Health Net 2003 Annual Report Download - page 76

HEALTH NET, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
December 31,
2003 2002
ASSETS
Current Assets:
Cash and cash equivalents ........................................................ $ 860,871 $ 832,793
Investments – available for sale .................................................... 1,082,789 1,008,975
Premiums receivable, net of allowance for doubtful accounts (2003 – $10,523;
2002 – $13,964) .............................................................. 144,968 164,043
Amounts receivable under government contracts ...................................... 90,928 77,969
Reinsurance and other receivables ................................................. 105,074 108,147
Deferred taxes ................................................................. 43,008 62,930
Other assets ................................................................... 84,842 91,399
Total current assets ................................................................. 2,412,480 2,346,256
Property and equipment, net .......................................................... 190,900 199,218
Goodwill, net ...................................................................... 729,506 762,066
Other intangible assets, net ........................................................... 19,918 22,339
Deferred taxes ..................................................................... 44,769 12,216
Other noncurrent assets .............................................................. 151,703 118,656
Total Assets ....................................................................... $3,549,276 $3,460,751
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Reserves for claims and other settlements ............................................ $1,024,550 $1,025,269
Health care and other costs payable under government contracts .......................... 256,009 219,454
Unearned premiums ............................................................. 178,115 175,846
Accounts payable and other liabilities ............................................... 315,031 282,844
Total current liabilities ............................................................... 1,773,705 1,703,413
Senior notes payable ................................................................ 398,963 398,821
Other noncurrent liabilities ........................................................... 82,383 58,101
Total Liabilities .................................................................... 2,255,051 2,160,335
Commitments and contingencies
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
2003 – 133,421 shares; 2002 – 130,506 shares) ..................................... 133 131
Class B non-voting convertible common stock ($0.001 par value, 30,000 shares authorized;
none issued and outstanding) .................................................... — —
Restricted common stock ......................................................... 5,885 1,913
Unearned compensation ......................................................... (3,995) (1,441)
Additional paid-in capital ........................................................ 789,259 730,495
Treasury Class A common stock, at cost (2003 – 19,994 shares;
2002 – 9,864 shares) .......................................................... (549,102) (259,513)
Retainedearnings .............................................................. 1,051,776 817,746
Accumulated other comprehensive income ........................................... 269 11,085
Total Stockholders’ Equity ....................................................... 1,294,225 1,300,416
Total Liabilities and Stockholders’ Equity ........................................... $3,549,276 $3,460,751
See accompanying notes to consolidated financial statements.
F-3