Document and Entity Information
Document and Entity Information Document - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 24, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Entitiy Registrant Name | UNITEDHEALTH GROUP INC | |
Entitiy Central Index Key | 731,766 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 953,562,580 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 7,887 | $ 7,495 |
Short-term investments | 1,915 | 1,741 |
Accounts receivable, net | 6,034 | 4,252 |
Other current receivables, net | 6,160 | 5,498 |
Assets under management | 2,863 | 2,962 |
Deferred income taxes | 514 | 556 |
Prepaid expenses and other current assets | 2,193 | 1,052 |
Total current assets | 27,566 | 23,556 |
Long-term investments | 18,996 | 18,827 |
Property, equipment and capitalized software, net | 4,473 | 4,418 |
Goodwill | 34,154 | 32,940 |
Other intangible assets, net | 3,316 | 3,669 |
Other assets | 2,918 | 2,972 |
Total assets | 91,423 | 86,382 |
Current liabilities: | ||
Medical costs payable | 13,867 | 12,040 |
Accounts payable and accrued liabilities | 10,901 | 9,247 |
Other policy liabilities | 6,772 | 5,965 |
Commercial paper and current maturities of long-term debt | 2,693 | 1,399 |
Unearned revenues | 1,508 | 1,972 |
Total current liabilities | 35,741 | 30,623 |
Long-term debt, less current maturities | 15,378 | 16,007 |
Future policy benefits | 2,491 | 2,488 |
Deferred income taxes | 1,877 | 2,065 |
Other liabilities | 1,301 | 1,357 |
Total liabilities | 56,788 | $ 52,540 |
Commitments and contingencies (Note 10) | ||
Redeemable noncontrolling interests | 1,615 | $ 1,388 |
Shareholders' equity: | ||
Preferred stock, $0.001 par value - 10 shares authorized; no shares issued or outstanding | 0 | 0 |
Common stock, $0.01 par value - 3,000 shares authorized; 952 and 954 issued and outstanding | 10 | 10 |
Additional paid in capital | 55 | 0 |
Retained earnings | 35,262 | 33,836 |
Accumulated other comprehensive loss | (2,307) | (1,392) |
Total shareholders' equity | 33,020 | 32,454 |
Total liabilities and shareholders’ equity | $ 91,423 | $ 86,382 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheet (Parenthetical) - $ / shares shares in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 3,000 | 3,000 |
Common stock, shares issued | 952 | 954 |
Common stock, shares outstanding | 952 | 954 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10 | 10 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenues: | ||||
Premiums | $ 31,961 | $ 28,840 | $ 63,635 | $ 56,955 |
Services | 2,865 | 2,447 | 5,571 | 4,851 |
Products | 1,223 | 1,037 | 2,453 | 2,035 |
Investment and other income | 214 | 250 | 360 | 441 |
Total revenues | 36,263 | 32,574 | 72,019 | 64,282 |
Operating costs: | ||||
Medical costs | 26,026 | 23,523 | 51,715 | 46,731 |
Operating costs | 5,852 | 5,206 | 11,801 | 10,400 |
Cost of products sold | 1,111 | 929 | 2,211 | 1,821 |
Depreciation and amortization | 379 | 364 | 757 | 724 |
Total operating costs | 33,368 | 30,022 | 66,484 | 59,676 |
Earnings from operations | 2,895 | 2,552 | 5,535 | 4,606 |
Interest expense | (151) | (155) | (301) | (315) |
Earnings before income taxes | 2,744 | 2,397 | 5,234 | 4,291 |
Provision for income taxes | (1,159) | (989) | (2,236) | (1,784) |
Net earnings | $ 1,585 | $ 1,408 | $ 2,998 | $ 2,507 |
Earnings per common share: | ||||
Basic | $ 1.66 | $ 1.44 | $ 3.15 | $ 2.56 |
Diluted | $ 1.64 | $ 1.42 | $ 3.10 | $ 2.52 |
Basic weighted-average number of common shares outstanding | 952 | 979 | 953 | 981 |
Dilutive effect of common share equivalents | 14 | 12 | 14 | 13 |
Diluted weighted-average number of common shares outstanding | 966 | 991 | 967 | 994 |
Anti-dilutive shares excluded from the calculation of dilutive effect of common share equivalents | 8 | 8 | 8 | 9 |
Cash dividends declared per common share | $ 0.5000 | $ 0.3750 | $ 0.8750 | $ 0.6550 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net earnings | $ 1,585 | $ 1,408 | $ 2,998 | $ 2,507 |
Other comprehensive (loss) income: | ||||
Gross unrealized (losses) gains on investment securities during the period | (222) | 314 | (117) | 480 |
Income tax effect | 80 | (114) | 43 | (175) |
Total unrealized (losses) gains, net of tax | (142) | 200 | (74) | 305 |
Gross reclassification adjustment for net realized gains included in net earnings | (68) | (107) | (71) | (153) |
Income tax effect | 25 | 39 | 26 | 56 |
Total reclassification adjustment, net of tax | (43) | (68) | (45) | (97) |
Total foreign currency translation gains (losses) | 163 | 151 | (796) | 410 |
Other comprehensive (loss) income | (22) | 283 | (915) | 618 |
Comprehensive income | $ 1,563 | $ 1,691 | $ 2,083 | $ 3,125 |
Condesned Consolidated Statemen
Condesned Consolidated Statements of Changes in Shareholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Net Unrealized Gains (Losses) on Investments [Member] | Foreign Currency Translation (Losses) Gains [Member] |
Balance at Dec. 31, 2013 | $ 32,149 | $ 10 | $ 0 | $ 33,047 | $ 54 | $ (962) |
Balance (in shares) at Dec. 31, 2013 | 988 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | 2,507 | 2,507 | ||||
Other comprehensive income (loss) | 618 | 208 | 410 | |||
Issuances of common shares, and related tax effects (in shares) | 10 | |||||
Issuances of common shares, and related tax effects | 23 | $ 0 | 23 | |||
Share-based compensation, and related tax benefits | 217 | 217 | ||||
Common share repurchases (in shares) | (25) | |||||
Common share repurchases | (1,937) | $ 0 | (240) | (1,697) | ||
Cash dividends paid on common shares | (642) | (642) | ||||
Balance (in shares) at Jun. 30, 2014 | 973 | |||||
Balance at Jun. 30, 2014 | 32,935 | $ 10 | 0 | 33,215 | 262 | (552) |
Balance at Dec. 31, 2014 | $ 32,454 | $ 10 | 0 | 33,836 | 223 | (1,615) |
Balance (in shares) at Dec. 31, 2014 | 954 | 954 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | $ 2,998 | 2,998 | ||||
Other comprehensive income (loss) | (915) | (119) | (796) | |||
Issuances of common shares, and related tax effects (in shares) | 7 | |||||
Issuances of common shares, and related tax effects | 23 | $ 0 | 23 | |||
Share-based compensation, and related tax benefits | 319 | 319 | ||||
Noncontrolling interests fair value and other adjustments | $ (73) | (73) | ||||
Common share repurchases (in shares) | (9) | (9) | ||||
Common share repurchases | $ (953) | $ 0 | (214) | (739) | ||
Cash dividends paid on common shares | $ (833) | (833) | ||||
Balance (in shares) at Jun. 30, 2015 | 952 | 952 | ||||
Balance at Jun. 30, 2015 | $ 33,020 | $ 10 | $ 55 | $ 35,262 | $ 104 | $ (2,411) |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating activities | ||
Net earnings | $ 2,998 | $ 2,507 |
Noncash items: | ||
Depreciation and amortization | 757 | 724 |
Deferred income taxes | (30) | (16) |
Share-based compensation | 211 | 188 |
Other, net | (160) | (148) |
Net change in other operating items, net of effects from acquisitions and changes in AARP balances: | ||
Accounts receivable | (1,725) | (2,131) |
Other assets | (2,178) | (1,135) |
Medical costs payable | 1,988 | 560 |
Accounts payable and other liabilities | 1,809 | 2,219 |
Other policy liabilities | 208 | (218) |
Unearned revenues | (446) | (128) |
Cash flows from operating activities | 3,432 | 2,422 |
Investing activities | ||
Purchases of investments | (4,286) | (5,477) |
Sales of investments | 2,260 | 4,393 |
Maturities of investments | 1,622 | 1,544 |
Cash paid for acquisitions, net of cash assumed | (1,778) | (523) |
Purchases of property, equipment and capitalized software | (716) | (716) |
Other, net | 48 | (99) |
Cash flows used for investing activities | (2,850) | (878) |
Financing activities | ||
Common stock repurchases | (953) | (1,937) |
Cash dividends paid | (833) | (642) |
Proceeds from common stock issuances | 242 | 267 |
Repayments of long-term debt | (416) | (172) |
Proceeds from (repayments of) commercial paper, net | 1,086 | (101) |
Customer funds administered | 941 | 333 |
Other, net | (188) | (170) |
Cash flows used for financing activities | (121) | (2,422) |
Effect of exchange rate changes on cash and cash equivalents | (69) | 14 |
Increase (decrease) in cash and cash equivalents | 392 | (864) |
Cash and cash equivalents, beginning of period | 7,495 | 7,276 |
Cash and Cash Equivalents, end of period | $ 7,887 | $ 6,412 |
Basis of Presentation, Uses of
Basis of Presentation, Uses of Estimates and Significant Accounting Policies (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Basis of Presentation UnitedHealth Group Incorporated (individually and together with its subsidiaries, “UnitedHealth Group” and “the Company”) is a diversified health and well-being company dedicated to helping people live healthier lives and making the health system work better for everyone. Through its diversified family of businesses, the Company leverages core competencies in advanced, enabling technology; health care data, information and intelligence; and clinical care management and coordination to help meet the demands of the health system. The Company offers a broad spectrum of products and services through two distinct platforms: UnitedHealthcare, which provides health care coverage and benefits services; and Optum, which provides information and technology-enabled health services. The Company has prepared the Condensed Consolidated Financial Statements according to U.S. Generally Accepted Accounting Principles (GAAP) and has included the accounts of UnitedHealth Group and its subsidiaries. The year-end condensed consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by GAAP. In accordance with the rules and regulations of the U.S. Securities and Exchange Commission (SEC), the Company has omitted certain footnote disclosures that would substantially duplicate the disclosures contained in its annual audited Consolidated Financial Statements. Therefore, these Condensed Consolidated Financial Statements should be read together with the Consolidated Financial Statements and the Notes included in Part II, Item 8, “Financial Statements” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 as filed with the SEC ( 2014 10-K). The accompanying Condensed Consolidated Financial Statements include all normal recurring adjustments necessary to present the interim financial statements fairly. Use of Estimates These Condensed Consolidated Financial Statements include certain amounts based on the Company’s best estimates and judgments. The Company’s most significant estimates relate to estimates and judgments for medical costs payable and revenues, valuation and impairment analysis of goodwill and other intangible assets, estimates of other policy liabilities and other current receivables, valuations of certain investments, and estimates and judgments related to income taxes and contingent liabilities. Certain of these estimates require the application of complex assumptions and judgments, often because they involve matters that are inherently uncertain and will likely change in subsequent periods. The impact of any change in estimates is included in earnings in the period in which the estimate is adjusted. The accounting policies disclosed in Note 2 of Notes to the Consolidated Financial Statements in Part II, Item 8, “Financial Statements” in the 2014 10-K remain unchanged. Subsequent Events On July 1, 2015, UnitedHealth Group Incorporated changed its state of incorporation from Minnesota to Delaware pursuant to a plan of conversion. The reincorporation was approved by the Company’s shareholders at its 2015 Annual Meeting of Shareholders held on June 1, 2015. Upon reincorporation, the affairs of UnitedHealth Group Incorporated became subject to the Delaware General Corporation Law, a new certificate of incorporation and new bylaws, and each previously outstanding share of UnitedHealth Group Incorporated’s common stock as a Minnesota corporation (UNH Minnesota) converted into an outstanding share of common stock of UnitedHealth Group Incorporated as a Delaware corporation after the reincorporation (UNH Delaware). The reincorporation was a tax-free reorganization under the U.S. Internal Revenue Code and did not affect the Company’s business operations. On July 23, 2015, the Company acquired all of the outstanding common shares of Catamaran Corporation (Catamaran) for $12.9 billion in cash and funded Catamaran’s payoff of its outstanding debt and credit facility in connection with the closing. The Company drew its $1.5 billion delayed draw term loan and issued commercial paper and senior unsecured notes to fund the Company’s purchase of Catamaran; see Note 7 of Notes to the Condensed Consolidated Financial Statements for detail on the related July 2015 debt issuance. Catamaran offers retail pharmacy network management, mail service pharmacy, pharmacy claims management and patient-centric specialty pharmacy services to a broad client portfolio, including health plans and employers serving 35 million people, and provides health care information technology solutions to the pharmacy benefits management industry. This acquisition diversifies OptumRx’s customer and business mix, while accelerating its technology leadership and flexible service offerings. As the Catamaran acquisition occurred in the third quarter of 2015, it is not yet practicable to provide disclosures related to the purchase price allocation or pro forma information. Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (ASU 2014-09). 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 July 2015, the FASB approved the deferral of ASU 2014-09 for one year and it is 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. The Company is currently evaluating the effect of the new revenue recognition guidance. The Company has determined that there have been no other recently adopted or issued accounting standards that had, or will have, a material impact on its Condensed Consolidated Financial Statements. |
Investments (Notes)
Investments (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Investments [Abstract] | |
Investments [Text Block] | Investments A summary of short-term and long-term investments by major security type is as follows: (in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2015 Debt securities - available-for-sale: U.S. government and agency obligations $ 1,859 $ 6 $ (4 ) $ 1,861 State and municipal obligations 6,196 127 (17 ) 6,306 Corporate obligations 7,654 76 (31 ) 7,699 U.S. agency mortgage-backed securities 2,091 25 (14 ) 2,102 Non-U.S. agency mortgage-backed securities 837 8 (5 ) 840 Total debt securities - available-for-sale 18,637 242 (71 ) 18,808 Equity securities - available-for-sale 1,559 36 (38 ) 1,557 Debt securities - held-to-maturity: U.S. government and agency obligations 182 3 — 185 State and municipal obligations 15 — — 15 Corporate obligations 349 — — 349 Total debt securities - held-to-maturity 546 3 — 549 Total investments $ 20,742 $ 281 $ (109 ) $ 20,914 December 31, 2014 Debt securities - available-for-sale: U.S. government and agency obligations $ 1,614 $ 7 $ (1 ) $ 1,620 State and municipal obligations 6,456 217 (5 ) 6,668 Corporate obligations 7,241 112 (26 ) 7,327 U.S. agency mortgage-backed securities 2,022 39 (5 ) 2,056 Non-U.S. agency mortgage-backed securities 872 12 (4 ) 880 Total debt securities - available-for-sale 18,205 387 (41 ) 18,551 Equity securities - available-for-sale 1,511 36 (25 ) 1,522 Debt securities - held-to-maturity: U.S. government and agency obligations 178 2 — 180 State and municipal obligations 19 — — 19 Corporate obligations 298 — — 298 Total debt securities - held-to-maturity 495 2 — 497 Total investments $ 20,211 $ 425 $ (66 ) $ 20,570 The amortized cost and fair value of available-for-sale debt securities as of June 30, 2015 , by contractual maturity, were as follows: (in millions) Amortized Cost Fair Value Due in one year or less $ 2,010 $ 2,014 Due after one year through five years 6,943 7,009 Due after five years through ten years 5,016 5,067 Due after ten years 1,740 1,776 U.S. agency mortgage-backed securities 2,091 2,102 Non-U.S. agency mortgage-backed securities 837 840 Total debt securities - available-for-sale $ 18,637 $ 18,808 The amortized cost and fair value of held-to-maturity debt securities as of June 30, 2015 , by contractual maturity, were as follows: (in millions) Amortized Cost Fair Value Due in one year or less $ 126 $ 126 Due after one year through five years 204 205 Due after five years through ten years 106 107 Due after ten years 110 111 Total debt securities - held-to-maturity $ 546 $ 549 The fair value of available-for-sale investments with gross unrealized losses by major security type and length of time that individual securities have been in a continuous unrealized loss position were as follows: Less Than 12 Months 12 Months or Greater Total (in millions) Fair Value Gross Unrealized Losses Fair Value Gross Fair Value Gross June 30, 2015 Debt securities - available-for-sale: U.S. government and agency obligations $ 529 $ (4 ) $ — $ — $ 529 $ (4 ) State and municipal obligations 1,561 (16 ) 22 (1 ) 1,583 (17 ) Corporate obligations 3,126 (27 ) 229 (4 ) 3,355 (31 ) U.S. agency mortgage-backed securities 752 (10 ) 126 (4 ) 878 (14 ) Non-U.S. agency mortgage-backed securities 364 (4 ) 77 (1 ) 441 (5 ) Total debt securities - available-for-sale $ 6,332 $ (61 ) $ 454 $ (10 ) $ 6,786 $ (71 ) Equity securities - available-for-sale $ 148 $ (9 ) $ 82 $ (29 ) $ 230 $ (38 ) December 31, 2014 Debt securities - available-for-sale: U.S. government and agency obligations $ 420 $ (1 ) $ — $ — $ 420 $ (1 ) State and municipal obligations 711 (4 ) 99 (1 ) 810 (5 ) Corporate obligations 2,595 (17 ) 464 (9 ) 3,059 (26 ) U.S. agency mortgage-backed securities — — 272 (5 ) 272 (5 ) Non-U.S. agency mortgage-backed securities 254 (2 ) 114 (2 ) 368 (4 ) Total debt securities - available-for-sale $ 3,980 $ (24 ) $ 949 $ (17 ) $ 4,929 $ (41 ) Equity securities - available-for-sale $ 107 $ (6 ) $ 88 $ (19 ) $ 195 $ (25 ) The Company’s unrealized losses from all securities as of June 30, 2015 were generated from approximately 7,100 positions out of a total of 23,000 positions. The Company believes that it will collect the principal and interest due on its debt securities that have an amortized cost in excess of fair value. The unrealized losses were primarily caused by interest rate increases and not by unfavorable changes in the credit quality associated with these securities. At each reporting period, the Company evaluates securities for impairment when the fair value of the investment is less than its amortized cost. The Company evaluated the underlying credit quality and credit ratings of the issuers, noting neither a significant deterioration since purchase nor other factors leading to an other-than-temporary impairment (OTTI). As of June 30, 2015 , the Company did not have the intent to sell any of the securities in an unrealized loss position. Therefore, the Company believes these losses to be temporary. The Company’s investments in equity securities consist of investments in Brazilian real denominated fixed-income funds, employee savings plan related investments, venture capital funds, and dividend paying stocks. The Company evaluated its investments in equity securities for severity and duration of unrealized loss, overall market volatility and other market factors. Net realized gains reclassified out of accumulated other comprehensive income were from the following sources: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2015 2014 2015 2014 Total OTTI $ (3 ) $ (4 ) $ (4 ) $ (7 ) Portion of loss recognized in other comprehensive income — — — — Net OTTI recognized in earnings (3 ) (4 ) (4 ) (7 ) Gross realized losses from sales (5 ) (29 ) (11 ) (39 ) Gross realized gains from sales 76 140 86 199 Net realized gains (included in investment and other income on the Condensed Consolidated Statements of Operations) 68 107 71 153 Income tax effect (included in provision for income taxes on the Condensed Consolidated Statements of Operations) (25 ) (39 ) (26 ) (56 ) Realized gains, net of taxes $ 43 $ 68 $ 45 $ 97 |
Fair Value (Notes)
Fair Value (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value [Text Block] | Fair Value Certain assets and liabilities are measured at fair value in the Condensed Consolidated Financial Statements or have fair values disclosed in the Notes to the Condensed Consolidated Financial Statements. These assets and liabilities are classified into one of three levels of a hierarchy defined by GAAP. For a description of the methods and assumptions that are used to estimate the fair value and determine the fair value hierarchy classification of each class of financial instrument, see Note 4 of Notes to the Consolidated Financial Statements in Part II, Item 8, “Financial Statements” in the 2014 10-K. The following table presents a summary of fair value measurements by level and carrying values for items measured at fair value on a recurring basis in the Condensed Consolidated Balance Sheets excluding assets and liabilities, related to a Supplemental Health Insurance Program (AARP Program), which are presented in a separate table below: (in millions) Quoted Prices in Active Markets (Level 1) Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Total Fair and Carrying Value June 30, 2015 Cash and cash equivalents $ 7,754 $ 133 $ — $ 7,887 Debt securities - available-for-sale: U.S. government and agency obligations 1,650 211 — 1,861 State and municipal obligations — 6,306 — 6,306 Corporate obligations 12 7,609 78 7,699 U.S. agency mortgage-backed securities — 2,102 — 2,102 Non-U.S. agency mortgage-backed securities — 834 6 840 Total debt securities - available-for-sale 1,662 17,062 84 18,808 Equity securities - available-for-sale 1,226 12 319 1,557 Interest rate swap assets — 54 — 54 Total assets at fair value $ 10,642 $ 17,261 $ 403 $ 28,306 Percentage of total assets at fair value 38 % 61 % 1 % 100 % Interest rate swap liabilities $ — $ 33 $ — $ 33 December 31, 2014 Cash and cash equivalents $ 7,472 $ 23 $ — $ 7,495 Debt securities - available-for-sale: U.S. government and agency obligations 1,427 193 — 1,620 State and municipal obligations — 6,668 — 6,668 Corporate obligations 2 7,257 68 7,327 U.S. agency mortgage-backed securities — 2,056 — 2,056 Non-U.S. agency mortgage-backed securities — 874 6 880 Total debt securities - available-for-sale 1,429 17,048 74 18,551 Equity securities - available-for-sale 1,200 12 310 1,522 Interest rate swap assets — 62 — 62 Total assets at fair value $ 10,101 $ 17,145 $ 384 $ 27,630 Percentage of total assets at fair value 37 % 62 % 1 % 100 % Interest rate swap liabilities $ — $ 55 $ — $ 55 Transfers between levels, if any, are recorded as of the beginning of the reporting period in which the transfer occurs; there were no transfers between Levels 1, 2 or 3 of any financial assets or liabilities during the six months ended June 30, 2015 or 2014 . The following table presents a summary of fair value measurements by level and carrying values for certain financial instruments not measured at fair value on a recurring basis in the Condensed Consolidated Balance Sheets: (in millions) Quoted Prices in Active Markets (Level 1) Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Total Fair Value Total Carrying Value June 30, 2015 Debt securities - held-to-maturity: U.S. government and agency obligations $ 185 $ — $ — $ 185 $ 182 State and municipal obligations — — 15 15 15 Corporate obligations 92 10 247 349 349 Total debt securities - held-to-maturity $ 277 $ 10 $ 262 $ 549 $ 546 Other assets $ — $ 473 $ — $ 473 $ 472 Long-term debt and other financing obligations $ — $ 17,755 $ — $ 17,755 $ 16,664 December 31, 2014 Debt securities - held-to-maturity: U.S. government and agency obligations $ 180 $ — $ — $ 180 $ 178 State and municipal obligations — — 19 19 19 Corporate obligations 46 10 242 298 298 Total debt securities - held-to-maturity $ 226 $ 10 $ 261 $ 497 $ 495 Other assets $ — $ 478 $ — $ 478 $ 484 Long-term debt and other financing obligations $ — $ 18,863 $ — $ 18,863 $ 17,085 Nonfinancial assets and liabilities or financial assets and liabilities that are measured at fair value on a nonrecurring basis are subject to fair value adjustments only in certain circumstances, such as when the Company records an impairment. There were no significant fair value adjustments for these assets and liabilities recorded during the six months ended June 30, 2015 or 2014 . The carrying amounts reported on the Condensed Consolidated Balance Sheets for other current financial assets and liabilities approximate fair value because of their short-term nature. These assets and liabilities are not listed in the table above. A reconciliation of the beginning and ending balances of assets measured at fair value on a recurring basis using Level 3 inputs is as follows: Three Months Ended Six Months Ended (in millions) Debt Securities Equity Securities Total Debt Securities Equity Securities Total June 30, 2015 Balance at beginning of period $ 79 $ 309 $ 388 $ 74 $ 310 $ 384 Purchases 6 10 16 10 14 24 Sales (2 ) (13 ) (15 ) (2 ) (14 ) (16 ) Net unrealized gains (losses) in accumulated other comprehensive income 1 — 1 2 (5 ) (3 ) Net realized gains in investment and other income — 13 13 — 14 14 Balance at end of period $ 84 $ 319 $ 403 $ 84 $ 319 $ 403 June 30, 2014 Balance at beginning of period $ 46 $ 313 $ 359 $ 42 $ 269 $ 311 Purchases 10 6 16 13 50 63 Sales — (147 ) (147 ) — (151 ) (151 ) Net unrealized gains in accumulated other comprehensive income 1 6 7 2 10 12 Net realized gains in investment and other income — 124 124 — 124 124 Balance at end of period $ 57 $ 302 $ 359 $ 57 $ 302 $ 359 The following table presents quantitative information regarding unobservable inputs that were significant to the valuation of assets measured at fair value on a recurring basis using Level 3 inputs: Range (in millions) Fair Value Valuation Technique Unobservable Input Low High June 30, 2015 Equity securities - available-for-sale Venture capital portfolios $ 268 Market approach - comparable companies Revenue multiple 1.0 5.0 EBITDA multiple 8.0 10.0 51 Market approach - recent transactions Inactive market transactions N/A N/A Total equity securities available-for-sale $ 319 Also included in the Company’s assets measured at fair value on a recurring basis using Level 3 inputs were $84 million of available-for-sale debt securities as of June 30, 2015 , which were not significant. The Company elected to measure the entirety of the AARP Program assets under management at fair value pursuant to the fair value option. See Note 2 of Notes to the Consolidated Financial Statements in Part II, Item 8, “Financial Statements” in the Company’s 2014 10-K for further detail on the AARP Program. The following table presents fair value information about the AARP Program-related financial assets and liabilities: (in millions) Quoted Prices in Active Markets (Level 1) Other Observable Inputs (Level 2) Total Fair and Carrying Value June 30, 2015 Cash and cash equivalents $ 205 $ — $ 205 Debt securities: U.S. government and agency obligations 431 164 595 State and municipal obligations — 96 96 Corporate obligations — 1,287 1,287 U.S. agency mortgage-backed securities — 400 400 Non-U.S. agency mortgage-backed securities — 195 195 Total debt securities 431 2,142 2,573 Other investments — 85 85 Total assets at fair value $ 636 $ 2,227 $ 2,863 Other liabilities $ 4 $ 6 $ 10 December 31, 2014 Cash and cash equivalents $ 415 $ — $ 415 Debt securities: U.S. government and agency obligations 409 245 654 State and municipal obligations — 95 95 Corporate obligations — 1,200 1,200 U.S. agency mortgage-backed securities — 340 340 Non-U.S. agency mortgage-backed securities — 177 177 Total debt securities 409 2,057 2,466 Other investments — 81 81 Total assets at fair value $ 824 $ 2,138 $ 2,962 Other liabilities $ 5 $ 13 $ 18 |
Medicare Part D Pharmacy Benefi
Medicare Part D Pharmacy Benefits (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Condensed Balance Sheet Statements, Captions [Line Items] | |
Medicare Part D Pharmacy Benefits Contract [Text Block] | Medicare Part D Pharmacy Benefits The Condensed Consolidated Balance Sheets include the following amounts associated with the Medicare Part D program: June 30, 2015 December 31, 2014 (in millions) Subsidies Drug Discount Risk-Share Subsidies Drug Discount Risk-Share Other current receivables $ 1,776 $ 266 $ 20 $ 1,801 $ 719 $ 20 Other policy liabilities — 164 — — 302 — See Note 2 of Notes to the Consolidated Financial Statements in Part II, Item 8, “Financial Statements” in the Company’s 2014 10-K for further detail on Medicare Part D. |
Medical Costs Reserve Developme
Medical Costs Reserve Development (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Medical Cost Development Disclosure Text Block | Medical Costs Reserve Development The following table provides details of the Company's medical cost reserve development: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2015 2014 2015 2014 Related to Prior Years $ (10 ) $ 40 $ 130 $ 260 Related to Current Year 100 90 N/A N/A In the three and six months ended June 30, 2015 and 2014, the medical cost reserve development was driven by a number of individual factors that were not material . |
Health Insurance Industry Tax (
Health Insurance Industry Tax (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Health Insurance Industry Tax [Line Items] | |
Health Insurance Industry Tax [Text Block] | Health Insurance Industry Tax The Patient Protection and Affordable Care Act and a reconciliation measure, the Health Care and Education Reconciliation Act of 2010 (together, Health Reform Legislation) includes an annual, nondeductible insurance industry tax (Health Insurance Industry Tax). As of June 30, 2015 , the liability recorded in accounts payable and accrued liabilities related to the Health Insurance Industry Tax was $1.8 billion . The corresponding deferred cost recorded in prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets was $900 million . There was no liability or asset related to the Health Insurance Industry Tax recorded as of December 31, 2014 as the Health Insurance Industry Tax was paid in September 2014 and the asset was fully expensed by year end. See Note 2 of Notes to the Consolidated Financial Statements in Part II, Item 8, “Financial Statements” in the Company’s 2014 10-K for further detail on the Health Insurance Industry Tax. |
Commercial Paper and Long-Term
Commercial Paper and Long-Term Debt (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Commercial Paper and Long-Term Debt [Text Block] | Commercial Paper and Long-Term Debt Commercial paper and senior unsecured long-term debt consisted of the following: June 30, 2015 December 31, 2014 (in millions, except percentages) Par Value Carrying Value Fair Value Par Value Carrying Value Fair Value Commercial paper $ 1,407 $ 1,407 $ 1,407 $ 321 $ 321 $ 321 4.875% notes due March 2015 (a) — — — 416 419 419 0.850% notes due October 2015 (a) 625 625 625 625 625 627 5.375% notes due March 2016 (a) 601 614 620 601 623 634 1.875% notes due November 2016 (a) 400 399 405 400 397 406 5.360% notes due November 2016 95 95 101 95 95 103 6.000% notes due June 2017 (a) 441 463 480 441 466 489 1.400% notes due October 2017 (a) 625 621 626 625 616 624 6.000% notes due November 2017 (a) 156 163 174 156 164 175 1.400% notes due December 2017 (a) 750 750 749 750 745 749 6.000% notes due February 2018 (a) 1,100 1,111 1,223 1,100 1,106 1,238 1.625% notes due March 2019 (a) 500 499 494 500 496 493 2.300% notes due December 2019 (a) 500 499 501 500 496 502 3.875% notes due October 2020 (a) 450 451 481 450 450 477 4.700% notes due February 2021 (a) 400 413 441 400 413 450 3.375% notes due November 2021 (a) 500 495 514 500 496 519 2.875% notes due December 2021 (a) 750 747 750 750 748 759 2.875% notes due March 2022 (a) 1,100 1,043 1,068 1,100 1,042 1,104 0.000% notes due November 2022 15 10 11 15 10 11 2.750% notes due February 2023 (a) 625 602 598 625 604 613 2.875% notes due March 2023 (a) 750 771 722 750 777 745 5.800% notes due March 2036 850 845 988 850 845 1,052 6.500% notes due June 2037 500 495 631 500 495 670 6.625% notes due November 2037 650 646 833 650 646 888 6.875% notes due February 2038 1,100 1,085 1,447 1,100 1,085 1,544 5.700% notes due October 2040 300 298 351 300 298 378 5.950% notes due February 2041 350 348 417 350 348 455 4.625% notes due November 2041 600 593 599 600 593 646 4.375% notes due March 2042 502 486 487 502 486 536 3.950% notes due October 2042 625 612 565 625 611 621 4.250% notes due March 2043 750 740 709 750 740 786 Total commercial paper and long-term debt $ 18,017 $ 17,926 $ 19,017 $ 17,347 $ 17,256 $ 19,034 (a) Fixed-rate debt instruments hedged with interest rate swap contracts. See below for more information on the Company’s interest rate swaps. The Company’s long-term debt obligations also included $145 million and $150 million of other financing obligations, of which $47 million and $34 million were current as of June 30, 2015 and December 31, 2014 , respectively. Commercial Paper and Bank Credit Facilities Commercial paper consists of short-duration, senior unsecured debt privately placed on a discount basis through broker-dealers. As of June 30, 2015 , the Company’s outstanding commercial paper had a weighted-average annual interest rate of 0.3% . The Company has $3.0 billion five-year and $1.0 billion 364-day revolving bank credit facilities with 23 banks, which mature in November 2019 and November 2015 , respectively. The Company also has a $2.0 billion 364-day revolving bank credit facility with 22 banks maturing in April 2016 . These facilities provide liquidity support for the Company’s commercial paper program and are available for general corporate purposes. In addition, the Company has a $1.5 billion delayed draw term loan to fund the Catamaran acquisition. As of June 30, 2015 , no amounts had been drawn on any of the bank credit facilities or the term loan. The annual interest rates, which are variable based on term, are calculated based on the London Interbank Offered Rate (LIBOR) plus a credit spread based on the Company’s senior unsecured credit ratings. If amounts had been drawn on the bank credit facilities and the term loan as of June 30, 2015, annual interest rates would have ranged from 1.0% to 1.3% . July 2015 Debt Issuance In July 2015, the Company issued commercial paper and senior unsecured notes and drew on its delayed draw term loan. The proceeds of these debt issuances were used to fund the Catamaran acquisition. For more detail on the Catamaran acquisition see Note 1 of the Notes to the Condensed Consolidated Financial Statements. (in millions, except percentages) Par Floating rate notes due January 2017 $ 750 1.450% notes due July 2017 750 1.900% notes due July 2018 1,500 2.700% notes due July 2020 1,500 3.350% notes due July 2022 1,000 3.750% notes due July 2025 2,000 4.625% notes due July 2035 1,000 4.750% notes due July 2045 2,000 Total July 2015 Issuance $ 10,500 Delayed draw term loan $ 1,500 Commercial paper $ 2,400 Debt Covenants The Company’s bank credit facilities contain various covenants including requiring the Company to maintain a debt to debt-plus-equity ratio of not more than 50% . The Company was in compliance with its debt covenants as of June 30, 2015 . Interest Rate Swap Contracts The Company uses interest rate swap contracts to convert a portion of its interest rate exposure from fixed rates to floating rates to more closely align interest expense with interest income received on its variable rate financial assets. The floating rates are benchmarked to LIBOR. The swaps are designated as fair value hedges on the Company’s fixed-rate debt. Since the critical terms of the swaps match those of the debt being hedged, they are considered to be highly effective hedges and all changes in the fair values of the swaps are recorded as adjustments to the carrying value of the related debt with no net impact recorded on the Condensed Consolidated Statements of Operations. Both the hedge fair value changes and the offsetting debt adjustments are recorded in interest expense on the Condensed Consolidated Statements of Operations. The following table summarizes the location and fair value of the interest rate swap fair value hedges on the Company’s Condensed Consolidated Balance Sheet: Type of Fair Value Hedge Notional Amount Fair Value Balance Sheet Location (in billions) (in millions) June 30, 2015 Interest rate swap contracts $ 10.3 54 Other assets 33 Other liabilities December 31, 2014 Interest rate swap contracts $ 10.7 $ 62 Other assets 55 Other liabilities The following table provides a summary of the effect of changes in fair value of fair value hedges on the Company’s Condensed Consolidated Statements of Operations: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2015 2014 2015 2014 Hedge - interest rate swap (loss) gain recognized in interest expense $ (208 ) $ 67 $ 14 $ 133 Hedged item - long-term debt gain (loss) recognized in interest expense 208 (67 ) (14 ) (133 ) Net impact on the Company’s Condensed Consolidated Statements of Operations $ — $ — $ — $ — |
Shareholders' Equity (Notes)
Shareholders' Equity (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Stockholders' Equity Note Disclosure [Text Block] | Shareholders' Equity Share Repurchase Program Under its Board of Directors’ authorization, the Company maintains a share repurchase program. The objectives of the share repurchase program are to optimize the Company’s capital structure and cost of capital, thereby improving returns to shareholders, as well as to offset the dilutive impact of share-based awards. Repurchases may be made from time to time in open market purchases or other types of transactions (including prepaid or structured repurchase programs), subject to certain Board restrictions. During the six months ended June 30, 2015 , the Company repurchased 9 million shares at an average price of $111.56 per share and an aggregate cost of $953 million . As of June 30, 2015 , the Company had Board authorization to purchase up to 63 million shares of its common stock. Dividends In June 2015 , the Company’s Board of Directors increased the Company’s quarterly cash dividend to shareholders to equal an annual dividend rate of $2.00 per share compared to the annual dividend rate of $1.50 per share, which the Company had paid since June 2014 . Declaration and payment of future quarterly dividends is at the discretion of the Board and may be adjusted as business needs or market conditions change. The following table provides details of the Company’s 2015 dividend payments: Payment Date Amount per Share Total Amount Paid (in millions) March 24, 2015 $ 0.3750 $ 357 June 24, 2015 0.5000 476 |
Share-Based Compensation (Notes
Share-Based Compensation (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Share-Based Compensation In June 2015, the Company’s shareholders approved an amendment to the 2011 Stock Incentive Plan (Plan). The approved amendment increased the number of shares authorized for issuance under the Plan by 70 million and removed the limit in the Plan for shares other than options and stock-settled stock appreciation rights (SARs) that can be awarded. The Company’s outstanding share-based awards consist mainly of nonqualified stock options, SARs and restricted stock and restricted stock units (collectively, restricted shares). As of June 30, 2015 , the Company had 85 million shares available for future grants of share-based awards under its share-based compensation plan. Stock Options and SARs Stock option and SAR activity for the six months ended June 30, 2015 is summarized in the table below: Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value (in millions) (in years) (in millions) Outstanding at beginning of period 33 $ 53 Granted 8 109 Exercised (6 ) 52 Outstanding at end of period 35 66 6.2 $ 1,971 Exercisable at end of period 18 47 3.7 1,335 Vested and expected to vest, end of period 34 66 6.1 1,933 Restricted Shares Restricted share activity for the six months ended June 30, 2015 is summarized in the table below: (shares in millions) Shares Weighted-Average Grant Date Fair Value per Share Nonvested at beginning of period 9 $ 61 Granted 2 109 Vested (4 ) 57 Nonvested at end of period 7 79 Other Share-Based Compensation Data (in millions, except per share amounts) Three Months Ended June 30, Six Months Ended 2015 2014 2015 2014 Stock Options and SARs Weighted-average grant date fair value of shares granted, per share $ 21 $ 19 $ 23 $ 22 Total intrinsic value of stock options and SARs exercised 107 74 328 286 Restricted Shares Weighted-average grant date fair value of shares granted, per share 118 80 109 70 Total fair value of restricted shares vested 12 9 407 423 Share-Based Compensation Items Share-based compensation expense, before tax 86 83 211 188 Share-based compensation expense, net of tax effects 76 71 177 157 Income tax benefit realized from share-based award exercises 36 24 174 143 (in millions, except years) June 30, 2015 Unrecognized compensation expense related to share awards $ 551 Weighted-average years to recognize compensation expense 1.4 Share-Based Compensation Recognition and Estimates The principal assumptions the Company used in calculating grant-date fair value for stock options and SARs were as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Risk-free interest rate 1.7% 1.8% 1.6% - 1.7% 1.7% - 1.8% Expected volatility 22.5% 31.7% 22.5% - 24.1% 31.7% - 39.6% Expected dividend yield 1.7% 1.9% 1.4% - 1.7% 1.6% - 1.9% Forfeiture rate 5.0% 5.0% 5.0% 5.0% Expected life in years 5.6 5.4 5.6 - 6.1 5.4 |
Commitments and Contingencies (
Commitments and Contingencies (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies Legal Matters Because of the nature of its businesses, the Company is frequently made party to a variety of legal actions and regulatory inquiries, including class actions and suits brought by members, care providers, consumer advocacy organizations, customers and regulators, relating to the Company’s businesses, including management and administration of health benefit plans and other services. These matters include medical malpractice, employment, intellectual property, antitrust, privacy and contract claims, and claims related to health care benefits coverage and other business practices. The Company records liabilities for its estimates of probable costs resulting from these matters where appropriate. Estimates of costs resulting from legal and regulatory matters involving the Company are inherently difficult to predict, particularly where the matters: involve indeterminate claims for monetary damages or may involve fines, penalties or punitive damages; present novel legal theories or represent a shift in regulatory policy; involve a large number of claimants or regulatory bodies; are in the early stages of the proceedings; or could result in a change in business practices. Accordingly, the Company is often unable to estimate the losses or ranges of losses for those matters where there is a reasonable possibility or it is probable that a loss may be incurred. Litigation Matters California Claims Processing Matter. On January 25, 2008, the California Department of Insurance (CDI) issued an Order to Show Cause to PacifiCare Life and Health Insurance Company, a subsidiary of the Company, alleging violations of certain insurance statutes and regulations related to an alleged failure to include certain language in standard claims correspondence, timeliness and accuracy of claims processing, interest payments, care provider contract implementation, care provider dispute resolution and other related matters. Although the Company believes that CDI had never before issued a fine in excess of $8 million , CDI advocated a fine of approximately $325 million in this matter. The matter was the subject of an administrative hearing before a California administrative law judge beginning in December 2009, and in August 2013, the administrative law judge issued a nonbinding proposed decision recommending a fine of $11.5 million . The California Insurance Commissioner rejected the administrative law judge’s recommendation and on June 9, 2014, issued his own decision imposing a fine of approximately $174 million . On July 10, 2014, the Company filed a lawsuit in California state court challenging the Commissioner’s decision. The Company cannot reasonably estimate the range of loss, if any, that may result from this matter given the procedural status of the dispute, the wide range of possible outcomes, the legal issues presented (including the legal basis for the majority of the alleged violations), the inherent difficulty in predicting a regulatory fine in the event of a remand, and the various remedies and levels of judicial review that remain available to the Company. Government Investigations, Audits and Reviews The Company has been involved or is currently involved in various governmental investigations, audits and reviews. These include routine, regular and special investigations, audits and reviews by CMS, state insurance and health and welfare departments, the Brazilian national regulatory agency for private health insurance and plans (the Agência Nacional de Saúde Suplementar), state attorneys general, the Office of the Inspector General, the Office of Personnel Management, the Office of Civil Rights, the Government Accountability Office, the Federal Trade Commission, U.S. Congressional committees, the U.S. Department of Justice, the SEC, the Internal Revenue Service, the U.S. Drug Enforcement Administration, the Brazilian federal revenue service (the Secretaria da Receita Federal), the U.S. Department of Labor, the Federal Deposit Insurance Corporation, the Defense Contract Audit Agency and other governmental authorities. Certain of the Company’s businesses have been reviewed or are currently under review, including for, among other things, compliance with coding and other requirements under the Medicare risk-adjustment model. In February 2012, CMS announced a final Risk Adjustment Data Validation (RADV) audit and payment adjustment methodology and that it will conduct RADV audits beginning with the 2011 payment year. These audits involve a review of medical records maintained by care providers and may result in retrospective adjustments to payments made to health plans. CMS has not communicated how the final payment adjustment under its methodology will be implemented. The Company cannot reasonably estimate the range of loss, if any, that may result from any material government investigations, audits and reviews in which it is currently involved given the inherent difficulty in predicting regulatory action, fines and penalties, if any, and the various remedies and levels of judicial review available to the Company in the event of an adverse finding. Guaranty Fund Assessments Under state guaranty fund laws, certain insurance companies can be assessed (up to prescribed limits) for certain obligations to the policyholders and claimants of insolvent insurance companies. In 2009, the Pennsylvania Insurance Commissioner placed long term care insurer Penn Treaty Network America Insurance Company and its subsidiary (Penn Treaty), neither of which is affiliated with the Company, in rehabilitation and petitioned a state court for approval to liquidate Penn Treaty. In 2012, the court denied the liquidation petition and ordered the Insurance Commissioner to submit a rehabilitation plan. The court held a hearing on July 13, 2015 to begin its consideration of the latest proposed rehabilitation plan. If the current proposed rehabilitation plan, which contemplates the partial liquidation of Penn Treaty, is approved by the court, the Company’s insurance entities and other insurers may be required to pay a portion of Penn Treaty’s policyholder claims through state guaranty association assessments in future periods. The Company intends to vigorously challenge the proposed rehabilitation plan. The Company is currently unable to estimate losses or ranges of losses because the Company cannot predict whether, when or to what extent Penn Treaty will ultimately be declared insolvent, the amount of the insolvency, if any, the amount and timing of any associated guaranty fund assessments or the availability and amount of any premium tax and other potential offsets. |
Segment Financial Information (
Segment Financial Information (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Financial Information [Text Block] | Segment Financial Information The Company’s four reportable segments are UnitedHealthcare, OptumHealth, OptumInsight and OptumRx . For more information on the Company’s segments see Part I, Item I, “Business” and Note 13 of Notes to the Consolidated Financial Statements in Part II, Item 8, “Financial Statements” in the Company's 2014 10-K. The following table presents the reportable segment financial information: Optum (in millions) UnitedHealthcare OptumHealth OptumInsight OptumRx Optum Eliminations Optum Corporate and Eliminations Consolidated Three Months Ended June 30, 2015 Revenues - external customers: Premiums $ 31,186 $ 775 $ — $ — $ — $ 775 $ — $ 31,961 Services 1,715 579 542 29 — 1,150 — 2,865 Products 1 11 16 1,195 — 1,222 — 1,223 Total revenues - external customers 32,902 1,365 558 1,224 — 3,147 — 36,049 Total revenues - intersegment — 2,031 851 7,688 (172 ) 10,398 (10,398 ) — Investment and other income 171 42 — 1 — 43 — 214 Total revenues $ 33,073 $ 3,438 $ 1,409 $ 8,913 $ (172 ) $ 13,588 $ (10,398 ) $ 36,263 Earnings from operations $ 2,031 $ 253 $ 271 $ 340 $ — $ 864 $ — $ 2,895 Interest expense — — — — — — (151 ) (151 ) Earnings before income taxes $ 2,031 $ 253 $ 271 $ 340 $ — $ 864 $ (151 ) $ 2,744 Three Months Ended June 30, 2014 Revenues - external customers: Premiums $ 28,213 $ 627 $ — $ — $ — $ 627 $ — $ 28,840 Services 1,646 242 532 27 — 801 — 2,447 Products 1 4 14 1,018 — 1,036 — 1,037 Total revenues - external customers 29,860 873 546 1,045 — 2,464 — 32,324 Total revenues - intersegment — 1,674 697 6,955 (115 ) 9,211 (9,211 ) — Investment and other income 211 39 — — — 39 — 250 Total revenues $ 30,071 $ 2,586 $ 1,243 $ 8,000 $ (115 ) $ 11,714 $ (9,211 ) $ 32,574 Earnings from operations $ 1,824 $ 224 $ 213 $ 291 $ — $ 728 $ — $ 2,552 Interest expense — — — — — — (155 ) (155 ) Earnings before income taxes $ 1,824 $ 224 $ 213 $ 291 $ — $ 728 $ (155 ) $ 2,397 Optum (in millions) UnitedHealthcare OptumHealth OptumInsight OptumRx Optum Eliminations Optum Corporate and Eliminations Consolidated Six Months Ended June 30, 2015 Revenues - external customers: Premiums $ 62,091 $ 1,544 $ — $ — $ — $ 1,544 $ — $ 63,635 Services 3,318 1,100 1,101 52 — 2,253 — 5,571 Products 1 16 36 2,400 — 2,452 — 2,453 Total revenues - external customers 65,410 2,660 1,137 2,452 — 6,249 — 71,659 Total revenues - intersegment — 3,994 1,662 14,755 (331 ) 20,080 (20,080 ) — Investment and other income 286 73 — 1 — 74 — 360 Total revenues $ 65,696 $ 6,727 $ 2,799 $ 17,208 $ (331 ) $ 26,403 $ (20,080 ) $ 72,019 Earnings from operations $ 3,929 $ 487 $ 493 $ 626 $ — $ 1,606 $ — $ 5,535 Interest expense — — — — — — (301 ) (301 ) Earnings before income taxes $ 3,929 $ 487 $ 493 $ 626 $ — $ 1,606 $ (301 ) $ 5,234 Six Months Ended June 30, 2014 Revenues - external customers: Premiums $ 55,724 $ 1,231 $ — $ — $ — $ 1,231 $ — $ 56,955 Services 3,232 505 1,057 57 — 1,619 — 4,851 Products 2 11 40 1,982 — 2,033 — 2,035 Total revenues - external customers 58,958 1,747 1,097 2,039 — 4,883 — 63,841 Total revenues - intersegment — 3,345 1,393 13,419 (230 ) 17,927 (17,927 ) — Investment and other income 367 74 — — — 74 — 441 Total revenues $ 59,325 $ 5,166 $ 2,490 $ 15,458 $ (230 ) $ 22,884 $ (17,927 ) $ 64,282 Earnings from operations $ 3,228 $ 435 $ 410 $ 533 $ — $ 1,378 $ — $ 4,606 Interest expense — — — — — — (315 ) (315 ) Earnings before income taxes $ 3,228 $ 435 $ 410 $ 533 $ — $ 1,378 $ (315 ) $ 4,291 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Basis of presentation [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | UnitedHealth Group Incorporated (individually and together with its subsidiaries, “UnitedHealth Group” and “the Company”) is a diversified health and well-being company dedicated to helping people live healthier lives and making the health system work better for everyone. Through its diversified family of businesses, the Company leverages core competencies in advanced, enabling technology; health care data, information and intelligence; and clinical care management and coordination to help meet the demands of the health system. The Company offers a broad spectrum of products and services through two distinct platforms: UnitedHealthcare, which provides health care coverage and benefits services; and Optum, which provides information and technology-enabled health services. The Company has prepared the Condensed Consolidated Financial Statements according to U.S. Generally Accepted Accounting Principles (GAAP) and has included the accounts of UnitedHealth Group and its subsidiaries. The year-end condensed consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by GAAP. In accordance with the rules and regulations of the U.S. Securities and Exchange Commission (SEC), the Company has omitted certain footnote disclosures that would substantially duplicate the disclosures contained in its annual audited Consolidated Financial Statements. Therefore, these Condensed Consolidated Financial Statements should be read together with the Consolidated Financial Statements and the Notes included in Part II, Item 8, “Financial Statements” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 as filed with the SEC ( 2014 10-K). The accompanying Condensed Consolidated Financial Statements include all normal recurring adjustments necessary to present the interim financial statements fairly. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates These Condensed Consolidated Financial Statements include certain amounts based on the Company’s best estimates and judgments. The Company’s most significant estimates relate to estimates and judgments for medical costs payable and revenues, valuation and impairment analysis of goodwill and other intangible assets, estimates of other policy liabilities and other current receivables, valuations of certain investments, and estimates and judgments related to income taxes and contingent liabilities. Certain of these estimates require the application of complex assumptions and judgments, often because they involve matters that are inherently uncertain and will likely change in subsequent periods. The impact of any change in estimates is included in earnings in the period in which the estimate is adjusted. |
New Accounting Pronouncements, Policy [Policy Text Block] | In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (ASU 2014-09). 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 July 2015, the FASB approved the deferral of ASU 2014-09 for one year and it is 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. The Company is currently evaluating the effect of the new revenue recognition guidance. |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Short-Term and Long-Term Investments [Table Text Block] | A summary of short-term and long-term investments by major security type is as follows: (in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2015 Debt securities - available-for-sale: U.S. government and agency obligations $ 1,859 $ 6 $ (4 ) $ 1,861 State and municipal obligations 6,196 127 (17 ) 6,306 Corporate obligations 7,654 76 (31 ) 7,699 U.S. agency mortgage-backed securities 2,091 25 (14 ) 2,102 Non-U.S. agency mortgage-backed securities 837 8 (5 ) 840 Total debt securities - available-for-sale 18,637 242 (71 ) 18,808 Equity securities - available-for-sale 1,559 36 (38 ) 1,557 Debt securities - held-to-maturity: U.S. government and agency obligations 182 3 — 185 State and municipal obligations 15 — — 15 Corporate obligations 349 — — 349 Total debt securities - held-to-maturity 546 3 — 549 Total investments $ 20,742 $ 281 $ (109 ) $ 20,914 December 31, 2014 Debt securities - available-for-sale: U.S. government and agency obligations $ 1,614 $ 7 $ (1 ) $ 1,620 State and municipal obligations 6,456 217 (5 ) 6,668 Corporate obligations 7,241 112 (26 ) 7,327 U.S. agency mortgage-backed securities 2,022 39 (5 ) 2,056 Non-U.S. agency mortgage-backed securities 872 12 (4 ) 880 Total debt securities - available-for-sale 18,205 387 (41 ) 18,551 Equity securities - available-for-sale 1,511 36 (25 ) 1,522 Debt securities - held-to-maturity: U.S. government and agency obligations 178 2 — 180 State and municipal obligations 19 — — 19 Corporate obligations 298 — — 298 Total debt securities - held-to-maturity 495 2 — 497 Total investments $ 20,211 $ 425 $ (66 ) $ 20,570 |
Fair Value of Available-for-Sale Investments with Gross Unrealized Losses by Investment Type and Length of Time that Individual Securities have been in a Continuous Unrealized Loss Position [Table Text Block] | The fair value of available-for-sale investments with gross unrealized losses by major security type and length of time that individual securities have been in a continuous unrealized loss position were as follows: Less Than 12 Months 12 Months or Greater Total (in millions) Fair Value Gross Unrealized Losses Fair Value Gross Fair Value Gross June 30, 2015 Debt securities - available-for-sale: U.S. government and agency obligations $ 529 $ (4 ) $ — $ — $ 529 $ (4 ) State and municipal obligations 1,561 (16 ) 22 (1 ) 1,583 (17 ) Corporate obligations 3,126 (27 ) 229 (4 ) 3,355 (31 ) U.S. agency mortgage-backed securities 752 (10 ) 126 (4 ) 878 (14 ) Non-U.S. agency mortgage-backed securities 364 (4 ) 77 (1 ) 441 (5 ) Total debt securities - available-for-sale $ 6,332 $ (61 ) $ 454 $ (10 ) $ 6,786 $ (71 ) Equity securities - available-for-sale $ 148 $ (9 ) $ 82 $ (29 ) $ 230 $ (38 ) December 31, 2014 Debt securities - available-for-sale: U.S. government and agency obligations $ 420 $ (1 ) $ — $ — $ 420 $ (1 ) State and municipal obligations 711 (4 ) 99 (1 ) 810 (5 ) Corporate obligations 2,595 (17 ) 464 (9 ) 3,059 (26 ) U.S. agency mortgage-backed securities — — 272 (5 ) 272 (5 ) Non-U.S. agency mortgage-backed securities 254 (2 ) 114 (2 ) 368 (4 ) Total debt securities - available-for-sale $ 3,980 $ (24 ) $ 949 $ (17 ) $ 4,929 $ (41 ) Equity securities - available-for-sale $ 107 $ (6 ) $ 88 $ (19 ) $ 195 $ (25 ) |
Net Realized Gains, Included in Investment and Other Income [Table Text Block] | Net realized gains reclassified out of accumulated other comprehensive income were from the following sources: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2015 2014 2015 2014 Total OTTI $ (3 ) $ (4 ) $ (4 ) $ (7 ) Portion of loss recognized in other comprehensive income — — — — Net OTTI recognized in earnings (3 ) (4 ) (4 ) (7 ) Gross realized losses from sales (5 ) (29 ) (11 ) (39 ) Gross realized gains from sales 76 140 86 199 Net realized gains (included in investment and other income on the Condensed Consolidated Statements of Operations) 68 107 71 153 Income tax effect (included in provision for income taxes on the Condensed Consolidated Statements of Operations) (25 ) (39 ) (26 ) (56 ) Realized gains, net of taxes $ 43 $ 68 $ 45 $ 97 |
Available-for-sale Securities [Member] | |
Investments by Contractual Maturity [Table Text Block] | The amortized cost and fair value of available-for-sale debt securities as of June 30, 2015 , by contractual maturity, were as follows: (in millions) Amortized Cost Fair Value Due in one year or less $ 2,010 $ 2,014 Due after one year through five years 6,943 7,009 Due after five years through ten years 5,016 5,067 Due after ten years 1,740 1,776 U.S. agency mortgage-backed securities 2,091 2,102 Non-U.S. agency mortgage-backed securities 837 840 Total debt securities - available-for-sale $ 18,637 $ 18,808 |
Held-to-maturity Securities [Member] | |
Investments by Contractual Maturity [Table Text Block] | The amortized cost and fair value of held-to-maturity debt securities as of June 30, 2015 , by contractual maturity, were as follows: (in millions) Amortized Cost Fair Value Due in one year or less $ 126 $ 126 Due after one year through five years 204 205 Due after five years through ten years 106 107 Due after ten years 110 111 Total debt securities - held-to-maturity $ 546 $ 549 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Financial Assets and Liabilities, Measured at Fair Value Recurring Basis [Table Text Block] | (in millions) Quoted Prices in Active Markets (Level 1) Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Total Fair and Carrying Value June 30, 2015 Cash and cash equivalents $ 7,754 $ 133 $ — $ 7,887 Debt securities - available-for-sale: U.S. government and agency obligations 1,650 211 — 1,861 State and municipal obligations — 6,306 — 6,306 Corporate obligations 12 7,609 78 7,699 U.S. agency mortgage-backed securities — 2,102 — 2,102 Non-U.S. agency mortgage-backed securities — 834 6 840 Total debt securities - available-for-sale 1,662 17,062 84 18,808 Equity securities - available-for-sale 1,226 12 319 1,557 Interest rate swap assets — 54 — 54 Total assets at fair value $ 10,642 $ 17,261 $ 403 $ 28,306 Percentage of total assets at fair value 38 % 61 % 1 % 100 % Interest rate swap liabilities $ — $ 33 $ — $ 33 December 31, 2014 Cash and cash equivalents $ 7,472 $ 23 $ — $ 7,495 Debt securities - available-for-sale: U.S. government and agency obligations 1,427 193 — 1,620 State and municipal obligations — 6,668 — 6,668 Corporate obligations 2 7,257 68 7,327 U.S. agency mortgage-backed securities — 2,056 — 2,056 Non-U.S. agency mortgage-backed securities — 874 6 880 Total debt securities - available-for-sale 1,429 17,048 74 18,551 Equity securities - available-for-sale 1,200 12 310 1,522 Interest rate swap assets — 62 — 62 Total assets at fair value $ 10,101 $ 17,145 $ 384 $ 27,630 Percentage of total assets at fair value 37 % 62 % 1 % 100 % Interest rate swap liabilities $ — $ 55 $ — $ 55 |
Fair Value Measurements, Nonrecurring [Table Text Block] | The following table presents a summary of fair value measurements by level and carrying values for certain financial instruments not measured at fair value on a recurring basis in the Condensed Consolidated Balance Sheets: (in millions) Quoted Prices in Active Markets (Level 1) Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Total Fair Value Total Carrying Value June 30, 2015 Debt securities - held-to-maturity: U.S. government and agency obligations $ 185 $ — $ — $ 185 $ 182 State and municipal obligations — — 15 15 15 Corporate obligations 92 10 247 349 349 Total debt securities - held-to-maturity $ 277 $ 10 $ 262 $ 549 $ 546 Other assets $ — $ 473 $ — $ 473 $ 472 Long-term debt and other financing obligations $ — $ 17,755 $ — $ 17,755 $ 16,664 December 31, 2014 Debt securities - held-to-maturity: U.S. government and agency obligations $ 180 $ — $ — $ 180 $ 178 State and municipal obligations — — 19 19 19 Corporate obligations 46 10 242 298 298 Total debt securities - held-to-maturity $ 226 $ 10 $ 261 $ 497 $ 495 Other assets $ — $ 478 $ — $ 478 $ 484 Long-term debt and other financing obligations $ — $ 18,863 $ — $ 18,863 $ 17,085 |
Reconciliation of Assets Measured at Fair Value on a Recurring Basis Using Level 3 Inputs [Table Text Block] | A reconciliation of the beginning and ending balances of assets measured at fair value on a recurring basis using Level 3 inputs is as follows: Three Months Ended Six Months Ended (in millions) Debt Securities Equity Securities Total Debt Securities Equity Securities Total June 30, 2015 Balance at beginning of period $ 79 $ 309 $ 388 $ 74 $ 310 $ 384 Purchases 6 10 16 10 14 24 Sales (2 ) (13 ) (15 ) (2 ) (14 ) (16 ) Net unrealized gains (losses) in accumulated other comprehensive income 1 — 1 2 (5 ) (3 ) Net realized gains in investment and other income — 13 13 — 14 14 Balance at end of period $ 84 $ 319 $ 403 $ 84 $ 319 $ 403 June 30, 2014 Balance at beginning of period $ 46 $ 313 $ 359 $ 42 $ 269 $ 311 Purchases 10 6 16 13 50 63 Sales — (147 ) (147 ) — (151 ) (151 ) Net unrealized gains in accumulated other comprehensive income 1 6 7 2 10 12 Net realized gains in investment and other income — 124 124 — 124 124 Balance at end of period $ 57 $ 302 $ 359 $ 57 $ 302 $ 359 |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | The following table presents quantitative information regarding unobservable inputs that were significant to the valuation of assets measured at fair value on a recurring basis using Level 3 inputs: Range (in millions) Fair Value Valuation Technique Unobservable Input Low High June 30, 2015 Equity securities - available-for-sale Venture capital portfolios $ 268 Market approach - comparable companies Revenue multiple 1.0 5.0 EBITDA multiple 8.0 10.0 51 Market approach - recent transactions Inactive market transactions N/A N/A Total equity securities available-for-sale $ 319 |
AARP Program [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Financial Assets and Liabilities, Measured at Fair Value Recurring Basis [Table Text Block] | The following table presents fair value information about the AARP Program-related financial assets and liabilities: (in millions) Quoted Prices in Active Markets (Level 1) Other Observable Inputs (Level 2) Total Fair and Carrying Value June 30, 2015 Cash and cash equivalents $ 205 $ — $ 205 Debt securities: U.S. government and agency obligations 431 164 595 State and municipal obligations — 96 96 Corporate obligations — 1,287 1,287 U.S. agency mortgage-backed securities — 400 400 Non-U.S. agency mortgage-backed securities — 195 195 Total debt securities 431 2,142 2,573 Other investments — 85 85 Total assets at fair value $ 636 $ 2,227 $ 2,863 Other liabilities $ 4 $ 6 $ 10 December 31, 2014 Cash and cash equivalents $ 415 $ — $ 415 Debt securities: U.S. government and agency obligations 409 245 654 State and municipal obligations — 95 95 Corporate obligations — 1,200 1,200 U.S. agency mortgage-backed securities — 340 340 Non-U.S. agency mortgage-backed securities — 177 177 Total debt securities 409 2,057 2,466 Other investments — 81 81 Total assets at fair value $ 824 $ 2,138 $ 2,962 Other liabilities $ 5 $ 13 $ 18 |
Medicare Part D Pharmacy Bene22
Medicare Part D Pharmacy Benefits (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Schedule of Other Current Receivables and Other Policy Liabilities Associated with Medicare Part D Program [Table Text Block] | The Condensed Consolidated Balance Sheets include the following amounts associated with the Medicare Part D program: June 30, 2015 December 31, 2014 (in millions) Subsidies Drug Discount Risk-Share Subsidies Drug Discount Risk-Share Other current receivables $ 1,776 $ 266 $ 20 $ 1,801 $ 719 $ 20 Other policy liabilities — 164 — — 302 — |
Medical Costs Reserve Develop23
Medical Costs Reserve Development (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | The following table provides details of the Company's medical cost reserve development: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2015 2014 2015 2014 Related to Prior Years $ (10 ) $ 40 $ 130 $ 260 Related to Current Year 100 90 N/A N/A |
Commercial Paper and Long-Ter24
Commercial Paper and Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Instrument [Line Items] | |
Commercial Paper and Long-Term Debt [Table Text Block] | Commercial paper and senior unsecured long-term debt consisted of the following: June 30, 2015 December 31, 2014 (in millions, except percentages) Par Value Carrying Value Fair Value Par Value Carrying Value Fair Value Commercial paper $ 1,407 $ 1,407 $ 1,407 $ 321 $ 321 $ 321 4.875% notes due March 2015 (a) — — — 416 419 419 0.850% notes due October 2015 (a) 625 625 625 625 625 627 5.375% notes due March 2016 (a) 601 614 620 601 623 634 1.875% notes due November 2016 (a) 400 399 405 400 397 406 5.360% notes due November 2016 95 95 101 95 95 103 6.000% notes due June 2017 (a) 441 463 480 441 466 489 1.400% notes due October 2017 (a) 625 621 626 625 616 624 6.000% notes due November 2017 (a) 156 163 174 156 164 175 1.400% notes due December 2017 (a) 750 750 749 750 745 749 6.000% notes due February 2018 (a) 1,100 1,111 1,223 1,100 1,106 1,238 1.625% notes due March 2019 (a) 500 499 494 500 496 493 2.300% notes due December 2019 (a) 500 499 501 500 496 502 3.875% notes due October 2020 (a) 450 451 481 450 450 477 4.700% notes due February 2021 (a) 400 413 441 400 413 450 3.375% notes due November 2021 (a) 500 495 514 500 496 519 2.875% notes due December 2021 (a) 750 747 750 750 748 759 2.875% notes due March 2022 (a) 1,100 1,043 1,068 1,100 1,042 1,104 0.000% notes due November 2022 15 10 11 15 10 11 2.750% notes due February 2023 (a) 625 602 598 625 604 613 2.875% notes due March 2023 (a) 750 771 722 750 777 745 5.800% notes due March 2036 850 845 988 850 845 1,052 6.500% notes due June 2037 500 495 631 500 495 670 6.625% notes due November 2037 650 646 833 650 646 888 6.875% notes due February 2038 1,100 1,085 1,447 1,100 1,085 1,544 5.700% notes due October 2040 300 298 351 300 298 378 5.950% notes due February 2041 350 348 417 350 348 455 4.625% notes due November 2041 600 593 599 600 593 646 4.375% notes due March 2042 502 486 487 502 486 536 3.950% notes due October 2042 625 612 565 625 611 621 4.250% notes due March 2043 750 740 709 750 740 786 Total commercial paper and long-term debt $ 18,017 $ 17,926 $ 19,017 $ 17,347 $ 17,256 $ 19,034 (a) Fixed-rate debt instruments hedged with interest rate swap contracts. See below for more information on the Company’s interest rate swaps. In July 2015, the Company issued commercial paper and senior unsecured notes and drew on its delayed draw term loan. The proceeds of these debt issuances were used to fund the Catamaran acquisition. For more detail on the Catamaran acquisition see Note 1 of the Notes to the Condensed Consolidated Financial Statements. (in millions, except percentages) Par Floating rate notes due January 2017 $ 750 1.450% notes due July 2017 750 1.900% notes due July 2018 1,500 2.700% notes due July 2020 1,500 3.350% notes due July 2022 1,000 3.750% notes due July 2025 2,000 4.625% notes due July 2035 1,000 4.750% notes due July 2045 2,000 Total July 2015 Issuance $ 10,500 Delayed draw term loan $ 1,500 Commercial paper $ 2,400 |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table summarizes the location and fair value of the interest rate swap fair value hedges on the Company’s Condensed Consolidated Balance Sheet: Type of Fair Value Hedge Notional Amount Fair Value Balance Sheet Location (in billions) (in millions) June 30, 2015 Interest rate swap contracts $ 10.3 54 Other assets 33 Other liabilities December 31, 2014 Interest rate swap contracts $ 10.7 $ 62 Other assets 55 Other liabilities |
Derivative Instruments, Gain (Loss) [Table Text Block] | The following table provides a summary of the effect of changes in fair value of fair value hedges on the Company’s Condensed Consolidated Statements of Operations: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2015 2014 2015 2014 Hedge - interest rate swap (loss) gain recognized in interest expense $ (208 ) $ 67 $ 14 $ 133 Hedged item - long-term debt gain (loss) recognized in interest expense 208 (67 ) (14 ) (133 ) Net impact on the Company’s Condensed Consolidated Statements of Operations $ — $ — $ — $ — |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Dividends Declared [Table Text Block] | The following table provides details of the Company’s 2015 dividend payments: Payment Date Amount per Share Total Amount Paid (in millions) March 24, 2015 $ 0.3750 $ 357 June 24, 2015 0.5000 476 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Option and SAR Activity [Table Text Block] | Stock option and SAR activity for the six months ended June 30, 2015 is summarized in the table below: Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value (in millions) (in years) (in millions) Outstanding at beginning of period 33 $ 53 Granted 8 109 Exercised (6 ) 52 Outstanding at end of period 35 66 6.2 $ 1,971 Exercisable at end of period 18 47 3.7 1,335 Vested and expected to vest, end of period 34 66 6.1 1,933 |
Restricted Share Activity [Table Text Block] | Restricted share activity for the six months ended June 30, 2015 is summarized in the table below: (shares in millions) Shares Weighted-Average Grant Date Fair Value per Share Nonvested at beginning of period 9 $ 61 Granted 2 109 Vested (4 ) 57 Nonvested at end of period 7 79 |
Other Share-Based Compensation Data [Table Text Block] | Other Share-Based Compensation Data (in millions, except per share amounts) Three Months Ended June 30, Six Months Ended 2015 2014 2015 2014 Stock Options and SARs Weighted-average grant date fair value of shares granted, per share $ 21 $ 19 $ 23 $ 22 Total intrinsic value of stock options and SARs exercised 107 74 328 286 Restricted Shares Weighted-average grant date fair value of shares granted, per share 118 80 109 70 Total fair value of restricted shares vested 12 9 407 423 Share-Based Compensation Items Share-based compensation expense, before tax 86 83 211 188 Share-based compensation expense, net of tax effects 76 71 177 157 Income tax benefit realized from share-based award exercises 36 24 174 143 (in millions, except years) June 30, 2015 Unrecognized compensation expense related to share awards $ 551 Weighted-average years to recognize compensation expense 1.4 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The principal assumptions the Company used in calculating grant-date fair value for stock options and SARs were as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Risk-free interest rate 1.7% 1.8% 1.6% - 1.7% 1.7% - 1.8% Expected volatility 22.5% 31.7% 22.5% - 24.1% 31.7% - 39.6% Expected dividend yield 1.7% 1.9% 1.4% - 1.7% 1.6% - 1.9% Forfeiture rate 5.0% 5.0% 5.0% 5.0% Expected life in years 5.6 5.4 5.6 - 6.1 5.4 |
Segment Financial Information27
Segment Financial Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Financial Information [Table Text Block] | The following table presents the reportable segment financial information: Optum (in millions) UnitedHealthcare OptumHealth OptumInsight OptumRx Optum Eliminations Optum Corporate and Eliminations Consolidated Three Months Ended June 30, 2015 Revenues - external customers: Premiums $ 31,186 $ 775 $ — $ — $ — $ 775 $ — $ 31,961 Services 1,715 579 542 29 — 1,150 — 2,865 Products 1 11 16 1,195 — 1,222 — 1,223 Total revenues - external customers 32,902 1,365 558 1,224 — 3,147 — 36,049 Total revenues - intersegment — 2,031 851 7,688 (172 ) 10,398 (10,398 ) — Investment and other income 171 42 — 1 — 43 — 214 Total revenues $ 33,073 $ 3,438 $ 1,409 $ 8,913 $ (172 ) $ 13,588 $ (10,398 ) $ 36,263 Earnings from operations $ 2,031 $ 253 $ 271 $ 340 $ — $ 864 $ — $ 2,895 Interest expense — — — — — — (151 ) (151 ) Earnings before income taxes $ 2,031 $ 253 $ 271 $ 340 $ — $ 864 $ (151 ) $ 2,744 Three Months Ended June 30, 2014 Revenues - external customers: Premiums $ 28,213 $ 627 $ — $ — $ — $ 627 $ — $ 28,840 Services 1,646 242 532 27 — 801 — 2,447 Products 1 4 14 1,018 — 1,036 — 1,037 Total revenues - external customers 29,860 873 546 1,045 — 2,464 — 32,324 Total revenues - intersegment — 1,674 697 6,955 (115 ) 9,211 (9,211 ) — Investment and other income 211 39 — — — 39 — 250 Total revenues $ 30,071 $ 2,586 $ 1,243 $ 8,000 $ (115 ) $ 11,714 $ (9,211 ) $ 32,574 Earnings from operations $ 1,824 $ 224 $ 213 $ 291 $ — $ 728 $ — $ 2,552 Interest expense — — — — — — (155 ) (155 ) Earnings before income taxes $ 1,824 $ 224 $ 213 $ 291 $ — $ 728 $ (155 ) $ 2,397 Optum (in millions) UnitedHealthcare OptumHealth OptumInsight OptumRx Optum Eliminations Optum Corporate and Eliminations Consolidated Six Months Ended June 30, 2015 Revenues - external customers: Premiums $ 62,091 $ 1,544 $ — $ — $ — $ 1,544 $ — $ 63,635 Services 3,318 1,100 1,101 52 — 2,253 — 5,571 Products 1 16 36 2,400 — 2,452 — 2,453 Total revenues - external customers 65,410 2,660 1,137 2,452 — 6,249 — 71,659 Total revenues - intersegment — 3,994 1,662 14,755 (331 ) 20,080 (20,080 ) — Investment and other income 286 73 — 1 — 74 — 360 Total revenues $ 65,696 $ 6,727 $ 2,799 $ 17,208 $ (331 ) $ 26,403 $ (20,080 ) $ 72,019 Earnings from operations $ 3,929 $ 487 $ 493 $ 626 $ — $ 1,606 $ — $ 5,535 Interest expense — — — — — — (301 ) (301 ) Earnings before income taxes $ 3,929 $ 487 $ 493 $ 626 $ — $ 1,606 $ (301 ) $ 5,234 Six Months Ended June 30, 2014 Revenues - external customers: Premiums $ 55,724 $ 1,231 $ — $ — $ — $ 1,231 $ — $ 56,955 Services 3,232 505 1,057 57 — 1,619 — 4,851 Products 2 11 40 1,982 — 2,033 — 2,035 Total revenues - external customers 58,958 1,747 1,097 2,039 — 4,883 — 63,841 Total revenues - intersegment — 3,345 1,393 13,419 (230 ) 17,927 (17,927 ) — Investment and other income 367 74 — — — 74 — 441 Total revenues $ 59,325 $ 5,166 $ 2,490 $ 15,458 $ (230 ) $ 22,884 $ (17,927 ) $ 64,282 Earnings from operations $ 3,228 $ 435 $ 410 $ 533 $ — $ 1,378 $ — $ 4,606 Interest expense — — — — — — (315 ) (315 ) Earnings before income taxes $ 3,228 $ 435 $ 410 $ 533 $ — $ 1,378 $ (315 ) $ 4,291 |
Basis of Presentation Basis of
Basis of Presentation Basis of Presentations (Details) $ in Millions | Jul. 23, 2015USD ($) | Jul. 29, 2015USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) |
Business Acquisition [Line Items] | ||||
Par Value | $ 18,017 | $ 17,347 | ||
Subsequent Event [Member] | ||||
Business Acquisition [Line Items] | ||||
Par Value | $ 10,500 | |||
Subsequent Event [Member] | Catamaran [Member] | ||||
Business Acquisition [Line Items] | ||||
People Served | 35,000,000 | |||
Business Acquisition, Percentage of Voting Interests to be Acquired | 100.00% | |||
Delayed Draw Term Loan [Member] | Subsequent Event [Member] | ||||
Business Acquisition [Line Items] | ||||
Par Value | $ 1,500 | |||
Catamaran Outstanding Common Shares [Member] | Subsequent Event [Member] | Catamaran [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments made to Acquire Businesses, Gross | $ 12,900 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - Jun. 30, 2015 | positions |
Investment [Line Items] | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 7,100 |
Total number of security positions | 23,000 |
Investments (Short-Term and Lon
Investments (Short-Term and Long-Term Investments) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Investments [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | $ 18,637 | $ 18,205 |
Securities, Available for sale Debt Securities, Gross Unrealized Gains | 242 | 387 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (71) | (41) |
Available-for-sale Securities, Debt Securities | 18,808 | 18,551 |
Available-for-sale Equity Securities, Amortized Cost Basis | 1,559 | 1,511 |
Securities, Available for sale Equity Securities, Gross Unrealized Gains | 36 | 36 |
Securities, Available for sale Equity Securities, Gross Unrealized Losses | (38) | (25) |
Available-for-sale Securities, Equity Securities | 1,557 | 1,522 |
Held-to-maturity securities, Amortized Cost | 546 | 495 |
Securities, Held to maturity, Unrecognized Holding Gain | 3 | 2 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 0 | 0 |
Held-to-maturity Securities, Fair Value | 549 | 497 |
Total investments, Amortized Cost | 20,742 | 20,211 |
Total investments, Gross Unrealized Gains | 281 | 425 |
Total investments, Gross Unrealized Losses | (109) | (66) |
Investments, Fair Value Disclosure | 20,914 | 20,570 |
Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Debt Securities | 18,808 | 18,551 |
U.S. Government and Agency Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 1,859 | 1,614 |
Securities, Available for sale Debt Securities, Gross Unrealized Gains | 6 | 7 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (4) | (1) |
Available-for-sale Securities, Debt Securities | 1,861 | 1,620 |
Held-to-maturity securities, Amortized Cost | 182 | 178 |
Securities, Held to maturity, Unrecognized Holding Gain | 3 | 2 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 0 | 0 |
Held-to-maturity Securities, Fair Value | 185 | 180 |
State and Municipal Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 6,196 | 6,456 |
Securities, Available for sale Debt Securities, Gross Unrealized Gains | 127 | 217 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (17) | (5) |
Available-for-sale Securities, Debt Securities | 6,306 | 6,668 |
Held-to-maturity securities, Amortized Cost | 15 | 19 |
Securities, Held to maturity, Unrecognized Holding Gain | 0 | 0 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 0 | 0 |
Held-to-maturity Securities, Fair Value | 15 | 19 |
Corporate Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 7,654 | 7,241 |
Securities, Available for sale Debt Securities, Gross Unrealized Gains | 76 | 112 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (31) | (26) |
Available-for-sale Securities, Debt Securities | 7,699 | 7,327 |
Held-to-maturity securities, Amortized Cost | 349 | 298 |
Securities, Held to maturity, Unrecognized Holding Gain | 0 | 0 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 0 | 0 |
Held-to-maturity Securities, Fair Value | 349 | 298 |
U.S. Agency Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 2,091 | 2,022 |
Securities, Available for sale Debt Securities, Gross Unrealized Gains | 25 | 39 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (14) | (5) |
Available-for-sale Securities, Debt Securities | 2,102 | 2,056 |
Non-U.S. Agency Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 837 | 872 |
Securities, Available for sale Debt Securities, Gross Unrealized Gains | 8 | 12 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (5) | (4) |
Available-for-sale Securities, Debt Securities | $ 840 | $ 880 |
Investments (Amortized Cost and
Investments (Amortized Cost and Fair Value of Available-for-Sale Debt Securities by Contractual Maturity) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Investments [Line Items] | ||
Due in one year or less, Amortized Cost | $ 2,010 | |
Due after one year through five years, Amortized Cost | 6,943 | |
Due after five years through ten years, Amortized Cost | 5,016 | |
Due after ten years, Amortized Cost | 1,740 | |
Total debt securities - available-for-sale, Amortized Cost | 18,637 | $ 18,205 |
Due in one year or less, Fair Value | 2,014 | |
Due after one year through five years, Fair Value | 7,009 | |
Due after five years through ten years, Fair Value | 5,067 | |
Due after ten years, Fair Value | 1,776 | |
Available-for-sale Securities, Debt Securities | 18,808 | 18,551 |
U.S. Agency Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Mortgage-backed securities, Amortized Cost | 2,091 | |
Total debt securities - available-for-sale, Amortized Cost | 2,091 | 2,022 |
Mortgage-backed securities, Fair Value | 2,102 | |
Available-for-sale Securities, Debt Securities | 2,102 | 2,056 |
Non-U.S. Agency Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Mortgage-backed securities, Amortized Cost | 837 | |
Total debt securities - available-for-sale, Amortized Cost | 837 | 872 |
Mortgage-backed securities, Fair Value | 840 | |
Available-for-sale Securities, Debt Securities | $ 840 | $ 880 |
Investments (Amortized Cost a32
Investments (Amortized Cost and Fair Value of Held-To-Maturity Debt Securities by Contractual Maturity) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Due in one year or less, Amortized Cost | $ 126 | |
Due after one year through five years, Amortized Cost | 204 | |
Due after five years through ten years, Amortized Cost | 106 | |
Due after ten years, Amortized Cost | 110 | |
Held-to-maturity securities, Amortized Cost | 546 | $ 495 |
Due in one year or less, Fair Value | 126 | |
Due after one year through five years, Fair Value | 205 | |
Due after five years through ten years, Fair Value | 107 | |
Due after ten years, Fair Value | 111 | |
Total debt securities - held-to-maturity, Fair Value | $ 549 | $ 497 |
Investments (Fair Value of Avai
Investments (Fair Value of Available-For-Sale Investments with Gross Unrealized Losses by Investment Type and Length of Time That Individual Securities Have Been in a Continuous Unrealized Loss Position) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less Than 12 Months, Fair Value | $ 6,332 | $ 3,980 |
Less Than 12 Months, Gross Unrealized Losses | (61) | (24) |
Greater Than 12 Months, Fair Value | 454 | 949 |
Greater Than 12 Months, Gross Unrealized Losses | (10) | (17) |
Total, Fair Value | 6,786 | 4,929 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (71) | (41) |
U.S. Government and Agency Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Less Than 12 Months, Fair Value | 529 | 420 |
Less Than 12 Months, Gross Unrealized Losses | (4) | (1) |
Total, Fair Value | 529 | 420 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (4) | (1) |
State and Municipal Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Less Than 12 Months, Fair Value | 1,561 | 711 |
Less Than 12 Months, Gross Unrealized Losses | (16) | (4) |
Greater Than 12 Months, Fair Value | 22 | 99 |
Greater Than 12 Months, Gross Unrealized Losses | (1) | (1) |
Total, Fair Value | 1,583 | 810 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (17) | (5) |
Corporate Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Less Than 12 Months, Fair Value | 3,126 | 2,595 |
Less Than 12 Months, Gross Unrealized Losses | (27) | (17) |
Greater Than 12 Months, Fair Value | 229 | 464 |
Greater Than 12 Months, Gross Unrealized Losses | (4) | (9) |
Total, Fair Value | 3,355 | 3,059 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (31) | (26) |
U.S. Agency Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less Than 12 Months, Fair Value | 752 | |
Less Than 12 Months, Gross Unrealized Losses | (10) | |
Greater Than 12 Months, Fair Value | 126 | 272 |
Greater Than 12 Months, Gross Unrealized Losses | (4) | (5) |
Total, Fair Value | 878 | 272 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (14) | (5) |
Non-U.S. Agency Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less Than 12 Months, Fair Value | 364 | 254 |
Less Than 12 Months, Gross Unrealized Losses | (4) | (2) |
Greater Than 12 Months, Fair Value | 77 | 114 |
Greater Than 12 Months, Gross Unrealized Losses | (1) | (2) |
Total, Fair Value | 441 | 368 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (5) | (4) |
Equity Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less Than 12 Months, Fair Value | 148 | 107 |
Less Than 12 Months, Gross Unrealized Losses | (9) | (6) |
Greater Than 12 Months, Fair Value | 82 | 88 |
Greater Than 12 Months, Gross Unrealized Losses | (29) | (19) |
Total, Fair Value | 230 | 195 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (38) | $ (25) |
Investments (Net Realized Gains
Investments (Net Realized Gains) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Income tax effect (included in Provision for Income Taxes on the Consolidated Statements of Operations) | $ (1,159) | $ (989) | $ (2,236) | $ (1,784) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Total OTTI | (3) | (4) | (4) | (7) |
Portion of loss recognized in other comprehensive income | 0 | 0 | 0 | 0 |
Net OTTI recognized in earnings | (3) | (4) | (4) | (7) |
Gross realized losses from sales | (5) | (29) | (11) | (39) |
Gross realized gains from sales | 76 | 140 | 86 | 199 |
Net realized gains (included in investment and other income on the Consolidated Statements of Operations) | 68 | 107 | 71 | 153 |
Income tax effect (included in Provision for Income Taxes on the Consolidated Statements of Operations) | (25) | (39) | (26) | (56) |
Realized gains, net of taxes | $ 43 | $ 68 | $ 45 | $ 97 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Fair Value [Line Items] | ||
Transfers from level 1 to level 2-Assets | $ 0 | $ 0 |
Transfers from level 1 to level 2-Liabilities | 0 | 0 |
Transfer from level 2 to level 1-Assets | 0 | 0 |
Transfer from level 2 to level 1-Liabilities | 0 | 0 |
Transfers Into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value [Line Items] | ||
Significant fair value adjustments for assets and liabilities measured on a nonrecurring basis | 0 | $ 0 |
Fair Value, Measurements, Recurring [Member] | Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value [Line Items] | ||
Available-for-sale Securities | $ 84 |
Fair Value (Financial Assets an
Fair Value (Financial Assets and Liabilities, Excluding AARP, Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 7,887 | $ 7,495 |
Available-for-sale Securities, Debt Securities | 18,808 | 18,551 |
Available-for-sale Securities, Equity Securities | 1,557 | 1,522 |
Interest rate swap assets | 54 | 62 |
Total assets at fair value | $ 28,306 | $ 27,630 |
Percentage of total assets at fair value | 100.00% | 100.00% |
Interest rate swap liabilities | $ 33 | $ 55 |
Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 18,808 | 18,551 |
U.S. Government and Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 1,861 | 1,620 |
State and Municipal Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 6,306 | 6,668 |
Corporate Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 7,699 | 7,327 |
U.S. Agency Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 2,102 | 2,056 |
Non-U.S. Agency Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 840 | 880 |
Quoted Prices in Active Markets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 7,754 | 7,472 |
Available-for-sale Securities, Equity Securities | 1,226 | 1,200 |
Interest rate swap assets | 0 | 0 |
Total assets at fair value | $ 10,642 | $ 10,101 |
Percentage of total assets at fair value | 38.00% | 37.00% |
Interest rate swap liabilities | $ 0 | $ 0 |
Quoted Prices in Active Markets (Level 1) [Member] | Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 1,662 | 1,429 |
Quoted Prices in Active Markets (Level 1) [Member] | U.S. Government and Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 1,650 | 1,427 |
Quoted Prices in Active Markets (Level 1) [Member] | State and Municipal Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Quoted Prices in Active Markets (Level 1) [Member] | Corporate Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 12 | 2 |
Quoted Prices in Active Markets (Level 1) [Member] | U.S. Agency Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Quoted Prices in Active Markets (Level 1) [Member] | Non-U.S. Agency Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 133 | 23 |
Available-for-sale Securities, Equity Securities | 12 | 12 |
Interest rate swap assets | 54 | 62 |
Total assets at fair value | $ 17,261 | $ 17,145 |
Percentage of total assets at fair value | 61.00% | 62.00% |
Interest rate swap liabilities | $ 33 | $ 55 |
Other Observable Inputs (Level 2) [Member] | Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 17,062 | 17,048 |
Other Observable Inputs (Level 2) [Member] | U.S. Government and Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 211 | 193 |
Other Observable Inputs (Level 2) [Member] | State and Municipal Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 6,306 | 6,668 |
Other Observable Inputs (Level 2) [Member] | Corporate Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 7,609 | 7,257 |
Other Observable Inputs (Level 2) [Member] | U.S. Agency Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 2,102 | 2,056 |
Other Observable Inputs (Level 2) [Member] | Non-U.S. Agency Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 834 | 874 |
Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Available-for-sale Securities, Equity Securities | 319 | 310 |
Interest rate swap assets | 0 | 0 |
Total assets at fair value | $ 403 | $ 384 |
Percentage of total assets at fair value | 1.00% | 1.00% |
Interest rate swap liabilities | $ 0 | $ 0 |
Unobservable Inputs (Level 3) [Member] | Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 84 | 74 |
Unobservable Inputs (Level 3) [Member] | U.S. Government and Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Unobservable Inputs (Level 3) [Member] | State and Municipal Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Unobservable Inputs (Level 3) [Member] | Corporate Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 78 | 68 |
Unobservable Inputs (Level 3) [Member] | U.S. Agency Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Unobservable Inputs (Level 3) [Member] | Non-U.S. Agency Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | $ 6 | $ 6 |
Fair Value (Financial Assets 37
Fair Value (Financial Assets and Liabilities, Excluding AARP, Not Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities - held-to-maturity | $ 546 | $ 495 |
Held-to-maturity Securities, Fair Value | 549 | 497 |
Long-term Debt, Gross | 17,926 | 17,256 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity Securities, Fair Value | 549 | 497 |
Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity Securities, Fair Value | 277 | 226 |
Fair Value, Measurements, Nonrecurring [Member] | Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity Securities, Fair Value | 10 | 10 |
Fair Value, Measurements, Nonrecurring [Member] | Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity Securities, Fair Value | 262 | 261 |
U.S. Government and Agency Obligations [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity Securities, Fair Value | 185 | 180 |
U.S. Government and Agency Obligations [Member] | Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity Securities, Fair Value | 185 | 180 |
U.S. Government and Agency Obligations [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity Securities, Fair Value | 0 | 0 |
U.S. Government and Agency Obligations [Member] | Fair Value, Measurements, Nonrecurring [Member] | Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity Securities, Fair Value | 0 | 0 |
State and Municipal Obligations [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity Securities, Fair Value | 15 | 19 |
State and Municipal Obligations [Member] | Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity Securities, Fair Value | 0 | 0 |
State and Municipal Obligations [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity Securities, Fair Value | 0 | 0 |
State and Municipal Obligations [Member] | Fair Value, Measurements, Nonrecurring [Member] | Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity Securities, Fair Value | 15 | 19 |
Corporate Obligations [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity Securities, Fair Value | 349 | 298 |
Corporate Obligations [Member] | Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity Securities, Fair Value | 92 | 46 |
Corporate Obligations [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity Securities, Fair Value | 10 | 10 |
Corporate Obligations [Member] | Fair Value, Measurements, Nonrecurring [Member] | Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity Securities, Fair Value | 247 | 242 |
Long-term debt and other financing obligations | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 17,755 | 18,863 |
Long-term debt and other financing obligations | Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Long-term debt and other financing obligations | Fair Value, Measurements, Nonrecurring [Member] | Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 17,755 | 18,863 |
Long-term debt and other financing obligations | Fair Value, Measurements, Nonrecurring [Member] | Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Other Assets [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Assets, Fair Value Disclosure | 473 | 478 |
Other Assets [Member] | Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Assets, Fair Value Disclosure | 0 | 0 |
Other Assets [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Assets, Fair Value Disclosure | 473 | 478 |
Other Assets [Member] | Fair Value, Measurements, Nonrecurring [Member] | Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Assets, Fair Value Disclosure | 0 | 0 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities - held-to-maturity | 546 | 495 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | U.S. Government and Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities - held-to-maturity | 182 | 178 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | State and Municipal Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities - held-to-maturity | 15 | 19 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Corporate Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities - held-to-maturity | 349 | 298 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Long-term debt and other financing obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Gross | 16,664 | 17,085 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Other Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Assets, Fair Value Disclosure | $ 472 | $ 484 |
Fair Value (Reconciliation of A
Fair Value (Reconciliation of Assets Measured at Fair Value on a Recurring Basis Using Level 3 Inputs) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of period | $ 388 | $ 359 | $ 384 | $ 311 |
Purchases | 16 | 16 | 24 | 63 |
Sales | (15) | (147) | (16) | (151) |
Net unrealized gains (losses) in accumulated other comprehensive income | 1 | 7 | (3) | 12 |
Net realized losses in investment and other income | 13 | 124 | 14 | 124 |
Balance at end of period | 403 | 359 | 403 | 359 |
Debt Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of period | 79 | 46 | 74 | 42 |
Purchases | 6 | 10 | 10 | 13 |
Sales | (2) | 0 | (2) | 0 |
Net unrealized gains (losses) in accumulated other comprehensive income | 1 | 1 | 2 | 2 |
Net realized losses in investment and other income | 0 | 0 | 0 | 0 |
Balance at end of period | 84 | 57 | 84 | 57 |
Equity Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of period | 309 | 313 | 310 | 269 |
Purchases | 10 | 6 | 14 | 50 |
Sales | (13) | (147) | (14) | (151) |
Net unrealized gains (losses) in accumulated other comprehensive income | 0 | 6 | (5) | 10 |
Net realized losses in investment and other income | 13 | 124 | 14 | 124 |
Balance at end of period | $ 319 | $ 302 | $ 319 | $ 302 |
Fair Value Fair Value Inputs As
Fair Value Fair Value Inputs Assets Quantitative Information (Details) - Jun. 30, 2015 $ in Millions | USD ($) |
Venture Capital Funds [Member] | Market Approach Valuation Technique [Member] | Comparable Companies [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Available-for-sale Securities | $ 268 |
Venture Capital Funds [Member] | Market Approach Valuation Technique [Member] | Recent Transactions [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Available-for-sale Securities | $ 51 |
Minimum [Member] | Comparable Companies [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Revenue Multiple | 1 |
Fair Value Inputs, Earnings before Interest, Taxes, Depreciation, and Amortization Multiple | 8 |
Maximum [Member] | Comparable Companies [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Revenue Multiple | 5 |
Fair Value Inputs, Earnings before Interest, Taxes, Depreciation, and Amortization Multiple | 10 |
Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Available-for-sale Securities | $ 319 |
Fair Value (Assets and Liabilit
Fair Value (Assets and Liabilities measured at fair value on a recurring basis) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 7,887 | $ 7,495 |
Available-for-sale Securities, Debt Securities | 18,808 | 18,551 |
Available-for-sale Securities, Equity Securities | 1,557 | 1,522 |
Total assets at fair value | 28,306 | 27,630 |
Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 18,808 | 18,551 |
U.S. Government and Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 1,861 | 1,620 |
State and Municipal Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 6,306 | 6,668 |
Corporate Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 7,699 | 7,327 |
U.S. Agency Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 2,102 | 2,056 |
Non-U.S. Agency Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 840 | 880 |
Quoted Prices in Active Markets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 7,754 | 7,472 |
Available-for-sale Securities, Equity Securities | 1,226 | 1,200 |
Total assets at fair value | 10,642 | 10,101 |
Quoted Prices in Active Markets (Level 1) [Member] | Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 1,662 | 1,429 |
Quoted Prices in Active Markets (Level 1) [Member] | U.S. Government and Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 1,650 | 1,427 |
Quoted Prices in Active Markets (Level 1) [Member] | State and Municipal Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Quoted Prices in Active Markets (Level 1) [Member] | Corporate Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 12 | 2 |
Quoted Prices in Active Markets (Level 1) [Member] | U.S. Agency Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Quoted Prices in Active Markets (Level 1) [Member] | Non-U.S. Agency Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 133 | 23 |
Available-for-sale Securities, Equity Securities | 12 | 12 |
Total assets at fair value | 17,261 | 17,145 |
Other Observable Inputs (Level 2) [Member] | Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 17,062 | 17,048 |
Other Observable Inputs (Level 2) [Member] | U.S. Government and Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 211 | 193 |
Other Observable Inputs (Level 2) [Member] | State and Municipal Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 6,306 | 6,668 |
Other Observable Inputs (Level 2) [Member] | Corporate Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 7,609 | 7,257 |
Other Observable Inputs (Level 2) [Member] | U.S. Agency Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 2,102 | 2,056 |
Other Observable Inputs (Level 2) [Member] | Non-U.S. Agency Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 834 | 874 |
Fair Value, Measurements, Recurring [Member] | AARP Program [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 205 | 415 |
Other Investments | 85 | 81 |
Total assets at fair value | 2,863 | 2,962 |
Other liabilities | 10 | 18 |
Fair Value, Measurements, Recurring [Member] | Debt Securities [Member] | AARP Program [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 2,573 | 2,466 |
Fair Value, Measurements, Recurring [Member] | U.S. Government and Agency Obligations [Member] | AARP Program [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 595 | 654 |
Fair Value, Measurements, Recurring [Member] | State and Municipal Obligations [Member] | AARP Program [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 96 | 95 |
Fair Value, Measurements, Recurring [Member] | Corporate Obligations [Member] | AARP Program [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 1,287 | 1,200 |
Fair Value, Measurements, Recurring [Member] | U.S. Agency Mortgage-Backed Securities [Member] | AARP Program [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 400 | 340 |
Fair Value, Measurements, Recurring [Member] | Non-U.S. Agency Mortgage-Backed Securities [Member] | AARP Program [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 195 | 177 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | AARP Program [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 205 | 415 |
Other Investments | 0 | 0 |
Total assets at fair value | 636 | 824 |
Other liabilities | 4 | 5 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Debt Securities [Member] | AARP Program [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 431 | 409 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | U.S. Government and Agency Obligations [Member] | AARP Program [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 431 | 409 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | State and Municipal Obligations [Member] | AARP Program [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Corporate Obligations [Member] | AARP Program [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | U.S. Agency Mortgage-Backed Securities [Member] | AARP Program [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Non-U.S. Agency Mortgage-Backed Securities [Member] | AARP Program [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Observable Inputs (Level 2) [Member] | AARP Program [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Other Investments | 85 | 81 |
Total assets at fair value | 2,227 | 2,138 |
Other liabilities | 6 | 13 |
Fair Value, Measurements, Recurring [Member] | Other Observable Inputs (Level 2) [Member] | Debt Securities [Member] | AARP Program [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 2,142 | 2,057 |
Fair Value, Measurements, Recurring [Member] | Other Observable Inputs (Level 2) [Member] | U.S. Government and Agency Obligations [Member] | AARP Program [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 164 | 245 |
Fair Value, Measurements, Recurring [Member] | Other Observable Inputs (Level 2) [Member] | State and Municipal Obligations [Member] | AARP Program [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 96 | 95 |
Fair Value, Measurements, Recurring [Member] | Other Observable Inputs (Level 2) [Member] | Corporate Obligations [Member] | AARP Program [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 1,287 | 1,200 |
Fair Value, Measurements, Recurring [Member] | Other Observable Inputs (Level 2) [Member] | U.S. Agency Mortgage-Backed Securities [Member] | AARP Program [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | 400 | 340 |
Fair Value, Measurements, Recurring [Member] | Other Observable Inputs (Level 2) [Member] | Non-U.S. Agency Mortgage-Backed Securities [Member] | AARP Program [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Debt Securities | $ 195 | $ 177 |
Medicare Part D Pharmacy Bene41
Medicare Part D Pharmacy Benefits Medicare Part D Pharmacy Benefits Schedule of Receivables and Payables (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Other current receivables | $ 6,160 | $ 5,498 |
Other policy liabilities | 6,772 | 5,965 |
CMS Subsidies [Member] | ||
Other current receivables | 1,776 | 1,801 |
Other policy liabilities | 0 | 0 |
Drug Discount [Member] | ||
Other current receivables | 266 | 719 |
Other policy liabilities | 164 | 302 |
Risk-Share [Member] | ||
Other current receivables | 20 | 20 |
Other policy liabilities | $ 0 | $ 0 |
Medical Costs Reserve Develop42
Medical Costs Reserve Development (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Related to Prior Years | $ (10) | $ 40 | $ 130 | $ 260 |
Related to Current Years | $ 100 | $ 90 |
Health Insurance Industry Tax43
Health Insurance Industry Tax (Details) - Industry Tax [Member] $ in Millions | Jun. 30, 2015USD ($) |
Health Insurance Industry Tax [Line Items] | |
Accrued Liabilities, Current | $ 1,800 |
Deferred Costs, Current | $ 900 |
Commercial Paper and Long-Ter44
Commercial Paper and Long-Term Debt (Narrative) (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2015USD ($)banks | Dec. 31, 2014USD ($) | |
Debt Instrument [Line Items] | ||
Other Long-term Debt | $ 145 | $ 150 |
Other Long-term Debt, Current | $ 47 | $ 34 |
Commercial Paper [Member] | ||
Debt Instrument [Line Items] | ||
Short-term Debt, Weighted Average Interest Rate | 0.30% | |
Five Year $3.0 Billion Credit Facility [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Line of Credit | $ 0 | |
Line of Credit, Credit Facility, Maximum Borrowing Capacity | $ 3,000 | |
Number Of Years Of Revolving Bank Credit | 5 years | |
Number of banks that comprise revolving bank credit facility (banks) | 23 | |
Maximum percentage of indebtedness to total net capital bank covenant | 50.00% | |
Five Year $3.0 Billion Credit Facility [Member] | Minimum [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate During Period | 1.00% | |
Five Year $3.0 Billion Credit Facility [Member] | Maximum [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate During Period | 1.30% | |
364 Day $1.0 Billion Credit Facility [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Line of Credit | $ 0 | |
Line of Credit, Credit Facility, Maximum Borrowing Capacity | $ 1,000 | |
Credit Facility, Number of Days | 364 days | |
Number of banks that comprise revolving bank credit facility (banks) | banks | 23 | |
Maximum percentage of indebtedness to total net capital bank covenant | 50.00% | |
364 Day $1.0 Billion Credit Facility [Member] | Minimum [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate During Period | 1.00% | |
364 Day $1.0 Billion Credit Facility [Member] | Maximum [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate During Period | 1.30% | |
364 Day $2.0 Billion Credit Facility [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Line of Credit | $ 0 | |
Line of Credit, Credit Facility, Maximum Borrowing Capacity | $ 2,000 | |
Credit Facility, Number of Days | 364 days | |
Number of banks that comprise revolving bank credit facility (banks) | banks | 22 | |
Maximum percentage of indebtedness to total net capital bank covenant | 50.00% | |
364 Day $2.0 Billion Credit Facility [Member] | Minimum [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate During Period | 1.00% | |
364 Day $2.0 Billion Credit Facility [Member] | Maximum [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate During Period | 1.30% | |
Delayed Draw Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 1,500 | |
Delayed Draw Term Loan [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate During Period | 1.00% | |
Delayed Draw Term Loan [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate During Period | 1.30% |
Commercial Paper and Long-Ter45
Commercial Paper and Long-Term Debt (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Par Value | $ 18,017 | $ 17,347 | |
Carrying Value | 17,926 | 17,256 | |
Fair Value | 19,017 | 19,034 | |
Commercial Paper [Member] | |||
Debt Instrument [Line Items] | |||
Par Value | 1,407 | 321 | |
Commercial Paper | 1,407 | 321 | |
Fair Value | $ 1,407 | 321 | |
4.875% Notes Due March 2015 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | ||
Par Value | [1] | $ 0 | 416 |
Carrying Value | [1] | 0 | 419 |
Fair Value | [1] | $ 0 | 419 |
0.850% Notes due October 2015 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 0.85% | ||
Par Value | [1] | $ 625 | 625 |
Carrying Value | [1] | 625 | 625 |
Fair Value | [1] | $ 625 | 627 |
5.375% Notes Due March 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | ||
Par Value | [1] | $ 601 | 601 |
Carrying Value | [1] | 614 | 623 |
Fair Value | [1] | $ 620 | 634 |
1.875% Notes Due November 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.875% | ||
Par Value | [1] | $ 400 | 400 |
Carrying Value | [1] | 399 | 397 |
Fair Value | [1] | $ 405 | 406 |
5.360% Notes Due November 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.36% | ||
Par Value | $ 95 | 95 | |
Carrying Value | 95 | 95 | |
Fair Value | $ 101 | 103 | |
6.000% Notes Due June 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||
Par Value | [1] | $ 441 | 441 |
Carrying Value | [1] | 463 | 466 |
Fair Value | [1] | $ 480 | 489 |
1.400% Notes due October 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.40% | ||
Par Value | [1] | $ 625 | 625 |
Carrying Value | [1] | 621 | 616 |
Fair Value | [1] | $ 626 | 624 |
6.000% Notes Due November 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||
Par Value | [1] | $ 156 | 156 |
Carrying Value | [1] | 163 | 164 |
Fair Value | [1] | $ 174 | 175 |
1.400% Notes Due December 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.40% | ||
Par Value | [1] | $ 750 | 750 |
Carrying Value | [1] | 750 | 745 |
Fair Value | [1] | $ 749 | 749 |
6.000% Notes Due February 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||
Par Value | [1] | $ 1,100 | 1,100 |
Carrying Value | [1] | 1,111 | 1,106 |
Fair Value | [1] | $ 1,223 | 1,238 |
1.625% Notes Due March 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.625% | ||
Par Value | [1] | $ 500 | 500 |
Carrying Value | [1] | 499 | 496 |
Fair Value | [1] | $ 494 | 493 |
2.300% Notes Due December 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.30% | ||
Par Value | [1] | $ 500 | 500 |
Carrying Value | [1] | 499 | 496 |
Fair Value | [1] | $ 501 | 502 |
3.875% Notes Due October 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.875% | ||
Par Value | [1] | $ 450 | 450 |
Carrying Value | [1] | 451 | 450 |
Fair Value | [1] | $ 481 | 477 |
4.700% Notes Due February 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.70% | ||
Par Value | [1] | $ 400 | 400 |
Carrying Value | [1] | 413 | 413 |
Fair Value | [1] | $ 441 | 450 |
3.375% Notes Due November 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.375% | ||
Par Value | [1] | $ 500 | 500 |
Carrying Value | [1] | 495 | 496 |
Fair Value | [1] | $ 514 | 519 |
2.875% Notes Due December 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.875% | ||
Par Value | [1] | $ 750 | 750 |
Carrying Value | [1] | 747 | 748 |
Fair Value | [1] | $ 750 | 759 |
2.875% Notes Due March 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.875% | ||
Par Value | [1] | $ 1,100 | 1,100 |
Carrying Value | [1] | 1,043 | 1,042 |
Fair Value | [1] | $ 1,068 | 1,104 |
0.000% Notes Due November 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | ||
Par Value | $ 15 | 15 | |
Carrying Value | 10 | 10 | |
Fair Value | $ 11 | 11 | |
2.750% Notes due February 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | ||
Par Value | [1] | $ 625 | 625 |
Carrying Value | [1] | 602 | 604 |
Fair Value | [1] | $ 598 | 613 |
2.875% Notes due March 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.875% | ||
Par Value | [1] | $ 750 | 750 |
Carrying Value | [1] | 771 | 777 |
Fair Value | [1] | $ 722 | 745 |
5.800% Notes Due March 2036 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.80% | ||
Par Value | $ 850 | 850 | |
Carrying Value | 845 | 845 | |
Fair Value | $ 988 | 1,052 | |
6.500% Notes Due June 2037 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | ||
Par Value | $ 500 | 500 | |
Carrying Value | 495 | 495 | |
Fair Value | $ 631 | 670 | |
6.625% Notes Due November 2037 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.625% | ||
Par Value | $ 650 | 650 | |
Carrying Value | 646 | 646 | |
Fair Value | $ 833 | 888 | |
6.875% Notes Due February 2038 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | ||
Par Value | $ 1,100 | 1,100 | |
Carrying Value | 1,085 | 1,085 | |
Fair Value | $ 1,447 | 1,544 | |
5.700% Notes Due October 2040 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.70% | ||
Par Value | $ 300 | 300 | |
Carrying Value | 298 | 298 | |
Fair Value | $ 351 | 378 | |
5.950% Notes Due February 2041 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.95% | ||
Par Value | $ 350 | 350 | |
Carrying Value | 348 | 348 | |
Fair Value | $ 417 | 455 | |
4.625% Notes Due November 2041 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.625% | ||
Par Value | $ 600 | 600 | |
Carrying Value | 593 | 593 | |
Fair Value | $ 599 | 646 | |
4.375% Notes Due March 2042 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.375% | ||
Par Value | $ 502 | 502 | |
Carrying Value | 486 | 486 | |
Fair Value | $ 487 | 536 | |
3.950% Notes due October 2042 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.95% | ||
Par Value | $ 625 | 625 | |
Carrying Value | 612 | 611 | |
Fair Value | $ 565 | 621 | |
4.250% Notes due March 2043 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | ||
Par Value | $ 750 | 750 | |
Carrying Value | 740 | 740 | |
Fair Value | $ 709 | $ 786 | |
[1] | Fixed-rate debt instruments hedged with interest rate swap contracts. See below for more information on the Company’s interest rate swaps. |
Commercial Paper and Long-Ter46
Commercial Paper and Long-Term Debt Subsequent Event July Debt Issuance (Details) - USD ($) $ in Millions | Jul. 29, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||
Par Value | $ 18,017 | $ 17,347 | |
Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Par Value | $ 10,500 | ||
Floating Rate Unsecured Notes due January 2017 [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Par Value | $ 750 | ||
1.4500% Senior Unsecured Notes due July 2017 [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.45% | ||
Par Value | $ 750 | ||
1.900% Senior Unsecured Notes due July 2018 [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.90% | ||
Par Value | $ 1,500 | ||
2.700% Senior Unsecured Notes due July 2020 [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.70% | ||
Par Value | $ 1,500 | ||
3.350% Senior Unsecured Notes due July 2022 [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.35% | ||
Par Value | $ 1,000 | ||
3.750% Senior Unsecured Notes due July 2025 [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | ||
Par Value | $ 2,000 | ||
4.625% Senior Unsecured Notes due July 2035 [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.625% | ||
Par Value | $ 1,000 | ||
4.750% Senior Unsecured Notes due July 2045 [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | ||
Par Value | $ 2,000 | ||
Delayed Draw Term Loan [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Par Value | 1,500 | ||
Commercial Paper [Member] | |||
Debt Instrument [Line Items] | |||
Par Value | $ 1,407 | $ 321 | |
Commercial Paper [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Par Value | $ 2,400 |
Commercial Paper and Long-Ter47
Commercial Paper and Long-Term Debt Fair Value Hedges Statement of Financial Position Location (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Interest Rate Derivative Assets, at Fair Value | $ 54 | $ 62 |
Interest Rate Derivative Liabilities, at Fair Value | 33 | 55 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 10,300 | 10,700 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Derivative Assets, at Fair Value | 54 | 62 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Derivative Liabilities, at Fair Value | $ 33 | $ 55 |
Commercial Paper and Long-Ter48
Commercial Paper and Long-Term Debt Fair Value Hedges Effect of Changes in Fair Value Hedges on Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net impact on the Company’s Consolidated Statements of Operations | $ 0 | $ 0 | $ 0 | $ 0 |
Interest Rate Swap [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Hedge - interest rate swap (loss) gain recognized in interest expense | (208) | 67 | 14 | 133 |
Debt [Member] | Interest Rate Swap [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Hedged item - long-term debt gain (loss) recognized in interest expense | $ 208 | $ (67) | $ (14) | $ (133) |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - Equity Component [Domain] - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Shares Repurchased During Period | 9 | |
Shares Repurchased, Average Cost Per Share | $ 111.56 | |
Common share repurchases | $ 953 | $ 1,937 |
Share Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 63 | |
Cash Dividend Annual Rate Per Share | $ 2 | $ 1.50 |
Shareholders' Equity Dividends
Shareholders' Equity Dividends Paid (Details) - USD ($) $ / shares in Units, $ in Millions | Jun. 24, 2015 | Mar. 24, 2015 | Jun. 30, 2015 | Jun. 30, 2014 |
Class of Stock [Line Items] | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.5000 | $ 0.3750 | ||
Payments of Ordinary Dividends, Common Stock | $ 476 | $ 357 | $ 833 | $ 642 |
Share-based Compensation Narrat
Share-based Compensation Narrative (Details) - Jun. 30, 2015 - 2011 Stock Incentive Plan [Member] - shares shares in Millions | Total |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 70 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 85 |
Share-Based Compensation (Stock
Share-Based Compensation (Stock Option and SAR Activity) (Details) - Jun. 30, 2015 - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Total |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding at the beginning of the period | 33 |
Granted, Shares | 8 |
Exercised, Shares | (6) |
Outstanding at the end of the period | 35 |
Exercisable at end of period, Shares | 18 |
Vested and expected to vest end of period, Shares | 34 |
Outstanding at beginning of period, Weighted-Average Exercise Price | $ 53 |
Granted, Weighted-Average Exercise Price | 109 |
Exercised, Weighted-Average Exercise Price | 52 |
Outstanding at end of period, Weighted-Average Exercise Price | 66 |
Exercisable at end of period, Weighted-Average Exercise Price | 47 |
Vested and expected to vest end of period, Weighted-Average Exercise Price | $ 66 |
Outstanding at end of period, Weighted Average Remaining Contractual Term (in years) | 6 years 2 months 12 days |
Exercisable at end of period, Weighted Average Remaining Contractual Term (in years) | 3 years 8 months 12 days |
Vested and expected to vest end of period, Weighted Average Remaining Contractual Term (in years) | 6 years 1 month 6 days |
Outstanding at end of period, Aggregate Intrinsic Value | $ 1,971 |
Exercisable at end of period, Aggregate Intrinsic Value | 1,335 |
Vested and expected to vest end of period, Aggregate Intrinsic Value | $ 1,933 |
Share-Based Compensation (Restr
Share-Based Compensation (Restricted Share Activity) (Details) - Jun. 30, 2015 - Restricted Stock [Member] - $ / shares shares in Millions | Total |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested at beginning of period, Shares | 9 |
Granted, Shares | 2 |
Vested | (4) |
Nonvested at end of period, Shares | 7 |
Nonvested at beginning of period, Weighted-Average Grant Date Fair Value per Share | $ 61 |
Weighted-average grant date fair value (per share) | 109 |
Vested, Weighted Average Grant Date Fair Value | 57 |
Nonvested at end of period, Weighted-Average Grant Date Fair Value per Share | $ 79 |
Share-Based Compensation Other
Share-Based Compensation Other Share-Based Compensation Data (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense, before tax | $ 86 | $ 83 | $ 211 | $ 188 |
Share-based compensation expense, net of tax effects | 76 | 71 | 177 | 157 |
Income tax benefit realized from share-based award exercises | 36 | $ 24 | 174 | $ 143 |
Unrecognized compensation expense related to share awards | $ 551 | $ 551 | ||
Weighted-average years to recognize compensation expense | 1 year 4 months 24 days | |||
Stock Options and SARs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average grant date fair value of shares granted, per share | $ 21 | $ 19 | $ 23 | $ 22 |
Total intrinsic value of stock options and SARs exercised | $ 107 | $ 74 | $ 328 | $ 286 |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average grant date fair value (per share) | $ 118 | $ 80 | $ 109 | $ 70 |
Total fair value of restricted shares vested | $ 12 | $ 9 | $ 407 | $ 423 |
Share-Based Compensation (Share
Share-Based Compensation (Share-Based Compensation Principal Fair Value Assumptions) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk-free interest rate | 1.70% | 1.80% | ||
Expected Volatility | 22.50% | 31.70% | ||
Expected dividend yield | 1.70% | 1.90% | ||
Forfeiture rate | 5.00% | 5.00% | 5.00% | 5.00% |
Expected Life in years | 5 years 7 months 6 days | 5 years 4 months 24 days | 5 years 4 months 24 days | |
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk-free interest rate | 1.60% | 1.70% | ||
Expected Volatility | 22.50% | 31.70% | ||
Expected dividend yield | 1.40% | 1.60% | ||
Expected Life in years | 5 years 7 months 6 days | |||
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk-free interest rate | 1.70% | 1.80% | ||
Expected Volatility | 24.10% | 39.60% | ||
Expected dividend yield | 1.70% | 1.90% | ||
Expected Life in years | 6 years 1 month 6 days |
Commitments and Contingencies56
Commitments and Contingencies (Details) - California Claims Processing Matter [Member] - USD ($) $ in Millions | Jun. 09, 2014 | Jan. 28, 2008 | Aug. 31, 2013 | Jun. 30, 2015 |
Loss Contingency [Line Items] | ||||
Estimated Largest Aggregate Penalty Issued By Cdi | $ 8 | |||
CDI aggregate penalty | $ 325 | |||
California Administrative Law Judge [Member] | Judicial Ruling [Member] | ||||
Loss Contingency [Line Items] | ||||
Loss Contingency, Damages Awarded, Value | $ 11.5 | |||
California Insurance Commissioner [Member] | Judicial Ruling [Member] | ||||
Loss Contingency [Line Items] | ||||
Loss Contingency, Damages Awarded, Value | $ 174 |
Segment Financial Information57
Segment Financial Information (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2015 | |
Statement [Line Items] | |
Number of Reportable Segments | 4 |
Segment Financial Information58
Segment Financial Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement [Line Items] | ||||
Premiums, revenues - external customers | $ 31,961 | $ 28,840 | $ 63,635 | $ 56,955 |
Services, revenues - external customers | 2,865 | 2,447 | 5,571 | 4,851 |
Products, revenues - external customers | 1,223 | 1,037 | 2,453 | 2,035 |
Investment and other income | 214 | 250 | 360 | 441 |
Total revenues | 36,263 | 32,574 | 72,019 | 64,282 |
Earnings from operations | 2,895 | 2,552 | 5,535 | 4,606 |
Interest expense | (151) | (155) | (301) | (315) |
Earnings before income taxes | 2,744 | 2,397 | 5,234 | 4,291 |
Optum [Member] | ||||
Statement [Line Items] | ||||
Investment and other income | 43 | 39 | 74 | 74 |
Total revenues | 13,588 | 11,714 | 26,403 | 22,884 |
Earnings from operations | 864 | 728 | 1,606 | 1,378 |
Interest expense | 0 | 0 | 0 | 0 |
Earnings before income taxes | 864 | 728 | 1,606 | 1,378 |
External Customers [Member] | ||||
Statement [Line Items] | ||||
Premiums, revenues - external customers | 31,961 | 28,840 | 63,635 | 56,955 |
Services, revenues - external customers | 2,865 | 2,447 | 5,571 | 4,851 |
Products, revenues - external customers | 1,223 | 1,037 | 2,453 | 2,035 |
Total revenues | 36,049 | 32,324 | 71,659 | 63,841 |
External Customers [Member] | Optum [Member] | ||||
Statement [Line Items] | ||||
Premiums, revenues - external customers | 775 | 627 | 1,544 | 1,231 |
Services, revenues - external customers | 1,150 | 801 | 2,253 | 1,619 |
Products, revenues - external customers | 1,222 | 1,036 | 2,452 | 2,033 |
Total revenues | 3,147 | 2,464 | 6,249 | 4,883 |
Intersegment [Member] | ||||
Statement [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Intersegment [Member] | Optum [Member] | ||||
Statement [Line Items] | ||||
Total revenues | 10,398 | 9,211 | 20,080 | 17,927 |
Operating Segments [Member] | UnitedHealthcare [Member] | ||||
Statement [Line Items] | ||||
Investment and other income | 171 | 211 | 286 | 367 |
Total revenues | 33,073 | 30,071 | 65,696 | 59,325 |
Earnings from operations | 2,031 | 1,824 | 3,929 | 3,228 |
Interest expense | 0 | 0 | 0 | 0 |
Earnings before income taxes | 2,031 | 1,824 | 3,929 | 3,228 |
Operating Segments [Member] | Optumhealth [Member] | ||||
Statement [Line Items] | ||||
Investment and other income | 42 | 39 | 73 | 74 |
Total revenues | 3,438 | 2,586 | 6,727 | 5,166 |
Earnings from operations | 253 | 224 | 487 | 435 |
Interest expense | 0 | 0 | 0 | 0 |
Earnings before income taxes | 253 | 224 | 487 | 435 |
Operating Segments [Member] | Optuminsight [Member] | ||||
Statement [Line Items] | ||||
Investment and other income | 0 | 0 | 0 | 0 |
Total revenues | 1,409 | 1,243 | 2,799 | 2,490 |
Earnings from operations | 271 | 213 | 493 | 410 |
Interest expense | 0 | 0 | 0 | 0 |
Earnings before income taxes | 271 | 213 | 493 | 410 |
Operating Segments [Member] | Optumrx [Member] | ||||
Statement [Line Items] | ||||
Investment and other income | 1 | 0 | 1 | 0 |
Total revenues | 8,913 | 8,000 | 17,208 | 15,458 |
Earnings from operations | 340 | 291 | 626 | 533 |
Interest expense | 0 | 0 | 0 | 0 |
Earnings before income taxes | 340 | 291 | 626 | 533 |
Operating Segments [Member] | External Customers [Member] | UnitedHealthcare [Member] | ||||
Statement [Line Items] | ||||
Premiums, revenues - external customers | 31,186 | 28,213 | 62,091 | 55,724 |
Services, revenues - external customers | 1,715 | 1,646 | 3,318 | 3,232 |
Products, revenues - external customers | 1 | 1 | 1 | 2 |
Total revenues | 32,902 | 29,860 | 65,410 | 58,958 |
Operating Segments [Member] | External Customers [Member] | Optumhealth [Member] | ||||
Statement [Line Items] | ||||
Premiums, revenues - external customers | 775 | 627 | 1,544 | 1,231 |
Services, revenues - external customers | 579 | 242 | 1,100 | 505 |
Products, revenues - external customers | 11 | 4 | 16 | 11 |
Total revenues | 1,365 | 873 | 2,660 | 1,747 |
Operating Segments [Member] | External Customers [Member] | Optuminsight [Member] | ||||
Statement [Line Items] | ||||
Premiums, revenues - external customers | 0 | 0 | 0 | 0 |
Services, revenues - external customers | 542 | 532 | 1,101 | 1,057 |
Products, revenues - external customers | 16 | 14 | 36 | 40 |
Total revenues | 558 | 546 | 1,137 | 1,097 |
Operating Segments [Member] | External Customers [Member] | Optumrx [Member] | ||||
Statement [Line Items] | ||||
Premiums, revenues - external customers | 0 | 0 | 0 | 0 |
Services, revenues - external customers | 29 | 27 | 52 | 57 |
Products, revenues - external customers | 1,195 | 1,018 | 2,400 | 1,982 |
Total revenues | 1,224 | 1,045 | 2,452 | 2,039 |
Operating Segments [Member] | Intersegment [Member] | UnitedHealthcare [Member] | ||||
Statement [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Operating Segments [Member] | Intersegment [Member] | Optumhealth [Member] | ||||
Statement [Line Items] | ||||
Total revenues | 2,031 | 1,674 | 3,994 | 3,345 |
Operating Segments [Member] | Intersegment [Member] | Optuminsight [Member] | ||||
Statement [Line Items] | ||||
Total revenues | 851 | 697 | 1,662 | 1,393 |
Operating Segments [Member] | Intersegment [Member] | Optumrx [Member] | ||||
Statement [Line Items] | ||||
Total revenues | 7,688 | 6,955 | 14,755 | 13,419 |
Optum Eliminations [Member] | ||||
Statement [Line Items] | ||||
Investment and other income | 0 | 0 | 0 | 0 |
Total revenues | (172) | (115) | (331) | (230) |
Earnings from operations | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Earnings before income taxes | 0 | 0 | 0 | 0 |
Optum Eliminations [Member] | External Customers [Member] | ||||
Statement [Line Items] | ||||
Premiums, revenues - external customers | 0 | 0 | 0 | 0 |
Services, revenues - external customers | 0 | 0 | 0 | 0 |
Products, revenues - external customers | 0 | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 | 0 |
Optum Eliminations [Member] | Intersegment [Member] | ||||
Statement [Line Items] | ||||
Total revenues | (172) | (115) | (331) | (230) |
Corporate and Eliminations [Member] | ||||
Statement [Line Items] | ||||
Investment and other income | 0 | 0 | 0 | 0 |
Total revenues | (10,398) | (9,211) | (20,080) | (17,927) |
Earnings from operations | 0 | 0 | 0 | 0 |
Interest expense | (151) | (155) | (301) | (315) |
Earnings before income taxes | (151) | (155) | (301) | (315) |
Corporate and Eliminations [Member] | External Customers [Member] | ||||
Statement [Line Items] | ||||
Premiums, revenues - external customers | 0 | 0 | 0 | 0 |
Services, revenues - external customers | 0 | 0 | 0 | 0 |
Products, revenues - external customers | 0 | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 | 0 |
Corporate and Eliminations [Member] | Intersegment [Member] | ||||
Statement [Line Items] | ||||
Total revenues | $ (10,398) | $ (9,211) | $ (20,080) | $ (17,927) |