Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

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 cash flow statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net earnings	23,144)	20,639)	17,732)	15,769)	14,239)
Depreciation and amortization	3,972)	3,400)	3,103)	2,891)	2,720)
Deferred income taxes	(245)	(673)	130)	(8)	230)
Share-based compensation	1,059)	925)	800)	679)	697)
Other, net	(505)	(331)	(944)	(52)	(106)
Noncash items	4,281)	3,321)	3,089)	3,510)	3,541)
Accounts receivable	(3,114)	(2,523)	(1,000)	(688)	162)
Other assets	(2,444)	(1,374)	(1,031)	(2,195)	(1,563)
Medical costs payable	3,482)	4,053)	2,701)	152)	1,221)
Accounts payable and other liabilities	3,516)	1,964)	1,162)	5,348)	733)
Unearned revenues	203)	126)	(310)	278)	130)
Net change in other operating items, net of effects from acquisitions and changes in AARP balances	1,643)	2,246)	1,522)	2,895)	683)
Cash flows from operating activities	29,068)	26,206)	22,343)	22,174)	18,463)
Purchases of investments	(18,314)	(18,825)	(17,139)	(16,577)	(18,131)
Sales of investments	7,307)	5,907)	7,045)	6,489)	8,536)
Maturities of investments	9,230)	6,081)	8,251)	7,252)	7,091)
Cash paid for acquisitions, net of cash assumed	(10,136)	(21,458)	(4,821)	(7,139)	(8,343)
Purchases of property, equipment and capitalized software	(3,386)	(2,802)	(2,454)	(2,051)	(2,071)
Cash received from dispositions	685)	3,414)	15)	221)	—)
Other, net	(960)	(793)	(1,269)	(727)	219)
Cash flows used for investing activities	(15,574)	(28,476)	(10,372)	(12,532)	(12,699)
Common share repurchases	(8,000)	(7,000)	(5,000)	(4,250)	(5,500)
Cash dividends paid	(6,761)	(5,991)	(5,280)	(4,584)	(3,932)
Proceeds from common stock issuances	1,353)	1,253)	1,355)	1,440)	1,037)
Repayments of long-term debt	(2,125)	(3,015)	(3,150)	(3,150)	(1,750)
Proceeds from (repayments of) short-term borrowings, net	11)	732)	(1,302)	872)	300)
Proceeds from issuance of long-term debt	6,394)	14,819)	6,933)	4,864)	5,444)
Customer funds administered	(521)	5,548)	622)	1,677)	13)
Purchases of redeemable noncontrolling interests	(730)	(176)	(1,338)	—)	(618)
Other, net	(1,150)	(1,944)	(295)	(459)	(619)
Cash flows from (used for) financing activities	(11,529)	4,226)	(7,455)	(3,590)	(5,625)
Effect of exchange rate changes on cash and cash equivalents	97)	34)	(62)	(116)	(20)
Increase (decrease) in cash and cash equivalents	2,062)	1,990)	4,454)	5,936)	119)
Cash and cash equivalents, beginning of period	23,365)	21,375)	16,921)	10,985)	10,866)
Cash and cash equivalents, end of period	25,427)	23,365)	21,375)	16,921)	10,985)

Based on: 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), 10-K (reporting date: 2019-12-31).

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Cash flow statement 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. cash flows from operating activities increased from 2021 to 2022 and from 2022 to 2023.
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. cash flows used for investing activities decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.
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. cash flows from (used for) financing activities increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

UnitedHealth Group Inc. (NYSE:UNH)

Cash Flow Statement