Health Net 1999 Annual Report Download - page 40

Download and view the complete annual report

Please find page 40 of the 1999 Health Net annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 56

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56

38 FOUNDATION HEALTH SYSTEMS, IN C.
At December 31, 1999, the contractual maturities of
the Company’s available-for-sale investments were as fol-
lows (in thousands):
Proceeds from sales and maturities of investments
available for sale during 1999 were $642.2 million, resulting
in realized gains and losses of $.7 million and $.1 million,
respectively. Proceeds from sales and maturities of invest-
ments available for sale during 1998 were $727.4 million,
resulting in realized gains and losses of $3.6 million and
$0.3 million, respectively. Proceeds from sales and maturities
of investments available for sale during 1997 were $597.7
million, resulting in realized gains and losses of $4.7 million
and $0.1 million, respectively.
Note 5 – Property and Equipment
Property and equipment comprised the following at
December 31 (amounts in thousands):
See Notes 14 and 15 for impairment charges and write-offs
recognized during 1998.
Note 4 – Investments
As of December 31, the amortized cost, gross unrealized holding gains and losses and fair value of the Company’s available-
for-sale investments were as follows (amounts in thousands):
1999
Gross Gross
Unrealized Unrealized
Amortized Holding Holding Carrying
Cost Gains Losses Value
Asset-backed securities $116,628 $ 5 $(1,600) $115,033
U.S. government and agencies 98,998 13 (1,645) 97,366
Obligations of states and other political subdivisions 138,830 10 (833) 138,007
Corporate debt securities 69,602 8 (1,209) 68,401
Other securities 37,808 8 (20) 37,796
$461,866 $44 $(5,307) $456,603
1998
Gross Gross
Unrealized Unrealized
Amortized Holding Holding Carrying
Cost Gains Losses Value
Asset-backed securities $135,819 $2,120 $ (39) $137,900
U.S. government and agencies 59,527 1,385 (48) 60,864
Obligations of states and other political subdivisions 181,464 2,964 (17) 184,411
Corporate debt securities 57,468 1,539 (36) 58,971
Other securities 79,409 209 (23) 79,595
513,687 8,217 (163) 521,741
Equity securities 22,103 – (18,762) 3,341
$535,790 $8,217 $(18,925) $525,082
Estimated
Cost Fair Value
Due in one year or less $101,865 $101,847
Due after one year
through five years 252,165 249,068
Due after five years
through ten years 56,323 54,846
Due after ten years 51,513 50,842
Total available for sale $461,866 $456,603
1999 1998
Land $ 20,645 $ 25,195
Construction in progress 18,930 17,824
Buildings and improvements 111,936 157,056
Furniture, equipment and
software 473,042 533,897
624,553 733,972
Less accumulated depreciation 343,824 388,703
$280,729 $345,269