Health Net 2011 Annual Report Download - page 108

HEALTH NET, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except per share data)
December 31,
2011 2010
ASSETS
Current Assets:
Cash and cash equivalents ............................................... $ 230,253 $ 350,138
Investments-available-for-sale (amortized cost: 2011-$1,528,091,
2010-$1,653,502) ................................................... 1,557,997 1,663,218
Premiums receivable, net of allowance for doubtful accounts (2011-$3,318, 2010-
$6,613) ............................................................ 251,911 298,892
Amounts receivable under government contracts ............................. 234,740 266,456
Incurred but not reported (IBNR) health care costs receivable under TRICARE
North contract ...................................................... — 284,247
Other receivables ...................................................... 225,004 136,323
Deferred taxes ........................................................ 46,659 45,769
Other assets .......................................................... 117,876 182,252
Total current assets ........................................................ 2,664,440 3,227,295
Property and equipment, net ................................................. 145,302 123,137
Goodwill ................................................................ 605,886 605,886
Other intangible assets, net .................................................. 20,699 24,217
Deferred taxes ............................................................ 49,685 50,648
Investments-available-for-sale-noncurrent (amortized cost: 2011-$2,450,
2010-$10,447) .......................................................... 2,147 8,756
Other noncurrent assets ..................................................... 119,510 91,754
Total Assets .............................................................. $3,607,669 $ 4,131,693
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities: .........................................................
Reserves for claims and other settlements .................................. $ 912,126 $ 942,024
Health care and other costs payable under government contracts ................ 88,440 113,865
IBNR health care costs payable under TRICARE North contract ................ — 284,247
Unearned premiums .................................................... 176,733 158,493
Accounts payable and other liabilities ..................................... 240,281 402,024
Total current liabilities ..................................................... 1,417,580 1,900,653
Senior notes payable ....................................................... 398,890 398,685
Borrowings under revolving credit facility ...................................... 112,500 —
Other noncurrent liabilities .................................................. 235,553 137,939
Total Liabilities ........................................................... 2,164,523 2,437,277
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 2011- 146,804
shares; 2010-145,121 shares ) .......................................... 147 145
Additional paid-in capital ............................................... 1,278,037 1,221,301
Treasury common stock, at cost (2011- 64,847 shares of common stock; 2010-
50,474 shares of common stock) ........................................ (2,023,129) (1,626,856)
Retained earnings ..................................................... 2,171,459 2,099,339
Accumulated other comprehensive income ................................. 16,632 487
Total Stockholders’ Equity .................................................. 1,443,146 1,694,416
Total Liabilities and Stockholders’ Equity ...................................... $3,607,669 $ 4,131,693
See accompanying notes to consolidated financial statements.
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