | $ | — | $ | 46,946 | ||||||||
Other long term assets: | ||||||||||||||||
Interest rate swap contract | $ | — | $ | 9,576 | $ | — | $ | 9,576 | ||||||||
Total assets at fair value | $ | 1,233,435 | $ | 653,809 | $ | — | $ | 1,887,244 | ||||||||
The following table summarizes fair value measurements by level at December 31, 2012, for assets and liabilities measured at fair value on a recurring basis: | ||||||||||||||||
Level I | Level II | Level III | Total | |||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 745,933 | $ | — | $ | — | $ | 745,933 | ||||||||
Investments available for sale: | ||||||||||||||||
U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | 57,114 | $ | 40,246 | $ | — | $ | 97,360 | ||||||||
Corporate securities | — | 295,111 | — | 295,111 | ||||||||||||
Municipal securities: | ||||||||||||||||
General obligation | — | 86,571 | — | 86,571 | ||||||||||||
Pre-refunded | — | 5,422 | — | 5,422 | ||||||||||||
Revenue | — | 84,064 | — | 84,064 | ||||||||||||
Variable rate demand notes | — | 23,385 | — | 23,385 | ||||||||||||
Asset backed securities | — | 74,637 | — | 74,637 | ||||||||||||
Mortgage backed securities | — | — | — | — | ||||||||||||
Total investments | $ | 57,114 | $ | 609,436 | $ | — | $ | 666,550 | ||||||||
Restricted deposits available for sale: | ||||||||||||||||
Cash and cash equivalents | $ | 14,455 | $ | — | $ | — | $ | 14,455 | ||||||||
Certificates of deposit | 5,890 | — | — | 5,890 | ||||||||||||
U.S. Treasury securities and obligations of U.S. government corporations and agencies | 13,941 | — | — | 13,941 | ||||||||||||
Total restricted deposits | $ | 34,286 | $ | — | $ | — | $ | 34,286 | ||||||||
Other long term assets: | ||||||||||||||||
Interest rate swap contract | $ | — | $ | 16,304 | $ | — | $ | 16,304 | ||||||||
Total assets at fair value | $ | 837,333 | $ | 625,740 | $ | — | $ | 1,463,073 | ||||||||
The Company periodically transfers U.S. Treasury securities and obligations of U.S. government corporations and agencies between Level I and Level II fair value measurements dependent upon the level of trading activity for the specific securities at the measurement date. The Company’s policy regarding the timing of transfers between Level I and Level II is to measure and record the transfers at the end of the reporting period. At December 31, 2013, there were $1,143 of transfers from Level I to Level II and $26,301 of transfers from Level II to Level I. The Company utilizes matrix pricing services to estimate fair value for securities which are not actively traded on the measurement date. The Company designates these securities as Level II fair value measurements. The aggregate carrying amount of the Company’s life insurance contracts and other non-majority owned investments, which approximates fair value, was $37,608 and $26,321 as of December 31, 2013 and December 31, 2012, respectively. |
Notes_Receivable
Notes Receivable | 12 Months Ended |
Dec. 31, 2013 | |
Notes Receivable [Abstract] | ' |
Note Receivable | ' |
Notes Receivable | |
Between July 2008 and October 2011, the Company made an investment of $30,000 in secured notes receivable to a third party as part of an investment in certain Medicaid and Medicare related businesses. The notes included a feature to convert the note balance into an equity ownership in the underlying businesses. | |
In September 2012, the Company executed an agreement with the borrower whereby the borrower agreed to pay the Company total consideration of $50,000 for retirement of the outstanding notes and equity ownership conversion feature. Under the terms of the agreement, the borrower paid the Company $30,000 in December 2012, and agreed to pay the Company $10,000 by September 30, 2013 and $10,000 by September 30, 2014. All outstanding balances are secured by liens on certain underlying businesses as well as guaranteed personally by the principal owner of the businesses. The $10,000 notes to be paid on or before September 30, 2013 and September 30, 2014 are non-interest bearing and, as a result, total consideration was discounted by $2,120 to reflect imputation of interest. As a result, during the third quarter of 2012, the Company recorded a pre-tax gain of $17,880 in other income representing the fair value of the total consideration in excess of the carrying value of the loans on the Company's balance sheet. As of December 31, 2013, the Company has a remaining receivable of $9,483 associated with this transaction. |
Property_Software_And_Equipmen
Property, Software And Equipment | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Software and Equipment [Abstract] | ' | |||||||
Property, Software and Equipment | ' | |||||||
Property, Software and Equipment | ||||||||
Property, software and equipment consist of the following as of December 31: | ||||||||
2013 | 2012 | |||||||
Computer software | $ | 184,983 | $ | 164,755 | ||||
Building | 206,058 | 193,186 | ||||||
Land | 69,705 | 70,276 | ||||||
Computer hardware | 69,087 | 57,389 | ||||||
Furniture and office equipment | 53,180 | 43,136 | ||||||
Leasehold improvements | 56,816 | 49,808 | ||||||
639,829 | 578,550 | |||||||
Less accumulated depreciation | (244,422 | ) | (202,657 | ) | ||||
Property, software and equipment, net | $ | 395,407 | $ | 375,893 | ||||
As of December 31, 2013 and 2012, the Company had assets acquired under capital leases included above of $5,815 and $6,133, net of accumulated amortization of $1,782 and $1,595, respectively. Amortization on assets under capital leases charged to expense is included in depreciation expense. Depreciation expense for the years ended December 31, 2013, 2012 and 2011 was $52,234, $48,942 and $42,098, respectively. |
Goodwill_And_Intangible_Assets
Goodwill And Intangible Assets | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Goodwill and Intangible Assets [Abstract] | ' | |||||||||||
Goodwill and Intangible Assets Disclosure | ' | |||||||||||
Goodwill and Intangible Assets | ||||||||||||
During the second quarter of 2012, the Company's subsidiary, Celtic Insurance Company, experienced a high level of medical costs for individual health policies, especially for recently issued policies related to members converted from another insurer during the first quarter of 2012. Additionally, in June 2012, the U.S. Supreme Court upheld the constitutionality of the Patient Protection and Affordable Care Act which limits the profitability of the individual health insurance business because of minimum medical loss ratios, guaranteed issue policies, and increased competition in the exchange market. As a result of these factors, the Company conducted an impairment analysis of the identifiable intangible assets and goodwill of the Celtic reporting unit. The impairment analysis resulted in goodwill and intangible asset impairments of $28,033, recorded as an impairment loss in the consolidated statement of operations. The impaired identifiable intangible assets of $2,340 and goodwill of $25,693 were reported under the Specialty Services segment; $26,589 of the impairment loss is not deductible for income tax purposes. | ||||||||||||
The following table summarizes the changes in goodwill by operating segment: | ||||||||||||
Managed Care | Specialty Services | Total | ||||||||||
Balance as of December 31, 2011 | $ | 151,402 | $ | 130,579 | $ | 281,981 | ||||||
Impairment | — | (25,693 | ) | (25,693 | ) | |||||||
Balance as of December 31, 2012 | 151,402 | 104,886 | 256,288 | |||||||||
Acquisition | — | 92,144 | 92,144 | |||||||||
Balance as of December 31, 2013 | $ | 151,402 | $ | 197,030 | $ | 348,432 | ||||||
Goodwill acquisitions and other adjustments were related to the acquisitions and finalization of fair value allocations discussed in Note 3, Noncontrolling Interest and Acquisitions. | ||||||||||||
Intangible assets at December 31, consist of the following: | ||||||||||||
Weighted Average Life in Years | ||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Purchased contract rights | $ | 21,988 | $ | 21,988 | 7.5 | 7.5 | ||||||
Provider contracts | 35,537 | 2,737 | 13.2 | 9.8 | ||||||||
Customer relationships | 13,396 | 13,396 | 8 | 8 | ||||||||
Trade names | 8,695 | 6,495 | 18.9 | 16.3 | ||||||||
Intangible assets | 79,616 | 44,616 | 11.1 | 9.1 | ||||||||
Less accumulated amortization: | ||||||||||||
Purchased contract rights | (13,459 | ) | (11,010 | ) | ||||||||
Provider contracts | (3,767 | ) | (1,241 | ) | ||||||||
Customer relationships | (11,425 | ) | (10,214 | ) | ||||||||
Trade names | (2,185 | ) | (1,883 | ) | ||||||||
Total accumulated amortization | (30,836 | ) | (24,348 | ) | ||||||||
Intangible assets, net | $ | 48,780 | $ | 20,268 | ||||||||
Amortization expense was $6,489, $4,822 and $5,561 for the years ended December 31, 2013, 2012 and 2011 respectively. Estimated total amortization expense related to intangible assets for each of the five succeeding fiscal years is as follows: | ||||||||||||
Year | Expense | |||||||||||
2014 | $ | 6,800 | ||||||||||
2015 | 5,900 | |||||||||||
2016 | 5,900 | |||||||||||
2017 | 4,400 | |||||||||||
2018 | 2,600 | |||||||||||
Medical_Claims_Liability
Medical Claims Liability | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Medical Claims Liability [Abstract] | ' | |||||||||||
Medical Claims Liability | ' | |||||||||||
Medical Claims Liability | ||||||||||||
The change in medical claims liability is summarized as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance, January 1, | $ | 815,161 | $ | 518,840 | $ | 456,765 | ||||||
Incurred related to: | ||||||||||||
Current year | 9,072,867 | 6,836,177 | 4,256,645 | |||||||||
Prior years | (78,226 | ) | (55,096 | ) | (65,377 | ) | ||||||
Total incurred | 8,994,641 | 6,781,081 | 4,191,268 | |||||||||
Paid related to: | ||||||||||||
Current year | 7,975,367 | 6,024,720 | 3,744,475 | |||||||||
Prior years | 722,726 | 460,040 | 384,718 | |||||||||
Total paid | 8,698,093 | 6,484,760 | 4,129,193 | |||||||||
Balance, December 31, | $ | 1,111,709 | $ | 815,161 | $ | 518,840 | ||||||
Changes in estimates of incurred claims for prior years are primarily attributable to reserving under moderately adverse conditions. In addition, claims processing initiatives yielded increased claim payment recoveries and coordination of benefits related to prior year dates of service. Changes in medical utilization and cost trends and the effect of medical management initiatives may also contribute to changes in medical claim liability estimates. While the Company has evidence that medical management initiatives are effective on a case by case basis, medical management initiatives primarily focus on events and behaviors prior to the incurrence of the medical event and generation of a claim. Accordingly, any change in behavior, leveling of care, or coordination of treatment occurs prior to claim generation and as a result, the costs prior to the medical management initiative are not known by the Company. Additionally, certain medical management initiatives are focused on member and provider education with the intent of influencing behavior to appropriately align the medical services provided with the member's acuity. In these cases, determining whether the medical management initiative changed the behavior cannot be determined. Because of the complexity of its business, the number of states in which it operates, and the volume of claims that it processes, the Company is unable to practically quantify the impact of these initiatives on its changes in estimates of IBNR. | ||||||||||||
The Company had reinsurance recoverables related to medical claims liability of $10,427 and $9,094 at December 31, 2013 and 2012, respectively, included in premium and related receivables. | ||||||||||||
The Company periodically reviews actual and anticipated experience compared to the assumptions used to establish medical costs. The Company establishes premium deficiency reserves if actual and anticipated experience indicates that existing policy liabilities together with the present value of future gross premiums will not be sufficient to cover the present value of future benefits, settlement and maintenance costs. |
Debt
Debt | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
Debt | ||||||||
Debt consists of the following: | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Senior notes, at par | $ | 425,000 | $ | 425,000 | ||||
Unamortized premium on senior notes | 6,052 | 7,823 | ||||||
Interest rate swap fair value | 9,576 | 16,304 | ||||||
Senior notes | 440,628 | 449,127 | ||||||
Revolving credit agreement | 150,000 | — | ||||||
Mortgage notes payable | 72,785 | 84,081 | ||||||
Capital leases and other | 5,349 | 5,646 | ||||||
Total debt | 668,762 | 538,854 | ||||||
Less current portion | (3,065 | ) | (3,373 | ) | ||||
Long term debt | $ | 665,697 | $ | 535,481 | ||||
Senior Notes | ||||||||
In May 2011, the Company issued $250,000 non-callable 5.75% Senior Notes due June 1, 2017 (the $250,000 Notes) at a discount to yield 6%. In connection with the May 2011 issuance, the Company entered into an interest rate swap for a notional amount of $250,000. Gains and losses due to changes in the fair value of the interest rate swap completely offset changes in the fair value of the hedged portion of the underlying debt and are recorded as an adjustment to the $250,000 Notes. At December 31, 2013, the fair value of the interest rate swap increased the fair value of the notes by $9,576 and the variable interest rate of the swap was 3.74%. | ||||||||
In November 2012, the Company issued an additional $175,000 non-callable 5.75% Senior Notes due June 1, 2017 ($175,000 Add-on Notes) at a premium to yield 4.29%. The indenture governing the $250,000 Notes and the $175,000 Add-on Notes contains non-financial and financial covenants, including requirements of a minimum fixed charge coverage ratio. Interest is paid semi-annually in June and December. At December 31, 2013, the total net unamortized debt premium on the $250,000 Notes and $175,000 Add-on Notes was $6,052. | ||||||||
Revolving Credit Agreement | ||||||||
In May 2013, the Company entered into a new unsecured $500,000 revolving credit facility and terminated its previous $350,000 revolving credit facility. Borrowings under the agreement bear interest based upon LIBOR rates, the Federal Funds Rate or the Prime Rate. The agreement has a maturity date of June 1, 2018, provided it will mature 90 days prior to the maturity date of the Company's 5.75% Senior Notes due 2017 if such notes are not refinanced (or extended) or certain financial conditions are not met, including carrying $100,000 of unrestricted cash on deposit. As of December 31, 2013, the Company had $150,000 of borrowings outstanding under the agreement with a weighted average interest rate of 3.31%. | ||||||||
The agreement contains non-financial and financial covenants, including requirements of minimum fixed charge coverage ratios, maximum debt-to-EBITDA ratios and minimum tangible net worth. The Company is required not to exceed a maximum debt-to-EBITDA ratio of 3.0 to 1.0. As of December 31, 2013, there were no limitations on the availability under the revolving credit agreement as a result of the debt-to-EBITDA ratio. | ||||||||
Mortgage Notes Payable | ||||||||
The Company has a non-recourse mortgage note of $72,785 at December 31, 2013 collateralized by its corporate headquarters building. The mortgage note is due January 1, 2021 and bears a 5.14% interest rate. The collateralized property had a net book value of $160,246 at December 31, 2013. | ||||||||
The Company also had a mortgage note of $8,700 at December 31, 2012 collateralized by another building and parking garage. In June 2013, the Company repaid this mortgage note. | ||||||||
Letters of Credit & Surety Bonds | ||||||||
The Company had outstanding letters of credit of $28,757 as of December 31, 2013, which were not part of the revolving credit facility. The letters of credit bore interest at 0.51% as of December 31, 2013. The Company had outstanding surety bonds of $102,568 as of December 31, 2013. | ||||||||
Aggregate maturities for the Company's debt are as follows: | ||||||||
2014 | $ | 3,065 | ||||||
2015 | 3,188 | |||||||
2016 | 3,353 | |||||||
2017 | 428,525 | |||||||
2018 | 153,702 | |||||||
Thereafter | 61,301 | |||||||
Total | $ | 653,134 | ||||||
The fair value of outstanding debt was approximately $672,529 and $543,611 at December 31, 2013 and 2012, respectively. |
Interest_Rate_Swap
Interest Rate Swap | 12 Months Ended |
Dec. 31, 2013 | |
Interest Rate Swap [Abstract] | ' |
Interest Rate Swap | ' |
Interest Rate Swap | |
In May 2011, the Company entered into $250,000 notional amount of interest rate swap agreements (Swap Agreements) that are scheduled to expire June 1, 2017. Under the Swap Agreements, the Company receives a fixed rate of 5.75% and pays a variable rate of the three month LIBOR plus 3.5% adjusted quarterly, which allows the Company to adjust $250,000 of its senior notes to a floating rate. The Company does not hold or issue any derivative instrument for trading or speculative purposes. At December 31, 2013, the variable rate was 3.74%. | |
The Swap Agreements are formally designated and qualify as fair value hedges. The Swap Agreements are recorded at fair value in the Consolidated Balance Sheet in other assets or other liabilities. Gains and losses due to changes in fair value of the interest rate swaps completely offset changes in the fair value of the hedged portion of the underlying debt. Therefore, no gain or loss has been recognized due to hedge ineffectiveness. Offsetting changes in fair value of both the interest rate swaps and the hedged portion of the underlying debt both were recognized in interest expense in the Consolidated Statement of Operations. | |
The fair value of the Swap Agreements as of December 31, 2013 was an asset of approximately $9,576, and is included in other long term assets in the Consolidated Balance Sheet. The fair value of the Swap Agreements excludes accrued interest and takes into consideration current interest rates and current likelihood of the swap counterparties' compliance with its contractual obligations. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2013 | |
Stockholders' Equity Attributable to Parent [Abstract] | ' |
Stockholders' Equity | ' |
Stockholders' Equity | |
The Company has 10,000,000 authorized shares of preferred stock at $.001 par value. At December 31, 2013, there were no preferred shares outstanding. | |
The Company's Board of Directors has authorized a stock repurchase program for up to 4,000,000 shares of the Company's common stock from time to time on the open market or through privately negotiated transactions. No duration has been placed on the repurchase program. The Company has 1,667,724 available shares remaining under the program for repurchases as of December 31, 2013. The Company reserves the right to discontinue the repurchase program at any time. During the year ended December 31, 2013, the Company did not repurchase any shares through this publicly announced program. | |
As a component of the employee stock compensation plan, employees can use shares of stock which have vested to satisfy minimum statutory tax withholding obligations. As part of this plan, the Company repurchased 344,064 shares at an aggregate cost of $19,779 in 2013 and 287,804 shares at an aggregate cost of $12,741 in 2012. These shares are included in the Company's treasury stock. | |
In April 2013, the Company completed the acquisition of AcariaHealth and as a result, issued 1,716,690 shares of Centene common stock to the selling stockholders. Additionally, the Company filed an equity shelf registration statement related to funding the escrow account for the acquisition and sold 342,640 shares of Centene common stock for $15,225. |
Statutory_Capital_Requirements
Statutory Capital Requirements And Dividend Restrictions | 12 Months Ended |
Dec. 31, 2013 | |
Statutory Capital [Abstract] | ' |
Statutory Capital Requirements and Dividend Restriction | ' |
Statutory Capital Requirements and Dividend Restrictions | |
Various state laws require Centene's regulated subsidiaries to maintain minimum capital levels specified by each state and restrict the amount of dividends that may be paid without prior regulatory approval. At December 31, 2013 and 2012, Centene's subsidiaries, including Kentucky Spirit Health Plan, had aggregate statutory capital and surplus of $1,279,700 and $990,300, respectively, compared with the required minimum aggregate statutory capital and surplus of $686,400 and $617,000, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
The consolidated income tax expense consists of the following for the years ended December 31: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current provision: | ||||||||||||
Federal | $ | 120,858 | $ | 47,528 | $ | 63,388 | ||||||
State and local | 5,857 | (4,368 | ) | 5,157 | ||||||||
Total current provision | 126,715 | 43,160 | 68,545 | |||||||||
Deferred provision | (19,635 | ) | 4,252 | 2,142 | ||||||||
Total provision for income taxes | $ | 107,080 | $ | 47,412 | $ | 70,687 | ||||||
The reconciliation of the tax provision at the U.S. Federal Statutory Rate to the provision for income taxes is as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Earnings from continuing operations, before income tax expense | $ | 268,917 | $ | 122,791 | $ | 188,350 | ||||||
Less flow through noncontrolling interest | 960 | (2,539 | ) | (2,855 | ) | |||||||
Earnings from continuing operations, less noncontrolling interest, before income tax expense | 267,957 | 125,330 | 191,205 | |||||||||
Tax provision at the U.S. federal statutory rate | 93,785 | 43,866 | 66,922 | |||||||||
State income taxes, net of federal income tax benefit | 2,871 | (2,288 | ) | 3,381 | ||||||||
Nondeductible goodwill impairment | — | 8,487 | — | |||||||||
Nondeductible compensation | 12,519 | 1,108 | 2,705 | |||||||||
Other, net | (2,095 | ) | (3,761 | ) | (2,321 | ) | ||||||
Income tax expense | $ | 107,080 | $ | 47,412 | $ | 70,687 | ||||||
The tax effects of temporary differences which give rise to deferred tax assets and liabilities are presented below for the years ended December 31: | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Medical claims liability and other accruals | $ | 53,943 | $ | 37,413 | ||||||||
State net operating loss carry forward | 9,530 | 9,055 | ||||||||||
Stock compensation | 14,223 | 12,615 | ||||||||||
Other | 30,199 | 20,573 | ||||||||||
Deferred tax assets | 107,895 | 79,656 | ||||||||||
Valuation allowance | (8,119 | ) | (8,180 | ) | ||||||||
Net deferred tax assets | $ | 99,776 | $ | 71,476 | ||||||||
Deferred tax liabilities: | ||||||||||||
Intangible assets | $ | 18,278 | $ | 12,441 | ||||||||
Prepaid assets | 5,621 | 4,767 | ||||||||||
Depreciation and amortization | 30,411 | 31,741 | ||||||||||
Other | 1,615 | 5,624 | ||||||||||
Deferred tax liabilities | $ | 55,925 | $ | 54,573 | ||||||||
Net deferred tax assets | $ | 43,851 | $ | 16,903 | ||||||||
The Company's deferred tax assets include federal and state net operating losses, or NOLs, of which $6,547 were acquired in business combinations. Accordingly, the total and annual deduction for those NOLs is limited by tax law. The Company's federal NOLs expire between the years 2020 and 2032 and the state NOLs expire between the years 2014 and 2034. Valuation allowances are recorded for those NOLs the Company believes are more likely than not to expire unused. During 2013 and 2012, the Company recorded valuation allowance additions in the tax provision of $1,301 and $2,093, respectively. In 2013 and 2012, the Company recorded valuation allowance reductions of $1,362 and $2,289, respectively. | ||||||||||||
The Company maintains a reserve for uncertain tax positions that may be challenged by a tax authority. A roll-forward of the reserve is as follows: | ||||||||||||
2013 | 2012 | |||||||||||
Gross unrecognized tax benefits, beginning of period | $ | 7,870 | $ | 13,552 | ||||||||
Gross increases: | ||||||||||||
Current year tax positions | 338 | 4,107 | ||||||||||
Prior year tax positions | 164 | 451 | ||||||||||
Gross decreases: | ||||||||||||
Prior year tax positions | — | (9,925 | ) | |||||||||
Settlements | (4,390 | ) | (53 | ) | ||||||||
Statute of limitation lapses | (708 | ) | (262 | ) | ||||||||
Gross unrecognized tax benefits, end of period | $ | 3,274 | $ | 7,870 | ||||||||
Included in the balance of unrecognized tax benefits at December 31, 2013 and 2012 were reserve balances of $3,274 and $4,095, respectively, that, if recognized, would decrease the effective tax rate on income from continuing operations. Also included in the December 31, 2012 reserve balance were liabilities of $3,775 that, if recognized, would have been recorded as an adjustment to deferred taxes. | ||||||||||||
The Company recognizes interest accrued related to unrecognized tax benefits in the provision for income taxes. During the year ended December 31, 2013 and 2012, the Company recognized tax benefits generated from the net reduction in interest accrued of $310 and $170, respectively. Interest accrued, net of federal benefit, was $623, $933 and $1,157 as of December 31, 2013, 2012 and 2011, respectively. No penalties have been accrued. | ||||||||||||
During 2013, the IRS concluded its examination of the Company's 2010 and 2011 federal tax returns. The Company files in numerous state jurisdictions with varying statutes of limitation. The unrecognized state tax benefits are related to returns open from 2009 to 2013. |
Stock_Incentive_Plans
Stock Incentive Plans | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Stock Incentive Plans [Abstract] | ' | ||||||||||||
Stock Incentive Plans | ' | ||||||||||||
Stock Incentive Plans | |||||||||||||
The Company's stock incentive plans allow for the granting of restricted stock or restricted stock unit awards and options to purchase common stock. Both incentive stock options and nonqualified stock options can be awarded under the plans. No option will be exercisable for longer than ten years after the date of grant. The plans have 1,414,240 shares available for future awards. Compensation expense for stock options and restricted stock unit awards is recognized on a straight-line basis over the vesting period, generally three to five years for stock options and 1 to 10 years for restricted stock or restricted stock unit awards. Certain restricted stock unit awards contain performance-based as well as service-based provisions. Certain awards provide for accelerated vesting if there is a change in control as defined in the plans. The total compensation cost that has been charged against income for the stock incentive plans was $36,153, $25,001 and $18,141 for the years ended December 31, 2013, 2012 and 2011, respectively. The total income tax benefit recognized in the income statement for stock-based compensation arrangements was $7,575, $8,952 and $5,804 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
Option activity for the year ended December 31, 2013 is summarized below: | |||||||||||||
Shares | Weighted Average Exercise Price | Aggregate Intrinsic Value | Weighted Average Remaining Contractual Term | ||||||||||
Outstanding as of December 31, 2012 | 1,299,396 | $ | 22.39 | ||||||||||
Granted | 10,000 | 44.58 | |||||||||||
Exercised | (361,538 | ) | 20.32 | ||||||||||
Forfeited | (663 | ) | 17.86 | ||||||||||
Outstanding as of December 31, 2013 | 947,195 | $ | 23.41 | $ | 33,659 | 2.8 | |||||||
Exercisable as of December 31, 2013 | 921,462 | $ | 23.21 | $ | 32,937 | 2.7 | |||||||
The fair value of each option grant is estimated on the date of the grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 (1) | 2011 | |||||||||||
Expected life (in years) | 5.1 | — | 5.2 | ||||||||||
Risk-free interest rate | 0.80% | — | 0.90% | ||||||||||
Expected volatility | 48.10% | — | 49.90% | ||||||||||
Expected dividend yield | — | — | — | ||||||||||
(1) No options were awarded in the year ended December 31, 2012. | |||||||||||||
For the years ended December 31, 2013, 2012 and 2011, the Company used a projected expected life for each award granted based on historical experience of employees' exercise behavior. The expected volatility is primarily based on historical volatility levels. The risk-free interest rates are based on the implied yield currently available on U.S. Treasury instruments with a remaining term equal to the expected life. | |||||||||||||
Other information pertaining to option activity is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 (1) | 2011 | |||||||||||
Weighted-average fair value of options granted | $ | 19.04 | $ | — | $ | 13.94 | |||||||
Total intrinsic value of stock options exercised | $ | 12,845 | $ | 24,120 | $ | 11,744 | |||||||
(1) No options were awarded in the year ended December 31, 2012. | |||||||||||||
A summary of the Company's non-vested restricted stock and restricted stock unit shares as of December 31, 2013, and changes during the year ended December 31, 2013, is presented below: | |||||||||||||
Shares | Weighted Average Grant Date Fair Value | ||||||||||||
Non-vested balance as of December 31, 2012 | 2,058,908 | $ | 37.25 | ||||||||||
Granted | 1,037,542 | 55.36 | |||||||||||
Vested | (961,741 | ) | 33.57 | ||||||||||
Forfeited | (45,116 | ) | 38.91 | ||||||||||
Non-vested balance as of December 31, 2013 | 2,089,593 | $ | 47.9 | ||||||||||
The total fair value of restricted stock and restricted stock units vested during the years ended December 31, 2013, 2012 and 2011, was $49,032, $38,576 and $22,280, respectively. | |||||||||||||
As of December 31, 2013, there was $87,901 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the plans; that cost is expected to be recognized over a weighted-average period of 1.7 years. The actual tax benefit realized for the tax deductions from disqualified dispositions of stock option exercises totaled $508, $1,078 and $955 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
The Company maintains an employee stock purchase plan and has issued 42,084 shares, 47,613 shares, and 34,966 shares in 2013, 2012 and 2011, respectively. |
Retirement_Plan
Retirement Plan | 12 Months Ended |
Dec. 31, 2013 | |
Retirement Plan [Abstract] | ' |
Retirement Plan | ' |
Retirement Plan | |
Centene has a defined contribution plan which covers substantially all employees who are at least twenty-one years of age. Under the plan, eligible employees may contribute a percentage of their base salary, subject to certain limitations. Centene may elect to match a portion of the employee's contribution. Company expense related to matching contributions to the plan was $9,422, $6,771 and $5,119 during the years ended December 31, 2013, 2012 and 2011, respectively. |
Commitments
Commitments | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments [Abstract] | ' | |||
Commitments | ' | |||
Commitments | ||||
Centene and its subsidiaries lease office facilities and various equipment under non-cancelable operating leases which may contain escalation provisions. The rental expense related to these leases is recorded on a straight-line basis over the lease term, including rent holidays. Tenant improvement allowances are recorded as a liability and amortized against rent expense over the term of the lease. Rent expense was $30,562, $27,564 and $22,537 for the years ended December 31, 2013, 2012 and 2011, respectively. Annual non-cancelable minimum lease payments over the next five years and thereafter are as follows: | ||||
2014 | $ | 25,350 | ||
2015 | 25,871 | |||
2016 | 24,202 | |||
2017 | 19,336 | |||
2018 | 12,628 | |||
Thereafter | 18,800 | |||
$ | 126,187 | |||
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Contingencies [Abstract] | ' |
Contingencies | ' |
Contingencies | |
In October 2012, the Company notified the Kentucky Cabinet for Health and Family Services (Cabinet) that it was exercising a contractual right that it believes allows the Company to terminate its Medicaid managed care contract with the Commonwealth of Kentucky (Commonwealth) effective July 5, 2013. The Company also filed a lawsuit in Franklin Circuit Court against the Commonwealth seeking a declaration of the Company's right to terminate the contract on July 5, 2013. In April 2013, the Commonwealth answered that lawsuit and filed counterclaims against the Company seeking declaratory relief and damages. In May 2013, the Franklin Circuit Court ruled that Kentucky Spirit does not have a contractual right to terminate the contract early. Kentucky Spirit has appealed that ruling to the Kentucky Court of Appeals. | |
The Company also filed a formal dispute with the Cabinet for damages incurred under the contract, which was later appealed to and denied by the Finance and Administration Cabinet. In response, the Company filed a lawsuit in April 2013, in Franklin Circuit Court seeking damages against the Commonwealth for losses sustained due to the Commonwealth's alleged breaches. This lawsuit was subsequently consolidated with the original lawsuit for declaratory relief and continues to proceed. | |
Kentucky Spirit's efforts to resolve issues with the Commonwealth were unsuccessful and on July 5, 2013, Kentucky Spirit proceeded with its previously announced exit. The Commonwealth has alleged that Kentucky Spirit's exit constitutes a material breach of contract. The Commonwealth seeks to recover substantial damages and to enforce its rights under Kentucky Spirit's $25,000 performance bond. Any claim for damages by the Commonwealth may include the costs of transition and the additional costs to the Commonwealth to cover Kentucky Spirit's former members through July 5, 2014. Kentucky Spirit is pursuing its litigation claims for damages against the Commonwealth and will vigorously defend against any allegations that it has breached the contract. | |
The resolution of the Kentucky litigation matters may result in a range of possible outcomes. If the Company prevails on its claims, Kentucky Spirit would be entitled to damages under its lawsuit. If the Commonwealth prevails, a liability to the Commonwealth could be recorded. The Company is unable to estimate the ultimate outcome resulting from the Kentucky litigation. As a result, the Company has not recorded any receivable or any liability for potential damages under the contract as of December 31, 2013. While uncertain, the ultimate resolution of the pending litigation could have a material effect on the financial position, cash flow or results of operations of the Company in the period it is resolved or becomes known. | |
Excluding the Kentucky matters discussed above, the Company is also routinely subjected to legal proceedings in the normal course of business. While the ultimate resolution of such matters in the normal course of business is uncertain, the Company does not expect the results of any of these matters individually, or in the aggregate, to have a material effect on its financial position, results of operations or cash flows. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share | ' | |||||||||||
Earnings Per Share | ||||||||||||
The following table sets forth the calculation of basic and diluted net earnings per common share for the years ended December 31: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Earnings attributable to Centene Corporation: | ||||||||||||
Earnings from continuing operations, net of tax | $ | 161,218 | $ | 88,533 | $ | 120,518 | ||||||
Discontinued operations, net of tax | 3,881 | (86,674 | ) | (9,300 | ) | |||||||
Net earnings | $ | 165,099 | $ | 1,859 | $ | 111,218 | ||||||
Shares used in computing per share amounts: | ||||||||||||
Weighted average number of common shares outstanding | 54,126,545 | 51,509,366 | 50,198,954 | |||||||||
Common stock equivalents (as determined by applying the treasury stock method) | 2,120,628 | 2,205,009 | 2,275,284 | |||||||||
Weighted average number of common shares and potential dilutive common shares outstanding | 56,247,173 | 53,714,375 | 52,474,238 | |||||||||
Net earnings per common share attributable to Centene Corporation: | ||||||||||||
Basic: | ||||||||||||
Continuing operations | $ | 2.98 | $ | 1.72 | $ | 2.4 | ||||||
Discontinued operations | 0.07 | (1.68 | ) | (0.18 | ) | |||||||
Basic earnings per common share | $ | 3.05 | $ | 0.04 | $ | 2.22 | ||||||
Diluted: | ||||||||||||
Continuing operations | $ | 2.87 | $ | 1.65 | $ | 2.3 | ||||||
Discontinued operations | 0.07 | (1.62 | ) | (0.18 | ) | |||||||
Diluted earnings per common share | $ | 2.94 | $ | 0.03 | $ | 2.12 | ||||||
The calculation of diluted earnings per common share for 2013, 2012 and 2011 excludes the impact of 93,539 shares, 142,425 shares and 106,219 shares, respectively, related to anti-dilutive stock options, restricted stock and restricted stock units. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
Segment Information | ||||||||||||||||
Centene operates in two segments: Managed Care and Specialty Services. The Managed Care segment consists of Centene’s health plans including all of the functions needed to operate them. The Specialty Services segment consists of Centene’s specialty companies offering auxiliary healthcare services and products. The health plan in Massachusetts, operated by our individual health insurance business, is included in the Specialty Services segment. | ||||||||||||||||
Factors used in determining the reportable business segments include the nature of operating activities, existence of separate senior management teams, and the type of information presented to the Company's chief operating decision maker to evaluate all results of operations. | ||||||||||||||||
In January 2013, the Company reclassified the health plan in Arizona, which is primarily a LTC operation, to the Managed Care segment. As a result, the financial results of the Arizona health plan have been reclassified from the Specialty Services segment to the Managed Care segment for all periods presented. | ||||||||||||||||
Segment information as of and for the year ended December 31, 2013, follows: | ||||||||||||||||
Managed Care | Specialty | Eliminations | Consolidated | |||||||||||||
Services | Total | |||||||||||||||
Premium and service revenues from external customers | $ | 9,740,720 | $ | 785,320 | $ | — | $ | 10,526,040 | ||||||||
Premium and service revenues from internal customers | 41,094 | 2,147,200 | (2,188,294 | ) | — | |||||||||||
Total premium and service revenues | 9,781,814 | 2,932,520 | (2,188,294 | ) | 10,526,040 | |||||||||||
Earnings from operations | 197,844 | 79,573 | — | 277,417 | ||||||||||||
Total assets | 2,817,519 | 595,964 | — | 3,413,483 | ||||||||||||
Segment information as of and for the year ended December 31, 2012, follows: | ||||||||||||||||
Managed Care | Specialty | Eliminations | Consolidated | |||||||||||||
Services | Total | |||||||||||||||
Premium and service revenues from external customers | $ | 7,124,720 | $ | 556,911 | $ | — | $ | 7,681,631 | ||||||||
Premium and service revenues from internal customers | 87,319 | 1,550,096 | (1,637,415 | ) | — | |||||||||||
Total premium and service revenues | 7,212,039 | 2,107,007 | (1,637,415 | ) | 7,681,631 | |||||||||||
Earnings from operations | 62,867 | 45,099 | — | 107,966 | ||||||||||||
Total assets | 2,163,347 | 371,265 | — | 2,534,612 | ||||||||||||
Segment information as of and for the year ended December 31, 2011, follows: | ||||||||||||||||
Managed Care | Specialty | Eliminations | Consolidated | |||||||||||||
Services | Total | |||||||||||||||
Premium and service revenues from external customers | $ | 4,571,430 | $ | 480,472 | $ | — | $ | 5,051,902 | ||||||||
Premium and service revenues from internal customers | 64,809 | 710,002 | (774,811 | ) | — | |||||||||||
Total premium and service revenues | 4,636,239 | 1,190,474 | (774,811 | ) | 5,051,902 | |||||||||||
Earnings from operations | 161,890 | 41,913 | — | 203,803 | ||||||||||||
Total assets | 1,709,271 | 383,259 | — | 2,092,530 | ||||||||||||
Quarterly_Selected_Financial_I
Quarterly Selected Financial Information | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Selected Financial Information [Abstract] | ' | |||||||||||||||
Quarterly Selected Financial Information | ' | |||||||||||||||
Quarterly Selected Financial Information | ||||||||||||||||
(In thousands, except share data and membership data) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
For the Quarter Ended | ||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||||
Total revenues | $ | 2,525,482 | $ | 2,610,538 | $ | 2,795,569 | $ | 2,931,740 | ||||||||
Amounts attributable to Centene Corporation common shareholders: | ||||||||||||||||
Earnings from continuing operations, net of income tax expense | $ | 22,639 | $ | 40,289 | $ | 50,325 | $ | 47,965 | ||||||||
Discontinued operations, net of income tax expense (benefit) | 363 | (805 | ) | (952 | ) | 5,275 | ||||||||||
Net earnings | $ | 23,002 | $ | 39,484 | $ | 49,373 | $ | 53,240 | ||||||||
Net earnings (loss) per common share attributable to Centene Corporation: | ||||||||||||||||
Basic: | ||||||||||||||||
Continuing operations | $ | 0.43 | $ | 0.74 | $ | 0.92 | $ | 0.87 | ||||||||
Discontinued operations | 0.01 | (0.02 | ) | (0.02 | ) | 0.1 | ||||||||||
Basic earnings per common share | $ | 0.44 | $ | 0.72 | $ | 0.9 | $ | 0.97 | ||||||||
Diluted: | ||||||||||||||||
Continuing operations | $ | 0.41 | $ | 0.71 | $ | 0.88 | $ | 0.84 | ||||||||
Discontinued operations | 0.01 | 0.01 | (0.01 | ) | 0.09 | |||||||||||
Diluted earnings per common share | $ | 0.42 | $ | 0.72 | $ | 0.87 | $ | 0.93 | ||||||||
Health Benefits Ratio | 90.2 | % | 88.4 | % | 87.8 | % | 88.1 | % | ||||||||
General & Administrative Expense Ratio | 8.4 | % | 8.9 | % | 9.1 | % | 8.9 | % | ||||||||
Period end at-risk membership | 2,553,400 | 2,563,400 | 2,612,500 | 2,723,200 | ||||||||||||
For the Quarter Ended | ||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||||
Total revenues | $ | 1,562,809 | $ | 1,967,362 | $ | 2,308,075 | $ | 2,272,050 | ||||||||
Amounts attributable to Centene Corporation common shareholders: | ||||||||||||||||
Earnings (loss) from continuing operations, net of income tax expense (benefit) | $ | 27,072 | $ | (16,656 | ) | $ | 59,438 | $ | 18,679 | |||||||
Discontinued operations, net of income tax benefit | (3,094 | ) | (18,343 | ) | (55,619 | ) | (9,618 | ) | ||||||||
Net earnings (loss) | $ | 23,978 | $ | (34,999 | ) | $ | 3,819 | $ | 9,061 | |||||||
Net earnings (loss) per common share attributable to Centene Corporation: | ||||||||||||||||
Basic: | ||||||||||||||||
Continuing operations | $ | 0.53 | $ | (0.32 | ) | $ | 1.15 | $ | 0.36 | |||||||
Discontinued operations | (0.06 | ) | (0.36 | ) | (1.08 | ) | (0.19 | ) | ||||||||
Basic earnings per common share | $ | 0.47 | $ | (0.68 | ) | $ | 0.07 | $ | 0.17 | |||||||
Diluted: | ||||||||||||||||
Continuing operations | $ | 0.51 | $ | (0.32 | ) | $ | 1.1 | $ | 0.35 | |||||||
Discontinued operations | (0.06 | ) | (0.36 | ) | (1.03 | ) | (0.18 | ) | ||||||||
Diluted earnings per common share | $ | 0.45 | $ | (0.68 | ) | $ | 0.07 | $ | 0.17 | |||||||
Health Benefits Ratio | 87.1 | % | 91.2 | % | 88.7 | % | 90.7 | % | ||||||||
General & Administrative Expense Ratio | 10.4 | % | 8.5 | % | 8.4 | % | 8.4 | % | ||||||||
Period end at-risk membership | 2,003,800 | 2,254,000 | 2,357,600 | 2,424,500 | ||||||||||||
Condensed_Financial_Informatio
Condensed Financial Information Of Registrant | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Condensed Financial Information of Registrant [Abstract] | ' | |||||||||||
Condensed Financial Information of Registrant | ' | |||||||||||
Condensed Financial Information of Registrant | ||||||||||||
Centene Corporation (Parent Company Only) | ||||||||||||
Condensed Balance Sheets | ||||||||||||
(In thousands, except share data) | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
ASSETS | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 2,740 | $ | 22,279 | ||||||||
Short term investments, at fair value (amortized cost $6,000 and $6,500, respectively) | 6,000 | 6,500 | ||||||||||
Other current assets | 124,903 | 42,230 | ||||||||||
Total current assets | 133,643 | 71,009 | ||||||||||
Long term investments, at fair value (amortized cost $8,070 and $1,356, respectively) | 8,070 | 1,356 | ||||||||||
Investment in subsidiaries | 1,667,258 | 1,298,648 | ||||||||||
Other long term assets | 31,876 | 42,523 | ||||||||||
Total assets | $ | 1,840,847 | $ | 1,413,536 | ||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||
Current liabilities | $ | 4,460 | $ | 4,333 | ||||||||
Long term debt | 590,628 | 449,127 | ||||||||||
Other long term liabilities | 2,320 | 6,309 | ||||||||||
Total liabilities | 597,408 | 459,769 | ||||||||||
Stockholders' equity: | ||||||||||||
Common stock, $.001 par value; authorized 100,000,000 shares; 58,673,215 issued and 55,319,239 outstanding at December 31, 2013, and 55,339,160 issued and 52,329,248 outstanding at December 31, 2012 | 59 | 55 | ||||||||||
Additional paid-in capital | 594,326 | 450,856 | ||||||||||
Accumulated other comprehensive income: | ||||||||||||
Unrealized gain (loss) on investments, net of tax | (2,620 | ) | 5,189 | |||||||||
Retained earnings | 731,919 | 566,820 | ||||||||||
Treasury stock, at cost (3,353,976 and 3,009,912 shares, respectively) | (89,643 | ) | (69,864 | ) | ||||||||
Total Centene stockholders' equity | 1,234,041 | 953,056 | ||||||||||
Noncontrolling interest | 9,398 | 711 | ||||||||||
Total stockholders' equity | 1,243,439 | 953,767 | ||||||||||
Total liabilities and stockholders' equity | $ | 1,840,847 | $ | 1,413,536 | ||||||||
See notes to condensed financial information of registrant. | ||||||||||||
Centene Corporation (Parent Company Only) | ||||||||||||
Condensed Statements of Operations | ||||||||||||
(In thousands, except share data) | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Expenses: | ||||||||||||
General and administrative expenses | $ | 4,196 | $ | 4,090 | $ | 4,488 | ||||||
Other income (expense): | ||||||||||||
Investment and other income | 983 | 19,921 | (8,790 | ) | ||||||||
Interest expense | (22,623 | ) | (15,757 | ) | (15,494 | ) | ||||||
Earnings (loss) before income taxes | (25,836 | ) | 74 | (28,772 | ) | |||||||
Income tax benefit | (15,191 | ) | (9,668 | ) | (12,825 | ) | ||||||
Net earnings (loss) before equity in subsidiaries | (10,645 | ) | 9,742 | (15,947 | ) | |||||||
Equity in earnings from subsidiaries | 171,863 | 78,791 | 136,465 | |||||||||
Net earnings from continuing operations | $ | 161,218 | $ | 88,533 | $ | 120,518 | ||||||
Net earnings per share from continuing operations: | ||||||||||||
Basic earnings per common share | $ | 2.98 | $ | 1.72 | $ | 2.4 | ||||||
Diluted earnings per common share | $ | 2.87 | $ | 1.65 | $ | 2.3 | ||||||
Weighted average number of shares outstanding: | ||||||||||||
Basic | 54,126,545 | 51,509,366 | 50,198,954 | |||||||||
Diluted | 56,247,173 | 53,714,375 | 52,474,238 | |||||||||
See notes to condensed financial information of registrant. | ||||||||||||
Centene Corporation (Parent Company Only) | ||||||||||||
Condensed Statements of Cash Flows | ||||||||||||
(In thousands) | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Cash provided by operating activities | $ | 302,242 | $ | 327,940 | $ | 72,754 | ||||||
Cash flows from investing activities: | ||||||||||||
Net dividends from and capital contributions to subsidiaries | (417,734 | ) | (539,575 | ) | (50,581 | ) | ||||||
Purchase of investments | (12,518 | ) | (7,320 | ) | (21,915 | ) | ||||||
Sales and maturities of investments | 10,252 | 30,000 | 11,111 | |||||||||
Acquisitions | (67,070 | ) | — | (1,773 | ) | |||||||
Net cash used in investing activities | (487,070 | ) | (516,895 | ) | (63,158 | ) | ||||||
Cash flows from financing activities: | ||||||||||||
Proceeds from borrowings | 180,000 | 400,500 | 419,183 | |||||||||
Payment of long term debt | (30,000 | ) | (215,000 | ) | (413,644 | ) | ||||||
Proceeds from exercise of stock options | 8,983 | 15,912 | 15,815 | |||||||||
Proceeds from stock offering | 15,225 | — | — | |||||||||
Common stock repurchases | (19,779 | ) | (12,741 | ) | (7,809 | ) | ||||||
Debt issue costs | (3,589 | ) | (3,623 | ) | (9,242 | ) | ||||||
Contributions from noncontrolling interest | 8,069 | 1,092 | 813 | |||||||||
Purchase of noncontrolling interest | — | (14,429 | ) | — | ||||||||
Excess tax benefits from stock compensation | 6,380 | 10,996 | 4,435 | |||||||||
Net cash provided by financing activities | 165,289 | 182,707 | 9,551 | |||||||||
Net increase (decrease) in cash and cash equivalents | (19,539 | ) | (6,248 | ) | 19,147 | |||||||
Cash and cash equivalents, beginning of period | 22,279 | 28,527 | 9,380 | |||||||||
Cash and cash equivalents, end of period | $ | 2,740 | $ | 22,279 | $ | 28,527 | ||||||
See notes to condensed financial information of registrant. | ||||||||||||
Notes to Condensed Financial Information of Registrant | ||||||||||||
Note A - Basis of Presentation and Significant Accounting Policies | ||||||||||||
The parent company only financial statements should be read in conjunction with Centene Corporation's audited consolidated financial statements and the notes to consolidated financial statements included in this Form 10-K. | ||||||||||||
The parent company's investment in subsidiaries is stated at cost plus equity in undistributed earnings of the subsidiaries. The parent company's share of net income of its unconsolidated subsidiaries is included in income using the equity method of accounting. Certain unrestricted subsidiaries receive monthly management fees from our restricted subsidiaries. The management and service fees received by our unrestricted subsidiaries are associated with all of the functions required to manage the restricted subsidiaries including but not limited to salaries and wages for all personnel, rent, utilities, medical management, provider contracting, compliance, member services, claims processing, information technology, cash management, finance and accounting, and other services. The management fees are based on a percentage of the restricted subsidiaries revenue. | ||||||||||||
Due to our centralized cash management function, all cash flows generated by our unrestricted subsidiaries, including management fees, are transferred to the parent company, primarily to repay borrowings on the parent company's revolving credit facility. The parent company may also utilize the cash flow to make acquisitions, fund capital contributions to subsidiaries and fund its operations. During the years ended December 31, 2013, 2012 and 2011, cash flows received by the parent from unrestricted subsidiaries was $312,887, $318,198, and $88,701 and was included in cash flows from operating activities. | ||||||||||||
Certain amounts presented in the parent company only financial statements are eliminated in the consolidated financial statements of Centene Corporation. | ||||||||||||
Note B - Dividends | ||||||||||||
During 2013, 2012 and 2011, the Registrant received dividends from its subsidiaries totaling $20,500, $29,000 and $69,100, respectively. |
Basis_Of_Presentation_And_Sign
Basis Of Presentation And Significant Accounting Policies (Parent Company [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
Parent Company [Member] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
Note A - Basis of Presentation and Significant Accounting Policies | |
The parent company only financial statements should be read in conjunction with Centene Corporation's audited consolidated financial statements and the notes to consolidated financial statements included in this Form 10-K. | |
The parent company's investment in subsidiaries is stated at cost plus equity in undistributed earnings of the subsidiaries. The parent company's share of net income of its unconsolidated subsidiaries is included in income using the equity method of accounting. Certain unrestricted subsidiaries receive monthly management fees from our restricted subsidiaries. The management and service fees received by our unrestricted subsidiaries are associated with all of the functions required to manage the restricted subsidiaries including but not limited to salaries and wages for all personnel, rent, utilities, medical management, provider contracting, compliance, member services, claims processing, information technology, cash management, finance and accounting, and other services. The management fees are based on a percentage of the restricted subsidiaries revenue. | |
Due to our centralized cash management function, all cash flows generated by our unrestricted subsidiaries, including management fees, are transferred to the parent company, primarily to repay borrowings on the parent company's revolving credit facility. The parent company may also utilize the cash flow to make acquisitions, fund capital contributions to subsidiaries and fund its operations. During the years ended December 31, 2013, 2012 and 2011, cash flows received by the parent from unrestricted subsidiaries was $312,887, $318,198, and $88,701 and was included in cash flows from operating activities. | |
Certain amounts presented in the parent company only financial statements are eliminated in the consolidated financial statements of Centene Corporation. |
Dividends
Dividends (Parent Company [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
Parent Company [Member] | ' |
Dividends Disclosure [Text Block] | ' |
Note B - Dividends | |
During 2013, 2012 and 2011, the Registrant received dividends from its subsidiaries totaling $20,500, $29,000 and $69,100, respectively. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
Subsequent Events | |
In January 2014, the Company acquired a majority interest in U.S. Medical Management, LLC, a management services organization and provider of in-home health services for high acuity populations, for approximately $200,000. The transaction consideration was financed through a combination of cash on hand and 2,243,217 shares of Centene common stock. |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Summary Of Significant Accounting Policies [Abstract] | ' | ||||||||
Principles of Consolidation | ' | ||||||||
Principles of Consolidation | |||||||||
The accompanying consolidated financial statements include the accounts of Centene Corporation and all majority owned subsidiaries and subsidiaries over which the Company exercises the power and control to direct activities significantly impacting financial performance. All material intercompany balances and transactions have been eliminated. The assets, liabilities and results of operations of Kentucky Spirit Health Plan are classified as discontinued operations for all periods presented. | |||||||||
Certain amounts in the consolidated financial statements have been reclassified to conform to the 2013 presentation. These reclassifications have no effect on net earnings or stockholders' equity as previously reported. | |||||||||
Use of Estimates | ' | ||||||||
Use of Estimates | |||||||||
The preparation of financial statements in conformity with generally accepted accounting principles in the United States, or GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Future events and their effects cannot be predicted with certainty; accordingly, the accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of the consolidated financial statements will change as new events occur, as more experience is acquired, as additional information is obtained and as the operating environment changes. The Company evaluates and updates its assumptions and estimates on an ongoing basis and may employ outside experts to assist in our evaluation, as considered necessary. Actual results could differ from those estimates. | |||||||||
Cash and Cash Equivalents | ' | ||||||||
Cash and Cash Equivalents | |||||||||
Investments with original maturities of three months or less are considered to be cash equivalents. Cash equivalents consist of money market funds and bank certificates of deposit and savings accounts. | |||||||||
The Company maintains amounts on deposit with various financial institutions, which may exceed federally insured limits. However, management periodically evaluates the credit-worthiness of those institutions, and the Company has not experienced any losses on such deposits. | |||||||||
Investments | ' | ||||||||
Investments | |||||||||
Short term investments include securities with maturities greater than three months to one year. Long term investments include securities with maturities greater than one year. | |||||||||
Short term and long term investments are generally classified as available for sale and are carried at fair value. Certain equity investments are recorded using the cost or equity method. Unrealized gains and losses on investments available for sale are excluded from earnings and reported in accumulated other comprehensive income, a separate component of stockholders' equity, net of income tax effects. Premiums and discounts are amortized or accreted over the life of the related security using the effective interest method. The Company monitors the difference between the cost and fair value of investments. Investments that experience a decline in value that is judged to be other than temporary are written down to fair value and a realized loss is recorded in investment and other income. To calculate realized gains and losses on the sale of investments, the Company uses the specific amortized cost of each investment sold. Realized gains and losses are recorded in investment and other income. | |||||||||
The Company uses the equity method to account for certain of its investment in entities that it does not control and for which it does not have the ability to exercise significant influence over operating and financial policies. These investments are recorded at the lower of their cost or fair value. | |||||||||
Restricted Deposits | ' | ||||||||
Restricted Deposits | |||||||||
Restricted deposits consist of investments required by various state statutes to be deposited or pledged to state agencies. These investments are classified as long term, regardless of the contractual maturity date, due to the nature of the states' requirements. The Company is required to annually adjust the amount of the deposit pledged to certain states. | |||||||||
Fair Value Measurements | ' | ||||||||
Fair Value Measurements | |||||||||
In the normal course of business, the Company invests in various financial assets and incurs various financial liabilities. Fair values are disclosed for all financial instruments, whether or not such values are recognized in the Consolidated Balance Sheets. Management obtains quoted market prices and other observable inputs for these disclosures. The carrying amounts reported in the Consolidated Balance Sheets for cash and cash equivalents, premium and related receivables, unearned revenue, accounts payable and accrued expenses, and certain other current liabilities are carried at cost, which approximates fair value because of their short term nature. | |||||||||
The following methods and assumptions were used to estimate the fair value of each financial instrument: | |||||||||
• | Available for sale investments and restricted deposits: The carrying amount is stated at fair value, based on quoted market prices, where available. For securities not actively traded, fair values were estimated using values obtained from independent pricing services or quoted market prices of comparable instruments. | ||||||||
• | Senior unsecured notes: Estimated based on third-party quoted market prices for the same or similar issues. | ||||||||
• | Variable rate debt: The carrying amount of our floating rate debt approximates fair value since the interest rates adjust based on market rate adjustments. | ||||||||
• | Interest rate swap: Estimated based on third-party market prices based on the forward 3-month LIBOR curve. | ||||||||
Property, Software and Equipment | ' | ||||||||
Property, Software and Equipment | |||||||||
Property, software and equipment are stated at cost less accumulated depreciation. Capitalized software includes certain costs incurred in the development of internal-use software, including external direct costs of materials and services and payroll costs of employees devoted to specific software development. Depreciation is calculated principally by the straight-line method over estimated useful lives. Leasehold improvements are depreciated using the straight-line method over the shorter of the expected useful life or the remaining term of the lease. Property, software and equipment are depreciated over the following periods: | |||||||||
Fixed Asset | Depreciation Period | ||||||||
Buildings and land improvements | 5 - 40 years | ||||||||
Computer hardware and software | 2 - 7 years | ||||||||
Furniture and equipment | 3 - 10 years | ||||||||
Leasehold improvements | 1 - 20 years | ||||||||
The carrying amounts of all long-lived assets are evaluated to determine if adjustment to the depreciation and amortization period or to the unamortized balance is warranted. Such evaluation is based principally on the expected utilization of the long-lived assets. | |||||||||
The Company retains fully depreciated assets in property and accumulated depreciation accounts until it removes them from service. In the case of sale, retirement, or disposal, the asset cost and related accumulated depreciation balance is removed from the respective account, and the resulting net amount, less any proceeds, is included as a component of earnings from operations in the consolidated statements of operations. | |||||||||
Goodwill and Intangible Assets | ' | ||||||||
Goodwill and Intangible Assets | |||||||||
Intangible assets represent assets acquired in purchase transactions and consist primarily of customer relationships, purchased contract rights, provider contracts, trade names and goodwill. Intangible assets are amortized using the straight-line method over the following periods: | |||||||||
Intangible Asset | Amortization Period | ||||||||
Purchased contract rights | 5 - 15 years | ||||||||
Provider contracts | 4 - 15 years | ||||||||
Customer relationships | 5 - 15 years | ||||||||
Trade names | 7 - 20 years | ||||||||
The Company tests for impairment of intangible assets as well as long-lived assets whenever events or changes in circumstances indicate that the carrying value of an asset or asset group (hereinafter referred to as “asset group”) may not be recoverable by comparing the sum of the estimated undiscounted future cash flows expected to result from use of the asset group and its eventual disposition to the carrying value. Such factors include, but are not limited to, significant changes in membership, state funding, state contracts and provider networks and contracts. If the sum of the estimated undiscounted future cash flows is less than the carrying value, an impairment determination is required. The amount of impairment is calculated by subtracting the fair value of the asset group from the carrying value of the asset group. An impairment charge, if any, is recognized within earnings from operations. | |||||||||
The Company tests goodwill for impairment using a fair value approach. The Company is required to test for impairment at least annually, absent a triggering event including a significant decline in operating performance that would require an impairment assessment. Absent any impairment indicators, the Company performs its goodwill impairment testing during the fourth quarter of each year. The Company recognizes an impairment charge for any amount by which the carrying amount of goodwill exceeds its implied fair value. | |||||||||
The Company first assesses qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. The Company does not calculate the fair value of a reporting unit unless it determines, based on a qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. | |||||||||
If the two-step quantitative test is deemed necessary, the Company uses discounted cash flows to establish the fair value as of the testing date. The discounted cash flow approach includes many assumptions related to future growth rates, discount factors, future tax rates, etc. Changes in economic and operating conditions impacting these assumptions could result in goodwill impairment in future periods. When available and as appropriate, the Company uses comparative market multiples to corroborate discounted cash flow results. | |||||||||
Medical Claims Liability | ' | ||||||||
Medical Claims Liability | |||||||||
Medical claims liability includes claims reported but not yet paid, or inventory, estimates for claims incurred but not reported, or IBNR, and estimates for the costs necessary to process unpaid claims at the end of each period. The Company estimates its medical claims liability using actuarial methods that are commonly used by health insurance actuaries and meet Actuarial Standards of Practice. These actuarial methods consider factors such as historical data for payment patterns, cost trends, product mix, seasonality, utilization of healthcare services and other relevant factors. | |||||||||
Actuarial Standards of Practice generally require that the medical claims liability estimates be adequate to cover obligations under moderately adverse conditions. Moderately adverse conditions are situations in which the actual claims are expected to be higher than the otherwise estimated value of such claims at the time of estimate. In many situations, the claims amounts ultimately settled will be different than the estimate that satisfies the Actuarial Standards of Practice. The Company includes in its IBNR an estimate for medical claims liability under moderately adverse conditions which represents the risk of adverse deviation of the estimates in its actuarial method of reserving. | |||||||||
The Company uses its judgment to determine the assumptions to be used in the calculation of the required estimates. The assumptions it considers when estimating IBNR include, without limitation, claims receipt and payment experience (and variations in that experience), changes in membership, provider billing practices, healthcare service utilization trends, cost trends, product mix, seasonality, prior authorization of medical services, benefit changes, known outbreaks of disease or increased incidence of illness such as influenza, provider contract changes, changes to fee schedules, and the incidence of high dollar or catastrophic claims. | |||||||||
The Company's development of the medical claims liability estimate is a continuous process which it monitors and refines on a monthly basis as additional claims receipts and payment information becomes available. As more complete claims information becomes available, the Company adjusts the amount of the estimates, and includes the changes in estimates in medical costs in the period in which the changes are identified. In every reporting period, the operating results include the effects of more completely developed medical claims liability estimates associated with previously reported periods. The Company consistently applies its reserving methodology from period to period. As additional information becomes known, it adjusts the actuarial model accordingly to establish medical claims liability estimates. | |||||||||
The Company periodically reviews actual and anticipated experience compared to the assumptions used to establish medical costs. The Company establishes premium deficiency reserves if actual and anticipated experience indicates that existing policy liabilities together with the present value of future gross premiums will not be sufficient to cover the present value of future benefits, settlement and maintenance costs. | |||||||||
Revenue Recognition | ' | ||||||||
Revenue Recognition | |||||||||
The Company's health plans generate revenues primarily from premiums received from the states in which it operates health plans. The Company receives a fixed premium per member per month pursuant to its state contracts. The Company generally receives premium payments during the month it provides services and recognizes premium revenue during the period in which it is obligated to provide services to its members. In some instances, the Company's base premiums are subject to an adjustment, or risk score, based on the acuity of its membership. Generally, the risk score is determined by the State analyzing submissions of processed claims data to determine the acuity of the Company's membership relative to the entire state's Medicaid membership. Some states enact premium taxes, similar assessments and provider pass-through payments, collectively premium taxes, and these taxes are recorded as a separate component of both revenues and operating expenses. Some contracts allow for additional premiums related to certain supplemental services provided such as maternity deliveries. | |||||||||
Revenues are recorded based on membership and eligibility data provided by the states, which is adjusted on a monthly basis by the states for retroactive additions or deletions to membership data. These eligibility adjustments are estimated monthly and subsequent adjustments are made in the period known. We continuously review and update those estimates as new information becomes available. It is possible that new information could require us to make additional adjustments, which could be significant, to these estimates. | |||||||||
The Company's specialty companies generate revenues under contracts with state programs, individuals, healthcare organizations and other commercial organizations, as well as from the Company's own subsidiaries. Revenues are recognized when the related services are provided or as ratably earned over the covered period of service. | |||||||||
Premium And Related Receivables And Unearned Revenue | ' | ||||||||
Premium and Related Receivables and Unearned Revenue | |||||||||
Premium and service revenues collected in advance are recorded as unearned revenue. For performance-based contracts the Company does not recognize revenue subject to refund until data is sufficient to measure performance. Premiums and service revenues due to the Company are recorded as premium and related receivables and are recorded net of an allowance based on historical trends and management's judgment on the collectibility of these accounts. As the Company generally receives payments during the month in which services are provided, the allowance is typically not significant in comparison to total revenues and does not have a material impact on the presentation of the financial condition or results of operations. Activity in the allowance for uncollectible accounts for the years ended December 31, is summarized below: | |||||||||
2013 | 2012 | 2011 | |||||||
Allowances, beginning of year | 781 | 639 | 17 | ||||||
Amounts charged to expense | 3,138 | 1,350 | 865 | ||||||
Write-offs of uncollectible receivables | (2,801 | ) | (1,208 | ) | (243 | ) | |||
Allowances, end of year | 1,118 | 781 | 639 | ||||||
Significant Customers | ' | ||||||||
Significant Customers | |||||||||
Centene receives the majority of its revenues under contracts or subcontracts with state Medicaid managed care programs. The current contracts expire on various dates between March 31, 2014 and October 31, 2018. States whose aggregate annual contract value exceeded 10% of annual revenues and the respective percentage of the Company's total revenues for the years ended December 31, are as follows: | |||||||||
2013 | 2012 | 2011 | |||||||
Texas | 37% | Texas | 40% | Georgia | 15% | ||||
Ohio | 12% | ||||||||
Texas | 21% | ||||||||
Reinsurance | ' | ||||||||
Reinsurance | |||||||||
Centene's subsidiaries report reinsurance premiums as medical costs, while related reinsurance recoveries are reported as deductions from medical costs. The Company limits its risk of certain catastrophic losses by maintaining high deductible reinsurance coverage. | |||||||||
Other Income (Expense) | ' | ||||||||
Other Income (Expense) | |||||||||
Other income (expense) consists principally of investment income, interest expense and equity method earnings from investments. Investment income is derived from the Company's cash, cash equivalents, restricted deposits and investments. Interest expense relates to borrowings under the senior notes, interest rate swap, credit facilities, interest on capital leases and credit facility fees. | |||||||||
Income Taxes | ' | ||||||||
Income Taxes | |||||||||
Deferred tax assets and liabilities are recorded for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax law or tax rates is recognized in income in the period that includes the enactment date. | |||||||||
Valuation allowances are provided when it is considered more likely than not that deferred tax assets will not be realized. In determining if a deductible temporary difference or net operating loss can be realized, the Company considers future reversals of existing taxable temporary differences, future taxable income, taxable income in prior carryback periods and tax planning strategies. | |||||||||
Contingencies | ' | ||||||||
Contingencies | |||||||||
The Company accrues for loss contingencies associated with outstanding litigation, claims and assessments for which it has determined it is probable that a loss contingency exists and the amount of loss can be reasonably estimated. The Company expenses professional fees associated with litigation claims and assessments as incurred. | |||||||||
Stock Based Compensation | ' | ||||||||
Stock Based Compensation | |||||||||
The fair value of the Company's employee share options and similar instruments are estimated using the Black-Scholes option-pricing model. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. Excess tax benefits related to stock compensation are presented as a cash inflow from financing activities. |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Summary Of Significant Accounting Policies [Abstract] | ' | ||||||||
Schedule Of Property Software And Equipment Depreciation Periods [Table Text Block] | ' | ||||||||
Property, software and equipment are depreciated over the following periods: | |||||||||
Fixed Asset | Depreciation Period | ||||||||
Buildings and land improvements | 5 - 40 years | ||||||||
Computer hardware and software | 2 - 7 years | ||||||||
Furniture and equipment | 3 - 10 years | ||||||||
Leasehold improvements | 1 - 20 years | ||||||||
Schedule Of Amortization Period For Intangible Assets [Table Text Block] | ' | ||||||||
Intangible assets are amortized using the straight-line method over the following periods: | |||||||||
Intangible Asset | Amortization Period | ||||||||
Purchased contract rights | 5 - 15 years | ||||||||
Provider contracts | 4 - 15 years | ||||||||
Customer relationships | 5 - 15 years | ||||||||
Trade names | 7 - 20 years | ||||||||
Schedule Of Allowance For Uncollectible Accounts [Table Text Block] | ' | ||||||||
Activity in the allowance for uncollectible accounts for the years ended December 31, is summarized below: | |||||||||
2013 | 2012 | 2011 | |||||||
Allowances, beginning of year | 781 | 639 | 17 | ||||||
Amounts charged to expense | 3,138 | 1,350 | 865 | ||||||
Write-offs of uncollectible receivables | (2,801 | ) | (1,208 | ) | (243 | ) | |||
Allowances, end of year | 1,118 | 781 | 639 | ||||||
Schedule Of Percentage Of Company's Total Revenue [Table Text Block] | ' | ||||||||
States whose aggregate annual contract value exceeded 10% of annual revenues and the respective percentage of the Company's total revenues for the years ended December 31, are as follows: | |||||||||
2013 | 2012 | 2011 | |||||||
Texas | 37% | Texas | 40% | Georgia | 15% | ||||
Ohio | 12% | ||||||||
Texas | 21% | ||||||||
Noncontolling_Interest_and_Acq1
Noncontolling Interest and Acquisitions Non Controlling Interest and Acquisition (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Noncontrolling Interest [Abstract] | ' | |||||||||||
Noncontrolling Interest Disclosure [Text Block] | ' | |||||||||||
The Company has consolidated subsidiaries where it maintains less than 100% ownership. The Company’s ownership interest for each subsidiary as of December 31, are as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Casenet | 100 | % | 100 | % | 81 | % | ||||||
Centurion | 51 | % | 51 | % | 51 | % | ||||||
Louisiana Healthcare Connections | 100 | % | 100 | % | 51 | % | ||||||
Home State Health Plan | 95 | % | 95 | % | — | % | ||||||
Schedule of Net Income Atrributable to Parent and Transfers from and to Non-controlling Interest Entities | ' | |||||||||||
Net income attributable to Centene Corporation and transfers from (to) noncontrolling interest entities are as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net earnings attributable to Centene Corporation | $ | 161,218 | $ | 88,533 | $ | 120,518 | ||||||
Transfers from (to) the noncontrolling interest: | ||||||||||||
Decrease in equity for purchase of, distribution to and redemption of noncontrolling interest | — | (12,193 | ) | (289 | ) | |||||||
Increase in equity for distributions from and consolidation of noncontrolling interest | 8,068 | 1,092 | 813 | |||||||||
Net transfers from (to) noncontrolling interest | 8,068 | (11,101 | ) | 524 | ||||||||
Changes from net earnings attributable to Centene Corporation and net transfers from (to) the noncontrolling interest | $ | 169,286 | $ | 77,432 | $ | 121,042 | ||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | ' | ||||||||||||
During the years ended December 31, 2013 and 2012, the Company incurred exit costs consisting primarily of lease termination fees and employee severance. The change in exit cost liability for KSHP is summarized as follows: | |||||||||||||
Employee Benefits | Lease Termination | Total | |||||||||||
Balance, December 31, 2011 | $ | — | $ | — | $ | — | |||||||
Incurred | 2,939 | — | 2,939 | ||||||||||
Balance, December 31, 2012 | 2,939 | — | 2,939 | ||||||||||
Incurred | 434 | 735 | 1,169 | ||||||||||
Paid | (2,837 | ) | — | (2,837 | ) | ||||||||
Balance, December 31, 2013 | $ | 536 | $ | 735 | $ | 1,271 | |||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | ||||||||||||
Assets and liabilities of the discontinued operations are as follows: | |||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||
Current assets | $ | 77,512 | $ | 176,996 | |||||||||
Long term investments and restricted deposits | 38,305 | 60,461 | |||||||||||
Other assets | — | 1,836 | |||||||||||
Assets of discontinued operations | $ | 115,817 | $ | 239,293 | |||||||||
Medical claims liability | $ | 27,637 | $ | 111,141 | |||||||||
Accounts payable and accrued expenses | 2,657 | 45,975 | |||||||||||
Other liabilities | 1,028 | 357 | |||||||||||
Liabilities of discontinued operations | $ | 31,322 | $ | 157,473 | |||||||||
Operating results for the discontinued operations are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues | $ | 248,327 | $ | 557,316 | $ | 129,105 | |||||||
Earnings (loss) before income taxes | $ | 6,165 | $ | (134,415 | ) | $ | (13,465 | ) | |||||
Net earnings (loss) | $ | 3,881 | $ | (86,674 | ) | $ | (9,300 | ) | |||||
ShortTerm_And_LongTerm_Investm1
Short-Term And Long-Term Investments And Restricted Deposits (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||||||||||
Short-Term And Long-Term Investments And Restricted Deposits By Investment Type | ' | |||||||||||||||||||||||||||||||
Short term and long term investments and restricted deposits by investment type consist of the following: | ||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||
Cost | Unrealized | Unrealized Losses | Value | Cost | Unrealized | Unrealized Losses | Value | |||||||||||||||||||||||||
Gains | Gains | |||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | 246,085 | $ | 245 | $ | (7,494 | ) | $ | 238,836 | $ | 110,941 | $ | 581 | $ | (221 | ) | $ | 111,301 | ||||||||||||||
Corporate securities | 293,912 | 2,782 | (608 | ) | 296,086 | 290,691 | 4,615 | (195 | ) | 295,111 | ||||||||||||||||||||||
Restricted certificates of deposit | 5,891 | — | — | 5,891 | 5,890 | — | — | 5,890 | ||||||||||||||||||||||||
Restricted cash equivalents | 26,642 | — | — | 26,642 | 14,455 | — | — | 14,455 | ||||||||||||||||||||||||
Municipal securities: | ||||||||||||||||||||||||||||||||
General obligation | 54,003 | 555 | (136 | ) | 54,422 | 85,440 | 1,157 | (26 | ) | 86,571 | ||||||||||||||||||||||
Pre-refunded | 10,835 | 82 | — | 10,917 | 5,337 | 85 | — | 5,422 | ||||||||||||||||||||||||
Revenue | 68,801 | 545 | (292 | ) | 69,054 | 82,781 | 1,313 | (30 | ) | 84,064 | ||||||||||||||||||||||
Variable rate demand notes | 28,575 | — | — | 28,575 | 23,385 | — | — | 23,385 | ||||||||||||||||||||||||
Asset backed securities | 138,803 | 579 | (332 | ) | 139,050 | 73,570 | 1,082 | (15 | ) | 74,637 | ||||||||||||||||||||||
Mortgage backed securities | 33,974 | — | (83 | ) | 33,891 | — | — | — | — | |||||||||||||||||||||||
Cost and equity method investments | 22,239 | — | — | 22,239 | 11,298 | — | — | 11,298 | ||||||||||||||||||||||||
Life insurance contracts | 15,369 | — | — | 15,369 | 15,023 | — | — | 15,023 | ||||||||||||||||||||||||
Total | $ | 945,129 | $ | 4,788 | $ | (8,945 | ) | $ | 940,972 | $ | 718,811 | $ | 8,833 | $ | (487 | ) | $ | 727,157 | ||||||||||||||
Schedule Of Available-For-Sale Investments In A Continuous Unrealized Loss Position | ' | |||||||||||||||||||||||||||||||
The fair value of available-for-sale investments with gross unrealized losses by investment type and length of time that individual securities have been in a continuous unrealized loss position were as follows: | ||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Less Than 12 Months | 12 Months or More | |||||||||||||||||||||||||||||
Unrealized Losses | Fair | Unrealized Losses | Fair | Unrealized Losses | Fair | Unrealized Losses | Fair | |||||||||||||||||||||||||
Value | Value | Value | Value | |||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | (6,188 | ) | $ | 172,365 | $ | (1,307 | ) | $ | 26,454 | $ | (219 | ) | $ | 56,033 | $ | (2 | ) | $ | 201 | ||||||||||||
Corporate securities | (400 | ) | 52,725 | (207 | ) | 5,020 | (195 | ) | 44,208 | — | — | |||||||||||||||||||||
Municipal securities: | ||||||||||||||||||||||||||||||||
General obligation | (72 | ) | 3,480 | (63 | ) | 2,426 | (26 | ) | 7,930 | — | — | |||||||||||||||||||||
Revenue | (292 | ) | 27,789 | — | — | (30 | ) | 3,090 | — | — | ||||||||||||||||||||||
Asset backed securities | (333 | ) | 37,689 | — | — | (15 | ) | 8,192 | — | — | ||||||||||||||||||||||
Mortgage backed securities | (83 | ) | 33,891 | — | — | — | — | — | — | |||||||||||||||||||||||
Total | $ | (7,368 | ) | $ | 327,939 | $ | (1,577 | ) | $ | 33,900 | $ | (485 | ) | $ | 119,453 | $ | (2 | ) | $ | 201 | ||||||||||||
Contractual Maturities Of Short-Term And Long-Term Investments And Restricted Deposits | ' | |||||||||||||||||||||||||||||||
The contractual maturities of short term and long term investments and restricted deposits are as follows: | ||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
Investments | Restricted Deposits | Investments | Restricted Deposits | |||||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | Amortized | Fair | Amortized | Fair | |||||||||||||||||||||||||
Cost | Value | Cost | Value | Cost | Value | Cost | Value | |||||||||||||||||||||||||
One year or less | $ | 101,537 | $ | 102,126 | $ | 40,633 | $ | 40,637 | $ | 136,997 | $ | 138,101 | $ | 33,897 | $ | 33,928 | ||||||||||||||||
One year through five years | 609,755 | 610,589 | 6,301 | 6,309 | 429,053 | 435,728 | 358 | 358 | ||||||||||||||||||||||||
Five years through ten years | 157,003 | 151,221 | — | — | 93,907 | 93,778 | — | — | ||||||||||||||||||||||||
Greater than ten years | 29,900 | 30,090 | — | — | 24,599 | 25,264 | — | — | ||||||||||||||||||||||||
Total | $ | 898,195 | $ | 894,026 | $ | 46,934 | $ | 46,946 | $ | 684,556 | $ | 692,871 | $ | 34,255 | $ | 34,286 | ||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements By Level For Assets Measured At Fair Value On A Recurring Basis | ' | |||||||||||||||
The following table summarizes fair value measurements by level at December 31, 2013, for assets and liabilities measured at fair value on a recurring basis: | ||||||||||||||||
Level I | Level II | Level III | Total | |||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 974,304 | $ | — | $ | — | $ | 974,304 | ||||||||
Investments available for sale: | ||||||||||||||||
U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | 212,185 | $ | 12,238 | $ | — | $ | 224,423 | ||||||||
Corporate securities | — | 296,086 | — | 296,086 | ||||||||||||
Municipal securities: | ||||||||||||||||
General obligation | — | 54,422 | — | 54,422 | ||||||||||||
Pre-refunded | — | 10,917 | — | 10,917 | ||||||||||||
Revenue | — | 69,054 | — | 69,054 | ||||||||||||
Variable rate demand notes | — | 28,575 | — | 28,575 | ||||||||||||
Asset backed securities | — | 139,050 | — | 139,050 | ||||||||||||
Mortgage backed securities | $ | — | $ | 33,891 | $ | — | $ | 33,891 | ||||||||
Total investments | $ | 212,185 | $ | 644,233 | $ | — | $ | 856,418 | ||||||||
Restricted deposits available for sale: | ||||||||||||||||
Cash and cash equivalents | $ | 26,642 | $ | — | $ | — | $ | 26,642 | ||||||||
Certificates of deposit | 5,891 | — | — | 5,891 | ||||||||||||
U.S. Treasury securities and obligations of U.S. government corporations and agencies | 14,413 | — | — | 14,413 | ||||||||||||
Total restricted deposits | $ | 46,946 | $ | — | $ | — | $ | 46,946 | ||||||||
Other long term assets: | ||||||||||||||||
Interest rate swap contract | $ | — | $ | 9,576 | $ | — | $ | 9,576 | ||||||||
Total assets at fair value | $ | 1,233,435 | $ | 653,809 | $ | — | $ | 1,887,244 | ||||||||
The following table summarizes fair value measurements by level at December 31, 2012, for assets and liabilities measured at fair value on a recurring basis: | ||||||||||||||||
Level I | Level II | Level III | Total | |||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 745,933 | $ | — | $ | — | $ | 745,933 | ||||||||
Investments available for sale: | ||||||||||||||||
U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | 57,114 | $ | 40,246 | $ | — | $ | 97,360 | ||||||||
Corporate securities | — | 295,111 | — | 295,111 | ||||||||||||
Municipal securities: | ||||||||||||||||
General obligation | — | 86,571 | — | 86,571 | ||||||||||||
Pre-refunded | — | 5,422 | — | 5,422 | ||||||||||||
Revenue | — | 84,064 | — | 84,064 | ||||||||||||
Variable rate demand notes | — | 23,385 | — | 23,385 | ||||||||||||
Asset backed securities | — | 74,637 | — | 74,637 | ||||||||||||
Mortgage backed securities | — | — | — | — | ||||||||||||
Total investments | $ | 57,114 | $ | 609,436 | $ | — | $ | 666,550 | ||||||||
Restricted deposits available for sale: | ||||||||||||||||
Cash and cash equivalents | $ | 14,455 | $ | — | $ | — | $ | 14,455 | ||||||||
Certificates of deposit | 5,890 | — | — | 5,890 | ||||||||||||
U.S. Treasury securities and obligations of U.S. government corporations and agencies | 13,941 | — | — | 13,941 | ||||||||||||
Total restricted deposits | $ | 34,286 | $ | — | $ | — | $ | 34,286 | ||||||||
Other long term assets: | ||||||||||||||||
Interest rate swap contract | $ | — | $ | 16,304 | $ | — | $ | 16,304 | ||||||||
Total assets at fair value | $ | 837,333 | $ | 625,740 | $ | — | $ | 1,463,073 | ||||||||
Property_Software_And_Equipmen1
Property, Software And Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Software and Equipment [Abstract] | ' | |||||||
Property, Software and Equipment | ' | |||||||
Property, software and equipment consist of the following as of December 31: | ||||||||
2013 | 2012 | |||||||
Computer software | $ | 184,983 | $ | 164,755 | ||||
Building | 206,058 | 193,186 | ||||||
Land | 69,705 | 70,276 | ||||||
Computer hardware | 69,087 | 57,389 | ||||||
Furniture and office equipment | 53,180 | 43,136 | ||||||
Leasehold improvements | 56,816 | 49,808 | ||||||
639,829 | 578,550 | |||||||
Less accumulated depreciation | (244,422 | ) | (202,657 | ) | ||||
Property, software and equipment, net | $ | 395,407 | $ | 375,893 | ||||
Goodwill_And_Intangible_Assets1
Goodwill And Intangible Assets (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Goodwill and Intangible Assets [Abstract] | ' | |||||||||||
Schedule Of Changes In Goodwill By Operating Segment | ' | |||||||||||
The following table summarizes the changes in goodwill by operating segment: | ||||||||||||
Managed Care | Specialty Services | Total | ||||||||||
Balance as of December 31, 2011 | $ | 151,402 | $ | 130,579 | $ | 281,981 | ||||||
Impairment | — | (25,693 | ) | (25,693 | ) | |||||||
Balance as of December 31, 2012 | 151,402 | 104,886 | 256,288 | |||||||||
Acquisition | — | 92,144 | 92,144 | |||||||||
Balance as of December 31, 2013 | $ | 151,402 | $ | 197,030 | $ | 348,432 | ||||||
Schedule Of Intangible Assets | ' | |||||||||||
Intangible assets at December 31, consist of the following: | ||||||||||||
Weighted Average Life in Years | ||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Purchased contract rights | $ | 21,988 | $ | 21,988 | 7.5 | 7.5 | ||||||
Provider contracts | 35,537 | 2,737 | 13.2 | 9.8 | ||||||||
Customer relationships | 13,396 | 13,396 | 8 | 8 | ||||||||
Trade names | 8,695 | 6,495 | 18.9 | 16.3 | ||||||||
Intangible assets | 79,616 | 44,616 | 11.1 | 9.1 | ||||||||
Less accumulated amortization: | ||||||||||||
Purchased contract rights | (13,459 | ) | (11,010 | ) | ||||||||
Provider contracts | (3,767 | ) | (1,241 | ) | ||||||||
Customer relationships | (11,425 | ) | (10,214 | ) | ||||||||
Trade names | (2,185 | ) | (1,883 | ) | ||||||||
Total accumulated amortization | (30,836 | ) | (24,348 | ) | ||||||||
Intangible assets, net | $ | 48,780 | $ | 20,268 | ||||||||
Schedule Of Future Amortization Expenses | ' | |||||||||||
Estimated total amortization expense related to intangible assets for each of the five succeeding fiscal years is as follows: | ||||||||||||
Year | Expense | |||||||||||
2014 | $ | 6,800 | ||||||||||
2015 | 5,900 | |||||||||||
2016 | 5,900 | |||||||||||
2017 | 4,400 | |||||||||||
2018 | 2,600 | |||||||||||
Medical_Claims_Liability_Table
Medical Claims Liability (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Medical Claims Liability [Abstract] | ' | |||||||||||
Schedule Of Change In Medical Claims Liability | ' | |||||||||||
The change in medical claims liability is summarized as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance, January 1, | $ | 815,161 | $ | 518,840 | $ | 456,765 | ||||||
Incurred related to: | ||||||||||||
Current year | 9,072,867 | 6,836,177 | 4,256,645 | |||||||||
Prior years | (78,226 | ) | (55,096 | ) | (65,377 | ) | ||||||
Total incurred | 8,994,641 | 6,781,081 | 4,191,268 | |||||||||
Paid related to: | ||||||||||||
Current year | 7,975,367 | 6,024,720 | 3,744,475 | |||||||||
Prior years | 722,726 | 460,040 | 384,718 | |||||||||
Total paid | 8,698,093 | 6,484,760 | 4,129,193 | |||||||||
Balance, December 31, | $ | 1,111,709 | $ | 815,161 | $ | 518,840 | ||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule Of Debt | ' | |||||||
Debt consists of the following: | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Senior notes, at par | $ | 425,000 | $ | 425,000 | ||||
Unamortized premium on senior notes | 6,052 | 7,823 | ||||||
Interest rate swap fair value | 9,576 | 16,304 | ||||||
Senior notes | 440,628 | 449,127 | ||||||
Revolving credit agreement | 150,000 | — | ||||||
Mortgage notes payable | 72,785 | 84,081 | ||||||
Capital leases and other | 5,349 | 5,646 | ||||||
Total debt | 668,762 | 538,854 | ||||||
Less current portion | (3,065 | ) | (3,373 | ) | ||||
Long term debt | $ | 665,697 | $ | 535,481 | ||||
Schedule Of Aggregate Maturities Of Debt | ' | |||||||
Aggregate maturities for the Company's debt are as follows: | ||||||||
2014 | $ | 3,065 | ||||||
2015 | 3,188 | |||||||
2016 | 3,353 | |||||||
2017 | 428,525 | |||||||
2018 | 153,702 | |||||||
Thereafter | 61,301 | |||||||
Total | $ | 653,134 | ||||||
Income_Taxes_Income_Taxes_Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Taxes [Abstract] | ' | |||||||||||
Consolidated Income Tax Expense | ' | |||||||||||
The consolidated income tax expense consists of the following for the years ended December 31: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current provision: | ||||||||||||
Federal | $ | 120,858 | $ | 47,528 | $ | 63,388 | ||||||
State and local | 5,857 | (4,368 | ) | 5,157 | ||||||||
Total current provision | 126,715 | 43,160 | 68,545 | |||||||||
Deferred provision | (19,635 | ) | 4,252 | 2,142 | ||||||||
Total provision for income taxes | $ | 107,080 | $ | 47,412 | $ | 70,687 | ||||||
Reconciliation Of The Tax Provision At The U.S. Federal Statutory Rate To The Provision For Income Taxes | ' | |||||||||||
The reconciliation of the tax provision at the U.S. Federal Statutory Rate to the provision for income taxes is as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Earnings from continuing operations, before income tax expense | $ | 268,917 | $ | 122,791 | $ | 188,350 | ||||||
Less flow through noncontrolling interest | 960 | (2,539 | ) | (2,855 | ) | |||||||
Earnings from continuing operations, less noncontrolling interest, before income tax expense | 267,957 | 125,330 | 191,205 | |||||||||
Tax provision at the U.S. federal statutory rate | 93,785 | 43,866 | 66,922 | |||||||||
State income taxes, net of federal income tax benefit | 2,871 | (2,288 | ) | 3,381 | ||||||||
Nondeductible goodwill impairment | — | 8,487 | — | |||||||||
Nondeductible compensation | 12,519 | 1,108 | 2,705 | |||||||||
Other, net | (2,095 | ) | (3,761 | ) | (2,321 | ) | ||||||
Income tax expense | $ | 107,080 | $ | 47,412 | $ | 70,687 | ||||||
Tax Effects Of Temporary Differences Which Give Rise To Deferred Tax Assets And Liabilities | ' | |||||||||||
The tax effects of temporary differences which give rise to deferred tax assets and liabilities are presented below for the years ended December 31: | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Medical claims liability and other accruals | $ | 53,943 | $ | 37,413 | ||||||||
State net operating loss carry forward | 9,530 | 9,055 | ||||||||||
Stock compensation | 14,223 | 12,615 | ||||||||||
Other | 30,199 | 20,573 | ||||||||||
Deferred tax assets | 107,895 | 79,656 | ||||||||||
Valuation allowance | (8,119 | ) | (8,180 | ) | ||||||||
Net deferred tax assets | $ | 99,776 | $ | 71,476 | ||||||||
Deferred tax liabilities: | ||||||||||||
Intangible assets | $ | 18,278 | $ | 12,441 | ||||||||
Prepaid assets | 5,621 | 4,767 | ||||||||||
Depreciation and amortization | 30,411 | 31,741 | ||||||||||
Other | 1,615 | 5,624 | ||||||||||
Deferred tax liabilities | $ | 55,925 | $ | 54,573 | ||||||||
Net deferred tax assets | $ | 43,851 | $ | 16,903 | ||||||||
Reserve For Uncertain Tax Positions | ' | |||||||||||
The Company maintains a reserve for uncertain tax positions that may be challenged by a tax authority. A roll-forward of the reserve is as follows: | ||||||||||||
2013 | 2012 | |||||||||||
Gross unrecognized tax benefits, beginning of period | $ | 7,870 | $ | 13,552 | ||||||||
Gross increases: | ||||||||||||
Current year tax positions | 338 | 4,107 | ||||||||||
Prior year tax positions | 164 | 451 | ||||||||||
Gross decreases: | ||||||||||||
Prior year tax positions | — | (9,925 | ) | |||||||||
Settlements | (4,390 | ) | (53 | ) | ||||||||
Statute of limitation lapses | (708 | ) | (262 | ) | ||||||||
Gross unrecognized tax benefits, end of period | $ | 3,274 | $ | 7,870 | ||||||||
Stock_Incentive_Plans_Tables
Stock Incentive Plans (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Stock Incentive Plans [Abstract] | ' | ||||||||||||
Summary Of Stock Option Activity | ' | ||||||||||||
Option activity for the year ended December 31, 2013 is summarized below: | |||||||||||||
Shares | Weighted Average Exercise Price | Aggregate Intrinsic Value | Weighted Average Remaining Contractual Term | ||||||||||
Outstanding as of December 31, 2012 | 1,299,396 | $ | 22.39 | ||||||||||
Granted | 10,000 | 44.58 | |||||||||||
Exercised | (361,538 | ) | 20.32 | ||||||||||
Forfeited | (663 | ) | 17.86 | ||||||||||
Outstanding as of December 31, 2013 | 947,195 | $ | 23.41 | $ | 33,659 | 2.8 | |||||||
Exercisable as of December 31, 2013 | 921,462 | $ | 23.21 | $ | 32,937 | 2.7 | |||||||
Option Pricing Assumptions | ' | ||||||||||||
The fair value of each option grant is estimated on the date of the grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 (1) | 2011 | |||||||||||
Expected life (in years) | 5.1 | — | 5.2 | ||||||||||
Risk-free interest rate | 0.80% | — | 0.90% | ||||||||||
Expected volatility | 48.10% | — | 49.90% | ||||||||||
Expected dividend yield | — | — | — | ||||||||||
(1) No options were awarded in the year ended December 31, 2012. | |||||||||||||
Stock Option Awards | ' | ||||||||||||
Other information pertaining to option activity is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 (1) | 2011 | |||||||||||
Weighted-average fair value of options granted | $ | 19.04 | $ | — | $ | 13.94 | |||||||
Total intrinsic value of stock options exercised | $ | 12,845 | $ | 24,120 | $ | 11,744 | |||||||
(1) No options were awarded in the year ended December 31, 2012. | |||||||||||||
Non-Vested Restricted Stock And Restricted Stock | ' | ||||||||||||
A summary of the Company's non-vested restricted stock and restricted stock unit shares as of December 31, 2013, and changes during the year ended December 31, 2013, is presented below: | |||||||||||||
Shares | Weighted Average Grant Date Fair Value | ||||||||||||
Non-vested balance as of December 31, 2012 | 2,058,908 | $ | 37.25 | ||||||||||
Granted | 1,037,542 | 55.36 | |||||||||||
Vested | (961,741 | ) | 33.57 | ||||||||||
Forfeited | (45,116 | ) | 38.91 | ||||||||||
Non-vested balance as of December 31, 2013 | 2,089,593 | $ | 47.9 | ||||||||||
Commitments_Tables
Commitments (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments [Abstract] | ' | |||
Annual Non-Cancelable Minimum Lease Payments | ' | |||
Annual non-cancelable minimum lease payments over the next five years and thereafter are as follows: | ||||
2014 | $ | 25,350 | ||
2015 | 25,871 | |||
2016 | 24,202 | |||
2017 | 19,336 | |||
2018 | 12,628 | |||
Thereafter | 18,800 | |||
$ | 126,187 | |||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Calculation Of Basic And Diluted Net Earnings Per Common Share | ' | |||||||||||
The following table sets forth the calculation of basic and diluted net earnings per common share for the years ended December 31: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Earnings attributable to Centene Corporation: | ||||||||||||
Earnings from continuing operations, net of tax | $ | 161,218 | $ | 88,533 | $ | 120,518 | ||||||
Discontinued operations, net of tax | 3,881 | (86,674 | ) | (9,300 | ) | |||||||
Net earnings | $ | 165,099 | $ | 1,859 | $ | 111,218 | ||||||
Shares used in computing per share amounts: | ||||||||||||
Weighted average number of common shares outstanding | 54,126,545 | 51,509,366 | 50,198,954 | |||||||||
Common stock equivalents (as determined by applying the treasury stock method) | 2,120,628 | 2,205,009 | 2,275,284 | |||||||||
Weighted average number of common shares and potential dilutive common shares outstanding | 56,247,173 | 53,714,375 | 52,474,238 | |||||||||
Net earnings per common share attributable to Centene Corporation: | ||||||||||||
Basic: | ||||||||||||
Continuing operations | $ | 2.98 | $ | 1.72 | $ | 2.4 | ||||||
Discontinued operations | 0.07 | (1.68 | ) | (0.18 | ) | |||||||
Basic earnings per common share | $ | 3.05 | $ | 0.04 | $ | 2.22 | ||||||
Diluted: | ||||||||||||
Continuing operations | $ | 2.87 | $ | 1.65 | $ | 2.3 | ||||||
Discontinued operations | 0.07 | (1.62 | ) | (0.18 | ) | |||||||
Diluted earnings per common share | $ | 2.94 | $ | 0.03 | $ | 2.12 | ||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
Segment information as of and for the year ended December 31, 2013, follows: | ||||||||||||||||
Managed Care | Specialty | Eliminations | Consolidated | |||||||||||||
Services | Total | |||||||||||||||
Premium and service revenues from external customers | $ | 9,740,720 | $ | 785,320 | $ | — | $ | 10,526,040 | ||||||||
Premium and service revenues from internal customers | 41,094 | 2,147,200 | (2,188,294 | ) | — | |||||||||||
Total premium and service revenues | 9,781,814 | 2,932,520 | (2,188,294 | ) | 10,526,040 | |||||||||||
Earnings from operations | 197,844 | 79,573 | — | 277,417 | ||||||||||||
Total assets | 2,817,519 | 595,964 | — | 3,413,483 | ||||||||||||
Segment information as of and for the year ended December 31, 2012, follows: | ||||||||||||||||
Managed Care | Specialty | Eliminations | Consolidated | |||||||||||||
Services | Total | |||||||||||||||
Premium and service revenues from external customers | $ | 7,124,720 | $ | 556,911 | $ | — | $ | 7,681,631 | ||||||||
Premium and service revenues from internal customers | 87,319 | 1,550,096 | (1,637,415 | ) | — | |||||||||||
Total premium and service revenues | 7,212,039 | 2,107,007 | (1,637,415 | ) | 7,681,631 | |||||||||||
Earnings from operations | 62,867 | 45,099 | — | 107,966 | ||||||||||||
Total assets | 2,163,347 | 371,265 | — | 2,534,612 | ||||||||||||
Segment information as of and for the year ended December 31, 2011, follows: | ||||||||||||||||
Managed Care | Specialty | Eliminations | Consolidated | |||||||||||||
Services | Total | |||||||||||||||
Premium and service revenues from external customers | $ | 4,571,430 | $ | 480,472 | $ | — | $ | 5,051,902 | ||||||||
Premium and service revenues from internal customers | 64,809 | 710,002 | (774,811 | ) | — | |||||||||||
Total premium and service revenues | 4,636,239 | 1,190,474 | (774,811 | ) | 5,051,902 | |||||||||||
Earnings from operations | 161,890 | 41,913 | — | 203,803 | ||||||||||||
Total assets | 1,709,271 | 383,259 | — | 2,092,530 | ||||||||||||
Quarterly_Selected_Financial_I1
Quarterly Selected Financial Information (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Selected Financial Information [Abstract] | ' | |||||||||||||||
Quarterly Selected Financial Information | ' | |||||||||||||||
For the Quarter Ended | ||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||||
Total revenues | $ | 2,525,482 | $ | 2,610,538 | $ | 2,795,569 | $ | 2,931,740 | ||||||||
Amounts attributable to Centene Corporation common shareholders: | ||||||||||||||||
Earnings from continuing operations, net of income tax expense | $ | 22,639 | $ | 40,289 | $ | 50,325 | $ | 47,965 | ||||||||
Discontinued operations, net of income tax expense (benefit) | 363 | (805 | ) | (952 | ) | 5,275 | ||||||||||
Net earnings | $ | 23,002 | $ | 39,484 | $ | 49,373 | $ | 53,240 | ||||||||
Net earnings (loss) per common share attributable to Centene Corporation: | ||||||||||||||||
Basic: | ||||||||||||||||
Continuing operations | $ | 0.43 | $ | 0.74 | $ | 0.92 | $ | 0.87 | ||||||||
Discontinued operations | 0.01 | (0.02 | ) | (0.02 | ) | 0.1 | ||||||||||
Basic earnings per common share | $ | 0.44 | $ | 0.72 | $ | 0.9 | $ | 0.97 | ||||||||
Diluted: | ||||||||||||||||
Continuing operations | $ | 0.41 | $ | 0.71 | $ | 0.88 | $ | 0.84 | ||||||||
Discontinued operations | 0.01 | 0.01 | (0.01 | ) | 0.09 | |||||||||||
Diluted earnings per common share | $ | 0.42 | $ | 0.72 | $ | 0.87 | $ | 0.93 | ||||||||
Health Benefits Ratio | 90.2 | % | 88.4 | % | 87.8 | % | 88.1 | % | ||||||||
General & Administrative Expense Ratio | 8.4 | % | 8.9 | % | 9.1 | % | 8.9 | % | ||||||||
Period end at-risk membership | 2,553,400 | 2,563,400 | 2,612,500 | 2,723,200 | ||||||||||||
For the Quarter Ended | ||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||||
Total revenues | $ | 1,562,809 | $ | 1,967,362 | $ | 2,308,075 | $ | 2,272,050 | ||||||||
Amounts attributable to Centene Corporation common shareholders: | ||||||||||||||||
Earnings (loss) from continuing operations, net of income tax expense (benefit) | $ | 27,072 | $ | (16,656 | ) | $ | 59,438 | $ | 18,679 | |||||||
Discontinued operations, net of income tax benefit | (3,094 | ) | (18,343 | ) | (55,619 | ) | (9,618 | ) | ||||||||
Net earnings (loss) | $ | 23,978 | $ | (34,999 | ) | $ | 3,819 | $ | 9,061 | |||||||
Net earnings (loss) per common share attributable to Centene Corporation: | ||||||||||||||||
Basic: | ||||||||||||||||
Continuing operations | $ | 0.53 | $ | (0.32 | ) | $ | 1.15 | $ | 0.36 | |||||||
Discontinued operations | (0.06 | ) | (0.36 | ) | (1.08 | ) | (0.19 | ) | ||||||||
Basic earnings per common share | $ | 0.47 | $ | (0.68 | ) | $ | 0.07 | $ | 0.17 | |||||||
Diluted: | ||||||||||||||||
Continuing operations | $ | 0.51 | $ | (0.32 | ) | $ | 1.1 | $ | 0.35 | |||||||
Discontinued operations | (0.06 | ) | (0.36 | ) | (1.03 | ) | (0.18 | ) | ||||||||
Diluted earnings per common share | $ | 0.45 | $ | (0.68 | ) | $ | 0.07 | $ | 0.17 | |||||||
Health Benefits Ratio | 87.1 | % | 91.2 | % | 88.7 | % | 90.7 | % | ||||||||
General & Administrative Expense Ratio | 10.4 | % | 8.5 | % | 8.4 | % | 8.4 | % | ||||||||
Period end at-risk membership | 2,003,800 | 2,254,000 | 2,357,600 | 2,424,500 | ||||||||||||
Condensed_Financial_Informatio1
Condensed Financial Information Of Registrant (Tables) (Parent Company [Member]) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Parent Company [Member] | ' | |||||||||||
Condensed Balance Sheets | ' | |||||||||||
Centene Corporation (Parent Company Only) | ||||||||||||
Condensed Balance Sheets | ||||||||||||
(In thousands, except share data) | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
ASSETS | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 2,740 | $ | 22,279 | ||||||||
Short term investments, at fair value (amortized cost $6,000 and $6,500, respectively) | 6,000 | 6,500 | ||||||||||
Other current assets | 124,903 | 42,230 | ||||||||||
Total current assets | 133,643 | 71,009 | ||||||||||
Long term investments, at fair value (amortized cost $8,070 and $1,356, respectively) | 8,070 | 1,356 | ||||||||||
Investment in subsidiaries | 1,667,258 | 1,298,648 | ||||||||||
Other long term assets | 31,876 | 42,523 | ||||||||||
Total assets | $ | 1,840,847 | $ | 1,413,536 | ||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||
Current liabilities | $ | 4,460 | $ | 4,333 | ||||||||
Long term debt | 590,628 | 449,127 | ||||||||||
Other long term liabilities | 2,320 | 6,309 | ||||||||||
Total liabilities | 597,408 | 459,769 | ||||||||||
Stockholders' equity: | ||||||||||||
Common stock, $.001 par value; authorized 100,000,000 shares; 58,673,215 issued and 55,319,239 outstanding at December 31, 2013, and 55,339,160 issued and 52,329,248 outstanding at December 31, 2012 | 59 | 55 | ||||||||||
Additional paid-in capital | 594,326 | 450,856 | ||||||||||
Accumulated other comprehensive income: | ||||||||||||
Unrealized gain (loss) on investments, net of tax | (2,620 | ) | 5,189 | |||||||||
Retained earnings | 731,919 | 566,820 | ||||||||||
Treasury stock, at cost (3,353,976 and 3,009,912 shares, respectively) | (89,643 | ) | (69,864 | ) | ||||||||
Total Centene stockholders' equity | 1,234,041 | 953,056 | ||||||||||
Noncontrolling interest | 9,398 | 711 | ||||||||||
Total stockholders' equity | 1,243,439 | 953,767 | ||||||||||
Total liabilities and stockholders' equity | $ | 1,840,847 | $ | 1,413,536 | ||||||||
Condensed Statements Of Operations | ' | |||||||||||
Centene Corporation (Parent Company Only) | ||||||||||||
Condensed Statements of Operations | ||||||||||||
(In thousands, except share data) | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Expenses: | ||||||||||||
General and administrative expenses | $ | 4,196 | $ | 4,090 | $ | 4,488 | ||||||
Other income (expense): | ||||||||||||
Investment and other income | 983 | 19,921 | (8,790 | ) | ||||||||
Interest expense | (22,623 | ) | (15,757 | ) | (15,494 | ) | ||||||
Earnings (loss) before income taxes | (25,836 | ) | 74 | (28,772 | ) | |||||||
Income tax benefit | (15,191 | ) | (9,668 | ) | (12,825 | ) | ||||||
Net earnings (loss) before equity in subsidiaries | (10,645 | ) | 9,742 | (15,947 | ) | |||||||
Equity in earnings from subsidiaries | 171,863 | 78,791 | 136,465 | |||||||||
Net earnings from continuing operations | $ | 161,218 | $ | 88,533 | $ | 120,518 | ||||||
Net earnings per share from continuing operations: | ||||||||||||
Basic earnings per common share | $ | 2.98 | $ | 1.72 | $ | 2.4 | ||||||
Diluted earnings per common share | $ | 2.87 | $ | 1.65 | $ | 2.3 | ||||||
Weighted average number of shares outstanding: | ||||||||||||
Basic | 54,126,545 | 51,509,366 | 50,198,954 | |||||||||
Diluted | 56,247,173 | 53,714,375 | 52,474,238 | |||||||||
Condensed Statements Of Cash Flows | ' | |||||||||||
Centene Corporation (Parent Company Only) | ||||||||||||
Condensed Statements of Cash Flows | ||||||||||||
(In thousands) | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Cash provided by operating activities | $ | 302,242 | $ | 327,940 | $ | 72,754 | ||||||
Cash flows from investing activities: | ||||||||||||
Net dividends from and capital contributions to subsidiaries | (417,734 | ) | (539,575 | ) | (50,581 | ) | ||||||
Purchase of investments | (12,518 | ) | (7,320 | ) | (21,915 | ) | ||||||
Sales and maturities of investments | 10,252 | 30,000 | 11,111 | |||||||||
Acquisitions | (67,070 | ) | — | (1,773 | ) | |||||||
Net cash used in investing activities | (487,070 | ) | (516,895 | ) | (63,158 | ) | ||||||
Cash flows from financing activities: | ||||||||||||
Proceeds from borrowings | 180,000 | 400,500 | 419,183 | |||||||||
Payment of long term debt | (30,000 | ) | (215,000 | ) | (413,644 | ) | ||||||
Proceeds from exercise of stock options | 8,983 | 15,912 | 15,815 | |||||||||
Proceeds from stock offering | 15,225 | — | — | |||||||||
Common stock repurchases | (19,779 | ) | (12,741 | ) | (7,809 | ) | ||||||
Debt issue costs | (3,589 | ) | (3,623 | ) | (9,242 | ) | ||||||
Contributions from noncontrolling interest | 8,069 | 1,092 | 813 | |||||||||
Purchase of noncontrolling interest | — | (14,429 | ) | — | ||||||||
Excess tax benefits from stock compensation | 6,380 | 10,996 | 4,435 | |||||||||
Net cash provided by financing activities | 165,289 | 182,707 | 9,551 | |||||||||
Net increase (decrease) in cash and cash equivalents | (19,539 | ) | (6,248 | ) | 19,147 | |||||||
Cash and cash equivalents, beginning of period | 22,279 | 28,527 | 9,380 | |||||||||
Cash and cash equivalents, end of period | $ | 2,740 | $ | 22,279 | $ | 28,527 | ||||||
Organization_And_Operations_De
Organization And Operations (Details) | 12 Months Ended |
Dec. 31, 2013 | |
segments | |
Organization And Operations [Abstract] | ' |
Number of reportable segments | 2 |
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Schedule Of Property, Software And Equipment Depreciation Periods) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Minimum [Member] | Buildings And Land Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Fixed Asset - Depreciation Period | '5 years |
Minimum [Member] | Computer Hardware And Software [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Fixed Asset - Depreciation Period | '2 years |
Minimum [Member] | Furniture And Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Fixed Asset - Depreciation Period | '3 years |
Minimum [Member] | Leasehold Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Fixed Asset - Depreciation Period | '1 year |
Maximum [Member] | Buildings And Land Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Fixed Asset - Depreciation Period | '40 years |
Maximum [Member] | Computer Hardware And Software [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Fixed Asset - Depreciation Period | '7 years |
Maximum [Member] | Furniture And Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Fixed Asset - Depreciation Period | '10 years |
Maximum [Member] | Leasehold Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Fixed Asset - Depreciation Period | '20 years |
Summary_Of_Significant_Account4
Summary Of Significant Accounting Policies (Schedule Of Amortization Period For Intangible Assets) (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible Assets, Amortization Period | '11 years 1 month 6 days | '9 years 1 month 6 days |
Purchased Contract Rights [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible Assets, Amortization Period | '7 years 6 months | '7 years 6 months |
Provider Contracts [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible Assets, Amortization Period | '13 years 2 months 18 days | '9 years 9 months 18 days |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible Assets, Amortization Period | '8 years | '8 years |
Trade Names [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible Assets, Amortization Period | '18 years 10 months 18 days | '16 years 3 months 18 days |
Minimum [Member] | Purchased Contract Rights [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible Assets, Amortization Period | '5 years | ' |
Minimum [Member] | Provider Contracts [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible Assets, Amortization Period | '4 years | ' |
Minimum [Member] | Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible Assets, Amortization Period | '5 years | ' |
Minimum [Member] | Trade Names [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible Assets, Amortization Period | '7 years | ' |
Maximum [Member] | Purchased Contract Rights [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible Assets, Amortization Period | '15 years | ' |
Maximum [Member] | Provider Contracts [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible Assets, Amortization Period | '15 years | ' |
Maximum [Member] | Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible Assets, Amortization Period | '15 years | ' |
Maximum [Member] | Trade Names [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible Assets, Amortization Period | '20 years | ' |
Summary_Of_Significant_Account5
Summary Of Significant Accounting Policies (Schedule Of Allowance For Uncollectible Accounts) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' | ' |
Allowances, beginning of year | $781 | $639 | $17 |
Amounts charged to expense | 3,138 | 1,350 | 865 |
Write-offs of uncollectible receivables | -2,801 | -1,208 | -243 |
Allowances, end of year | $1,118 | $781 | $639 |
Summary_Of_Significant_Account6
Summary Of Significant Accounting Policies (Schedule Of Percentage Of Company's Total Revenues) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Georgia [Member] | ' | ' | ' |
Percentage of revenues under contracts or subcontracts | ' | ' | 15.00% |
Ohio [Member] | ' | ' | ' |
Percentage of revenues under contracts or subcontracts | ' | ' | 12.00% |
Texas [Member] | ' | ' | ' |
Percentage of revenues under contracts or subcontracts | 37.00% | 40.00% | 21.00% |
Noncontolling_Interest_and_Acq2
Noncontolling Interest and Acquisitions Non Controlling Interest (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Louisiana Healthcare Connections [Member] | Louisiana Healthcare Connections [Member] | Louisiana Healthcare Connections [Member] | Louisiana Healthcare Connections [Member] | Centurion [Member] | Centurion [Member] | Centurion [Member] | Casenet, LLC [Member] | Casenet, LLC [Member] | Casenet, LLC [Member] | Home State Health Plan [Member] | Home State Health Plan [Member] | Home State Health Plan [Member] | ||||||||||||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage by parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 51.00% | 51.00% | 51.00% | 51.00% | 51.00% | 100.00% | 100.00% | 81.00% | 95.00% | 95.00% | 0.00% |
Payments to Acquire Additional Interest in Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $14,429 | $0 | $10,000 | ' | ' | ' | ' | ' | ' | $4,429 | ' | ' | ' | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Net [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (Loss) from Continuing Operations Attributable to Parent | 47,965 | 50,325 | 40,289 | 22,639 | 18,679 | 59,438 | -16,656 | 27,072 | 161,218 | 88,533 | 120,518 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in equity for purchase of, distribution to and redemption of noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -12,193 | -289 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in equity for distributions from and consolidation of noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 8,068 | 1,092 | 813 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net transfers from (to) noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 8,068 | -11,101 | 524 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes from net earnings attributable to Centene Corporation and net transfers from (to) the noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | $169,286 | $77,432 | $121,042 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontolling_Interest_and_Acq3
Noncontolling Interest and Acquisitions Acquisitions (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 |
Casenet, LLC [Member] | Casenet, LLC [Member] | Casenet, LLC [Member] | |||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' |
Total consideration | $200,000 | ' | $142,495 | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | ' | ' | 75,425 | ' | ' | ' | ' | ' | ' |
Business acquisition, cash paid | ' | ' | 67,070 | ' | ' | ' | ' | ' | ' |
Acquisition of additional ownership | ' | ' | 0 | 14,429 | 0 | ' | 4,429 | ' | ' |
Goodwill | ' | ' | 348,432 | 256,288 | 281,981 | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | ' | ' | ' | ' | ' | 35,000 | ' | ' | ' |
Net deferred tax assests | ' | ' | 99,776 | 71,476 | ' | ' | ' | ' | ' |
Ownership percentage by parent | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 81.00% |
Stock Issued During Period, Shares, New Issues | ' | 342,640 | 342,640 | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, New Issues | ' | 15,225 | 15,225 | ' | ' | ' | ' | ' | ' |
Goodwill, Acquired During Period | ' | ' | $92,144 | ' | ' | ' | ' | ' | ' |
Discontinued_Operations_Discon
Discontinued Operations Discontinued Operations (Exit Costs) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Restructuring Reserve | $1,271 | $2,939 | $0 |
Restructuring and Related Cost, Incurred Cost | 1,169 | 2,939 | ' |
Payments for Restructuring | -2,837 | ' | ' |
Employee Severance [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Restructuring Reserve | 536 | 2,939 | 0 |
Restructuring and Related Cost, Incurred Cost | 434 | 2,939 | ' |
Payments for Restructuring | -2,837 | ' | ' |
Contract Termination [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Restructuring Reserve | 735 | 0 | 0 |
Restructuring and Related Cost, Incurred Cost | 735 | 0 | ' |
Payments for Restructuring | $0 | ' | ' |
Discontinued_Operations_Discon1
Discontinued Operations Discontinued Operations (Operating Results) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' |
Disposal Group, Including Discontinued Operation, Revenue | $248,327 | $557,316 | $129,105 |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 6,165 | -134,415 | -13,465 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $3,881 | ($86,674) | ($9,300) |
Discontinued_Operations_Discon2
Discontinued Operations Discontinued Operations (Assets & Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Statutory capital and surplus | $83,600 | ' |
Assets of Disposal Group, Including Discontinued Operation, Current | 77,512 | 176,996 |
Disposal Group, Including Discontinued Operations, Long Term Investments and Restricted Deposits | 38,305 | 60,461 |
Disposal Group, Including Discontinued Operation, Other Noncurrent Assets | 0 | 1,836 |
Assets of Disposal Group, Including Discontinued Operation | 115,817 | 239,293 |
Disposal Group, Including Discontinued Operations, Medical Claims Liability | 27,637 | 111,141 |
Disposal Group, Including Discontinued Operation, Accounts Payable and Accrued Liabilities | 2,657 | 45,975 |
Disposal Group, Including Discontinued Operation, Other Noncurrent Liabilities | 1,028 | 357 |
Liabilities of Disposal Group, Including Discontinued Operation | $31,322 | $157,473 |
ShortTerm_And_LongTerm_Investm2
Short-Term And Long-Term Investments And Restricted Deposits (Narrative) (Details) | Dec. 31, 2013 |
positions | |
Investments, Debt and Equity Securities [Abstract] | ' |
Percentage of investments in securities recorded at fair value that carry a rating by S&P or Moody's of AAA/Aaa | 52.00% |
Percentage of investments in securities recorded at fair value that carry a rating by S&P or Moody's of AA-/Aa3 or higher | 68.00% |
Percentage of investments in securities recorded at fair value that carry a rating by S&P or Moody's of A-/A3 or higher | 94.00% |
Positions from which gross unrealized losses were generated | 83 |
Total number of positions | 343 |
ShortTerm_And_LongTerm_Investm3
Short-Term And Long-Term Investments And Restricted Deposits (Short-Term And Long-Term Investments And Restricted Deposits By Investment Type) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule Of Investments And Restricted Deposits By Type [Line Items] | ' | ' |
Amortized Cost | $945,129 | $718,811 |
Available For Sale Securities Gross Unrealized Gain Accumulated In Investments | 4,788 | 8,833 |
Available For Sale Securities Gross Unrealized Loss Accumulated In Investments | -8,945 | -487 |
Fair Value | 940,972 | 727,157 |
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 33,891 | 0 |
U.S. Treasury Securities And Obligations Of U.S. Government Corporations And Agencies [Member] | ' | ' |
Schedule Of Investments And Restricted Deposits By Type [Line Items] | ' | ' |
Amortized Cost | 246,085 | 110,941 |
Available For Sale Securities Gross Unrealized Gain Accumulated In Investments | 245 | 581 |
Available For Sale Securities Gross Unrealized Loss Accumulated In Investments | -7,494 | -221 |
Fair Value | 238,836 | 111,301 |
Corporate Securities [Member] | ' | ' |
Schedule Of Investments And Restricted Deposits By Type [Line Items] | ' | ' |
Amortized Cost | 293,912 | 290,691 |
Available For Sale Securities Gross Unrealized Gain Accumulated In Investments | 2,782 | 4,615 |
Available For Sale Securities Gross Unrealized Loss Accumulated In Investments | -608 | -195 |
Fair Value | 296,086 | 295,111 |
Restricted Certificates Of Deposit [Member] | ' | ' |
Schedule Of Investments And Restricted Deposits By Type [Line Items] | ' | ' |
Amortized Cost | 5,891 | 5,890 |
Available For Sale Securities Gross Unrealized Gain Accumulated In Investments | 0 | 0 |
Available For Sale Securities Gross Unrealized Loss Accumulated In Investments | 0 | 0 |
Fair Value | 5,891 | 5,890 |
Restricted Cash Equivalents [Member] | ' | ' |
Schedule Of Investments And Restricted Deposits By Type [Line Items] | ' | ' |
Amortized Cost | 26,642 | 14,455 |
Available For Sale Securities Gross Unrealized Gain Accumulated In Investments | 0 | 0 |
Available For Sale Securities Gross Unrealized Loss Accumulated In Investments | 0 | 0 |
Fair Value | 26,642 | 14,455 |
Municipal Securities, General Obligation [Member] | ' | ' |
Schedule Of Investments And Restricted Deposits By Type [Line Items] | ' | ' |
Amortized Cost | 54,003 | 85,440 |
Available For Sale Securities Gross Unrealized Gain Accumulated In Investments | 555 | 1,157 |
Available For Sale Securities Gross Unrealized Loss Accumulated In Investments | -136 | -26 |
Fair Value | 54,422 | 86,571 |
Municipal Securities, Pre-Refunded [Member] | ' | ' |
Schedule Of Investments And Restricted Deposits By Type [Line Items] | ' | ' |
Amortized Cost | 10,835 | 5,337 |
Available For Sale Securities Gross Unrealized Gain Accumulated In Investments | 82 | 85 |
Available For Sale Securities Gross Unrealized Loss Accumulated In Investments | 0 | 0 |
Fair Value | 10,917 | 5,422 |
Municipal Securities, Revenue [Member] | ' | ' |
Schedule Of Investments And Restricted Deposits By Type [Line Items] | ' | ' |
Amortized Cost | 68,801 | 82,781 |
Available For Sale Securities Gross Unrealized Gain Accumulated In Investments | 545 | 1,313 |
Available For Sale Securities Gross Unrealized Loss Accumulated In Investments | -292 | -30 |
Fair Value | 69,054 | 84,064 |
Municipal Securities, Variable Rate Demand Notes [Member] | ' | ' |
Schedule Of Investments And Restricted Deposits By Type [Line Items] | ' | ' |
Amortized Cost | 28,575 | 23,385 |
Available For Sale Securities Gross Unrealized Gain Accumulated In Investments | 0 | 0 |
Available For Sale Securities Gross Unrealized Loss Accumulated In Investments | 0 | 0 |
Fair Value | 28,575 | 23,385 |
Asset Backed Securities [Member] | ' | ' |
Schedule Of Investments And Restricted Deposits By Type [Line Items] | ' | ' |
Amortized Cost | 138,803 | 73,570 |
Available For Sale Securities Gross Unrealized Gain Accumulated In Investments | 579 | 1,082 |
Available For Sale Securities Gross Unrealized Loss Accumulated In Investments | -332 | -15 |
Fair Value | 139,050 | 74,637 |
Mortgage backed securities | ' | ' |
Schedule Of Investments And Restricted Deposits By Type [Line Items] | ' | ' |
Amortized Cost | 33,974 | 0 |
Available For Sale Securities Gross Unrealized Gain Accumulated In Investments | 0 | 0 |
Available For Sale Securities Gross Unrealized Loss Accumulated In Investments | -83 | 0 |
Fair Value | 33,891 | 0 |
Cost And Equity Method Investments [Member] | ' | ' |
Schedule Of Investments And Restricted Deposits By Type [Line Items] | ' | ' |
Amortized Cost | 22,239 | 11,298 |
Available For Sale Securities Gross Unrealized Gain Accumulated In Investments | 0 | 0 |
Available For Sale Securities Gross Unrealized Loss Accumulated In Investments | 0 | 0 |
Fair Value | 22,239 | 11,298 |
Life Insurance Contracts [Member] | ' | ' |
Schedule Of Investments And Restricted Deposits By Type [Line Items] | ' | ' |
Amortized Cost | 15,369 | 15,023 |
Available For Sale Securities Gross Unrealized Gain Accumulated In Investments | 0 | 0 |
Available For Sale Securities Gross Unrealized Loss Accumulated In Investments | 0 | 0 |
Fair Value | $15,369 | $15,023 |
ShortTerm_And_LongTerm_Investm4
Short-Term And Long-Term Investments And Restricted Deposits (Fair Value Of Available-For-Sale Investments With Gross Unrealized Losses By Investment Type And Length Of Time) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available For Sale Securities Continuous Unrealized Loss Position Less Than 12 Months Aggregate Losses Accumulated In Investments | ($7,368) | ($485) |
Less Than 12 Months, Fair Value | 327,939 | 119,453 |
Available For Sale Securities Continuous Unrealized Loss Position 12 Months Or Longer Aggregate Losses Accumulated In Investments | -1,577 | -2 |
12 Months or More, Fair Value | 33,900 | 201 |
U.S. Treasury Securities And Obligations Of U.S. Government Corporations And Agencies [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available For Sale Securities Continuous Unrealized Loss Position Less Than 12 Months Aggregate Losses Accumulated In Investments | -6,188 | -219 |
Less Than 12 Months, Fair Value | 172,365 | 56,033 |
Available For Sale Securities Continuous Unrealized Loss Position 12 Months Or Longer Aggregate Losses Accumulated In Investments | -1,307 | -2 |
12 Months or More, Fair Value | 26,454 | 201 |
Corporate Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available For Sale Securities Continuous Unrealized Loss Position Less Than 12 Months Aggregate Losses Accumulated In Investments | -400 | -195 |
Less Than 12 Months, Fair Value | 52,725 | 44,208 |
Available For Sale Securities Continuous Unrealized Loss Position 12 Months Or Longer Aggregate Losses Accumulated In Investments | -207 | 0 |
12 Months or More, Fair Value | 5,020 | 0 |
Municipal Securities, General Obligation [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available For Sale Securities Continuous Unrealized Loss Position Less Than 12 Months Aggregate Losses Accumulated In Investments | -72 | -26 |
Less Than 12 Months, Fair Value | 3,480 | 7,930 |
Available For Sale Securities Continuous Unrealized Loss Position 12 Months Or Longer Aggregate Losses Accumulated In Investments | -63 | 0 |
12 Months or More, Fair Value | 2,426 | 0 |
Municipal Securities, Revenue [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available For Sale Securities Continuous Unrealized Loss Position Less Than 12 Months Aggregate Losses Accumulated In Investments | -292 | -30 |
Less Than 12 Months, Fair Value | 27,789 | 3,090 |
Available For Sale Securities Continuous Unrealized Loss Position 12 Months Or Longer Aggregate Losses Accumulated In Investments | 0 | 0 |
12 Months or More, Fair Value | 0 | 0 |
Asset Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available For Sale Securities Continuous Unrealized Loss Position Less Than 12 Months Aggregate Losses Accumulated In Investments | -333 | -15 |
Less Than 12 Months, Fair Value | 37,689 | 8,192 |
Available For Sale Securities Continuous Unrealized Loss Position 12 Months Or Longer Aggregate Losses Accumulated In Investments | 0 | 0 |
12 Months or More, Fair Value | 0 | 0 |
Mortgage backed securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available For Sale Securities Continuous Unrealized Loss Position Less Than 12 Months Aggregate Losses Accumulated In Investments | -83 | 0 |
Less Than 12 Months, Fair Value | 33,891 | 0 |
Available For Sale Securities Continuous Unrealized Loss Position 12 Months Or Longer Aggregate Losses Accumulated In Investments | 0 | 0 |
12 Months or More, Fair Value | $0 | $0 |
ShortTerm_And_LongTerm_Investm5
Short-Term And Long-Term Investments And Restricted Deposits (Contractual Maturities Of Short-Term And Long-Term Investments And Restricted Deposits) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investments [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
One year or less, Amortized Cost | $101,537 | $136,997 |
One year through five years, Amortized Cost | 609,755 | 429,053 |
Five years through ten years, Amortized Cost | 157,003 | 93,907 |
Greater than ten years, Amortized Cost | 29,900 | 24,599 |
Total, Amortized Cost | 898,195 | 684,556 |
One year or less, Fair Value | 102,126 | 138,101 |
One year through five years, Fair Value | 610,589 | 435,728 |
Five years through ten years, Fair Value | 151,221 | 93,778 |
Greater than ten years, Fair Value | 30,090 | 25,264 |
Total, Fair Value | 894,026 | 692,871 |
Restricted Deposits [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
One year or less, Amortized Cost | 40,633 | 33,897 |
One year through five years, Amortized Cost | 6,301 | 358 |
Five years through ten years, Amortized Cost | 0 | 0 |
Greater than ten years, Amortized Cost | 0 | 0 |
Total, Amortized Cost | 46,934 | 34,255 |
One year or less, Fair Value | 40,637 | 33,928 |
One year through five years, Fair Value | 6,309 | 358 |
Five years through ten years, Fair Value | 0 | 0 |
Greater than ten years, Fair Value | 0 | 0 |
Total, Fair Value | $46,946 | $34,286 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value Measurements By Level For Assets Measured At Fair Value On A Recurring Basis) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Cash and cash equivalents | $974,304 | $745,933 |
U.S. Treasury securities and obligations of U.S. government corporations and agencies | 224,423 | 97,360 |
Corporate securities | 296,086 | 295,111 |
Municipal securities, General obligation | 54,422 | 86,571 |
Municipal securities, Pre-refunded | 10,917 | 5,422 |
Municipal securities, Revenue | 69,054 | 84,064 |
Municipal securities, Variable rate demand notes | 28,575 | 23,385 |
Asset backed securities | 139,050 | 74,637 |
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 33,891 | 0 |
Total investments | 856,418 | 666,550 |
Cash and cash equivalents | 26,642 | 14,455 |
Certificates of deposit | 5,891 | 5,890 |
U.S. Treasury securities and obligations of U.S. government corporations and agencies | 14,413 | 13,941 |
Total restricted deposits | 46,946 | 34,286 |
Interest rate swap contract | 9,576 | 16,304 |
Total assets at fair value | 1,887,244 | 1,463,073 |
Level I [Member] | ' | ' |
Cash and cash equivalents | 974,304 | 745,933 |
U.S. Treasury securities and obligations of U.S. government corporations and agencies | 212,185 | 57,114 |
Corporate securities | 0 | 0 |
Municipal securities, General obligation | 0 | 0 |
Municipal securities, Pre-refunded | 0 | 0 |
Municipal securities, Revenue | 0 | 0 |
Municipal securities, Variable rate demand notes | 0 | 0 |
Asset backed securities | 0 | 0 |
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 0 | 0 |
Total investments | 212,185 | 57,114 |
Cash and cash equivalents | 26,642 | 14,455 |
Certificates of deposit | 5,891 | 5,890 |
U.S. Treasury securities and obligations of U.S. government corporations and agencies | 14,413 | 13,941 |
Total restricted deposits | 46,946 | 34,286 |
Interest rate swap contract | 0 | 0 |
Total assets at fair value | 1,233,435 | 837,333 |
Level II [Member] | ' | ' |
Cash and cash equivalents | 0 | 0 |
U.S. Treasury securities and obligations of U.S. government corporations and agencies | 12,238 | 40,246 |
Corporate securities | 296,086 | 295,111 |
Municipal securities, General obligation | 54,422 | 86,571 |
Municipal securities, Pre-refunded | 10,917 | 5,422 |
Municipal securities, Revenue | 69,054 | 84,064 |
Municipal securities, Variable rate demand notes | 28,575 | 23,385 |
Asset backed securities | 139,050 | 74,637 |
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 33,891 | 0 |
Total investments | 644,233 | 609,436 |
Cash and cash equivalents | 0 | 0 |
Certificates of deposit | 0 | 0 |
U.S. Treasury securities and obligations of U.S. government corporations and agencies | 0 | 0 |
Total restricted deposits | 0 | 0 |
Interest rate swap contract | 9,576 | 16,304 |
Total assets at fair value | 653,809 | 625,740 |
Level III [Member] | ' | ' |
Cash and cash equivalents | 0 | 0 |
U.S. Treasury securities and obligations of U.S. government corporations and agencies | 0 | 0 |
Corporate securities | 0 | 0 |
Municipal securities, General obligation | 0 | 0 |
Municipal securities, Pre-refunded | 0 | 0 |
Municipal securities, Revenue | 0 | 0 |
Municipal securities, Variable rate demand notes | 0 | 0 |
Asset backed securities | 0 | 0 |
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 0 | 0 |
Total investments | 0 | 0 |
Cash and cash equivalents | 0 | 0 |
Certificates of deposit | 0 | 0 |
U.S. Treasury securities and obligations of U.S. government corporations and agencies | 0 | 0 |
Total restricted deposits | 0 | 0 |
Interest rate swap contract | 0 | 0 |
Total assets at fair value | $0 | $0 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Transfers from Level I to Level II | $1,143 | ' |
Transfers from Level II to Level I | 26,301 | ' |
Life insurance contracts and cost-method investments | $37,608 | $26,321 |
Notes_Receivable_Narrative_Det
Notes Receivable (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Notes Receivable [Line Items] | ' | ' | ' | ' |
Convertible Notes Receivable, Net | ' | ' | ' | $30,000 |
Consideration Committed for Sale of Convertible Notes | 50,000 | ' | ' | ' |
Imputed Interest on Note Receivable, Discount | 2,120 | ' | ' | ' |
Gain on Sale of Convertible Notes | 17,880 | 0 | 17,880 | 0 |
Note Receivable Due December 2012 [Member] | ' | ' | ' | ' |
Notes Receivable [Line Items] | ' | ' | ' | ' |
Notes Receivable, Current | 30,000 | ' | ' | ' |
Note Receivable Due September 2013 [Member] | ' | ' | ' | ' |
Notes Receivable [Line Items] | ' | ' | ' | ' |
Notes Receivable, Current | 10,000 | 9,483 | ' | ' |
Note Receivable Due September 2014 [Member] | ' | ' | ' | ' |
Notes Receivable [Line Items] | ' | ' | ' | ' |
Notes Receivable, Noncurrent | $10,000 | ' | ' | ' |
Property_Software_And_Equipmen2
Property, Software And Equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, software and equipment, gross | $639,829 | $578,550 | ' |
Less accumulated depreciation | -244,422 | -202,657 | ' |
Property, software and equipment, net | 395,407 | 375,893 | ' |
Depreciation expense | 52,234 | 48,942 | 42,098 |
Computer Software [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, software and equipment, gross | 184,983 | 164,755 | ' |
Buildings [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, software and equipment, gross | 206,058 | 193,186 | ' |
Land [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, software and equipment, gross | 69,705 | 70,276 | ' |
Computer Hardware [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, software and equipment, gross | 69,087 | 57,389 | ' |
Furniture And Office Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, software and equipment, gross | 53,180 | 43,136 | ' |
Leasehold Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, software and equipment, gross | 56,816 | 49,808 | ' |
Assets Held Under Capital Leases [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Less accumulated depreciation | -1,782 | -1,595 | ' |
Property, software and equipment, net | $5,815 | $6,133 | ' |
Goodwill_And_Intangible_Assets2
Goodwill And Intangible Assets (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2012 | Dec. 31, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Facts and circumstances leading to impairment | 'During the second quarter of 2012, the Company's subsidiary, Celtic Insurance Company, experienced a high level of medical costs for individual health policies, especially for recently issued policies related to members converted from another insurer during the first quarter of 2012. Additionally, in June 2012, the U.S. Supreme Court upheld the constitutionality of the Patient Protection and Affordable Care Act which limits the profitability of the individual health insurance business because of minimum medical loss ratios, guaranteed issue policies, and increased competition in the exchange market. | ' |
Goodwill and intangible asset impairment | $28,033 | ' |
Impaired intangible asset, income statement classification | 'recorded as an impairment loss in the consolidated statement of operations | ' |
Impairment of intangible assets (excluding goodwill) | 2,340 | ' |
Goodwill, impairment loss | 25,693 | -25,693 |
Nondeductible impairment loss | $26,589 | ' |
Goodwill_And_Intangible_Assets3
Goodwill And Intangible Assets (Schedule Of Changes In Goodwill By Operating Segment) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill [Line Items] | ' | ' | ' | ' |
Goodwill | ' | $348,432 | $256,288 | $281,981 |
Goodwill, Acquired During Period | ' | 92,144 | ' | ' |
Goodwill, impairment loss | 25,693 | ' | -25,693 | ' |
Medicaid Managed Care [Member] | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Goodwill | ' | 151,402 | 151,402 | 151,402 |
Goodwill, Acquired During Period | ' | 0 | 0 | ' |
Specialty Services [Member] | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Goodwill | ' | 197,030 | 104,886 | 130,579 |
Goodwill, Acquired During Period | ' | 92,144 | ' | ' |
Goodwill, impairment loss | ' | ' | ($25,693) | ' |
Goodwill_And_Intangible_Assets4
Goodwill And Intangible Assets (Schedule Of Intangible Assets) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization expenses | $6,489 | $4,822 | $5,561 |
Intangible assets | 79,616 | 44,616 | ' |
Weighted Average Life in Years | '11 years 1 month 6 days | '9 years 1 month 6 days | ' |
Total accumulated amortization | -30,836 | -24,348 | ' |
Intangible Assets, Net, Total | 48,780 | 20,268 | ' |
Purchased Contract Rights [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets | 21,988 | 21,988 | ' |
Weighted Average Life in Years | '7 years 6 months | '7 years 6 months | ' |
Total accumulated amortization | -13,459 | -11,010 | ' |
Provider Contracts [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets | 35,537 | 2,737 | ' |
Weighted Average Life in Years | '13 years 2 months 18 days | '9 years 9 months 18 days | ' |
Total accumulated amortization | -3,767 | -1,241 | ' |
Customer Relationships [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets | 13,396 | 13,396 | ' |
Weighted Average Life in Years | '8 years | '8 years | ' |
Total accumulated amortization | -11,425 | -10,214 | ' |
Trade Names [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets | 8,695 | 6,495 | ' |
Weighted Average Life in Years | '18 years 10 months 18 days | '16 years 3 months 18 days | ' |
Total accumulated amortization | ($2,185) | ($1,883) | ' |
Goodwill_And_Intangible_Assets5
Goodwill And Intangible Assets (Schedule Of Future Amortization Expenses) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' |
2014 | $6,800 |
2015 | 5,900 |
2016 | 5,900 |
2017 | 4,400 |
2018 | $2,600 |
Medical_Claims_Liability_Sched
Medical Claims Liability (Schedule Of Change In Medical Claims Liability) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ' | ' | ' |
Balance, January 1, | $815,161 | $518,840 | $456,765 |
Incurred related to: Current year | 9,072,867 | 6,836,177 | 4,256,645 |
Incurred related to: Prior years | -78,226 | -55,096 | -65,377 |
Total incurred | 8,994,641 | 6,781,081 | 4,191,268 |
Paid related to: Current year | 7,975,367 | 6,024,720 | 3,744,475 |
Paid related to: Prior years | 722,726 | 460,040 | 384,718 |
Total paid | 8,698,093 | 6,484,760 | 4,129,193 |
Balance, December 31, | 1,111,709 | 815,161 | 518,840 |
Reinsurance recoverables | $10,427 | $9,094 | ' |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-11 | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
5.75% Senior Notes [Member] | 5.75% Senior Notes [Member] | Non-recourse Mortgage Note Due January 1, 2021 [Member] | Mortgage Note Due August 31, 2014 [Member] | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Covenant Terms | 'The agreement contains non-financial and financial covenants, including requirements of minimum fixed charge coverage ratios, maximum debt-to-EBITDA ratios and minimum tangible net worth. The Company is required not to exceed a maximum debt-to-EBITDA ratio of 3.0 to 1.0. | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | $500,000 | $500,000 | ' | ' | ' | ' | ' |
Senior notes, at par | 425,000 | 425,000 | 425,000 | 250,000 | 175,000 | ' | ' |
Interest rate on notes, percentage | ' | ' | ' | 5.75% | 5.75% | ' | ' |
Debt maturity date | ' | ' | ' | 1-Jun-17 | ' | 1-Jan-21 | ' |
Senior notes, effective yield | ' | ' | ' | 6.00% | 4.29% | ' | ' |
Debt Instrument, Unamortized Premium | 6,052 | 6,052 | 7,823 | ' | ' | ' | ' |
Fair value of swap agreements | 9,576 | 9,576 | 16,304 | ' | ' | ' | ' |
Variable rate of swap, percentage | 3.74% | 3.74% | ' | ' | ' | ' | ' |
Revolving credit facility, maximum borrowing capacity | 500,000 | 500,000 | ' | ' | ' | ' | ' |
Revolving credit facility, due date | ' | 1-Jun-18 | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | 150,000 | 150,000 | ' | ' | ' | ' | ' |
Letters of credit outstanding amount | 28,757 | 28,757 | ' | ' | ' | ' | ' |
Letters of credit bore interest | 0.51% | 0.51% | ' | ' | ' | ' | ' |
Notes Payable | ' | ' | ' | ' | ' | 72,785 | 8,700 |
Mortgage note non-recourse interest rate | ' | ' | ' | ' | ' | 5.14% | ' |
Net Book Value Of Collateralized Properties | ' | ' | ' | ' | ' | 160,246 | ' |
Weighted average interest rate of outstanding borrowings | 3.31% | 3.31% | ' | ' | ' | ' | ' |
Fair value of outstanding debt | 672,529 | 672,529 | 543,611 | ' | ' | ' | ' |
Surety Bonds | $102,568 | $102,568 | ' | ' | ' | ' | ' |
Debt_Schedule_Of_Debt_Details
Debt (Schedule Of Debt) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Senior notes, at par | $425,000 | $425,000 |
Debt Instrument, Unamortized Premium | 6,052 | 7,823 |
Interest rate swap fair value | 9,576 | 16,304 |
Senior notes, net | 440,628 | 449,127 |
Revolving credit agreement | 150,000 | 0 |
Mortgage notes payable | 72,785 | 84,081 |
Capital leases and other | 5,349 | 5,646 |
Total debt | 668,762 | 538,854 |
Less current portion | -3,065 | -3,373 |
Long-term debt | $665,697 | $535,481 |
Debt_Schedule_Of_Aggregate_Mat
Debt (Schedule Of Aggregate Maturities Of Debt) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Debt [Abstract] | ' |
2014 | $3,065 |
2015 | 3,188 |
2016 | 3,353 |
2017 | 428,525 |
2018 | 153,702 |
Thereafter | 61,301 |
Total | $653,134 |
Interest_Rate_Swap_Details
Interest Rate Swap (Details) (USD $) | 1 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | 31-May-11 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest Rate Swap [Abstract] | ' | ' | ' |
Notional amount of interest rate swap agreements | $250,000 | ' | ' |
Interest rate swap agreements expire date | ' | 'June 1, 2017 | ' |
Interest rate received in swap agreements | 5.75% | ' | ' |
Interest rate paid on swap agreements | 'three month LIBOR plus 3.5% | ' | ' |
Variable interest rate | ' | 3.74% | ' |
Fair value of swap agreements | ' | $9,576 | $16,304 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 26, 2009 |
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' | ' |
Preferred stock, shares authorized (in shares) | ' | 10,000,000 | ' | ' | ' |
Preferred Stock, par value (in dollars per share) | ' | $0.00 | ' | ' | ' |
Common stock, shares authorized to repurchase (in shares) | ' | ' | ' | ' | 4,000,000 |
Remaining number of shares available to be repurchased | ' | 1,667,724 | ' | ' | ' |
Common stock repurchases (in shares) | ' | 344,064 | 287,804 | ' | ' |
Payments for repurchase of common stock | ' | $19,779 | $12,741 | $7,809 | ' |
Stock Issued During Period, Shares, Acquisitions | 1,716,690 | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | 342,640 | 342,640 | ' | ' | ' |
Stock Issued During Period, Value, New Issues | $15,225 | $15,225 | ' | ' | ' |
Statutory_Capital_Requirements1
Statutory Capital Requirements And Dividend Restrictions (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Statutory Capital Requirements And Dividend Restrictions [Abstract] | ' | ' |
Statutory capital and surplus | $1,279,700 | $990,300 |
Required minimum aggregate statutory capital and surplus | $686,400 | $617,000 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Line Items] | ' | ' | ' |
Federal and state net operating losses acquired in business combinations | $6,547 | ' | ' |
Valuation allowance additions in the tax provision | 1,301 | 2,093 | ' |
Valuation allowance reductions | 1,362 | 2,289 | ' |
Potential benefits included in reserve that would impact effective tax rate | 3,274 | 4,095 | ' |
Liabilities included in the reserve | ' | 3,775 | ' |
Tax benefit recognized due to decrease in accrued interest | 310 | 170 | ' |
Interest accrued, net of federal benefit | $623 | $933 | $1,157 |
Minimum [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Federal Net Operating Losses Expire Period | '2020 | ' | ' |
State Net Operating Losses Expire Period | '2014 | ' | ' |
Maximum [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Federal Net Operating Losses Expire Period | '2032 | ' | ' |
State Net Operating Losses Expire Period | '2034 | ' | ' |
Income_Taxes_Consolidated_Inco
Income Taxes (Consolidated Income Tax Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal | $120,858 | $47,528 | $63,388 |
State and local | 5,857 | -4,368 | 5,157 |
Total current provision | 126,715 | 43,160 | 68,545 |
Deferred provision | -19,635 | 4,252 | 2,142 |
Total provision for income taxes | $107,080 | $47,412 | $70,687 |
Income_Taxes_Reconciliation_Of
Income Taxes (Reconciliation Of The Tax Provision At The U.S. Federal Statutory Rate To The Provision For Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Earnings from continuing operations, before income tax expense | $268,917 | $122,791 | $188,350 |
Less flow through noncontrolling interest | 960 | -2,539 | -2,855 |
Earnings from continuing operations, less noncontrolling interest, before income tax expense | 267,957 | 125,330 | 191,205 |
Tax provision at the U.S. federal statutory rate | 93,785 | 43,866 | 66,922 |
State income taxes, net of federal income tax benefit | 2,871 | -2,288 | 3,381 |
Nondeductible goodwill impairment | 0 | 8,487 | 0 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Amount | 12,519 | 1,108 | 2,705 |
Other, net | -2,095 | -3,761 | -2,321 |
Total provision for income taxes | $107,080 | $47,412 | $70,687 |
Income_Taxes_Tax_Effects_Of_Te
Income Taxes (Tax Effects Of Temporary Differences Which Give Rise To Deferred Tax Assets And Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Medical claims liability and other accruals | $53,943 | $37,413 |
State net operating loss carry forward | 9,530 | 9,055 |
Stock compensation | 14,223 | 12,615 |
Other | 30,199 | 20,573 |
Deferred tax assets | 107,895 | 79,656 |
Valuation allowance | -8,119 | -8,180 |
Net deferred tax assests | 99,776 | 71,476 |
Intangible assets | 18,278 | 12,441 |
Prepaid assets and other | 5,621 | 4,767 |
Depreciation and amortization | 30,411 | 31,741 |
Other | 1,615 | 5,624 |
Deferred Tax Liabilities | 55,925 | 54,573 |
Net deferred tax assets | $43,851 | $16,903 |
Income_Taxes_Reserve_For_Uncer
Income Taxes (Reserve For Uncertain Tax Positions) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Balance as of January 1 | $7,870 | $13,552 |
Increase based on tax positions during the current year | 338 | 4,107 |
Increase based on tax positions during the prior year | 164 | 451 |
Decreases based on tax positions taken in a prior period | 0 | -9,925 |
Settlements | -4,390 | -53 |
Statute of limitation lapses | -708 | -262 |
Balance as of December 31 | $3,274 | $7,870 |
Stock_Incentive_Plans_Narrativ
Stock Incentive Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Length of time options exercisable, years | '10 years | ' | ' |
Shares available for future awards | 1,414,240 | ' | ' |
Allocated Share-based Compensation Expense | $36,153 | $25,001 | $18,141 |
Income tax benefit recognized | 7,575 | 8,952 | 5,804 |
Fair value of restricted stock and restricted stock units | 49,032 | 38,576 | 22,280 |
Unrecognized compensation cost related to non-vested share | 87,901 | ' | ' |
Weighted-average period | '1 year 8 months 12 days | ' | ' |
Actual tax benefit realized | $508 | $1,078 | $955 |
Employee stock purchase plan issued | 42,084 | 47,613 | 34,966 |
Stock Options [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock options vesting period, years | '3 years | ' | ' |
Stock Options [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock options vesting period, years | '5 years | ' | ' |
Restricted Stock Units Awards [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock options vesting period, years | '1 year | ' | ' |
Restricted Stock Units Awards [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock options vesting period, years | '10 years | ' | ' |
Stock_Incentive_Plans_Summary_
Stock Incentive Plans (Summary Of Stock Option Activity) (Details) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 |
Stock Incentive Plans [Abstract] | ' |
Outstanding as of December 31, 2012 | 1,299,396 |
Shares granted | 10,000 |
Shares exercised | -361,538 |
Shares forfeited | -663 |
Outstanding as of December 31, 2013 | 947,195 |
Exercisable as of December 31, 2013 | 921,462 |
Weighted Average Exercise Price Outstanding as of December 31, 2012 | $22.39 |
Weighted Average Exercise Price Granted | $44.58 |
Weighted Average Exercise Price Exercised | $20.32 |
Weighted Average Exercise Price Forfeited | $17.86 |
Weighted Average Exercise Price Outstanding as of December 31, 2013 | $23.41 |
Weighted Average Exercise Price Exercisable as of December 31, 2013 | $23.21 |
Aggregate Intrinsic Value Outstanding as of December 31, 2013 | $33,659 |
Aggreggate Intrinsic Value Exercisable as of December 31, 2013 | $32,937 |
Weighted Average Remaining Contractual Term Outstanding as of December 31, 2013 | '2 years 9 months 10 days |
Weighted Average Remaining Contractual Term Exercisable as of December 31, 2013 | '2 years 7 months 29 days |
Stock_Incentive_Plans_Option_P
Stock Incentive Plans (Option Pricing Assumptions) (Details) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Stock Incentive Plans [Abstract] | ' | ' | ' | |
Expected life (in years) | '5 years 1 month 20 days | ' | '5 years 2 months 12 days | |
Risk-free interest rate | 0.80% | 0.00% | [1] | 0.90% |
Expected volatility | 48.10% | 0.00% | [1] | 49.90% |
Expected dividend yield | 0.00% | 0.00% | [1] | 0.00% |
[1] | No options were awarded in the year ended December 31, 2012. |
Stock_Incentive_Plans_Schedule
Stock Incentive Plans (Schedule Of Other Information Pertaining To Option Activity) (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Incentive Plans [Abstract] | ' | ' | ' | |
Weighted-average fair value of options granted | $19.04 | $0 | [1] | $13.94 |
Total intrinsic value of stock options exercised | $12,845 | $24,120 | [1] | $11,744 |
[1] | No options were awarded in the year ended December 31, 2012. |
Stock_Incentive_Plans_NonVeste
Stock Incentive Plans (Non-Vested Restricted Stock And Restricted Stock) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Stock Incentive Plans [Abstract] | ' |
Non-vested balance as of December 31, 2012 | 2,058,908 |
Shares Granted | 1,037,542 |
Shares Vested | -961,741 |
Shares Forfeited | -45,116 |
Non-vested balance as of December 31, 2013 | 2,089,593 |
Weighted Average Grant Date Fair Value, Non-vested balance as of December 31, 2012 | $37.25 |
Weighted Average Grant Date Fair Value, Granted | $55.36 |
Weighted Average Grant Date Fair Value, Vested | $33.57 |
Weighted Average Grant Date Fair Value, Forfeited | $38.91 |
Weighted Average Grant Date Fair Value, Non-vested balance as of December 31, 2013 | $47.90 |
Retirement_Plan_Details
Retirement Plan (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Retirement Plan [Abstract] | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | $9,422 | $6,771 | $5,119 |
Commitments_Details
Commitments (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments [Abstract] | ' | ' | ' |
Rent expense | $30,562 | $27,564 | $22,537 |
2014 | 25,350 | ' | ' |
2015 | 25,871 | ' | ' |
2016 | 24,202 | ' | ' |
2017 | 19,336 | ' | ' |
2018 | 12,628 | ' | ' |
Thereafter | 18,800 | ' | ' |
Annual non-cancelable minimum lease payments, Total | $126,187 | ' | ' |
Contingencies_Contingencies_De
Contingencies Contingencies (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Loss Contingency, Allegations | 'In October 2012, the Company notified the Kentucky Cabinet for Health and Family Services (Cabinet) that it was exercising a contractual right that it believes allows the Company to terminate its Medicaid managed care contract with the Commonwealth of Kentucky (Commonwealth) effective July 5, 2013. The Company also filed a lawsuit in Franklin Circuit Court against the Commonwealth seeking a declaration of the Company's right to terminate the contract on July 5, 2013. In April 2013, the Commonwealth answered that lawsuit and filed counterclaims against the Company seeking declaratory relief and damages. In May 2013, the Franklin Circuit Court ruled that Kentucky Spirit does not have a contractual right to terminate the contract early. Kentucky Spirit has appealed that ruling to the Kentucky Court of Appeals. The Company also filed a formal dispute with the Cabinet for damages incurred under the contract, which was later appealed to and denied by the Finance and Administration Cabinet. In response, the Company filed a lawsuit in April 2013, in Franklin Circuit Court seeking damages against the Commonwealth for losses sustained due to the Commonwealth's alleged breaches. This lawsuit was subsequently consolidated with the original lawsuit for declaratory relief and continues to proceed. Kentucky Spirit's efforts to resolve issues with the Commonwealth were unsuccessful and on July 5, 2013, Kentucky Spirit proceeded with its previously announced exit. By letter dated July 11, 2013, the Commonwealth alleged that Kentucky Spirit's exit constitutes a material breach of contract. The letter states that, unless Kentucky Spirit cures the alleged material breach within thirty days, the Commonwealth will seek to recover substantial damages and to enforce its rights under Kentucky Spirit's $25,000 performance bond. Any claim for damages by the Commonwealth may include the costs of transition and the additional costs to the Commonwealth to cover Kentucky Spirit's former members through July 5, 2014. Kentucky Spirit is pursuing its litigation claims for damages against the Commonwealth and will vigorously defend against any allegations that it has breached the contract. |
Loss Contingency, Inestimable Loss | 'The resolution of the Kentucky litigation matters may result in a range of possible outcomes. If the Company prevails on its claims, Kentucky Spirit would be entitled to damages under its lawsuit. If the Commonwealth prevails, a liability to the Commonwealth could be recorded. The Company is unable to estimate the ultimate outcome resulting from the Kentucky litigation. As a result, the Company has not recorded any receivable or any liability for potential damages under the contract as of December 31, 2013. While uncertain, the ultimate resolution of the pending litigation could have a material effect on the financial position, cash flow or results of operations of the Company in the period it is resolved or becomes known. |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings from continuing operations, net of income tax expense | $47,965 | $50,325 | $40,289 | $22,639 | $18,679 | $59,438 | ($16,656) | $27,072 | $161,218 | $88,533 | $120,518 |
Discontinued operations, net of tax | 5,275 | -952 | -805 | 363 | -9,618 | -55,619 | -18,343 | -3,094 | 3,881 | -86,674 | -9,300 |
Net earnings attributable to Centene Corporation | $53,240 | $49,373 | $39,484 | $23,002 | $9,061 | $3,819 | ($34,999) | $23,978 | $165,099 | $1,859 | $111,218 |
Weighted average number of common shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 54,126,545 | 51,509,366 | 50,198,954 |
Common stock equivalents (as determined by applying the treasury stock method) | ' | ' | ' | ' | ' | ' | ' | ' | 2,120,628 | 2,205,009 | 2,275,284 |
Weighted average number of common shares and potential dilutive common shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 56,247,173 | 53,714,375 | 52,474,238 |
Continuing operations, Basic | $0.87 | $0.92 | $0.74 | $0.43 | $0.36 | $1.15 | ($0.32) | $0.53 | $2.98 | $1.72 | $2.40 |
Discontinued operations, Basic | $0.10 | ($0.02) | ($0.02) | $0.01 | ($0.19) | ($1.08) | ($0.36) | ($0.06) | $0.07 | ($1.68) | ($0.18) |
Earnings per common share, Basic | $0.97 | $0.90 | $0.72 | $0.44 | $0.17 | $0.07 | ($0.68) | $0.47 | $3.05 | $0.04 | $2.22 |
Continuing operations, Diluted | $0.84 | $0.88 | $0.71 | $0.41 | $0.35 | $1.10 | ($0.32) | $0.51 | $2.87 | $1.65 | $2.30 |
Discontinued operations, Diluted | $0.09 | ($0.01) | $0.01 | $0.01 | ($0.18) | ($1.03) | ($0.36) | ($0.06) | $0.07 | ($1.62) | ($0.18) |
Earnings per common share, Diluted | $0.93 | $0.87 | $0.72 | $0.42 | $0.17 | $0.07 | ($0.68) | $0.45 | $2.94 | $0.03 | $2.12 |
Anti-dilutive stock options, restricted stock and restricted stock units excluded from the calculation of diluted earnings per common share | ' | ' | ' | ' | ' | ' | ' | ' | 93,539 | 142,425 | 106,219 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
segments | |||||||||||
Number of reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Premium and service revenues from external or internal customers | $2,931,740 | $2,795,569 | $2,610,538 | $2,525,482 | $2,272,050 | $2,308,075 | $1,967,362 | $1,562,809 | $10,863,329 | $8,110,296 | $5,211,477 |
Premium and service revenues | ' | ' | ' | ' | ' | ' | ' | ' | 10,526,040 | 7,681,631 | 5,051,902 |
Earnings (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 277,417 | 107,966 | 203,803 |
Total assets | 3,529,300 | ' | ' | ' | 2,773,905 | ' | ' | ' | 3,529,300 | 2,773,905 | ' |
External Customer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium and service revenues from external or internal customers | ' | ' | ' | ' | ' | ' | ' | ' | 10,526,040 | 7,681,631 | 5,051,902 |
Internal Customer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium and service revenues from external or internal customers | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Operating Segments [Member] | Medicaid Managed Care [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium and service revenues | ' | ' | ' | ' | ' | ' | ' | ' | 9,781,814 | 7,212,039 | 4,636,239 |
Earnings (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 197,844 | 62,867 | 161,890 |
Total assets | 2,817,519 | ' | ' | ' | 2,163,347 | ' | ' | ' | 2,817,519 | 2,163,347 | 1,709,271 |
Operating Segments [Member] | Specialty Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium and service revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,932,520 | 2,107,007 | 1,190,474 |
Earnings (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 79,573 | 45,099 | 41,913 |
Total assets | 595,964 | ' | ' | ' | 371,265 | ' | ' | ' | 595,964 | 371,265 | 383,259 |
Operating Segments [Member] | External Customer [Member] | Medicaid Managed Care [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium and service revenues from external or internal customers | ' | ' | ' | ' | ' | ' | ' | ' | 9,740,720 | 7,124,720 | 4,571,430 |
Operating Segments [Member] | External Customer [Member] | Specialty Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium and service revenues from external or internal customers | ' | ' | ' | ' | ' | ' | ' | ' | 785,320 | 556,911 | 480,472 |
Operating Segments [Member] | Internal Customer [Member] | Medicaid Managed Care [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium and service revenues from external or internal customers | ' | ' | ' | ' | ' | ' | ' | ' | 41,094 | 87,319 | 64,809 |
Operating Segments [Member] | Internal Customer [Member] | Specialty Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium and service revenues from external or internal customers | ' | ' | ' | ' | ' | ' | ' | ' | 2,147,200 | 1,550,096 | 710,002 |
Intersegment Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium and service revenues | ' | ' | ' | ' | ' | ' | ' | ' | -2,188,294 | -1,637,415 | -774,811 |
Earnings (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total assets | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | 0 |
Intersegment Eliminations [Member] | External Customer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium and service revenues from external or internal customers | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Intersegment Eliminations [Member] | Internal Customer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium and service revenues from external or internal customers | ' | ' | ' | ' | ' | ' | ' | ' | -2,188,294 | -1,637,415 | -774,811 |
Continuing Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | $3,413,483 | ' | ' | ' | $2,534,612 | ' | ' | ' | $3,413,483 | $2,534,612 | $2,092,530 |
Quarterly_Selected_Financial_I2
Quarterly Selected Financial Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Selected Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | $2,931,740 | $2,795,569 | $2,610,538 | $2,525,482 | $2,272,050 | $2,308,075 | $1,967,362 | $1,562,809 | $10,863,329 | $8,110,296 | $5,211,477 |
Discontinued operations, net of income tax expense (benefit) | 5,275 | -952 | -805 | 363 | -9,618 | -55,619 | -18,343 | -3,094 | 3,881 | -86,674 | -9,300 |
Net Income (Loss) Attributable to Parent | 53,240 | 49,373 | 39,484 | 23,002 | 9,061 | 3,819 | -34,999 | 23,978 | 165,099 | 1,859 | 111,218 |
Continuing operations | $0.87 | $0.92 | $0.74 | $0.43 | $0.36 | $1.15 | ($0.32) | $0.53 | $2.98 | $1.72 | $2.40 |
Discontinued operations | $0.10 | ($0.02) | ($0.02) | $0.01 | ($0.19) | ($1.08) | ($0.36) | ($0.06) | $0.07 | ($1.68) | ($0.18) |
Income (Loss) from Continuing Operations Attributable to Parent | $47,965 | $50,325 | $40,289 | $22,639 | $18,679 | $59,438 | ($16,656) | $27,072 | $161,218 | $88,533 | $120,518 |
Earnings per common share, Basic | $0.97 | $0.90 | $0.72 | $0.44 | $0.17 | $0.07 | ($0.68) | $0.47 | $3.05 | $0.04 | $2.22 |
General and Administrative Expense Ratio | 8.90% | 9.10% | 8.90% | 8.40% | 8.40% | 8.40% | 8.50% | 10.40% | ' | ' | ' |
Continuing operations | $0.84 | $0.88 | $0.71 | $0.41 | $0.35 | $1.10 | ($0.32) | $0.51 | $2.87 | $1.65 | $2.30 |
Discontinued operations | $0.09 | ($0.01) | $0.01 | $0.01 | ($0.18) | ($1.03) | ($0.36) | ($0.06) | $0.07 | ($1.62) | ($0.18) |
Earnings per common share, Diluted | $0.93 | $0.87 | $0.72 | $0.42 | $0.17 | $0.07 | ($0.68) | $0.45 | $2.94 | $0.03 | $2.12 |
Period End At Risk Membership | 2,723,200 | 2,612,500 | 2,563,400 | 2,553,400 | 2,424,500 | 2,357,600 | 2,254,000 | 2,003,800 | ' | ' | ' |
Health Benefit Ratio | 88.10% | 87.80% | 88.40% | 90.20% | 90.70% | 88.70% | 91.20% | 87.10% | ' | ' | ' |
Condensed_Financial_Informatio2
Condensed Financial Information Of Registrant (Condensed Balance Sheets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Cash and cash equivalents | $1,038,073 | $843,952 | $573,698 | $434,166 |
Short-term investments | 102,126 | 138,101 | ' | ' |
Other current assets | 217,661 | 93,322 | ' | ' |
Total current assets | 1,800,173 | 1,405,825 | ' | ' |
Long-term investments | 791,900 | 554,770 | ' | ' |
Other long-term assets | 59,357 | 64,278 | ' | ' |
Total assets | 3,529,300 | 2,773,905 | ' | ' |
Current liabilities | 1,559,121 | 1,229,313 | ' | ' |
Long-term debt | 665,697 | 535,481 | ' | ' |
Other long-term liabilities | 60,015 | 54,987 | ' | ' |
Total liabilities | 2,285,861 | 1,820,138 | ' | ' |
Common stock, $.001 par value; authorized 100,000,000 shares; 58,673,215 issued and 55,319,239 outstanding at December 31, 2013, and 55,339,160 issued and 52,329,248 outstanding at December 31, 2012 | 59 | 55 | ' | ' |
Additional paid-in capital | 594,326 | 450,856 | ' | ' |
Unrealized gain on investments, net of tax | -2,620 | 5,189 | ' | ' |
Retained earnings | 731,919 | 566,820 | ' | ' |
Treasury stock, at cost (3,353,976 and 3,009,912 shares, respectively) | -89,643 | -69,864 | ' | ' |
Total Centene stockholders' equity | 1,234,041 | 953,056 | ' | ' |
Noncontrolling interest | 9,398 | 711 | ' | ' |
Total stockholders' equity | 1,243,439 | 953,767 | 936,419 | 797,055 |
Total liabilities and stockholders' equity | 3,529,300 | 2,773,905 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
Cash and cash equivalents | 2,740 | 22,279 | 28,527 | 9,380 |
Short-term investments | 6,000 | 6,500 | ' | ' |
Other current assets | 124,903 | 42,230 | ' | ' |
Total current assets | 133,643 | 71,009 | ' | ' |
Long-term investments | 8,070 | 1,356 | ' | ' |
Investment in subsidiaries | 1,667,258 | 1,298,648 | ' | ' |
Other long-term assets | 31,876 | 42,523 | ' | ' |
Total assets | 1,840,847 | 1,413,536 | ' | ' |
Current liabilities | 4,460 | 4,333 | ' | ' |
Long-term debt | 590,628 | 449,127 | ' | ' |
Other long-term liabilities | 2,320 | 6,309 | ' | ' |
Total liabilities | 597,408 | 459,769 | ' | ' |
Common stock, $.001 par value; authorized 100,000,000 shares; 58,673,215 issued and 55,319,239 outstanding at December 31, 2013, and 55,339,160 issued and 52,329,248 outstanding at December 31, 2012 | 59 | 55 | ' | ' |
Additional paid-in capital | 594,326 | 450,856 | ' | ' |
Unrealized gain on investments, net of tax | -2,620 | 5,189 | ' | ' |
Retained earnings | 731,919 | 566,820 | ' | ' |
Treasury stock, at cost (3,353,976 and 3,009,912 shares, respectively) | -89,643 | -69,864 | ' | ' |
Total Centene stockholders' equity | 1,234,041 | 953,056 | ' | ' |
Noncontrolling interest | 9,398 | 711 | ' | ' |
Total stockholders' equity | 1,243,439 | 953,767 | ' | ' |
Total liabilities and stockholders' equity | $1,840,847 | $1,413,536 | ' | ' |
Condensed_Financial_Informatio3
Condensed Financial Information Of Registrant Condensed Balance Sheets (Parenthetical) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 58,673,215 | 55,339,160 |
Common Stock, Shares, Outstanding | 55,319,239 | 52,329,248 |
Treasury Stock, Shares | 3,353,976 | 3,009,912 |
Parent Company [Member] | ' | ' |
Short-term investments, Amortized cost | $6,500 | $0 |
Long-term investments, Amortized cost | $1,356 | $4,164 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 55,339,160 | 53,586,726 |
Common Stock, Shares, Outstanding | 52,329,248 | 50,864,618 |
Treasury Stock, Shares | 3,009,912 | 2,722,108 |
Condensed_Financial_Informatio4
Condensed Financial Information Of Registrant (Condensed Statements Of Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | $931,137 | $677,157 | $577,898 |
Investment and other income | ' | ' | ' | ' | ' | ' | ' | ' | 18,457 | 35,285 | 13,355 |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | -26,957 | -20,460 | -20,320 |
Earnings (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 268,917 | 122,791 | 188,350 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 107,080 | 47,412 | 70,687 |
Net earnings (loss) before equity in subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 165,718 | -11,295 | 108,363 |
Net earnings attributable to Centene Corporation | 53,240 | 49,373 | 39,484 | 23,002 | 9,061 | 3,819 | -34,999 | 23,978 | 165,099 | 1,859 | 111,218 |
Basic earnings (loss) per common share (in dollars per share) | $0.97 | $0.90 | $0.72 | $0.44 | $0.17 | $0.07 | ($0.68) | $0.47 | $3.05 | $0.04 | $2.22 |
Diluted earnings (loss) per common share (in dollars per share) | $0.93 | $0.87 | $0.72 | $0.42 | $0.17 | $0.07 | ($0.68) | $0.45 | $2.94 | $0.03 | $2.12 |
Basic | ' | ' | ' | ' | ' | ' | ' | ' | 54,126,545 | 51,509,366 | 50,198,954 |
Diluted | ' | ' | ' | ' | ' | ' | ' | ' | 56,247,173 | 53,714,375 | 52,474,238 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 4,196 | 4,090 | 4,488 |
Investment and other income | ' | ' | ' | ' | ' | ' | ' | ' | 983 | 19,921 | -8,790 |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | -22,623 | -15,757 | -15,494 |
Earnings (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -25,836 | 74 | -28,772 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -15,191 | -9,668 | -12,825 |
Net earnings (loss) before equity in subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -10,645 | 9,742 | -15,947 |
Equity in earnings from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 171,863 | 78,791 | 136,465 |
Net earnings attributable to Centene Corporation | ' | ' | ' | ' | ' | ' | ' | ' | $161,218 | $88,533 | $120,518 |
Basic earnings (loss) per common share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $2.98 | $1.72 | $2.40 |
Diluted earnings (loss) per common share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $2.87 | $1.65 | $2.30 |
Basic | ' | ' | ' | ' | ' | ' | ' | ' | 54,126,545 | 51,509,366 | 50,198,954 |
Diluted | ' | ' | ' | ' | ' | ' | ' | ' | 56,247,173 | 53,714,375 | 52,474,238 |
Condensed_Financial_Informatio5
Condensed Financial Information Of Registrant (Condensed Statements Of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash provided by operating activities | $382,526 | $278,691 | $261,696 |
Purchases of investments | -790,653 | -695,687 | -318,397 |
Sales and maturities of investments | 579,161 | 589,921 | 267,404 |
Acquisitions, net of cash required | -62,773 | 0 | -4,375 |
Net cash used in investing activities | -342,100 | -187,910 | -129,076 |
Proceeds from borrowings | 180,000 | 400,500 | 419,183 |
Payment of long-term debt and notes payable | -41,593 | -218,234 | -416,283 |
Proceeds from exercise of stock options | 8,983 | 15,912 | 15,815 |
Common stock offering | 15,225 | 0 | 0 |
Common stock repurchases | -19,779 | -12,741 | -7,809 |
Debt issue costs | -3,589 | -3,623 | -9,242 |
Purchase of noncontrolling interest | 0 | -14,429 | 0 |
Excess tax benefits from stock compensation | 6,380 | 10,996 | 4,435 |
Net cash provided by financing activities | 153,695 | 179,473 | 6,912 |
Net (decrease) increase in cash and cash equivalents | 194,121 | 270,254 | 139,532 |
Cash and cash equivalents, beginning of period | 843,952 | 573,698 | 434,166 |
Cash and cash equivalents, end of period | 1,038,073 | 843,952 | 573,698 |
Parent Company [Member] | ' | ' | ' |
Cash provided by operating activities | 302,242 | 327,940 | 72,754 |
Net dividends from and capital contributions to subsidiaries | -417,734 | -539,575 | -50,581 |
Purchases of investments | 12,518 | -7,320 | -21,915 |
Sales and maturities of investments | 10,252 | 30,000 | 11,111 |
Acquisitions, net of cash required | 67,070 | 0 | -1,773 |
Net cash used in investing activities | -487,070 | -516,895 | -63,158 |
Proceeds from borrowings | 180,000 | 400,500 | 419,183 |
Payment of long-term debt and notes payable | 30,000 | -215,000 | -413,644 |
Proceeds from exercise of stock options | 8,983 | 15,912 | 15,815 |
Common stock offering | 15,225 | 0 | 0 |
Common stock repurchases | 19,779 | -12,741 | -7,809 |
Debt issue costs | 3,589 | -3,623 | -9,242 |
Contributions from noncontrolling interest | 8,069 | 1,092 | 813 |
Purchase of noncontrolling interest | 0 | -14,429 | 0 |
Excess tax benefits from stock compensation | 6,380 | 10,996 | 4,435 |
Net cash provided by financing activities | 165,289 | 182,707 | 9,551 |
Net (decrease) increase in cash and cash equivalents | -19,539 | -6,248 | 19,147 |
Cash and cash equivalents, beginning of period | 22,279 | 28,527 | 9,380 |
Cash and cash equivalents, end of period | $2,740 | $22,279 | $28,527 |
Basis_Of_Presentation_And_Sign1
Basis Of Presentation And Significant Accounting Policies (Details) (Parent Company [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Parent Company [Member] | ' | ' | ' |
Cash Flows Received By Parent From Unrestricted Subsidiaries | $312,887 | $318,198 | $88,701 |
Dividends_Details
Dividends (Details) (Parent Company [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Parent Company [Member] | ' | ' | ' |
Cash Dividends Paid to Parent Company by Unconsolidated Subsidiaries | $20,500 | $29,000 | $69,100 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Subsequent Events [Abstract] | ' | ' |
Business Combination, Consideration Transferred | $200,000 | $142,495 |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 2,243,217 | ' |