WellCare Health Plans 10-Q 3 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 01, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	WELLCARE HEALTH PLANS, INC.
Entity Central Index Key	1,279,363
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		44,268,205
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues:
Premium	$ 3,590.6	$ 3,478.5	$ 7,126.6	$ 6,944.6
Investment and other income	3.8	4	8.3	7.8
Total revenues	3,594.4	3,482.5	7,134.9	6,952.4
Expenses:
Medical benefits	2,988.9	2,977.1	6,050.8	6,029.3
Selling, general and administrative	278	255.5	546.9	512.4
ACA industry fee	56.9	58.3	113.9	116.6
Medicaid premium taxes	27.6	20.3	54.8	40.2
Depreciation and amortization	21.7	18.1	42.5	34.9
Interest	14.6	12.5	30.4	23.9
Total expenses	3,387.7	3,341.8	6,839.3	6,757.3
Income before income taxes	206.7	140.7	295.6	195.1
Income tax expense	115.9	89	167	125.9
Net income	90.8	51.7	128.6	69.2
Other comprehensive income, before tax:
Change in net unrealized gains and losses on available-for-sale securities	0.1	(1.2)	0.1	(0.8)
Income tax expense related to other comprehensive income	0	(0.4)	0	(0.3)
Other comprehensive income, net of tax	0.1	(0.8)	0.1	(0.5)
Comprehensive income	$ 90.9	$ 50.9	$ 128.7	$ 68.7
Earnings per common share:
Basic (USD per share)	$ 2.05	$ 1.17	$ 2.91	$ 1.57
Diluted (USD per share)	$ 2.04	$ 1.17	$ 2.89	$ 1.56
Weighted average common shares outstanding:
Basic (in shares)	44,260,767	44,054,778	44,212,984	44,018,377
Diluted (in shares)	44,549,955	44,358,313	44,521,855	44,331,159

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Current Assets:
Cash and cash equivalents	$ 2,524.1	$ 2,407
Short-term investments	188.8	204.4
Premiums receivable, net	1,027.2	603.9
Pharmacy rebates receivable, net	339.3	252.5
Funds receivable for the benefit of members	259.3	577.6
Deferred ACA industry fee	113.1	0
Income taxes receivable	0	50.6
Prepaid expenses and other current assets, net	183	133.6
Total current assets	4,634.8	4,229.6
Property, equipment and capitalized software, net	243.6	244.8
Goodwill	290.4	263.2
Other intangible assets, net	81.7	80
Long-term investments	109	131.8
Restricted investments	202.5	196
Other assets	0.4	0.4
Total Assets	5,562.4	5,145.8
Current Liabilities:
Medical benefits payable	1,618.7	1,536
Unearned premiums	3.7	27.7
ACA industry fee liability	227	0
Accounts payable and accrued expenses	411.1	405.2
Current portion of long-term debt, net	0	299.5
Income taxes payable	42.9	0
Other payables to government partners	212.7	172.7
Total current liabilities	2,516.1	2,441.1
Deferred income tax liability, net	57.6	52.6
Long-term debt, net	1,097.2	899.6
Other liabilities	25.1	24.2
Total Liabilities	3,696	3,417.5
Commitments and contingencies
Stockholders' Equity:
Preferred stock, $0.01 par value (20,000,000 authorized, no shares issued or outstanding)	0	0
Common stock, $0.01 par value (100,000,000 authorized, 44,267,882 and 44,113,328 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively)	0.4	0.4
Paid-in capital	527.8	518.4
Retained earnings	1,340.3	1,211.7
Accumulated other comprehensive loss	(2.1)	(2.2)
Total Stockholders' Equity	1,866.4	1,728.3
Total Liabilities and Stockholders' Equity	$ 5,562.4	$ 5,145.8

CONDENSED CONSOLIDATED BALANCE4

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Stockholders' Equity:
Preferred stock, par value (USD per share)	$ 0.01	$ 0.01
Preferred stock, authorized (shares)	20,000,000	20,000,000
Preferred stock, issued (shares)	0	0
Preferred stock, outstanding (shares)	0	0
Common stock, par value (USD per share)	$ 0.01	$ 0.01
Common stock, authorized (shares)	100,000,000	100,000,000
Common stock, issued (shares)	44,267,882	44,113,328
Common stock, outstanding (shares)	44,267,882	44,113,328

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Common Stock	Paid in Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Balance, beginning of period at Dec. 31, 2014	$ 1,595.9	$ 0.4	$ 503	$ 1,093.1	$ (0.6)
Balance, beginning of period (shares) at Dec. 31, 2014		43,914,106
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued for exercised stock options	0.3		0.3
Common stock issued for exercised stock options (shares)		8,020
Common stock issued for vested restricted stock units, performance stock units and market stock units (shares)		215,623
Repurchase and retirement of shares to satisfy tax withholding requirements	(5.9)		(5.9)
Repurchase and retirement of shares to satisfy tax withholding requirements (shares)		(66,613)
Stock-based compensation expense, net of forfeitures	8.7		8.7
Incremental tax benefit from stock-based compensation	1.4		1.4
Comprehensive income	68.7			69.2	(0.5)
Balance, end of period at Jun. 30, 2015	1,669.1	$ 0.4	507.5	1,162.3	(1.1)
Balance, end of period (shares) at Jun. 30, 2015		44,071,136
Balance, beginning of period at Dec. 31, 2015	$ 1,728.3	$ 0.4	518.4	1,211.7	(2.2)
Balance, beginning of period (shares) at Dec. 31, 2015	44,113,328	44,113,328
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued for vested restricted stock units, performance stock units and market stock units (shares)		217,179
Repurchase and retirement of shares to satisfy tax withholding requirements	$ (5.6)		(5.6)
Repurchase and retirement of shares to satisfy tax withholding requirements (shares)		(62,625)
Stock-based compensation expense, net of forfeitures	15		15
Comprehensive income	128.7			128.6	0.1
Balance, end of period at Jun. 30, 2016	$ 1,866.4	$ 0.4	$ 527.8	$ 1,340.3	$ (2.1)
Balance, end of period (shares) at Jun. 30, 2016	44,267,882	44,267,882

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net income	$ 128.6	$ 69.2
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation and amortization	42.5	34.9
Stock-based compensation expense	15	8.7
Deferred taxes, net	5	33.6
Provision for doubtful receivables	4.5	7.2
Other, net	4.4	(1.4)
Changes in operating accounts, net of effects from acquisitions and divestitures:
Premiums receivable, net	(427.8)	(371.2)
Pharmacy rebates receivable, net	(86.8)	43.8
Medical benefits payable	82.7	(71.4)
Unearned premiums	(24)	(79.1)
Other payables to government partners	40	50.5
Amount payable related to investigation resolution	0	(35.2)
Accrued liabilities and other, net	155.7	235.7
Net cash used in operating activities	(60.2)	(74.7)
Cash flows from investing activities:
Acquisitions and acquisition-related settlements	(21.1)	(17.2)
Purchases of investments	(194.1)	(86.3)
Proceeds from sales and maturities of investments	223.7	90.3
Additions to property, equipment and capitalized software, net	(37.6)	(63.6)
Net cash used in investing activities	(29.1)	(76.8)
Cash flows from financing activities:
Proceeds from issuance of debt, net of financing costs paid	196.9	308.9
Payments on debt	(300)	0
Repurchase and retirement of shares to satisfy employee tax withholding requirements	(5.6)	(5.9)
Funds received (paid) for the benefit of members, net	318.3	(127.1)
Other, net	(3.2)	1.6
Net cash provided by financing activities	206.4	177.5
Increase in cash and cash equivalents	117.1	26
Balance at beginning of period	2,407	1,313.5
Balance at end of period	2,524.1	1,339.5
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for taxes	69.6	69.9
Cash paid for interest	28.7	21.4
SUPPLEMENTAL DISCLOSURES OF NON-CASH TRANSACTIONS:
Non-cash additions to property, equipment, and capitalized software	$ 4.6	$ 11.2

ORGANIZATION, BASIS OF PRESENTA

ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES WellCare Health Plans, Inc. (the "Company," "we," "us," or "our"), focuses exclusively on government-sponsored managed care services, primarily through Medicaid, Medicare Advantage ("MA") and Medicare Prescription Drug Plans ("PDPs") to families, children, seniors and individuals with complex medical needs. As of June 30, 2016 , we served approximately 3.8 million members. During the six months ended June 30, 2016 , we operated Medicaid health plans in Florida, Georgia, Hawaii, Illinois, Kentucky, Missouri, New Jersey, New York and South Carolina. As of June 30, 2016 , we also operated MA coordinated care plans ("CCPs") in Arkansas, California, Connecticut, Florida, Georgia, Hawaii, Illinois, Kentucky, Louisiana, Mississippi, New Jersey, New York, South Carolina, Tennessee and Texas, as well as stand-alone Medicare prescription drug plans ("PDP") in all 50 states and the District of Columbia. Basis of Presentation and Use of Estimates The accompanying unaudited condensed consolidated balance sheets and statements of comprehensive income, changes in stockholders' equity, and cash flows include the accounts of the Company and all of its majority-owned subsidiaries. We eliminated all intercompany accounts and transactions. The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP"). Accordingly, certain financial information and footnote disclosures normally included in financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, have been condensed or omitted. The accompanying unaudited condensed consolidated interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto, for the fiscal year ended December 31, 2015 , included in our Annual Report on Form 10-K ("2015 Form 10-K"), which was filed with the U.S. Securities and Exchange Commission ("SEC") in February 2016. Results for the interim periods presented are not necessarily indicative of results that may be expected for the entire year or any other interim period. In the opinion of management, the interim financial statements reflect all normal recurring adjustments that we consider necessary for the fair presentation of our financial position, results of operations and cash flows for the interim periods presented. In accordance with GAAP, we make certain estimates and assumptions that affect the amounts reported in the condensed consolidated interim financial statements and accompanying notes. We base these estimates, including assumptions as to the annualized tax rate, on our knowledge of current events and anticipated future events and evaluate and update our assumptions and estimates on an ongoing basis; however, actual results may differ from our estimates. We evaluated all material events subsequent to the date of these condensed consolidated interim financial statements. Certain reclassifications were made to 2015 financial information to conform to the 2016 presentation. Significant Accounting Policies Medical Benefits and Medical Benefits Payable We recognize the cost of medical benefits in the period in which services are provided, including an estimate of the cost of medical benefits incurred but not reported ("IBNR"). Medical benefits expense includes direct medical expenses and certain medically-related administrative costs. We evaluate our estimates of medical benefits payable as we obtain more complete claims information and medical expense trend data over time. We record differences between actual experience and estimates used to establish the liability, which we refer to as favorable and unfavorable prior year reserve developments, as increases or decreases to medical benefits expense in the period we identify the differences. Favorable prior year reserve development for the six months ended June 30, 2016 was approximately $99.1 million , primarily related to the Medicaid Health Plans segment, compared with favorable prior year reserve development of $44.5 million recognized during the corresponding period in 2015. Such amounts are net of the development relating to refunds due to government customers associated with minimum medical loss ratio provisions. Recently Adopted Accounting Standards In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-09, " Compensation—Stock Compensation (Topic 718), " which changes the accounting for certain aspects of share-based payments to employees. The new guidance requires excess tax benefits and tax deficiencies to be recorded in the income statement when the awards vest or are settled. In addition, cash flows related to excess tax benefits will no longer be separately classified as a financing activity apart from other income tax cash flows. The standard also allows us to repurchase more of an employee’s shares for tax withholding purposes without triggering liability accounting, clarifies that all cash payments made on an employee’s behalf for withheld shares should be presented as a financing activity on our cash flows statement, and provides an accounting policy election to account for forfeitures as they occur. The new standard would have been effective for us beginning January 1, 2017, with early adoption permitted. We elected to early adopt the new guidance in the second quarter of fiscal year 2016 which requires us to reflect any adjustments as of January 1, 2016, the beginning of the annual period that includes the interim period of adoption. The primary effect of adoption was the recognition of excess tax benefits in our provision for income taxes rather than paid-in capital for all periods in fiscal year 2016. The ASU amendments related to the minimum statutory withholding tax requirements had no effect to retained earnings as of January 1, 2016, where the cumulative effect of these changes is required to be recorded. We have elected to continue to estimate forfeitures expected to occur to determine the amount of compensation cost to be recognized in each period. We elected to apply the presentation requirements for cash flows related to excess tax benefits prospectively as of January 1, 2016. The presentation requirements for cash flows related to employee taxes paid for withheld shares had no effect to any of the periods presented in our consolidated cash flows statements since such cash flows have historically been presented as a financing activity. Adoption of the new standard resulted in the recognition of excess tax benefits in our provision for income taxes rather than paid-in capital of $0.8 million and $1.5 million for the three and six months ended June 30, 2016, respectively, and affected our previously reported first quarter of 2016 results as follows: For the Three Months Ended March 31, 2016 As reported As adjusted Income Statement: (in millions, except per share data) Income tax expense $ 51.8 $ 51.1 Net income $ 37.1 $ 37.8 Basic earnings per share $ 0.84 $ 0.86 Diluted earnings per share $ 0.83 $ 0.85 Cash Flow Statement: Net cash used in operating activities $ (112.1 ) $ (111.4 ) Net cash provided by financing activities $ 88.3 $ 87.6 March 31, 2016 As reported As adjusted Balance Sheet: (in millions) Paid-in capital $ 520.1 $ 519.4 Retained Earnings $ 1,248.8 $ 1,249.5 In November 2015, the FASB issued ASU 2015-17, " Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. " ASU 2015-17 requires an entity to classify all deferred tax assets and liabilities as noncurrent. We adopted this standard effective January 1, 2016 and applied it retrospectively to all prior periods. Accordingly, amounts for deferred income tax assets of $34.8 million previously recorded as current are reflected as a reduction to deferred income tax liabilities recorded as noncurrent in the accompanying condensed consolidated balance sheet as of December 31, 2015. These reclassifications have no effect on results of operations or stockholders' equity, as previously reported. In September 2015, the FASB issued ASU 2015-16, " Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. " ASU 2015-16 eliminates the requirement for an acquirer to retrospectively adjust provisional amounts recorded in a business combination to reflect new information about the facts and circumstances that existed as of the acquisition date and that, if known, would have affected measurement or recognition of amounts initially recognized. The amendment requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments require that the acquirer record, in the financial statements of the period in which adjustments to provisional amounts are determined, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. We adopted this standard effective January 1, 2016. The adoption of this guidance did not have a material effect on our consolidated results of operations, financial position or cash flows. In April 2015, the FASB issued ASU 2015-03, " Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs, " to simplify the presentation of debt issuance costs by requiring debt issuance costs to be presented as a deduction from the corresponding debt liability. In August 2015, the FASB issued ASU 2015-15, " Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of Credit Arrangements. " ASU 2015-15 provides additional guidance to ASU 2015-03, which did not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. ASU 2015-15 noted that the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. We adopted these standards effective January 1, 2016 and applied it retrospectively to all prior periods. These reclassifications did not have a material effect on our consolidated results of operations, financial position or cash flows. Recently Issued Accounting Standards In June 2016, the FASB issued ASU 2016-13, " Financial Instruments – Credit Losses (Topic 326), " which requires entities to use a current expected credit loss model, which is a new impairment model based on expected losses rather than incurred losses. Under this model an entity would recognize an impairment allowance equal to its current estimate of all contractual cash flows that the entity does not expect to collect from financial assets measured at amortized cost. The entity's estimate would consider relevant information about past events, current conditions, and reasonable and supportable forecasts, which will result in recognition of lifetime expected credit losses upon loan origination. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted for annual reporting periods beginning after December 15, 2018. We are currently assessing the effect this guidance will have on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, " Simplifying the Transition to the Equity Method of Accounting, " which eliminates the requirement to apply the equity method of accounting retrospectively when a reporting entity obtains significant influence over a previously held investment. Instead, the equity method of accounting should be applied prospectively from the date significant influence is obtained. Investors should add the cost of acquiring the additional interest in the investee (if any) to the current basis of their previously held interest. The new standard should be applied prospectively for investments that qualify for the equity method of accounting after the effective date. This guidance is effective for all entities for interim and annual periods beginning after December 15, 2016. Early adoption is permitted. We are currently assessing the effect this guidance will have on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, " Leases (Topic 842), " which for operating leases, requires a lessee to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments in its balance sheet. This standard also requires a lessee to recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term, on a generally straight-line basis. This guidance is effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. We are currently assessing the effect this guidance will have on our consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, " Financial Instrument - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, " which requires entities to measure equity securities that are not consolidated or accounted for under the equity method at fair value through net income. This amendment also simplifies the impairment test of equity investments without readily determinable fair values. This guidance is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted in certain circumstances. We are currently assessing the effect this guidance will have on our consolidated financial statements. In May 2015, the FASB issued ASU 2015-09, " Financial Services - Insurance (Topic 944): Disclosures about Short-Duration Contracts, " which addresses enhanced disclosure requirements for short-duration insurance contracts. The disclosures required by this update are aimed at providing users of financial statements with more transparent information about an insurance entity’s initial claim estimates and subsequent adjustments to those estimates, methodologies and judgments in estimating claims, as well as the timing, frequency and severity of claims. For public business entities, this guidance will be effective for annual periods beginning after December 15, 2015 and interim periods within annual reporting periods beginning after December 15, 2016. We do not believe the adoption of this standard will have a material effect on our consolidated results of operations, financial position or cash flows. In May 2014, the FASB issued ASU 2014-09, " Revenue from Contracts with Customers (Topic 606). " ASU 2014-09 will supersede existing revenue recognition standards with a single model unless those contracts are within the scope of other standards (e.g., an insurance entity’s insurance contracts). The revenue recognition principle in ASU 2014-09 is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, new and enhanced disclosures will be required. Companies can adopt the new standard either using the full retrospective approach, a modified retrospective approach with practical expedients, or a cumulative effect upon adoption approach. In August 2015, the FASB issued ASU 2015-14, " Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date " , which deferred the effective dates of ASU 2014-09 by one year. As such, the standard becomes effective for annual and interim reporting periods beginning after December 15, 2017. Early adoption at the original effective date, interim and annual periods beginning after December 15, 2016 will be permitted. We are currently evaluating the effect of the new revenue recognition principle.

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES	6 Months Ended
	Jun. 30, 2016
Business Combinations [Abstract]
ACQUISITIONS AND DIVESTITURES	ACQUISITIONS AND DIVESTITURES Advicare Acquisition On June 1, 2016, we completed the acquisition of certain assets of Advicare Corp. ("Advicare"), a managed care organization that provides Medicaid benefits in South Carolina. The acquired assets primarily relate to approximately 30,000 Advicare members who were transferred to our Medicaid plan in South Carolina, as well as certain provider agreements. Based on the preliminary purchase price allocation, we allocated $6.8 million of the purchase price to identified intangible assets and recorded the excess of purchase price over the aggregate fair value of net assets acquired of $27.2 million as goodwill. The recorded goodwill and other intangible assets related to the Advicare acquisition are deductible for income tax purposes. It is possible that further adjustments could be made to the purchase price and allocations depending on the resolution of certain matters related to the purchase price, although we are unable to estimate the effect at this time. Sterling Life Insurance Company Divestiture In March 2015, we entered into an agreement to divest Sterling Life Insurance Company ("Sterling"), our Medicare Supplement business that we acquired as part of the Windsor transaction in January 2014. The transaction closed on July 1, 2015 and did not have a material effect on our results of operations, financial position or cash flows.

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING On a regular basis, we evaluate discrete financial information and assess the performance of our three reportable segments, Medicaid Health Plans, Medicare Health Plans and Medicare PDPs, to determine the most appropriate use and allocation of Company resources. Medicaid Health Plans Our Medicaid Health Plans segment includes plans for beneficiaries of Temporary Assistance for Needy Families ("TANF"), Supplemental Security Income ("SSI"), Aged Blind and Disabled ("ABD") and other state-based programs that are not part of the Medicaid program, such as Children's Health Insurance Program ("CHIP") and Managed Long-Term Care ("MLTC") programs, including long-term services and supports. TANF generally provides assistance to low-income families with children. ABD and SSI generally provide assistance to low-income aged, blind or disabled individuals. CHIP provides assistance to qualifying families who are not eligible for Medicaid because their income exceeds the applicable income thresholds. The MLTC program is designed to help people with chronic illnesses or who have disabilities and need health and long-term care services, such as home care or adult day care, to enable them to stay in their homes and communities as long as possible. Our Medicaid operations in certain states individually account for 10% or more of our consolidated premium revenue. Those states and the respective Medicaid premium revenue as a percentage of total consolidated premium revenue are as follows: For the Three Months Ended For the Six Months Ended June 30, 2016 2015 2016 2015 Kentucky 18% 19% 18% 19% Florida 17% 16% 17% 16% Georgia 11% 11% 11% 12% In 2016, the Georgia Department of Community Health (“Georgia DCH”) announced its intention to exercise its option (through two six -month renewal terms) to extend our current contract through June 30, 2017. We have received from Georgia DCH a notice of intent to award a new contract and anticipate services under that contract would commence on July 1, 2017, with an initial one -year term and three additional one -year renewal options at Georgia DCH's discretion. In May 2016, we entered into a contract amendment with the Kentucky Department of Medicaid Services that renewed our participation in the Kentucky Medicaid program through December 31, 2016, and included one additional six -month or three additional one -year renewal periods upon mutual agreement. Medicare Health Plans Medicare is a federal program that provides eligible persons age 65 and over and some disabled persons with a variety of hospital, medical and prescription drug benefits. MA is Medicare's managed care alternative to the original Medicare program, which provides individuals standard Medicare benefits directly through the Centers for Medicare & Medicaid Services ("CMS"). Our MA CCPs generally require members to seek health care services and select a primary care physician from a network of health care providers. In addition, we offer coverage of prescription drug benefits under the Medicare Part D program as a component of most of our MA plans. Prior to July 1, 2015, our Medicare Health Plans reportable segment included the combined operations of both the MA and Medicare Supplement operating segments. On July 1, 2015, we completed the sale of our Medicare Supplement business through the Sterling divestiture and as a result, the Medicare Health Plans reportable segment only reflects MA operations for the three and six months ended June 30, 2016. Medicare PDPs We offer stand-alone Medicare Part D coverage to Medicare-eligible beneficiaries in our Medicare PDPs segment. The Medicare Part D prescription drug benefit is supported by risk sharing with the federal government through risk corridors designed to limit the losses and gains of the participating drug plans and by reinsurance for catastrophic drug costs. The government subsidy is based on the national weighted average monthly bid for this coverage, adjusted for risk factor payments. Additional subsidies are provided for dually-eligible beneficiaries and specified low-income beneficiaries. The Part D program offers national in-network prescription drug coverage that is subject to limitations in certain circumstances. Summary of Financial Information We allocate goodwill and other intangible assets, as well as the ACA industry fee, to our reportable segments. We do not allocate to our reportable segments any other assets and liabilities, investment and other income, selling, general and administrative expenses, depreciation and amortization, or interest expense to our reportable segments. The Company's decision makers primarily use premium revenue, medical benefits expense and gross margin to evaluate the performance of our reportable segments. A summary of financial information for our reportable segments through the gross margin level and a reconciliation to income before income taxes is presented in the table below. For the Three Months Ended For the Six Months Ended June 30, 2016 2015 2016 2015 (in millions) Premium revenue: Medicaid Health Plans $ 2,378.4 2,250.9 $ 4,690.1 $ 4,454.1 Medicare Health Plans 987.5 992.6 1,961.6 1,976.0 Medicare PDPs 224.7 235.0 474.9 514.5 Total premium revenue 3,590.6 3,478.5 7,126.6 6,944.6 Medical benefits expense: Medicaid Health Plans 1,988.1 1,933.3 3,990.0 3,850.9 Medicare Health Plans 831.9 857.6 1,656.1 1,714.0 Medicare PDPs 168.9 186.2 404.7 464.4 Total medical benefits expense 2,988.9 2,977.1 6,050.8 6,029.3 ACA industry fee expense: Medicaid Health Plans 36.7 34.4 73.3 69.2 Medicare Health Plans 16.1 18.1 32.3 35.8 Medicare PDPs 4.1 5.8 8.3 11.6 Total ACA industry fee expense 56.9 58.3 113.9 116.6 Gross margin Medicaid Health Plans 353.6 283.2 626.8 534.0 Medicare Health Plans 139.5 116.9 273.2 226.2 Medicare PDPs 51.7 43.0 61.9 38.5 Total gross margin 544.8 443.1 961.9 798.7 Investment and other income 3.8 4.0 8.3 7.8 Other expenses (1) (341.9 ) (306.4 ) (674.6 ) (611.4 ) Income before income taxes $ 206.7 $ 140.7 $ 295.6 $ 195.1 (1) Other expenses includes selling, general and administrative expenses, Medicaid premium taxes, depreciation and amortization, and interest.

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	EARNINGS PER COMMON SHARE We compute basic earnings per common share on the basis of the weighted-average number of unrestricted common shares outstanding. We compute diluted earnings per common share on the basis of the weighted-average number of unrestricted common shares outstanding plus the dilutive effect of our stock-based compensation awards using the treasury stock method. The calculation of the weighted-average common shares outstanding — diluted is as follows: For the Three Months Ended For the Six Months Ended June 30, 2016 2015 2016 2015 Weighted-average common shares outstanding — basic 44,260,767 44,054,778 44,212,984 44,018,377 Dilutive effect of outstanding stock-based compensation awards 289,188 303,535 308,871 312,782 Weighted-average common shares outstanding — diluted 44,549,955 44,358,313 44,521,855 44,331,159 Anti-dilutive stock-based compensation awards excluded from computation 851 139,514 29,126 71,517

INVESTMENTS

INVESTMENTS	6 Months Ended
	Jun. 30, 2016
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS	INVESTMENTS The Company considers all of its investments as available-for-sale securities. Excluding Restricted Investments, the amortized cost, gross unrealized gains or losses and estimated fair value of short-term and long-term investments by security type are summarized in the following tables. Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value June 30, 2016 Auction rate securities $ 34.0 $ — $ (3.4 ) $ 30.6 Corporate debt and other securities 89.6 0.3 (0.1 ) 89.8 Money market funds 47.6 — — 47.6 Municipal securities 42.1 0.7 — 42.8 U.S. government securities 2.9 — — 2.9 Variable rate bond fund 85.1 — (1.0 ) 84.1 $ 301.3 $ 1.0 $ (4.5 ) $ 297.8 December 31, 2015 Auction rate securities $ 34.0 $ — $ (2.3 ) $ 31.7 Corporate debt and other securities 121.4 — (0.4 ) 121.0 Money market funds 45.9 — — 45.9 Municipal securities 46.0 0.4 (0.1 ) 46.3 U.S. government securities 7.1 — — 7.1 Variable rate bond fund 85.1 — (0.9 ) 84.2 $ 339.5 $ 0.4 $ (3.7 ) $ 336.2 Realized gains and losses on sales and redemptions of investments were not material for the three and six months ended June 30, 2016 and 2015 . Contractual maturities of available-for-sale securities at June 30, 2016 are as follows: Total Within 1 Year 1 Through 5 Years 5 Through 10 Years Thereafter Auction rate securities $ 30.6 $ — $ — $ — $ 30.6 Corporate debt and other securities 89.8 39.9 49.9 — — Money market funds 47.6 47.6 — — — Municipal securities 42.8 14.9 21.5 6.4 — U.S. government securities 2.9 2.3 0.6 — — Variable rate bond fund 84.1 84.1 — — — $ 297.8 $ 188.8 $ 72.0 $ 6.4 $ 30.6 Actual maturities may differ from contractual maturities due to the exercise of pre-payment options. Excluding investments in U.S. government securities, we are not exposed to any significant concentration of credit risk in our fixed maturities portfolio. Our long-term investments include $30.6 million estimated fair value of municipal note securities with an auction reset feature ("auction rate securities"), which were issued by various state and local municipal entities for the purpose of financing student loans, public projects and other activities. Liquidity for these auction rate securities is typically provided by an auction process, which allows holders to sell their notes and resets the applicable interest rate at pre-determined intervals, usually every seven or 35 days. We consider our auction rate securities to be in an inactive market as auctions have continued to fail. Our auction rate securities have been in an unrealized loss position for more than twelve months. Two auction rate securities with an aggregate par value of $22.4 million have investment grade security credit ratings and one auction rate security with a par value of $11.6 million has a credit rating below investment grade. Our auction rate securities are covered by government guarantees or municipal bond insurance and we have the ability and intent to hold these securities until maturity or market stability is restored. Accordingly, we do not believe our auction rate securities are impaired and we have not recorded an other-than-temporary impairment as of June 30, 2016 . There were no redemptions or sales of our auction rate securities during the six months ended June 30, 2016 and 2015 .

RESTRICTED INVESTMENTS

RESTRICTED INVESTMENTS	6 Months Ended
	Jun. 30, 2016
Restricted Investments Note [Abstract]
RESTRICTED INVESTMENTS	RESTRICTED INVESTMENTS As a condition for licensure, we are required to maintain certain funds on deposit or pledged to various state agencies. Certain of our state contracts require the issuance of surety bonds. We classify restricted investments as long-term regardless of the contractual maturity date of the securities held, due to the nature of the states' requirements. The amortized cost, gross unrealized gains, gross unrealized losses and fair value of our restricted investment securities are as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value June 30, 2016 Cash $ 60.7 $ — $ — $ 60.7 Certificates of deposit 0.1 — — 0.1 Money market funds 66.9 — — 66.9 U.S. government securities 74.7 0.1 — 74.8 $ 202.4 $ 0.1 $ — $ 202.5 December 31, 2015 Cash $ 3.2 $ — $ — $ 3.2 Certificates of deposit 1.1 — — 1.1 Money market funds 67.5 — — 67.5 U.S. government securities 124.3 — (0.1 ) 124.2 $ 196.1 $ — $ (0.1 ) $ 196.0 Realized gains and losses on restricted investments were not material for the three and six months ended June 30, 2016 and 2015 .

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION Compensation expense related to our stock-based compensation awards was $8.5 million and $ 4.6 million for the three months ended June 30, 2016 and 2015, respectively, and $15.0 million and $8.7 million for the six months ended June 30, 2016 and 2015, respectively. As of June 30, 2016 , there was $45.9 million of unrecognized compensation cost related to non-vested stock-based compensation arrangements that is expected to be recognized over a weighted-average period of 2.1 years. The unrecognized compensation cost for certain of our performance stock units ("PSUs"), which are subject to variable accounting, was determined based on our closing common stock price of $107.28 as of June 30, 2016 and amounted to approximately $16.3 million of the total unrecognized compensation cost. Due to the nature of the accounting for these awards, future compensation cost will fluctuate based on changes in our common stock price. As discussed in our 2015 Form 10-K, the Compensation Committee awards certain equity-based compensation under our stock plans, including stock options, restricted stock units ("RSUs"), PSUs and market stock units ("MSUs"), each of which is described below: RSUs For each RSU granted employees receive one share of common stock, net of taxes withheld at the statutory minimum, at the end of the vesting period. RSUs typically vest one to three years from the date of grant. We estimate compensation cost for RSUs based on the grant date fair value and recognize the expense ratably over the vesting period of the award. For RSUs, the grant date fair value is based on the closing price of our common stock on the date of grant. PSUs The actual number of common stock shares earned upon vesting will range from zero shares up to 200% of the target award, depending on the award date, the target award amounts for the PSU awards and our achievement of certain targets set by the Compensation Committee at its sole discretion. PSUs generally cliff-vest 3 years from the grant date based on the achievement of the performance goals and conditioned on the employee's continued service through the vesting date. The number of shares earned by the participant is generally paid net of taxes withheld at the statutory minimum. The Compensation Committee has awarded two variations of PSUs, including: • Financial and Quality Performance Goals: Certain of our PSUs are subject to variable accounting as they do not have a grant date fair value for accounting purposes due to the subjective nature of the terms of the PSUs, which precludes a mutual understanding of the key terms and conditions. We recognize expense for PSUs ultimately expected to vest over the requisite service period based on our estimates of progress made towards the achievement of the predetermined performance measures and changes in the market price of our common stock. In March 2016, we issued certain PSUs whereby a mutual understanding of key terms and conditions exist; therefore, for these awards we estimate compensation cost based on the grant date fair value, as well as our estimate of the performance outcome, and recognize the expense ratably over the vesting period of the award. • Market Based Goals: Beginning in March 2016, we issued certain PSUs which are subject to a market condition (total shareholder return relative to industry peer companies) and we estimate compensation cost based on the grant date fair value and recognize the expense ratably over the vesting period of the award. For these PSUs, the grant date fair value is measured using a Monte Carlo simulation approach, which estimates the fair value of awards based on randomly generated simulated stock-price paths through a lattice-type structure. PSUs expected to vest are recognized as expense on a straight-line basis over the vesting period, which is generally three years. MSUs The number of shares of common stock earned upon vesting is determined based on the ratio of our average common stock price during the last 30 market trading days of the calendar year immediately preceding the vesting date to the comparable average common stock price in the year immediately preceding the grant date, applied to the base units granted. The performance ratio is capped at 150% or 200% , depending on the grant date. If our common stock price declines by more than 50% over the performance period, no shares are earned by the recipient. The number of shares earned by the participant is generally paid net of taxes withheld at the statutory minimum. We estimate compensation cost for MSUs based on the grant date fair value and recognize the expense ratably over the vesting period of the award. For MSUs, the grant date fair value is measured using a Monte Carlo simulation approach, which estimates the fair value of awards based on randomly generated simulated stock-price paths through a lattice-type structure. MSUs expected to vest are recognized as expense on a straight-line basis over the vesting period, which is generally three years. A summary of RSU, PSU and MSU award activity for the six months ended June 30, 2016 at target is presented in the table below. RSUs PSUs MSUs Total Outstanding as of January 1, 2016 290,619 395,899 133,290 819,808 Granted 139,109 235,981 15,879 390,969 Vested (111,052 ) (63,729 ) (39,808 ) (214,589 ) Forfeited and expired (24,551 ) (92,306 ) (14,727 ) (131,584 ) Outstanding as of June 30, 2016 294,125 475,845 94,634 864,604 The weighted-average grant-date fair value of all equity awards granted during the six months ended June 30, 2016 was $99.11 .

DEBT

DEBT	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
DEBT	DEBT The following table summarizes our outstanding debt obligations and their classification in the accompanying Condensed Consolidated Balance Sheets (in millions): June 30, 2016 December 31, 2015 Current portion of long-term debt: Term loan $ — $ 300.0 Debt issuance costs — (0.5 ) Total current portion of long-term debt $ — $ 299.5 Long-term debt: 5.75% Senior Notes, net of unamortized debt premium $ 910.8 $ 912.1 2016 Revolving Credit Facility 200.0 — Debt issuance costs (13.6 ) (12.5 ) Total long-term debt $ 1,097.2 $ 899.6 Total debt $ 1,097.2 $ 1,199.1 Senior Notes On June 1, 2015, we completed the offering and sale of $300.0 million aggregate principal amount of our 5.75% unsecured senior notes due 2020 (the "Senior Notes") pursuant to a reopening of our existing series of such notes. The offering was completed at an issue price of 104.50% , plus accrued interest, and resulted in a debt premium of $13.5 million , which is being amortized over the remaining term of the Senior Notes. Interest is payable on May 15 and November 15 each year. As of June 30, 2016 , our outstanding Senior Notes totaled $910.8 million , including $10.8 million of unamortized debt premium, inclusive of our Senior Notes described above as well as $600.0 million issued in November 2013. The Senior Notes were classified as long-term debt in our condensed consolidated balance sheet based on their November 2020 maturity date. Credit Agreements On January 8, 2016, we entered into the 2016 Credit Agreement, which provides for a senior unsecured revolving loan facility (the "2016 Revolving Credit Facility"), with an initial aggregate principal amount at any time outstanding not to exceed $850.0 million . The 2016 Credit Agreement provides for the 2016 Revolving Credit Facility of up to $850.0 million (the loans thereunder, the “Revolving Credit Loans”), of which up to $150.0 million is available for letters of credit. The 2016 Credit Agreement also provides that we may, at our option, increase the aggregate amount of the 2016 Revolving Credit Facility and/or obtain incremental term loans in an amount up to $200.0 million without the consent of any lenders not participating in such increase, subject to certain customary conditions and lenders committing to provide the increase in funding. Unutilized commitments under the 2016 Credit Agreement are subject to a fee of 0.25% to 0.35% depending upon our ratio of total net debt to cash flow. At the closing of the 2016 Credit Agreement, $200.0 million of the 2016 Revolving Credit Facility was drawn upon and, along with $100.0 million in cash, used to repay our $300.0 million term loan under our prior credit agreement, which was terminated. Borrowings under the Revolving Credit Loans may be used for general corporate purposes, including, but not limited to, working capital, organic growth and acquisitions. Commitments under the 2016 Revolving Credit Facility expire on January 8, 2021 and any amounts outstanding under the 2016 Revolving Credit Facility will be payable in full at that time. As of June 30, 2016 , our long-term debt included the $200.0 million drawn on the 2016 Credit Facility. The interest rate on the outstanding amount of the 2016 Credit Facility was 2.06% as of June 30, 2016 . Revolving Credit Loans designated by us at the time of borrowing as “ABR Loans” that are outstanding under the 2016 Credit Agreement bear interest at a rate per annum equal to (i) the greatest of (a) the Prime Rate (as defined in the 2016 Credit Agreement) in effect on such day; (b) the Federal Reserve Bank of New York Rate (as defined in the 2016 Credit Agreement) in effect on such day plus 1/2 of 1% ; and (c) the Adjusted LIBO Rate (as defined in the 2016 Credit Agreement) for a one month interest period on such day plus 1% ; plus (ii) the Applicable Rate. Revolving Credit Loans designated by us at the time of borrowing as “Eurodollar Loans” that are outstanding under the 2016 Credit Agreement bear interest at a rate per annum equal to the Adjusted LIBO Rate (as defined in the 2016 Credit Agreement) for the interest period in effect for such borrowing plus the Applicable Rate. The “Applicable Rate” means a percentage ranging from 0.50% to 1.00% per annum for ABR Loans and a percentage ranging from 1.50% to 2.00% per annum for Eurodollar Loans, depending upon our ratio of total debt to cash flow, as calculated in accordance with the 2016 Credit Agreement. The 2016 Credit Agreement includes negative and financial covenants that limit certain activities of us and our subsidiaries, including (i) restrictions on our ability and the ability of our subsidiaries to incur additional indebtedness; and (ii) financial covenants that require (a) the ratio of total net debt to cash flow not to exceed a maximum; and (b) a minimum interest expense and principal payment coverage ratio. The 2016 Credit Agreement also contains customary representations and warranties that must be accurate in order for us to borrow under the 2016 Revolving Credit Facility. In addition, the 2016 Credit Agreement contains customary events of default. If an event of default occurs and is continuing, we may be required immediately to repay all amounts outstanding under the 2016 Credit Agreement. Lenders holding at least 50% of the loans and commitments under the 2016 Credit Agreement may elect to accelerate the maturity of the loans and/or terminate the commitments under the 2016 Credit Agreement upon the occurrence and during the continuation of an event of default. As of June 30, 2016 and as of the date of this filing, we remain in compliance with all covenants under both the Senior Notes and the 2016 Credit Agreement.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Our condensed consolidated balance sheets include the following financial instruments: cash and cash equivalents, investments, receivables, accounts payable, medical benefits payable, long-term debt and other liabilities. We consider the carrying amounts of cash and cash equivalents, receivables, other current assets and current liabilities to approximate their fair value due to the short period of time between the origination of these instruments and the expected realization or payment. Certain assets and liabilities are measured at fair value on a recurring basis and are disclosed below. These assets and liabilities are classified into one of three levels of a hierarchy defined by GAAP. For a description of the methods and assumptions that are used to estimate the fair value and determine the fair value hierarchy classification of each class of financial instrument, see the consolidated financial statements and notes thereto included in our 2015 Form 10-K. Recurring Fair Value Measurements Assets and liabilities measured at fair value on a recurring basis at June 30, 2016 are as follows: Fair Value Measurements Using Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investments: Asset backed securities $ 10.6 $ — $ 10.6 $ — Auction rate securities 30.6 — — 30.6 Corporate debt securities 79.2 — 79.2 — Money market funds 47.6 47.6 — — Municipal securities 42.8 — 42.8 — U.S. government and agency obligations 2.9 2.9 — — Variable rate bond fund 84.1 84.1 — — Total investments $ 297.8 $ 134.6 $ 132.6 $ 30.6 Restricted investments: Cash 60.7 60.7 — — Certificates of deposit 0.1 — 0.1 — Money market funds 66.9 66.9 — — U.S. government and agency obligations 74.8 74.8 — — Total restricted investments $ 202.5 $ 202.4 $ 0.1 $ — Assets and liabilities measured at fair value on a recurring basis at December 31, 2015 are as follows: Fair Value Measurements Using Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investments: Asset backed securities $ 17.2 $ — $ 17.2 $ — Auction rate securities 31.7 — — 31.7 Corporate debt securities 103.8 — 103.8 — Money market funds 45.9 45.9 — — Municipal securities 46.3 — 46.3 — U.S. government securities 7.1 7.1 — — Variable rate bond fund 84.2 84.2 — — Total investments $ 336.2 $ 137.2 $ 167.3 $ 31.7 Restricted investments: Cash $ 3.2 $ 3.2 $ — $ — Certificates of deposit 1.1 — 1.1 — Money market funds 67.5 67.5 — — U.S. government securities 124.2 124.2 — — Total restricted investments $ 196.0 $ 194.9 $ 1.1 $ — The following table presents the carrying value and fair value of our long-term debt outstanding as of June 30, 2016 and December 31, 2015 : Fair Value Measurements Using Carrying Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Long-term debt - June 30, 2016 $ 1,097.2 $ 930.4 $ 194.4 $ — Long-term debt - December 31, 2015 899.6 931.5 — — The fair value of our Senior Notes was determined based on quoted market prices; therefore, would be classified within Level 1 of the fair value hierarchy. The fair value of obligations outstanding under our 2016 Revolving Credit Facility was determined based on a discounted cash flow analysis, utilizing current rates estimated to be available to us for debt of similar terms and remaining maturities; therefore, would be classified within Level 2 of the fair value hierarchy. The carrying value of our Term Loan outstanding at December 31, 2015 approximated the fair value; therefore, the carrying value and fair value were excluded from the table above. The following table presents the changes in the fair value of our Level 3 auction rate securities for the three and six months ended June 30, 2016 and 2015. For the Three Months Ended For the Six Months Ended June 30, 2016 2015 2016 2015 Balance at beginning of period $ 31.2 $ 32.3 $ 31.7 $ 32.3 Realized gains (losses) in earnings — — — — Unrealized gains (losses) in other comprehensive income (0.6 ) (0.5 ) (1.1 ) (0.5 ) Purchases, sales and redemptions — (0.1 ) — (0.1 ) Net transfers in or (out) of Level 3 — — — — Balance as of June 30, $ 30.6 $ 31.7 $ 30.6 $ 31.7

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Our effective income tax rate was 56.1% and 56.5% for the three and six months ended June 30, 2016 , respectively, and 63.3% and 64.5% for the three and six months ended June 30, 2015 , respectively. The rate decline was primarily driven by a higher level of income before income taxes in 2016, the recognition of certain previously unrecognized tax benefits, discussed below, and the adoption of ASU 2016-09 " Compensation—Stock Compensation (Topic 718) ," which was reflected as of January 1, 2016. In September 2014, the IRS issued final regulations on the ACA's $0.5 million limit on the deduction for compensation for health insurance providers under Internal Revenue Code ("IRC") section 162(m)(6). As a result, we no longer believe the deduction limitations apply to WellCare, and we took deductions totaling $2.0 million and $4.4 million , gross before the effect of taxes, for such compensation during the three and six months ended June 30, 2016 , respectively. However, we are not able to conclude at this time that our tax position is more-likely-than-not to be sustained upon IRS review for periods other than the 2014 tax year, as discussed below. Therefore, we recognized cumulative liabilities for unrecognized tax benefits amounting to $13.0 million and $14.0 million at June 30, 2016 and December 31, 2015 , respectively. During June 2016, the IRS completed its audit of our 2014 consolidated income tax return, which effectively settled the 2014 tax year. Accordingly, we recognized $2.6 million of previously unrecognized tax benefits resulting from our IRC section 162(m)(6) tax position during the three and six months ended June 30, 2016, which had the effect of reducing our effective tax rate.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Government Investigations Under the terms of settlement agreements entered into on April 26, 2011, and finalized on March 23, 2012, to resolve matters under investigation by the Civil Division of the U.S. Department of Justice ("Civil Division") and certain other federal and state enforcement agencies (the "Settlement"), we agreed to pay the Civil Division a total of $137.5 million in four annual installments of $34.4 million over 36 months, plus interest accrued at 3.125% . The final payment of $35.4 million , which included accrued interest, was remitted to the Civil Division in March 2015. As of March 31, 2015, no amounts remained outstanding related to this obligation. Securities Class Action Complaint In December 2010, we entered into a Stipulation and Agreement of Settlement (the "Stipulation Agreement") with the lead plaintiffs in the consolidated securities class action Eastwood Enterprises, L.L.C. v. Farha, et al. , Case No. 8:07-cv-1940-VMC-EAJ. The Stipulation Agreement requires us to pay to the class 25% of any sums we recover from Todd Farha, Paul Behrens and/or Thaddeus Bereday related to the same facts and circumstances that gave rise to the consolidated securities class action. Messrs. Farha, Behrens and Bereday are three former executives that were implicated in the government investigations of the Company that commenced in 2007. Corporate Integrity Agreement We operated under a Corporate Integrity Agreement (the "Corporate Integrity Agreement") with the Office of Inspector General of the United States Department of Health and Human Services ("OIG-HHS"). The Corporate Integrity Agreement had a term of five years from its effective date of April 26, 2011 with certain OIG-HHS rights and company obligations extending for an additional 120 days following the submission of the fifth annual report. The Corporate Integrity Agreement mandates various ethics and compliance programs designed to help ensure our ongoing compliance with federal health care program requirements. The terms of the Corporate Integrity Agreement include certain organizational structure requirements, internal monitoring requirements, compliance training, screening processes for associates, requirements related to reporting to OIG-HHS, and the engagement of an independent review organization to review and prepare written reports regarding, among other things, WellCare's reporting practices and bid submissions to federal health care programs. With the completion of the fifth reporting period on April 26, 2016, WellCare is required to submit to the OIG-HHS for its review and acceptance the fifth annual report, by August 5, 2016. Upon acceptance of our final annual report, the OIG-HHS, at its discretion, may release us from the Corporate Integrity Agreement. If we do not comply with the terms of the Corporate Integrity Agreement, we may be subject to penalties or exclusion from participation in federal health care programs. Indemnification Obligations Under Delaware law, our charter and bylaws and certain indemnification agreements to which we are a party, we are obligated to indemnify, or we have otherwise agreed to indemnify, certain of our current and former directors, officers and associates with respect to current and future investigations and litigation, including the matters discussed in this note. The indemnification agreements for our directors and executive officers with respect to events occurring prior to May 2009 require us to indemnify an indemnitee to the fullest extent permitted by law if the indemnitee was or is or becomes a party to or a witness or other participant in any proceeding by reason of any event or occurrence related to the indemnitee's status as a director, officer, associate, agent or fiduciary of the Company or any of our subsidiaries. The indemnification agreements require us to indemnify an indemnitee against all expenses, including attorney's fees, judgments, fines, settlement amounts and interest and other charges, and any taxes as a result of the receipt of payments under the indemnification agreement. We will not indemnify the indemnitee if not permitted under applicable law. We are required to advance all expenses incurred by the indemnitee. We are entitled to reimbursement by an indemnitee of expenses advanced if the indemnitee is not permitted to be reimbursed under applicable law after a final judicial determination is made and all rights of appeal have been exhausted or lapsed. We amended and restated our indemnification agreements in May 2009. The revised agreements apply to our officers and directors with respect to events occurring after that time. Pursuant to the 2009 indemnification agreements, we will indemnify the indemnitee against all expenses, including attorney's fees, judgments, penalties, fines, settlement amounts and any taxes imposed as a result of payments made under the indemnification agreement incurred in connection with any proceedings that relate to the indemnitee's status as a director, officer or associate of the Company or any of our subsidiaries or any other enterprise that the indemnitee was serving at our request. We will also indemnify for expenses incurred by an indemnitee if the indemnitee, by reason of his or her corporate status, is a witness in any proceeding. Further, we are required to indemnify for expenses incurred by an indemnitee in defense of a proceeding to the extent the indemnitee has been successful on the merits or otherwise. Finally, if the indemnitee is involved in certain proceedings as a result of the indemnitee's corporate status, we are required to advance the indemnitee's reasonable expenses incurred in connection with such proceeding, subject to the requirement that the indemnitee repay the expenses if it is ultimately determined that the indemnitee is not entitled to be indemnified. We are not obligated to indemnify an indemnitee for losses incurred in connection with any proceeding if a determination has not been made by the Board of Directors, a committee of disinterested directors or independent legal counsel in the specific case that the indemnitee has satisfied any standards of conduct required as a condition to indemnification under Section 145 of the Delaware General Corporation Law. Pursuant to our obligations, we have advanced, and will continue to advance, legal fees and related expenses to three former officers and two additional associates who were criminally indicted in connection with the government investigations of the Company that commenced in 2007 related to federal criminal health care fraud charges including conspiracy to defraud the United States, false statements relating to health care matters, and health care fraud in connection with their defense of criminal charges. In June 2013, the jury in the criminal trial reached guilty verdicts on multiple charges for the four individuals that were tried in 2013. In May 2014, the individuals were sentenced and our request for restitution was denied. All four individuals filed notices of appeal and the government filed notices of cross appeal on three of the four individuals, which the government has subsequently voluntarily dismissed. The fifth individual is expected to be tried after the appeals have been decided. We have also previously advanced legal fees and related expenses to these five individuals regarding: disputes in Delaware Chancery Court related to whether we were legally obligated to advance fees or indemnify certain of these individuals; the class actions titled Eastwood Enterprises, L.L.C. v. Farha, et al . and Hutton v. WellCare Health Plans, Inc. et al . filed in federal court; six stockholder derivative actions filed in federal and state courts between October 2007 and January 2008; an investigation by the United States Securities & Exchange Commission (the "Commission"); and an action by the Commission filed in January 2012 against three of the five individuals, Messrs. Farha, Behrens and Bereday. The Delaware Chancery Court cases have concluded. We settled the class actions in May 2011. In 2010, we settled the stockholder derivative actions and we were realigned as the plaintiff to pursue our claims against Messrs. Farha, Behrens and Bereday. These actions, as well as the action by the Commission, are currently stayed. In addition, we are advancing legal fees and related expenses to Mr. Farha in connection with his lawsuit filed in Florida state court to have certain restrictions lifted on WellCare stock purportedly awarded to him during his employment with WellCare. We have asserted affirmative defenses and counterclaims against Mr. Farha in response. This action is awaiting a hearing on the Company’s motion for summary judgment, which is currently scheduled for September 2016. In connection with these matters, we have advanced to the five individuals, cumulative legal fees and related expenses of approximately $220.8 million from the inception of the investigations through June 30, 2016 . We incurred $4.3 million and $9.7 million of these fees and related expenses during the three and six months ended June 30, 2016 , respectively, and $6.2 million and $12.9 million for the three and six months ended June 30, 2015 , respectively. We expense these costs as incurred and classify the costs as selling, general and administrative expense incurred in connection with the investigations and related matters. We expect the continuing cost of our obligations to the five individuals in connection with their defense and appeal of criminal charges and related litigation to be significant and to continue for a number of years. We have exhausted our insurance policies related to reimbursement of our advancement of fees related to these matters. We are unable to estimate the total amount of these costs or a range of possible loss. Accordingly, we continue to expense these costs as incurred. Even if it is eventually determined that we are entitled to reimbursement of the advanced expenses, it is possible that we may not be able to recover all or any portion of our damages or advances. Our indemnification obligations and requirements to advance legal fees and expenses may continue to have a material adverse effect on our financial condition, results of operations and cash flows. Other Lawsuits and Claims Based on the nature of our business, we are subject to regulatory reviews or other investigations by various state insurance and health care regulatory authorities and other state and federal regulatory authorities. These authorities regularly scrutinize the business practices of health insurance and benefits companies and their reviews focus on numerous facets of our business, including claims payment practices, provider contracting, competitive practices, commission payments, privacy issues and utilization management practices, among others. Some of these reviews have historically resulted in fines imposed on us and some have required changes to our business practices. We continue to be subject to such reviews, which may result in additional fines and/or sanctions being imposed, premium refunds or additional changes in our business practices. Separate and apart from the legal matters described above, we are also involved in other legal actions in the normal course of our business, including, without limitation, protests and appeals related to Medicaid procurement awards, wage and hour claims and other employment claims, vendor disputes and provider disputes regarding payment of claims. Some of these actions seek monetary damages including claims for liquidated or punitive damages, which are not covered by insurance. We review relevant information with respect to these litigation matters and we update our estimates of reasonably possible losses and related disclosures. We accrue an estimate for contingent liabilities, including attorney's fees related to these matters, if a loss is probable and estimable. Currently, we do not expect that the resolution of any of these currently pending actions, either individually or in the aggregate, will differ materially from our current estimates or have a material adverse effect on our results of operations, financial condition and cash flows. However, the outcome of any legal actions cannot be predicted, and therefore, actual results may differ from those estimates.

ORGANIZATION, BASIS OF PRESEN18

ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated balance sheets and statements of comprehensive income, changes in stockholders' equity, and cash flows include the accounts of the Company and all of its majority-owned subsidiaries. We eliminated all intercompany accounts and transactions. The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP"). Accordingly, certain financial information and footnote disclosures normally included in financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, have been condensed or omitted. The accompanying unaudited condensed consolidated interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto, for the fiscal year ended December 31, 2015 , included in our Annual Report on Form 10-K ("2015 Form 10-K"), which was filed with the U.S. Securities and Exchange Commission ("SEC") in February 2016. Results for the interim periods presented are not necessarily indicative of results that may be expected for the entire year or any other interim period.
Use of Estimates	In the opinion of management, the interim financial statements reflect all normal recurring adjustments that we consider necessary for the fair presentation of our financial position, results of operations and cash flows for the interim periods presented. In accordance with GAAP, we make certain estimates and assumptions that affect the amounts reported in the condensed consolidated interim financial statements and accompanying notes. We base these estimates, including assumptions as to the annualized tax rate, on our knowledge of current events and anticipated future events and evaluate and update our assumptions and estimates on an ongoing basis; however, actual results may differ from our estimates. We evaluated all material events subsequent to the date of these condensed consolidated interim financial statements.
Reclassifications	Certain reclassifications were made to 2015 financial information to conform to the 2016 presentation.
Medical Benefits and Medical Benefits Payable	We recognize the cost of medical benefits in the period in which services are provided, including an estimate of the cost of medical benefits incurred but not reported ("IBNR"). Medical benefits expense includes direct medical expenses and certain medically-related administrative costs. We evaluate our estimates of medical benefits payable as we obtain more complete claims information and medical expense trend data over time. We record differences between actual experience and estimates used to establish the liability, which we refer to as favorable and unfavorable prior year reserve developments, as increases or decreases to medical benefits expense in the period we identify the differences.
Recently Issued and Adopted Accounting Standards	Recently Adopted Accounting Standards In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-09, " Compensation—Stock Compensation (Topic 718), " which changes the accounting for certain aspects of share-based payments to employees. The new guidance requires excess tax benefits and tax deficiencies to be recorded in the income statement when the awards vest or are settled. In addition, cash flows related to excess tax benefits will no longer be separately classified as a financing activity apart from other income tax cash flows. The standard also allows us to repurchase more of an employee’s shares for tax withholding purposes without triggering liability accounting, clarifies that all cash payments made on an employee’s behalf for withheld shares should be presented as a financing activity on our cash flows statement, and provides an accounting policy election to account for forfeitures as they occur. The new standard would have been effective for us beginning January 1, 2017, with early adoption permitted. We elected to early adopt the new guidance in the second quarter of fiscal year 2016 which requires us to reflect any adjustments as of January 1, 2016, the beginning of the annual period that includes the interim period of adoption. The primary effect of adoption was the recognition of excess tax benefits in our provision for income taxes rather than paid-in capital for all periods in fiscal year 2016. The ASU amendments related to the minimum statutory withholding tax requirements had no effect to retained earnings as of January 1, 2016, where the cumulative effect of these changes is required to be recorded. We have elected to continue to estimate forfeitures expected to occur to determine the amount of compensation cost to be recognized in each period. We elected to apply the presentation requirements for cash flows related to excess tax benefits prospectively as of January 1, 2016. The presentation requirements for cash flows related to employee taxes paid for withheld shares had no effect to any of the periods presented in our consolidated cash flows statements since such cash flows have historically been presented as a financing activity. Adoption of the new standard resulted in the recognition of excess tax benefits in our provision for income taxes rather than paid-in capital of $0.8 million and $1.5 million for the three and six months ended June 30, 2016, respectively, and affected our previously reported first quarter of 2016 results as follows: For the Three Months Ended March 31, 2016 As reported As adjusted Income Statement: (in millions, except per share data) Income tax expense $ 51.8 $ 51.1 Net income $ 37.1 $ 37.8 Basic earnings per share $ 0.84 $ 0.86 Diluted earnings per share $ 0.83 $ 0.85 Cash Flow Statement: Net cash used in operating activities $ (112.1 ) $ (111.4 ) Net cash provided by financing activities $ 88.3 $ 87.6 March 31, 2016 As reported As adjusted Balance Sheet: (in millions) Paid-in capital $ 520.1 $ 519.4 Retained Earnings $ 1,248.8 $ 1,249.5 In November 2015, the FASB issued ASU 2015-17, " Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. " ASU 2015-17 requires an entity to classify all deferred tax assets and liabilities as noncurrent. We adopted this standard effective January 1, 2016 and applied it retrospectively to all prior periods. Accordingly, amounts for deferred income tax assets of $34.8 million previously recorded as current are reflected as a reduction to deferred income tax liabilities recorded as noncurrent in the accompanying condensed consolidated balance sheet as of December 31, 2015. These reclassifications have no effect on results of operations or stockholders' equity, as previously reported. In September 2015, the FASB issued ASU 2015-16, " Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. " ASU 2015-16 eliminates the requirement for an acquirer to retrospectively adjust provisional amounts recorded in a business combination to reflect new information about the facts and circumstances that existed as of the acquisition date and that, if known, would have affected measurement or recognition of amounts initially recognized. The amendment requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments require that the acquirer record, in the financial statements of the period in which adjustments to provisional amounts are determined, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. We adopted this standard effective January 1, 2016. The adoption of this guidance did not have a material effect on our consolidated results of operations, financial position or cash flows. In April 2015, the FASB issued ASU 2015-03, " Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs, " to simplify the presentation of debt issuance costs by requiring debt issuance costs to be presented as a deduction from the corresponding debt liability. In August 2015, the FASB issued ASU 2015-15, " Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of Credit Arrangements. " ASU 2015-15 provides additional guidance to ASU 2015-03, which did not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. ASU 2015-15 noted that the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. We adopted these standards effective January 1, 2016 and applied it retrospectively to all prior periods. These reclassifications did not have a material effect on our consolidated results of operations, financial position or cash flows. Recently Issued Accounting Standards In June 2016, the FASB issued ASU 2016-13, " Financial Instruments – Credit Losses (Topic 326), " which requires entities to use a current expected credit loss model, which is a new impairment model based on expected losses rather than incurred losses. Under this model an entity would recognize an impairment allowance equal to its current estimate of all contractual cash flows that the entity does not expect to collect from financial assets measured at amortized cost. The entity's estimate would consider relevant information about past events, current conditions, and reasonable and supportable forecasts, which will result in recognition of lifetime expected credit losses upon loan origination. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted for annual reporting periods beginning after December 15, 2018. We are currently assessing the effect this guidance will have on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, " Simplifying the Transition to the Equity Method of Accounting, " which eliminates the requirement to apply the equity method of accounting retrospectively when a reporting entity obtains significant influence over a previously held investment. Instead, the equity method of accounting should be applied prospectively from the date significant influence is obtained. Investors should add the cost of acquiring the additional interest in the investee (if any) to the current basis of their previously held interest. The new standard should be applied prospectively for investments that qualify for the equity method of accounting after the effective date. This guidance is effective for all entities for interim and annual periods beginning after December 15, 2016. Early adoption is permitted. We are currently assessing the effect this guidance will have on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, " Leases (Topic 842), " which for operating leases, requires a lessee to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments in its balance sheet. This standard also requires a lessee to recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term, on a generally straight-line basis. This guidance is effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. We are currently assessing the effect this guidance will have on our consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, " Financial Instrument - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, " which requires entities to measure equity securities that are not consolidated or accounted for under the equity method at fair value through net income. This amendment also simplifies the impairment test of equity investments without readily determinable fair values. This guidance is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted in certain circumstances. We are currently assessing the effect this guidance will have on our consolidated financial statements. In May 2015, the FASB issued ASU 2015-09, " Financial Services - Insurance (Topic 944): Disclosures about Short-Duration Contracts, " which addresses enhanced disclosure requirements for short-duration insurance contracts. The disclosures required by this update are aimed at providing users of financial statements with more transparent information about an insurance entity’s initial claim estimates and subsequent adjustments to those estimates, methodologies and judgments in estimating claims, as well as the timing, frequency and severity of claims. For public business entities, this guidance will be effective for annual periods beginning after December 15, 2015 and interim periods within annual reporting periods beginning after December 15, 2016. We do not believe the adoption of this standard will have a material effect on our consolidated results of operations, financial position or cash flows. In May 2014, the FASB issued ASU 2014-09, " Revenue from Contracts with Customers (Topic 606). " ASU 2014-09 will supersede existing revenue recognition standards with a single model unless those contracts are within the scope of other standards (e.g., an insurance entity’s insurance contracts). The revenue recognition principle in ASU 2014-09 is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, new and enhanced disclosures will be required. Companies can adopt the new standard either using the full retrospective approach, a modified retrospective approach with practical expedients, or a cumulative effect upon adoption approach. In August 2015, the FASB issued ASU 2015-14, " Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date " , which deferred the effective dates of ASU 2014-09 by one year. As such, the standard becomes effective for annual and interim reporting periods beginning after December 15, 2017. Early adoption at the original effective date, interim and annual periods beginning after December 15, 2016 will be permitted. We are currently evaluating the effect of the new revenue recognition principle.

ORGANIZATION, BASIS OF PRESEN19

ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Adjustments to Previously Reported Amounts	Adoption of the new standard resulted in the recognition of excess tax benefits in our provision for income taxes rather than paid-in capital of $0.8 million and $1.5 million for the three and six months ended June 30, 2016, respectively, and affected our previously reported first quarter of 2016 results as follows: For the Three Months Ended March 31, 2016 As reported As adjusted Income Statement: (in millions, except per share data) Income tax expense $ 51.8 $ 51.1 Net income $ 37.1 $ 37.8 Basic earnings per share $ 0.84 $ 0.86 Diluted earnings per share $ 0.83 $ 0.85 Cash Flow Statement: Net cash used in operating activities $ (112.1 ) $ (111.4 ) Net cash provided by financing activities $ 88.3 $ 87.6 March 31, 2016 As reported As adjusted Balance Sheet: (in millions) Paid-in capital $ 520.1 $ 519.4 Retained Earnings $ 1,248.8 $ 1,249.5

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Revenue by Geographic Location	Those states and the respective Medicaid premium revenue as a percentage of total consolidated premium revenue are as follows: For the Three Months Ended For the Six Months Ended June 30, 2016 2015 2016 2015 Kentucky 18% 19% 18% 19% Florida 17% 16% 17% 16% Georgia 11% 11% 11% 12%
Segment Results	A summary of financial information for our reportable segments through the gross margin level and a reconciliation to income before income taxes is presented in the table below. For the Three Months Ended For the Six Months Ended June 30, 2016 2015 2016 2015 (in millions) Premium revenue: Medicaid Health Plans $ 2,378.4 2,250.9 $ 4,690.1 $ 4,454.1 Medicare Health Plans 987.5 992.6 1,961.6 1,976.0 Medicare PDPs 224.7 235.0 474.9 514.5 Total premium revenue 3,590.6 3,478.5 7,126.6 6,944.6 Medical benefits expense: Medicaid Health Plans 1,988.1 1,933.3 3,990.0 3,850.9 Medicare Health Plans 831.9 857.6 1,656.1 1,714.0 Medicare PDPs 168.9 186.2 404.7 464.4 Total medical benefits expense 2,988.9 2,977.1 6,050.8 6,029.3 ACA industry fee expense: Medicaid Health Plans 36.7 34.4 73.3 69.2 Medicare Health Plans 16.1 18.1 32.3 35.8 Medicare PDPs 4.1 5.8 8.3 11.6 Total ACA industry fee expense 56.9 58.3 113.9 116.6 Gross margin Medicaid Health Plans 353.6 283.2 626.8 534.0 Medicare Health Plans 139.5 116.9 273.2 226.2 Medicare PDPs 51.7 43.0 61.9 38.5 Total gross margin 544.8 443.1 961.9 798.7 Investment and other income 3.8 4.0 8.3 7.8 Other expenses (1) (341.9 ) (306.4 ) (674.6 ) (611.4 ) Income before income taxes $ 206.7 $ 140.7 $ 295.6 $ 195.1 (1) Other expenses includes selling, general and administrative expenses, Medicaid premium taxes, depreciation and amortization, and interest.

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Calculation of the Weighted-average Common Shares Outstanding - Diluted	The calculation of the weighted-average common shares outstanding — diluted is as follows: For the Three Months Ended For the Six Months Ended June 30, 2016 2015 2016 2015 Weighted-average common shares outstanding — basic 44,260,767 44,054,778 44,212,984 44,018,377 Dilutive effect of outstanding stock-based compensation awards 289,188 303,535 308,871 312,782 Weighted-average common shares outstanding — diluted 44,549,955 44,358,313 44,521,855 44,331,159 Anti-dilutive stock-based compensation awards excluded from computation 851 139,514 29,126 71,517

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2016
Investments, Debt and Equity Securities [Abstract]
Available-for-sale Securities	Excluding Restricted Investments, the amortized cost, gross unrealized gains or losses and estimated fair value of short-term and long-term investments by security type are summarized in the following tables. Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value June 30, 2016 Auction rate securities $ 34.0 $ — $ (3.4 ) $ 30.6 Corporate debt and other securities 89.6 0.3 (0.1 ) 89.8 Money market funds 47.6 — — 47.6 Municipal securities 42.1 0.7 — 42.8 U.S. government securities 2.9 — — 2.9 Variable rate bond fund 85.1 — (1.0 ) 84.1 $ 301.3 $ 1.0 $ (4.5 ) $ 297.8 December 31, 2015 Auction rate securities $ 34.0 $ — $ (2.3 ) $ 31.7 Corporate debt and other securities 121.4 — (0.4 ) 121.0 Money market funds 45.9 — — 45.9 Municipal securities 46.0 0.4 (0.1 ) 46.3 U.S. government securities 7.1 — — 7.1 Variable rate bond fund 85.1 — (0.9 ) 84.2 $ 339.5 $ 0.4 $ (3.7 ) $ 336.2
Contractual Maturities of Available-for-sale Securities	Contractual maturities of available-for-sale securities at June 30, 2016 are as follows: Total Within 1 Year 1 Through 5 Years 5 Through 10 Years Thereafter Auction rate securities $ 30.6 $ — $ — $ — $ 30.6 Corporate debt and other securities 89.8 39.9 49.9 — — Money market funds 47.6 47.6 — — — Municipal securities 42.8 14.9 21.5 6.4 — U.S. government securities 2.9 2.3 0.6 — — Variable rate bond fund 84.1 84.1 — — — $ 297.8 $ 188.8 $ 72.0 $ 6.4 $ 30.6

RESTRICTED INVESTMENTS (Tables)

RESTRICTED INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2016
Restricted Investments Note [Abstract]
Schedule of Restricted Investments	The amortized cost, gross unrealized gains, gross unrealized losses and fair value of our restricted investment securities are as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value June 30, 2016 Cash $ 60.7 $ — $ — $ 60.7 Certificates of deposit 0.1 — — 0.1 Money market funds 66.9 — — 66.9 U.S. government securities 74.7 0.1 — 74.8 $ 202.4 $ 0.1 $ — $ 202.5 December 31, 2015 Cash $ 3.2 $ — $ — $ 3.2 Certificates of deposit 1.1 — — 1.1 Money market funds 67.5 — — 67.5 U.S. government securities 124.3 — (0.1 ) 124.2 $ 196.1 $ — $ (0.1 ) $ 196.0

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Stock Unit Award Activity	A summary of RSU, PSU and MSU award activity for the six months ended June 30, 2016 at target is presented in the table below. RSUs PSUs MSUs Total Outstanding as of January 1, 2016 290,619 395,899 133,290 819,808 Granted 139,109 235,981 15,879 390,969 Vested (111,052 ) (63,729 ) (39,808 ) (214,589 ) Forfeited and expired (24,551 ) (92,306 ) (14,727 ) (131,584 ) Outstanding as of June 30, 2016 294,125 475,845 94,634 864,604

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments [Table Text Block]	The following table summarizes our outstanding debt obligations and their classification in the accompanying Condensed Consolidated Balance Sheets (in millions): June 30, 2016 December 31, 2015 Current portion of long-term debt: Term loan $ — $ 300.0 Debt issuance costs — (0.5 ) Total current portion of long-term debt $ — $ 299.5 Long-term debt: 5.75% Senior Notes, net of unamortized debt premium $ 910.8 $ 912.1 2016 Revolving Credit Facility 200.0 — Debt issuance costs (13.6 ) (12.5 ) Total long-term debt $ 1,097.2 $ 899.6 Total debt $ 1,097.2 $ 1,199.1

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on a Recurring Basis	Assets and liabilities measured at fair value on a recurring basis at June 30, 2016 are as follows: Fair Value Measurements Using Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investments: Asset backed securities $ 10.6 $ — $ 10.6 $ — Auction rate securities 30.6 — — 30.6 Corporate debt securities 79.2 — 79.2 — Money market funds 47.6 47.6 — — Municipal securities 42.8 — 42.8 — U.S. government and agency obligations 2.9 2.9 — — Variable rate bond fund 84.1 84.1 — — Total investments $ 297.8 $ 134.6 $ 132.6 $ 30.6 Restricted investments: Cash 60.7 60.7 — — Certificates of deposit 0.1 — 0.1 — Money market funds 66.9 66.9 — — U.S. government and agency obligations 74.8 74.8 — — Total restricted investments $ 202.5 $ 202.4 $ 0.1 $ — Assets and liabilities measured at fair value on a recurring basis at December 31, 2015 are as follows: Fair Value Measurements Using Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investments: Asset backed securities $ 17.2 $ — $ 17.2 $ — Auction rate securities 31.7 — — 31.7 Corporate debt securities 103.8 — 103.8 — Money market funds 45.9 45.9 — — Municipal securities 46.3 — 46.3 — U.S. government securities 7.1 7.1 — — Variable rate bond fund 84.2 84.2 — — Total investments $ 336.2 $ 137.2 $ 167.3 $ 31.7 Restricted investments: Cash $ 3.2 $ 3.2 $ — $ — Certificates of deposit 1.1 — 1.1 — Money market funds 67.5 67.5 — — U.S. government securities 124.2 124.2 — — Total restricted investments $ 196.0 $ 194.9 $ 1.1 $ —
Schedule of Carrying Value and Fair Value of Long-term Debt	The following table presents the carrying value and fair value of our long-term debt outstanding as of June 30, 2016 and December 31, 2015 : Fair Value Measurements Using Carrying Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Long-term debt - June 30, 2016 $ 1,097.2 $ 930.4 $ 194.4 $ — Long-term debt - December 31, 2015 899.6 931.5 — —
Changes in the Fair Value of Auction Rate Securities	The following table presents the changes in the fair value of our Level 3 auction rate securities for the three and six months ended June 30, 2016 and 2015. For the Three Months Ended For the Six Months Ended June 30, 2016 2015 2016 2015 Balance at beginning of period $ 31.2 $ 32.3 $ 31.7 $ 32.3 Realized gains (losses) in earnings — — — — Unrealized gains (losses) in other comprehensive income (0.6 ) (0.5 ) (1.1 ) (0.5 ) Purchases, sales and redemptions — (0.1 ) — (0.1 ) Net transfers in or (out) of Level 3 — — — — Balance as of June 30, $ 30.6 $ 31.7 $ 30.6 $ 31.7

ORGANIZATION, BASIS OF PRESEN27

ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) Members in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)MembersState	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of members | Members	3.8
Number of states | State	50
Favorable prior year reserve development	$ 99.1	$ 44.5
New Accounting Pronouncement, Early Adoption, Effect
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification from current deferred tax assets			$ 34.8

ORGANIZATION, BASIS OF PRESEN28

ORGANIZATION, BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Adjustments to Previously Reported Amounts (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Income Statement [Abstract]
Income tax expense	$ 115.9		$ 89	$ 167	$ 125.9
Net income	$ 90.8		$ 51.7	$ 128.6	$ 69.2
Basic earnings per share (USD per share)	$ 2.05		$ 1.17	$ 2.91	$ 1.57
Diluted earnings per share (USD per share)	$ 2.04		$ 1.17	$ 2.89	$ 1.56
Cash Flow Statement:
Net cash used in operating activities				$ (60.2)	$ (74.7)
Net cash provided by financing activities				206.4	$ 177.5
Balance Sheet:
Paid-in capital	$ 527.8			527.8		$ 518.4
Retained earnings	1,340.3			1,340.3		$ 1,211.7
Accounting Standards Update 2016-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Recognition of excess tax benefits	$ 0.8			$ 1.5
Income Statement [Abstract]
Income tax expense		$ 51.1
Net income		$ 37.8
Basic earnings per share (USD per share)		$ 0.86
Diluted earnings per share (USD per share)		$ 0.85
Cash Flow Statement:
Net cash used in operating activities		$ (111.4)
Net cash provided by financing activities		87.6
Balance Sheet:
Paid-in capital		519.4
Retained earnings		1,249.5
Accounting Standards Update 2016-09 | Scenario, Previously Reported
Income Statement [Abstract]
Income tax expense		51.8
Net income		$ 37.1
Basic earnings per share (USD per share)		$ 0.84
Diluted earnings per share (USD per share)		$ 0.83
Cash Flow Statement:
Net cash used in operating activities		$ (112.1)
Net cash provided by financing activities		88.3
Balance Sheet:
Paid-in capital		520.1
Retained earnings		$ 1,248.8

ACQUISITIONS AND DIVESTITURES (

ACQUISITIONS AND DIVESTITURES (Details) Members in Thousands, $ in Millions	Jun. 30, 2016USD ($)Members	Jun. 01, 2016USD ($)Members	Dec. 31, 2015USD ($)
Business Acquisition [Line Items]
Number of members | Members	3,800
Goodwill	$ 290.4		$ 263.2
Advicare
Business Acquisition [Line Items]
Identified intangible assets		$ 6.8
Goodwill		$ 27.2
South Carolina Medicaid | Advicare
Business Acquisition [Line Items]
Number of members | Members		30

SEGMENT REPORTING - Revenue by

SEGMENT REPORTING - Revenue by Geographic Location (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Kentucky
Revenues from External Customers and Long-Lived Assets [Line Items]
Premium revenue	18.00%	19.00%	18.00%	19.00%
Florida
Revenues from External Customers and Long-Lived Assets [Line Items]
Premium revenue	17.00%	16.00%	17.00%	16.00%
Georgia
Revenues from External Customers and Long-Lived Assets [Line Items]
Premium revenue	11.00%	11.00%	11.00%	12.00%

SEGMENT REPORTING - Segment Res

SEGMENT REPORTING - Segment Results (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Segment Reporting Information [Line Items]
Premium revenue	$ 3,590.6	$ 3,478.5	$ 7,126.6	$ 6,944.6
Medical benefits expense	2,988.9	2,977.1	6,050.8	6,029.3
ACA industry fee expense	56.9	58.3	113.9	116.6
Gross margin	544.8	443.1	961.9	798.7
Investment and other income	3.8	4	8.3	7.8
Other expenses	(341.9)	(306.4)	(674.6)	(611.4)
Income before income taxes	206.7	140.7	295.6	195.1
Operating Segments | Medicaid Health Plans
Segment Reporting Information [Line Items]
Premium revenue	2,378.4	2,250.9	4,690.1	4,454.1
Medical benefits expense	1,988.1	1,933.3	3,990	3,850.9
ACA industry fee expense	36.7	34.4	73.3	69.2
Gross margin	353.6	283.2	626.8	534
Operating Segments | Medicare Health Plans
Segment Reporting Information [Line Items]
Premium revenue	987.5	992.6	1,961.6	1,976
Medical benefits expense	831.9	857.6	1,656.1	1,714
ACA industry fee expense	16.1	18.1	32.3	35.8
Gross margin	139.5	116.9	273.2	226.2
Operating Segments | Medicare PDPs
Segment Reporting Information [Line Items]
Premium revenue	224.7	235	474.9	514.5
Medical benefits expense	168.9	186.2	404.7	464.4
ACA industry fee expense	4.1	5.8	8.3	11.6
Gross margin	$ 51.7	$ 43	$ 61.9	$ 38.5

SEGMENT REPORTING - Narrative (

SEGMENT REPORTING - Narrative (Details)	1 Months Ended	6 Months Ended
	May 31, 2016RenewalOptions	Jun. 30, 2016SegmentRenewalOptions
Segment Reporting Information [Line Items]
Number of reportable segments | Segment		3
Minimum
Segment Reporting Information [Line Items]
Percentage of consolidated premium revenue		10.00%
Current Georgia Medicaid Plan
Segment Reporting Information [Line Items]
Number of renewal options		2
Renewal term		6 months
Georgia Medicaid Plan Commencing July 1, 2017
Segment Reporting Information [Line Items]
Number of renewal options		3
Renewal term		1 year
Initial term		1 year
Kentucky Medicaid Plan
Segment Reporting Information [Line Items]
Number of renewal options, option one	1
Renewal term, option one	6 months
Number of renewal options, option two	3
Renewal term, option two	1 year

EARNINGS PER COMMON SHARE (Deta

EARNINGS PER COMMON SHARE (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share [Abstract]
Weighted-average common shares outstanding — basic	44,260,767	44,054,778	44,212,984	44,018,377
Dilutive effect of outstanding stock-based compensation awards	289,188	303,535	308,871	312,782
Weighted-average common shares outstanding — diluted	44,549,955	44,358,313	44,521,855	44,331,159
Anti-dilutive stock-based compensation awards excluded from computation	851	139,514	29,126	71,517

INVESTMENTS (Details)

INVESTMENTS (Details) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)Security	Dec. 31, 2015USD ($)
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 301.3	$ 339.5
Gross Unrealized Gains	1	0.4
Gross Unrealized Losses	(4.5)	(3.7)
Estimated Fair Value	297.8	336.2
Within 1 Year	188.8
1 Through 5 Years	72
5 Through 10 Years	6.4
Thereafter	30.6
Auction rate securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	34	34
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(3.4)	(2.3)
Estimated Fair Value	30.6	31.7
Within 1 Year	0
1 Through 5 Years	0
5 Through 10 Years	0
Thereafter	30.6
Corporate debt and other securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	89.6	121.4
Gross Unrealized Gains	0.3	0
Gross Unrealized Losses	(0.1)	(0.4)
Estimated Fair Value	89.8	121
Within 1 Year	39.9
1 Through 5 Years	49.9
5 Through 10 Years	0
Thereafter	0
Money market funds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	47.6	45.9
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	47.6	45.9
Within 1 Year	47.6
1 Through 5 Years	0
5 Through 10 Years	0
Thereafter	0
Municipal securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	42.1	46
Gross Unrealized Gains	0.7	0.4
Gross Unrealized Losses	0	(0.1)
Estimated Fair Value	42.8	46.3
Within 1 Year	14.9
1 Through 5 Years	21.5
5 Through 10 Years	6.4
Thereafter	0
U.S. government securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	2.9	7.1
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	2.9	7.1
Within 1 Year	2.3
1 Through 5 Years	0.6
5 Through 10 Years	0
Thereafter	0
Variable rate bond fund
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	85.1	85.1
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(1)	(0.9)
Estimated Fair Value	84.1	$ 84.2
Within 1 Year	84.1
1 Through 5 Years	0
5 Through 10 Years	0
Thereafter	0
External Credit Rating, Investment Grade | Auction rate securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 22.4
Number of securities | Security	2
External Credit Rating, Non Investment Grade | Auction rate securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 11.6
Number of securities | Security	1
Minimum | Auction rate securities
Schedule of Available-for-sale Securities [Line Items]
Rate setting interval for sale	7 days
Maximum | Auction rate securities
Schedule of Available-for-sale Securities [Line Items]
Rate setting interval for sale	35 days

RESTRICTED INVESTMENTS (Details

RESTRICTED INVESTMENTS (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Restricted Cash and Cash Equivalents Items [Line Items]
Amortized Cost	$ 202.4	$ 196.1
Gross Unrealized Gains	0.1	0
Gross Unrealized Losses	0	(0.1)
Estimated Fair Value	202.5	196
Cash
Restricted Cash and Cash Equivalents Items [Line Items]
Amortized Cost	60.7	3.2
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	60.7	3.2
Certificates of deposit
Restricted Cash and Cash Equivalents Items [Line Items]
Amortized Cost	0.1	1.1
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	0.1	1.1
Money market funds
Restricted Cash and Cash Equivalents Items [Line Items]
Amortized Cost	66.9	67.5
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	66.9	67.5
U.S. government securities
Restricted Cash and Cash Equivalents Items [Line Items]
Amortized Cost	74.7	124.3
Gross Unrealized Gains	0.1	0
Gross Unrealized Losses	0	(0.1)
Estimated Fair Value	$ 74.8	$ 124.2

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)$ / sharesshares	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)compensation_arrangements$ / sharesshares	Jun. 30, 2015USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense | $	$ 8.5	$ 4.6	$ 15	$ 8.7
Unrecognized compensation cost | $	$ 45.9		$ 45.9
Weighted-average period over which compensation costs are expected to be recognized (in years)			2 years 1 month
Closing common stock price (in USD per share) | $ / shares	$ 107.28		$ 107.28
Equity Instruments Other than Options [Roll Forward]
Outstanding as of beginning of period (in shares)			819,808
Granted (in shares)			390,969
Vested (in shares)			(214,589)
Forfeited and expired (in shares)			(131,584)
Outstanding at end of period (in shares)	864,604		864,604
Grants in period, weighted average grant date fair value (in USD per share) | $ / shares			$ 99.11
RSUs
Equity Instruments Other than Options [Roll Forward]
Outstanding as of beginning of period (in shares)			290,619
Granted (in shares)			139,109
Vested (in shares)			(111,052)
Forfeited and expired (in shares)			(24,551)
Outstanding at end of period (in shares)	294,125		294,125
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost | $	$ 16.3		$ 16.3
Vesting period			3 years
Equity Instruments Other than Options [Roll Forward]
Outstanding as of beginning of period (in shares)			395,899
Granted (in shares)			235,981
Vested (in shares)			(63,729)
Forfeited and expired (in shares)			(92,306)
Outstanding at end of period (in shares)	475,845		475,845
MSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Last trading days of the year used to calculate earned common stock			30 months
Maximum decline in share price			50.00%
Shares earned upon exceeding maximum stock decline			0
Equity Instruments Other than Options [Roll Forward]
Outstanding as of beginning of period (in shares)			133,290
Granted (in shares)			15,879
Vested (in shares)			(39,808)
Forfeited and expired (in shares)			(14,727)
Outstanding at end of period (in shares)	94,634		94,634
Minimum | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			1 year
Minimum | PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares earned upon vesting, number			0
Share-based Compensation Arrangement by Share-based Payment Award, Number of Variations | compensation_arrangements			2
Minimum | MSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance ratio maximum			150.00%
Maximum | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Maximum | PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares earned upon vesting, percent of target award			200.00%
Maximum | MSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance ratio maximum			200.00%

DEBT - Long-term Debt Instrumen

DEBT - Long-term Debt Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015	Jun. 01, 2015
Long-term Debt, Current Maturities [Abstract]
Term loan	$ 0	$ 300
Debt issuance costs	0	(0.5)
Total current portion of long-term debt	0	299.5
Long-term debt:
5.75% Senior Notes, net of unamortized debt premium	910.8	912.1
2016 Revolving Credit Facility	200	0
Debt issuance costs	(13.6)	(12.5)
Total long-term debt	1,097.2	899.6
Total debt	$ 1,097.2	$ 1,199.1
Senior Notes | 5.75 Percent Senior Notes Due 2020, Issued 2015
Long-term debt:
Interest rate	5.75%		5.75%

DEBT - Narrative (Details)

DEBT - Narrative (Details) - USD ($)	Jun. 30, 2016	Jan. 08, 2016	Jun. 01, 2015	Dec. 31, 2015
Debt Instrument [Line Items]
Senior notes	$ 910,800,000			$ 912,100,000
Cash used to repay debt		$ 100,000,000
Balance drawn on credit facility	200,000,000			$ 0
Senior Notes
Debt Instrument [Line Items]
Debt premium	$ 10,800,000
5.75 Percent Senior Notes Due 2020, Issued 2015 | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount			$ 300,000,000
Interest rate	5.75%		5.75%
Issue price			104.50%
Debt premium			$ 13,500,000
5.75 Percent Senior Notes Due 2020, Issued 2013 | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 600,000,000
2016 Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		850,000,000
Proceeds from credit facility used to repay debt		$ 200,000,000
Credit facility interest rate	2.06%
2016 Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Unutilized commitments fee		0.25%
2016 Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Unutilized commitments fee		0.35%
Prior Credit Agreement
Debt Instrument [Line Items]
Term loan repaid		$ 300,000,000
Federal Reserve Bank of New York Rate | 2016 Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
London Interbank Offered Rate (LIBOR) | 2016 Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
London Interbank Offered Rate (LIBOR) | 2016 Revolving Credit Facility | ABR Loans | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
London Interbank Offered Rate (LIBOR) | 2016 Revolving Credit Facility | ABR Loans | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
London Interbank Offered Rate (LIBOR) | 2016 Revolving Credit Facility | Eurodollar Loans | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
London Interbank Offered Rate (LIBOR) | 2016 Revolving Credit Facility | Eurodollar Loans | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		2.00%
Letter of Credit | 2016 Revolving Credit Facility
Debt Instrument [Line Items]
Available letters of credit		$ 150,000,000
Term Loan | 2016 Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 200,000,000
Lender Concentration Risk | 2016 Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Minimum lender holding for accelerated maturity rights		50.00%

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 134.6	$ 137.2
Restricted investments	202.4	194.9
Quoted Prices in Active Markets for Identical Assets (Level 1) | Asset backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Auction rate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	47.6	45.9
Restricted investments	66.9	67.5
Quoted Prices in Active Markets for Identical Assets (Level 1) | Municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. government and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	2.9	7.1
Restricted investments	74.8	124.2
Quoted Prices in Active Markets for Identical Assets (Level 1) | Variable rate bond fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	84.1	84.2
Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	60.7	3.2
Quoted Prices in Active Markets for Identical Assets (Level 1) | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	132.6	167.3
Restricted investments	0.1	1.1
Significant Other Observable Inputs (Level 2) | Asset backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	10.6	17.2
Significant Other Observable Inputs (Level 2) | Auction rate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Significant Other Observable Inputs (Level 2) | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	79.2	103.8
Significant Other Observable Inputs (Level 2) | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Restricted investments	0	0
Significant Other Observable Inputs (Level 2) | Municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	42.8	46.3
Significant Other Observable Inputs (Level 2) | U.S. government and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Restricted investments	0	0
Significant Other Observable Inputs (Level 2) | Variable rate bond fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Significant Other Observable Inputs (Level 2) | Cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	0	0
Significant Other Observable Inputs (Level 2) | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	0.1	1.1
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	30.6	31.7
Restricted investments	0	0
Significant Unobservable Inputs (Level 3) | Asset backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Significant Unobservable Inputs (Level 3) | Auction rate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	30.6	31.7
Significant Unobservable Inputs (Level 3) | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Significant Unobservable Inputs (Level 3) | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Restricted investments	0	0
Significant Unobservable Inputs (Level 3) | Municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Significant Unobservable Inputs (Level 3) | U.S. government and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Restricted investments	0	0
Significant Unobservable Inputs (Level 3) | Variable rate bond fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Significant Unobservable Inputs (Level 3) | Cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	0	0
Significant Unobservable Inputs (Level 3) | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	0	0
Reported Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	297.8	336.2
Restricted investments	202.5	196
Reported Value Measurement | Asset backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	10.6	17.2
Reported Value Measurement | Auction rate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	30.6	31.7
Reported Value Measurement | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	79.2	103.8
Reported Value Measurement | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	47.6	45.9
Restricted investments	66.9	67.5
Reported Value Measurement | Municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	42.8	46.3
Reported Value Measurement | U.S. government and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	2.9	7.1
Restricted investments	74.8	124.2
Reported Value Measurement | Variable rate bond fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	84.1	84.2
Reported Value Measurement | Cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	60.7	3.2
Reported Value Measurement | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	$ 0.1	$ 1.1

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value of Debt (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Reported Value Measurement
Debt Instrument [Line Items]
Long-term debt, fair value	$ 1,097.2	$ 899.6
Quoted Prices in Active Markets for Identical Assets (Level 1)
Debt Instrument [Line Items]
Long-term debt, fair value	930.4	931.5
Significant Other Observable Inputs (Level 2)
Debt Instrument [Line Items]
Long-term debt, fair value	194.4	0
Significant Unobservable Inputs (Level 3)
Debt Instrument [Line Items]
Long-term debt, fair value	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Chang

FAIR VALUE MEASUREMENTS - Changes in the Fair Value of Auction Rate Securities (Details) - Significant Unobservable Inputs (Level 3) - Fair Value, Measurements, Recurring - Auction rate securities - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 31.2	$ 32.3	$ 31.7	$ 32.3
Realized gains (losses) in earnings	0	0	0	0
Unrealized gains (losses) in other comprehensive income	(0.6)	(0.5)	(1.1)	(0.5)
Purchases, sales and redemptions	0	(0.1)	0	(0.1)
Net transfers in or (out) of Level 3	0	0	0	0
Ending balance	$ 30.6	$ 31.7	$ 30.6	$ 31.7

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Effective income tax rate	56.10%	63.30%	56.50%	64.50%
Compensation deduction	$ 2		$ 4.4
Unrecognized tax benefits	13		13		$ 14
Previously unrecognized tax benefits recognized	$ 2.6		$ 2.6

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)

Mar. 23, 2012USD ($)Installment

Mar. 31, 2015USD ($)

Mar. 31, 2016USD ($)

Jun. 30, 2015USD ($)

Jun. 30, 2016USD ($)associate

Jun. 30, 2015USD ($)

Jun. 30, 2016USD ($)associate

Jun. 30, 2016former_officer

Jun. 30, 2016person

May 31, 2014Employee

Jun. 30, 2013Employee

Jan. 31, 2012Employee

Dec. 31, 2010

Jan. 31, 2008Action

Loss Contingencies [Line Items]

Obligation period following submission of final report

120 days

Civil Inquiry

Loss Contingencies [Line Items]

Settlement agreement, amount

$ 137,500,000

Settlement agreement, number of installment payments | Installment

4

Settlement agreement, amount of installment payments

$ 34,400,000

Term of agreement

36 months

Settlement agreement, interest rate

3.125%

Final payment under settlement agreement

$ 35,400,000

Amount payable related to investigation resolution

$ 0

Class Action Complaints

Loss Contingencies [Line Items]

Portion of sums recovered from former officers to be paid to class members

25.00%

Number of former executives being pursued in action filed by entity | former_officer

3

Corporate Integrity Agreement

Loss Contingencies [Line Items]

Term of agreement

5 years

Derivative Lawsuits

Loss Contingencies [Line Items]

Number of former executives being pursued in action filed by entity | Employee

3

Number of former employees receiving notices of cross appeal | Employee

3

Number of former associates being pursued in action filed by entity | associate

2

2

Number of former employees found guilty and appealing | Employee

4

Number of former employees being pursued in action filed by entity

5

5

Number of actions filed in the federal and state courts between October 2007 and January 2008 | Action

6

Legal fees

$ 4,300,000

$ 6,200,000

$ 9,700,000

$ 12,900,000

$ 220,800,000