UnitedHealth Group Inc. (NYSE:UNH)

The financial data over the observed quarterly periods reflects moderate fluctuations in the composition of liabilities and equity as percentages of the total liabilities, redeemable noncontrolling interests, and equity.

Medical costs payable

This item showed variability within a range of approximately 9.97% to 12.96%, peaking in early 2022 and maintaining a generally stable trend around 11-12% throughout the full timespan, indicating consistent obligations related to medical costs relative to total financing sources.

Accounts payable and accrued liabilities

A slight decline is noted from an initial high of 13.21% to levels mostly between 10.5% and 11.6% in the subsequent periods, suggesting some reduction in payables and accrued liabilities as a proportion of total financing elements.

Short-term borrowings and current maturities of long-term debt

This category experienced a notable decrease early in the period, dropping from over 8% to below 2%, then fluctuated around 1.3% to 3.5%, with occasional short-term spikes. This may reflect active management of short-term debt obligations or refinancing activities.

Unearned revenues

There were pronounced spikes in some quarters, notably in mid to late 2022 and 2023, where values rose sharply from around 1% to over 5%, followed by rapid normalization. This pattern suggests irregular recognition of unearned revenues or changes in advance payments during those periods.

Other current liabilities

This category exhibited a gradual increase from about 7.75% to a peak near 11.75%, then softened slightly, maintaining a level around 9.5% toward the end of the timeline.

Current liabilities overall

The proportion of current liabilities showed some volatility, ranging from roughly 33.9% up to over 41%, with recurring rises and falls on a quarterly basis. The peaks generally coincide with increases in medical costs payable and other current liabilities.

Long-term debt, less current maturities

Long-term debt as a percentage of total financing fluctuated modestly between 18% and 25%, displaying an upward trend in the later periods, possibly indicating increased reliance on long-term borrowing.

Deferred income taxes

This item gradually decreased from about 1.6% to between 0.7% and 1.5%, with a slight recovery toward the end, reflecting changing tax timing differences or adjustments in deferred tax assets and liabilities.

Other liabilities

Relatively stable over time, staying within a narrow range around 4.5% to 6.2% of total financing.

Noncurrent liabilities

The proportion of noncurrent liabilities was generally steady around 25% to 31%, with a moderate upward inclination starting in 2023, signaling a shift toward longer-term financing obligations.

Total liabilities

Total liabilities remained generally stable at around 63% to 68% across the periods, with slight fluctuations potentially influenced by changes in current and noncurrent liabilities components.

Redeemable noncontrolling interests

These interests mostly stayed below 2%, with an isolated spike to just over 2% in mid-2022, then decreased gradually thereafter, suggesting minor variations in this financing element.

Preferred stock and common stock

No preferred stock issued. Common stock representation was negligible and consistent at or near zero percent throughout the periods, indicating that common stock par value has minimal impact on total financing percentages.

Additional paid-in capital

Data is sparse but shows small recorded percentages (around 0.13% to 0.2%) in certain quarters, indicating limited relative influence or infrequent changes in this equity category.

Retained earnings

Retained earnings as a proportion of total financing ranged between approximately 31.3% and 36.5%, showing a mild downward trend after peaking in 2020, possibly signifying dividend payments, share repurchases, or changes in net income retention.

Accumulated other comprehensive loss

This line item shows a negative balance relative to total financing, typically between -0.8% and -3.7%, with a trend toward reduction in magnitude after 2022, which implies decreasing comprehensive losses or improved other comprehensive income components.

Shareholders’ equity attributable to the company

This equity measure varied mostly between 28.6% and 34%, with a tendency to decline post-2020 followed by some recovery in 2023-2024, reflecting fluctuations in retained earnings and other equity elements.

Nonredeemable noncontrolling interests

Represented a small but gradually increasing share of total financing, rising from about 1.4% to over 2%, indicating growing minority interests in consolidated entities.

Total equity

Total equity fluctuated in a range roughly from 30% to 35%, generally inversely correlated with total liabilities; it decreased mildly after 2020 before recovering somewhat in later years, consistent with the behavior of retained earnings and comprehensive loss adjustments.

Total liabilities, redeemable noncontrolling interests and equity

The sum consistently equals 100% by definition, serving as the base for all component percentages.

In summary, the data reveals a stable capital structure with cyclic variations primarily in current liabilities and some indications of increasing long-term debt proportions. Equity components experienced modest declines and subsequent recoveries, with comprehensive losses diminishing over time. The unusual spikes in unearned revenues during select quarters warrant attention for potential operational or accounting factors impacting revenue recognition.