Health Net 1998 Annual Report Download - page 32

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3 0 F O U N DAT IO N H EALTH SYSTEMS, I N C .
Consolidated Balance Sheets
Foundation Healt h Systems, Inc.
(Amounts in thousands)
December 31, 1998 1997
A S S E T S :
Current Assets:
Cash and cash equivalents $ 763,865 $ 559,360
Investments – available for sale 525,082 553,001
Premium receivables,net of allowance for
doubtful accounts (1998 – $28,522;1997 – $22,900) 230,157 224,383
Amounts receivable under government contracts 321,411 272,060
Deferred taxes 160,446 213,695
Reinsurance and other receivables 147,827 130,875
Other assets 91,096 188,606
Net assets of discontinued operations —267,713
Total current assets 2,239,884 2,409,693
Property and equipment,net 345,269 427,149
Goodwill and other intangible assets,net 977,910 1,044,727
Other assets 366,478 194,781
Total assets $3,929,541 $4,076,350
LI ABI LITI ES AND STOCKHOLDERS’ EQUI TY
Current Liabilities:
Reserves for claims and other settlements $ 961,399 $ 967,815
Unearned premiums 288,683 244,340
Notes payable and capital leases 1,760 3,593
Amounts payable under government contracts 69,792 78,441
Accounts payable and other liabilities 503,797 470,483
Total current liabilities 1,825,431 1,764,672
Notes payable and capital leases 1,254,278 1,308,979
Other liabilities 105,790 106,725
Total liabilities 3,185,499 3,180,376
Commitments and contingencies (Note 12)
Stockholders’ equity
Preferred stock ($0.001 par value, 10,000 shares
authorized,none issued and outstanding) ——
Class A common stock ($0.001 par value, 350,000
shares authorized;issued 1998 – 120,362;1997 – 114,449) 120 114
Class B non-voting convertible common stock
($0.001 par value, 30,000 shares authorized;
issued and outstanding 1998 – 5,048;1997 – 10,298) 510
Additional paid-in capital 641,820 628,611
Treasury Class A common stock, at cost
(1998 – 3,194 shares;1997 – 3,194 shares) (95,831) (95,831)
Accumulated other comprehensive loss (7,308) (7,324)
Retained earnings 205,236 370,394
Total stockholders’equity 744,042 895,974
Total liabilities and stockholders’ equity $3,929,541 $4,076,350
See accompanying notes to consolidated financial statements.