United Healthcare 2009 Annual Report Download - page 27

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Any failure by us to manage and complete acquisitions and other significant transactions successfully
could harm our results of operations, business and prospects.
As part of our business strategy, we frequently engage in discussions with third parties regarding possible
investments, acquisitions, divestitures, strategic alliances, joint ventures, and outsourcing transactions and often
enter into agreements relating to such transactions. If we fail to identify and complete successfully transactions
that further our strategic objectives, we may be required to expend resources to develop products and technology
internally, we may be at a competitive disadvantage or we may be adversely affected by negative market
perceptions, any of which may have a material adverse effect on our results of operations, financial position or
cash flows. For acquisitions, success is also dependent upon efficiently integrating the acquired business into our
existing operations. If we are unable to successfully integrate and grow these acquisitions and to realize
contemplated revenue synergies and cost savings, our results of operations could be adversely affected.
Downgrades in our credit ratings, should they occur, may adversely affect our business, financial condition
and results of operations.
Claims paying ability, financial strength, and credit ratings by recognized rating organizations are important
factors in establishing the competitive position of insurance companies. Ratings information is broadly
disseminated and generally used throughout the industry. We believe our claims paying ability and financial
strength ratings are important factors in marketing our products to certain of our customers. Our debt ratings
impact both the cost and availability of future borrowings. Each of the rating agencies reviews its ratings
periodically and there can be no assurance that current ratings will be maintained in the future. Our ratings reflect
each rating agency’s opinion of our financial strength, operating performance and ability to meet our debt
obligations or obligations to policyholders. Downgrades in our credit ratings, should they occur, may adversely
affect our business, financial condition and results of operations.
ITEM 1B. UNRESOLVED STAFF COMMENTS
None.
ITEM 2. PROPERTIES
As of December 31, 2009, we owned and/or leased real properties totaling approximately 15.2 million square feet
to support our business operations in the United States and other countries. Our facilities are primarily located in
the United States. Of this total, we owned approximately 1 million aggregate square feet of space and leased the
remainder. Our leases expire at various dates through September 30, 2028. Our various reporting segments use
these facilities for their respective business purposes, and we believe these current facilities are suitable for their
respective uses and are adequate for our anticipated future needs.
ITEM 3. LEGAL PROCEEDINGS
See Note 14 of Notes to the Consolidated Financial Statements in this Form 10-K, which is incorporated by
reference herein.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
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