Health Net 2004 Annual Report Download - page 86
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HEALTH NET, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
December 31,
2004
2003
ASSETS
Current Assets:
Cash and cash equivalents
$722,102
$860,871
Investments
—
available for sale
1,060,000
1,082,789
Premiums receivable, net of allowance for doubtful accounts (2004
—
$9,016, 2003
—
$10,523)
118,521
144,968
Amounts receivable under government contracts
129,483
90,928
Incurred but not reported (IBNR) health care costs receivable under TRICARE North contract
173,951
—
Other receivables
92,435
105,074
Deferred taxes
98,659
43,008
Other assets
97,163
84,842
Total current assets
2,492,314
2,412,480
Property and equipment, net
184,643
190,900
Goodwill, net
723,595
729,506
Other intangible assets, net
21,855
19,918
Deferred taxes
23,737
44,769
Other noncurrent assets
207,050
151,703
Total Assets
$3,653,194
$3,549,276
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Reserves for claims and other settlements
$1,169,297
$1,024,550
Health care and other costs payable under government contracts
119,219
256,009
IBNR health care costs payable under TRICARE North contract
173,951
—
Unearned premiums
139,766
178,115
Accounts payable and other liabilities
258,923
315,031
Total current liabilities
1,861,156
1,773,705
Senior notes payable
397,760
398,963
Other noncurrent liabilities
121,398
82,383
Total Liabilities
2,380,314
2,255,051
Commitments and contingencies
Stockholders’ Equity:
Preferred stock ($0.001 par value, 10,000 shares authorized, none issued and outstanding)
—
—
Common stock ($0.001 par value, 350,000 shares authorized; issued 2004—134,450 shares;
2003
—
133,421 shares)
134
133
Restricted common stock
7,188
5,885
Unearned compensation
(4,110)
(3,995)
Additional paid-in capital
811,292
789,259
Treasury common stock, at cost (2004
—
23,173 shares; 2003
—
19,994 shares)
(632,926)
(549,102)
Retained earnings
1,094,380
1,051,776
Accumulated other comprehensive (loss) income
(3,078)
269
Total Stockholders’ Equity
1,272,880
1,294,225
Total Liabilities and Stockholders’ Equity
$3,653,194
$3,549,276
See accompanying notes to consolidated financial statements.