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52 UnitedHealth Group
5 CASH, CASH EQUIVALENTS AND INVESTMENTS
As of December 31, the amortized cost, gross unrealized gains and losses, and fair value of cash, cash
equivalents and investments were as follows (in millions):
Amortized Gross Unrealized Gross Unrealized Fair
2003 Cost Gains Losses Value
Cash and Cash Equivalents $ 2,262 $ – $ – $ 2,262
Debt Securities — Available for Sale 6,737 229 (6) 6,960
Equity Securities — Available for Sale 173 9 (1) 181
Debt Securities — Held to Maturity 74 – – 74
Total Cash and Investments $ 9,246 $ 238 $ (7) $ 9,477
2002
Cash and Cash Equivalents $1,130 $–$–$1,130
Debt Securities — Available for Sale 4,742 238 (8) 4,972
Equity Securities — Available for Sale 150 5 (5) 150
Debt Securities — Held to Maturity 77 – – 77
Total Cash and Investments $6,099 $243 $(13) $6,329
As of December 31, 2003 and 2002, respectively, debt securities consisted of $1,221 million and
$1,439 million in U.S. Government and Agency obligations, $2,617 million and $2,475 million in
state and municipal obligations, and $3,196 million and $1,135 million in corporate obligations.
At December 31, 2003, we held $563 million in debt securities with maturities of less than one year,
$2,102 million in debt securities maturing in one to five years, $2,554 million in debt securities
maturing in five to 10 years and $1,815 million in debt securities with maturities of more than 10 years.
During 2001, we contributed UnitedHealth Capital investments valued at approximately $22 million
to the United Health Foundation, a non-consolidated, not-for-profit organization. The realized gain of
approximately $18 million was offset by related contribution expense of $22 million. The net expense of
$4 million is included in Investment and Other Income in the accompanying Consolidated Statements
of Operations.
We recorded realized gains and losses on sales of investments, excluding the UnitedHealth Capital
dispositions described above, as follows:
For the Year Ended December 31,
(in millions) 2003 2002 2001
Gross Realized Gains $45 $57 $30
Gross Realized Losses (23) (75) (19)
Net Realized Gains (Losses) $22 $(18) $11