Health Net 2003 Annual Report Download - page 100
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Cash Flows
Contributions
We expect to contribute $664,000 to our pension plan and $290,000 to our postretirement health and life plans in
2004. The entire amount expected to be contributed, in the form of cash, to the defined benefit pension and postretirement
health and life plans during 2004 is expected to be paid out as benefits during the same year.
Estimated Future Benefit Payments
The following benefit payments, which reflect future service, as appropriate, are expected to be paid (amounts in
thousands):
Pension
Benefits
Other
Benefits
2004 ............................................................. $ 664 $ 290
2005 ............................................................. 886 352
2006 ............................................................. 937 397
2007 ............................................................. 922 419
2008 ............................................................. 922 461
Years 2009 - 2013 .................................................. 5,516 3,454
Note 10—Income Taxes
Significant components of the provision for income taxes are as follows for the years ended December 31 (amounts
in thousands):
2003 2002 2001
Current:
Federal ............................................................ $165,880 $ 82,085 $ 1,776
State .............................................................. 33,790 15,433 16,254
Total current ............................................................ 199,670 97,518 18,030
Deferred:
Federal ............................................................ (417) 9,987 38,143
State .............................................................. (5,362) 9,869 (8,634)
Total deferred ........................................................... (5,779) 19,856 29,509
Total provision for income taxes ............................................ $193,891 $117,374 $47,539
A reconciliation of the statutory federal income tax rate and the effective income tax rate on income is as follows for
the years ended December 31:
2003 2002 2001
Statutory federal income tax rate ..................................................... 35.0% 35.0% 35.0%
State and local taxes, net of federal income tax effect ..................................... 3.6 4.7 3.7
Tax exempt interest income ......................................................... (0.1) (0.1) (1.2)
Goodwill and intangible assets amortization ............................................ 0.1 0.1 6.4
Examination settlements ............................................................ (1.9) (6.0) (7.7)
Other,net ....................................................................... 0.8 (0.3) 0.8
Effective income tax rate ........................................................... 37.5% 33.4% 37.0%
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