UnitedHealth Group Inc. (UNH)

Analysis of Debt

Advanced level

UnitedHealth Group Inc., balance sheet: debt

US$ in millions

	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
Commercial paper and current maturities of long-term debt	1,973	2,857	7,193	6,634	1,399
Long-term debt, less current maturities	34,581	28,835	25,777	25,460	16,007
Total commercial paper, long-term debt and other financing obligations (carrying amount)	36,554	31,692	32,970	32,094	17,406

Debt item	Description	The company
Total commercial paper, long-term debt and other financing obligations (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	UnitedHealth Group Inc.’s total debt decreased from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level.

	Dec 31, 2018
Selected Financial Data (US$ in millions)
Long-term debt and other financing obligations	37,944
Commercial paper and long-term debt	—
Other financing obligations	—
Total commercial paper, long-term debt and other financing obligations (fair value)	37,944
Financial Ratio
Debt, fair value to carrying amount ratio	1.04

Weighted-average annual interest rate on commercial paper and long-term debt: 3.88%

Interest Rate	Debt Amount¹	Interest Rate × Debt Amount
1.70%	749	13
1.63%	499	8
2.30%	497	11
2.70%	1,494	40
3.88%	456	18
1.95%	884	17
4.70%	412	19
2.13%	734	16
3.15%	400	13
3.38%	503	17
2.88%	748	22
2.88%	1,091	31
3.35%	1,005	34
2.38%	872	21
0.00%	13	—
2.75%	611	17
2.88%	739	21
3.50%	756	26
3.50%	755	26
3.75%	2,025	76
3.70%	303	11
3.10%	965	30
3.45%	742	26
3.38%	611	21
2.95%	898	26
3.85%	1,163	45
3.88%	861	33
4.63%	1,060	49
5.80%	1,003	58
6.50%	638	41
6.63%	841	56
6.88%	1,437	99
5.70%	355	20
5.95%	426	25
4.63%	627	29
4.38%	503	22
3.95%	596	24
4.25%	744	32
4.75%	2,116	101
4.20%	745	31
4.25%	719	31
3.75%	869	33
4.25%	1,349	57
4.45%	1,132	50
Total	35,946	1,396
3.88%

¹ US$ in millions

² Weighted-average interest rate = 100 × 1,396 ÷ 35,946 = 3.88%