Health Net 2004 Annual Report Download - page 108

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HEALTH NET, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
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.
The following table shows our investments’ gross unrealized losses and fair value for individual securities that have been in a
continuous loss position through December 31, 2004 (amounts in millions).
The following table shows the number of our individual securities that have been in a continuous loss position at December 31,
2004.
The unrealized loss position for these securities is the result of interest rate volatility. Our investment in corporate debt securities
have ratings of “A” or better, with most of the securities rated at “AAA” or “AA” signifying that the probability of default is low. The
companies in which we invest in are all highly rated companies with no current indication of being downgraded or defaulting on the
interest payments.
Note 5—Property and Equipment
Less than 12 Months
12 Months or More
Total
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Mortgage-backe
d
$201.3
$1.8
$64.8
$1.1
$266.1
$2.9
U.S. government and agency
261.3
2.3
19.4
0.5
280.7
2.8
Obligation of state and other political subdivisions
13.5
0.1
—
13.5
0.1
Corporate deb
t
83.7
0.7
22.8
0.7
106.5
1.4
$559.8
$4.9
$107.0
$2.3
$666.8
$7.2
Less than
12 Months
12 Months
or More
Total
Mortgage-backed
49
18
67
U.S. government and agency
58
4
62
Obligation of state and other political subdivisions
7
7
Corporate deb
t
25
6
31
139
28
167
Property and equipment comprised the following as of December 31:
F-22
2004
2003
(Amounts in thousands)
Land
$8,886
$12,176
Internal use software and leasehold improvements under development
5,308
3,548
Buildings and improvements
72,232
89,249
Furniture, equipment and software
387,643
494,658
474,069
599,631
Less accumulated depreciation
289,426
408,731
$184,643
$190,900