Health Net 2003 Annual Report Download - page 92

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Assets Held for Sale
During 2002, we recorded a pretax $2.4 million estimated loss on assets held for sale related to a corporate facility
building in Trumbull, Connecticut consisting entirely of non-cash write-downs of a building and building improvements.
On January 26, 2004, we sold these assets for $6.9 million in cash and recognized a pretax loss of $0.7 million as an asset
impairment charge in our consolidated statement of operations for the year ended December 31, 2003 (see Note 14).
Note 4—Investments
As of December 31, the amortized cost, gross unrealized holding gains and losses and fair value of our available-for-
sale investments were as follows:
2003
Amortized
Cost
Gross
Unrealized
Holding
Gains
Gross
Unrealized
Holding
Losses
Carrying
Value
(Amounts in thousands)
Mortgage-backed securities ................................... $ 361,368 $ 1,100 $(4,189) $ 358,279
Asset-backed securities ...................................... 15,000 — — 15,000
U.S. government and agencies ................................. 479,821 2,820 (1,291) 481,350
Obligations of states and other political subdivisions ............... 34,295 1,087 (20) 35,362
Corporate debt securities ..................................... 189,233 1,978 (915) 190,296
Other securities ............................................ 1,942 561 (1) 2,502
$1,081,659 $ 7,546 $(6,416) $1,082,789
2002
Amortized
Cost
Gross
Unrealized
Holding
Gains
Gross
Unrealized
Holding
Losses
Carrying
Value
(Amounts in thousands)
Mortgage-backed securities ................................... $ 330,710 $ 4,553 $ (241) $ 335,022
Asset-backed securities ...................................... 32,450 92 — 32,542
U.S. government and agencies ................................. 394,990 4,309 (1) 399,298
Obligations of states and other political subdivisions ............... 60,521 1,815 — 62,336
Corporate debt securities ..................................... 169,161 7,733 (1) 176,893
Other securities ............................................ 2,814 153 (83) 2,884
$ 990,646 $18,655 $ (326) $1,008,975
As of December 31, 2003, the contractual maturities of our available-for-sale investments were as follows:
Cost
Estimated
Fair Value
(Amounts in thousands)
Due in one year or less ....................................... $ 32,734 $ 33,095
Due after one year through five years ............................ 445,206 447,956
Due after five years through ten years ............................ 215,155 215,685
Due after ten years ........................................... 25,254 25,272
Mortgage-backed securities .................................... 361,368 358,279
Equity securities (no maturity) ................................. 1,942 2,502
Total available for sale ....................................... $1,081,659 $1,082,789
Proceeds from sales of investments available for sale during 2003 were $295.0 million, resulting in realized gains
and losses of $12.4 million and $0.4 million, respectively. Proceeds from sales of investments available for sale during
2002 were $347.9 million, resulting in realized gains and losses of $8.8 million and $2.2 million, respectively. Proceeds
from sales of investments available for sale during 2001 were $246.6 million, resulting in realized gains and losses of $3.8
million and $2.4 million, respectively.
F-19