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UnitedHealth Group Inc. (UNH)


Statement of Cash Flows

Difficulty: Beginner

The cash flow statement provides information about a company’s cash receipts and cash payments during an accounting period, showing how these cash flaws link the ending cash balance to the beginning balance shown on the company’s statement of financial position.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

UnitedHealth Group Inc., Consolidated Statement of Cash Flows

USD $ in millions

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12 months ended Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Net earnings 12,382  10,823  7,073  5,868  5,619 
Depreciation and amortization 2,428  2,245  2,055  1,693  1,478 
Deferred income taxes 42  (965) 81  (73) (117)
Share-based compensation 638  597  485  406  364 
Other, net (71) 217  (82) (235) (298)
Noncash items 3,037  2,094  2,539  1,791  1,427 
Accounts receivable (1,351) (1,062) (1,357) (591) (911)
Other assets (750) (630) (1,601) (1,430) (590)
Medical costs payable 1,831  1,284  1,849  2,585  484 
Accounts payable and other liabilities 526  930  1,494  1,280  1,637 
Unearned revenues 38  157  (202) 237  385 
Net change in other operating items, net of effects from acquisitions and changes in AARP balances 294  679  183  2,081  1,005 
Cash flows from operating activities 15,713  13,596  9,795  9,740  8,051 
Purchases of investments (14,010) (14,588) (17,547) (9,939) (9,928)
Sales of investments 3,641  4,623  7,339  6,054  7,701 
Maturities of investments 6,270  5,646  4,281  3,354  3,026 
Cash paid for acquisitions, net of cash assumed (5,997) (2,131) (1,760) (16,164) (1,923)
Purchases of property, equipment and capitalized software (2,063) (2,023) (1,705) (1,556) (1,525)
Other, net (226) (126) 37  (144) 115 
Cash flows used for investing activities (12,385) (8,599) (9,355) (18,395) (2,534)
Common stock repurchases (4,500) (1,500) (1,280) (1,200) (4,008)
Cash dividends paid (3,320) (2,773) (2,261) (1,786) (1,362)
Proceeds from common stock issuances 838  688  429  402  462 
Repayments of long-term debt (2,600) (4,398) (2,596) (1,041) (812)
Proceeds from (repayments of) commercial paper, net (201) (3,508) (382) 3,666  (794)
Proceeds from issuance of long-term debt 6,935  5,291  3,968  11,982  1,997 
Customer funds administered (131) 3,172  1,692  768  (638)
Other, net (1,386) (413) (581) (552) (138)
Cash flows from (used for) financing activities (4,365) (3,441) (1,011) 12,239  (5,293)
Effect of exchange rate changes on cash and cash equivalents (78) (5) 78  (156) (5)
Increase (decrease) in cash and cash equivalents (1,115) 1,551  (493) 3,428  219 
Cash and cash equivalents, beginning of period 11,981  10,430  10,923  7,495  7,276 
Cash and cash equivalents, end of period 10,866  11,981  10,430  10,923  7,495 

Based on: 10-K (filing date: 2019-02-12), 10-K (filing date: 2018-02-13), 10-K (filing date: 2017-02-08), 10-K (filing date: 2016-02-09), 10-K (filing date: 2015-02-10).

Item Description The company
Cash flows from operating activities Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. UnitedHealth Group Inc.’s cash flows from operating activities increased from 2016 to 2017 and from 2017 to 2018.
Cash flows used for investing activities Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. UnitedHealth Group Inc.’s cash flows used for investing activities increased from 2016 to 2017 but then declined significantly from 2017 to 2018.
Cash flows from (used for) financing activities Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. UnitedHealth Group Inc.’s cash flows from (used for) financing activities declined from 2016 to 2017 and from 2017 to 2018.