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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________________________________ 
Form 10-Q
__________________________________________________________ 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED June 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM _______ TO _______
Commission File Number: 1-10864
__________________________________________________________ 
unh-20200630_g1.jpg
UnitedHealth Group Incorporated
(Exact name of registrant as specified in its charter)
 __________________________________________________________ 
Delaware 41-1321939
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
UnitedHealth Group Center 55343
9900 Bren Road East
Minnetonka,
Minnesota
(Address of principal executive offices) (Zip Code)
(952) 936-1300
(Registrant’s telephone number, including area code)
_________________________________________________________  
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.01 par valueUNHNYSE
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act
Large accelerated filerAccelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes No 
As of July 30, 2020, there were 950,335,762 shares of the registrant’s Common Stock, $.01 par value per share, issued and outstanding.



UNITEDHEALTH GROUP
Table of Contents
 
  Page




PART I
ITEM 1. FINANCIAL STATEMENTS
UnitedHealth Group
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions, except per share data)June 30,
2020
December 31,
2019
Assets
Current assets:
Cash and cash equivalents$22,327  $10,985  
Short-term investments3,266  3,260  
Accounts receivable, net12,546  11,822  
Other current receivables, net11,430  9,640  
Assets under management3,417  3,076  
Prepaid expenses and other current assets5,932  3,851  
Total current assets58,918  42,634  
Long-term investments36,778  37,209  
Property, equipment and capitalized software, net
8,126  8,704  
Goodwill67,872  65,659  
Other intangible assets, net10,552  10,349  
Other assets10,237  9,334  
Total assets$192,483  $173,889  
Liabilities, redeemable noncontrolling interests and equity
Current liabilities:
Medical costs payable$19,200  $21,690  
Accounts payable and accrued liabilities25,423  19,005  
Short-term borrowings and current maturities of long-term debt6,156  3,870  
Unearned revenues2,299  2,622  
Other current liabilities16,805  14,595  
Total current liabilities69,883  61,782  
Long-term debt, less current maturities39,901  36,808  
Deferred income taxes3,286  2,993  
Other liabilities11,056  10,144  
Total liabilities124,126  111,727  
Commitments and contingencies (Note 7)
Redeemable noncontrolling interests1,842  1,726  
Equity:
Preferred stock, $0.001 par value - 10 shares authorized; no shares issued or outstanding
    
Common stock, $0.01 par value - 3,000 shares authorized; 950 and 948 issued and outstanding
10  9  
Additional paid-in capital388  7  
Retained earnings67,776  61,178  
Accumulated other comprehensive loss(4,550) (3,578) 
Nonredeemable noncontrolling interests
2,891  2,820  
Total equity66,515  60,436  
Total liabilities, redeemable noncontrolling interests and equity$192,483  $173,889  
See Notes to the Condensed Consolidated Financial Statements
1

Table of Contents
UnitedHealth Group
Condensed Consolidated Statements of Operations
(Unaudited)
 Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions, except per share data)2020201920202019
Revenues:
Premiums$49,394  $47,164  $100,034  $94,677  
Products8,247  8,353  16,678  16,425  
Services4,156  4,496  9,141  8,814  
Investment and other income341  582  706  987  
Total revenues62,138  60,595  126,559  120,903  
Operating costs:
Medical costs34,678  39,184  75,678  78,123  
Operating costs10,001  8,415  20,016  16,932  
Cost of products sold7,501  7,598  15,188  14,979  
Depreciation and amortization717  654  1,440  1,293  
Total operating costs52,897  55,851  112,322  111,327  
Earnings from operations9,241  4,744  14,237  9,576  
Interest expense(430) (418) (867) (818) 
Earnings before income taxes8,811  4,326  13,370  8,758  
Provision for income taxes(2,115) (941) (3,209) (1,816) 
Net earnings6,696  3,385  10,161  6,942  
Earnings attributable to noncontrolling interests(59) (92) (142) (182) 
Net earnings attributable to UnitedHealth Group common shareholders
6,637  3,293  $10,019  $6,760  
Earnings per share attributable to UnitedHealth Group common shareholders:
Basic
$6.99  $3.47  $10.56  $7.09  
Diluted
$6.91  $3.42  $10.43  $6.97  
Basic weighted-average number of common shares outstanding
949  950  949  954  
Dilutive effect of common share equivalents11  14  12  16  
Diluted weighted-average number of common shares outstanding
960  964  961  970  
Anti-dilutive shares excluded from the calculation of dilutive effect of common share equivalents
11  11  11  9  
See Notes to the Condensed Consolidated Financial Statements
2

Table of Contents
UnitedHealth Group
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
 Three Months Ended June 30,Six Months Ended June 30,
(in millions)2020201920202019
Net earnings$6,696  $3,385  $10,161  $6,942  
Other comprehensive income (loss):
Gross unrealized gains on investment securities during the period
1,120  493  771  1,013  
Income tax effect(257) (113) (177) (232) 
Total unrealized gains, net of tax
863  380  594  781  
Gross reclassification adjustment for net realized gains included in net earnings
(11) (5) (29) (1) 
Income tax effect3  1  7    
Total reclassification adjustment, net of tax
(8) (4) (22) (1) 
Total foreign currency translation (losses) gains
(45) 109  (1,544) 107  
Other comprehensive income (loss)810  485  (972) 887  
Comprehensive income7,506  3,870  9,189  7,829  
Comprehensive income attributable to noncontrolling interests(59) (92) (142) (182) 
Comprehensive income attributable to UnitedHealth Group common shareholders
$7,447  $3,778  $9,047  $7,647  
See Notes to the Condensed Consolidated Financial Statements
3

Table of Contents

UnitedHealth Group
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Common StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive
Income (Loss)
Nonredeemable Noncontrolling InterestsTotal
Equity
Three months ended June 30,SharesAmountNet Unrealized Gains on InvestmentsForeign Currency Translation (Losses)
Gains
Balance at March 31, 2020
947  $10  $  $62,327  $306  $(5,666) $2,886  $59,863  
Net earnings
6,637  38  6,675  
Other comprehensive income (loss)
855  (45) 810  
Issuances of common stock, and related tax effects
3    287  287  
Share-based compensation
144  144  
Common share repurchases          
Cash dividends paid on common shares ($1.25 per share)
(1,188) (1,188) 
Redeemable noncontrolling interests fair value and other adjustments
(43) (43) 
Distribution to nonredeemable noncontrolling interests
(33) (33) 
Balance at June 30, 2020
950  $10  $388  $67,776  $1,161  $(5,711) $2,891  $66,515  
Balance at March 31, 2019
953  $10  $  $55,472  $140  $(3,898) $2,727  $54,451  
Net earnings
3,293  54  3,347  
Other comprehensive income
376  109  485  
Issuances of common stock, and related tax effects
1    105  105  
Share-based compensation
152  152  
Common share repurchases(6) (1) (124) (1,374) (1,499) 
Cash dividends paid on common shares ($1.08 per share)
(1,024) (1,024) 
Redeemable noncontrolling interests fair value and other adjustments
(133) (133) 
Acquisition and other adjustments of nonredeemable noncontrolling interests
32  32  
Distribution to nonredeemable noncontrolling interests
(62) (62) 
Balance at June 30, 2019
948  $9  $  $56,367  $516  $(3,789) $2,751  $55,854  
See Notes to the Condensed Consolidated Financial Statements
4

Table of Contents
UnitedHealth Group
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Common StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive
Income (Loss)
Nonredeemable Noncontrolling InterestsTotal
Equity
Six months ended June 30,SharesAmountNet Unrealized Gains (Losses) on InvestmentsForeign Currency Translation (Losses) Gains
Balance at January 1, 2020
948  $9  $7  $61,178  $589  $(4,167) $2,820  $60,436  
Adjustment to adopt ASU 2016-13
(28) (28) 
Net earnings
10,019  97  10,116  
Other comprehensive income (loss)
572  (1,544) (972) 
Issuances of common stock, and related tax effects
8  1  607  608  
Share-based compensation
378  378  
Common share repurchases(6)   (510) (1,181) (1,691) 
Cash dividends paid on common shares ($2.33 per share)
(2,212) (2,212) 
Redeemable noncontrolling interests fair value and other adjustments
(94) (94) 
Acquisition and other adjustments of nonredeemable noncontrolling interests
50  50  
Distribution to nonredeemable noncontrolling interests
(76) (76) 
Balance at June 30, 2020
950  $10  $388  $67,776  $1,161  $(5,711) $2,891  $66,515  
Balance at January 1, 2019
960  $10  $  $55,846  $(264) $(3,896) $2,623  $54,319  
Adjustment to adopt ASU 2016-02
(13) (5) (18) 
Net earnings
6,760  114  6,874  
Other comprehensive income
780  107  887  
Issuances of common stock, and related tax effects
6    161  161  
Share-based compensation
391  391  
Common share repurchases(18) (1) (158) (4,342) (4,501) 
Cash dividends paid on common shares ($1.98 per share)
(1,884) (1,884) 
Redeemable noncontrolling interests fair value and other adjustments
(285) (285) 
Acquisition and other adjustments of nonredeemable noncontrolling interests
(109) 164