Health Net 2009 Annual Report Download - page 98

HEALTH NET, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except per share data)
December 31,
2009 2008
ASSETS
Current Assets:
Cash and cash equivalents ............................................... $ 682,803 $ 668,201
Investments—available for sale (amortized cost: 2009—$1,372,090, 2008—
$1,516,316) ........................................................ 1,376,142 1,504,658
Premiums receivable, net of allowance for doubtful accounts (2009—$6,283,
2008—$13,567) ..................................................... 288,719 307,529
Amounts receivable under government contracts ............................. 270,810 241,269
Incurred but not reported (IBNR) health care costs receivable under TRICARE North
contract ............................................................ 281,140 302,022
Other receivables ...................................................... 111,608 254,026
Deferred taxes ........................................................ 46,527 87,712
Other assets .......................................................... 187,086 179,649
Total current assets ........................................................ 3,244,835 3,545,066
Property and equipment, net ................................................. 131,480 202,356
Goodwill ................................................................ 611,886 751,949
Other intangible assets, net .................................................. 28,108 91,289
Deferred taxes ............................................................ 89,479 81,771
Investments-available for sale-noncurrent (amortized cost: 2009—$23,626, 2008—$0) . . . 20,870 —
Other noncurrent assets ..................................................... 155,993 143,919
Total Assets .............................................................. $4,282,651 $ 4,816,350
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Reserves for claims and other settlements ................................... $ 951,655 $ 1,338,149
Health care and other costs payable under government contracts ................. 90,815 69,876
IBNR health care costs payable under TRICARE North contract ................. 281,140 302,022
Unearned premiums .................................................... 135,772 180,548
Loans payable and other financing arrangement .............................. 104,007 27,335
Accounts payable and other liabilities ...................................... 366,125 294,840
Total current liabilities ...................................................... 1,929,514 2,212,770
Senior notes payable ....................................................... 398,480 398,276
Borrowings under amortizing financing facility .................................. — 103,992
Borrowings under revolving credit facility ...................................... 100,000 150,000
Other noncurrent liabilities .................................................. 158,874 199,186
Total Liabilities ........................................................... 2,586,868 3,064,224
Commitments and contingencies
Stockholders’ Equity:
Preferred stock ($0.001 par value, 10,000 shares authorized, none issued and
outstanding) ........................................................ — —
Common stock ($0.001 par value, 350,000 shares authorized; issued 2009—144,175
shares; 2008—143,753) ............................................... 154 144
Additional paid-in capital ............................................... 1,190,203 1,182,067
Treasury common stock, at cost (2009- 41,020 shares of common stock; 2008—
40,045 shares of .....................................................
common stock) ........................................................ (1,389,722) (1,367,319)
Retained earnings ...................................................... 1,895,096 1,944,100
Accumulated other comprehensive income (loss) ............................. 52 (6,866)
Total Stockholders’ Equity .................................................. 1,695,783 1,752,126
Total Liabilities and Stockholders’ Equity ...................................... $4,282,651 $ 4,816,350
See accompanying notes to consolidated financial statements.
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