Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

UnitedHealth Group Inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Medical costs payable	34,224)	32,395)	29,056)	24,483)	21,872)
Accounts payable and accrued liabilities	34,337)	31,958)	27,715)	24,643)	22,495)
Short-term borrowings and current maturities of long-term debt	4,545)	4,274)	3,110)	3,620)	4,819)
Unearned revenues	3,317)	3,355)	3,075)	2,571)	2,842)
Other current liabilities	27,346)	27,072)	26,281)	22,975)	20,392)
Current liabilities	103,769)	99,054)	89,237)	78,292)	72,420)
Long-term debt, less current maturities	72,359)	58,263)	54,513)	42,383)	38,648)
Deferred income taxes	3,620)	3,021)	2,769)	3,265)	3,367)
Other liabilities	15,939)	14,463)	12,839)	11,787)	12,315)
Noncurrent liabilities	91,918)	75,747)	70,121)	57,435)	54,330)
Total liabilities	195,687)	174,801)	159,358)	135,727)	126,750)
Redeemable noncontrolling interests	4,323)	4,498)	4,897)	1,434)	2,211)
Preferred stock, $0.001 par value; no shares issued or outstanding	—)	—)	—)	—)	—)
Common stock, $0.01 par value	9)	9)	9)	10)	10)
Retained earnings	96,036)	95,774)	86,156)	77,134)	69,295)
Accumulated other comprehensive loss	(3,387)	(7,027)	(8,393)	(5,384)	(3,814)
Shareholders’ equity attributable to UnitedHealth Group	92,658)	88,756)	77,772)	71,760)	65,491)
Nonredeemable noncontrolling interests	5,610)	5,665)	3,678)	3,285)	2,837)
Total equity	98,268)	94,421)	81,450)	75,045)	68,328)
Total liabilities, redeemable noncontrolling interests and equity	298,278)	273,720)	245,705)	212,206)	197,289)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

The review of the financial data reveals a consistent upward trend in the company's liabilities, equity, and total financing over the five-year period ending December 31, 2024.

Current Liabilities: There is a noticeable increase in current liabilities from US$72,420 million in 2020 to US$103,769 million in 2024. Major components such as medical costs payable, accounts payable and accrued liabilities, and other current liabilities show significant growth. For instance, medical costs payable increased from US$21,872 million to US$34,224 million, indicating rising operational expenses. Short-term borrowings and current maturities of long-term debt showed some fluctuations but ended higher than the initial year.
Noncurrent Liabilities: Noncurrent liabilities grew from US$54,330 million in 2020 to US$91,918 million in 2024. Long-term debt, a key component, notably increased from US$38,648 million to US$72,359 million, which suggests increased leverage or financing for long-term initiatives. Other liabilities and deferred income taxes reflect smaller changes but contribute to the overall growth in noncurrent liabilities.
Total Liabilities: Total liabilities rose significantly from US$126,750 million in 2020 to US$195,687 million in 2024. This growth reflects the company's ongoing expansion or increasing financial obligations, driven largely by both current and long-term debt increments.
Redeemable Noncontrolling Interests: Redeemable noncontrolling interests were somewhat volatile, peaking at US$4,897 million in 2022 and then slightly decreasing to US$4,323 million by 2024. This fluctuation indicates changes in interests owned by outside parties that could be redeemed, influencing minority interest exposure.
Equity: Shareholders’ equity attributable to the company increased steadily from US$65,491 million in 2020 to US$92,658 million in 2024. Retained earnings showed consistent growth, indicating profitable operations and reinvestment, moving from US$69,295 million to US$96,036 million. The accumulated other comprehensive loss, however, peaked at a loss of US$8,393 million in 2022 but showed improvement thereafter, reducing to US$3,387 million loss by 2024. Total equity also increased from US$68,328 million to US$98,268 million, showing stronger net asset positions.
Total Capitalization: The combined total of liabilities, redeemable noncontrolling interests, and equity expanded from US$197,289 million in 2020 to US$298,278 million in 2024, reflecting significant growth in the company's capital structure.

Overall, the financial data portrays a pattern of robust growth in liabilities and equity, suggesting expansion activities funded through increased debt and sustained profitability contributing to equity buildup. The improvements in accumulated comprehensive loss after 2022 may also indicate effective management of non-operational items. The trends necessitate monitoring of leverage ratios and working capital management to maintain financial stability.

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UnitedHealth Group Inc. (NYSE:UNH)

Balance Sheet: Liabilities and Stockholders’ Equity