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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 September 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-20200930_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 October 30, 2020, there were 948,820,710 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)September 30,
2020
December 31,
2019
Assets
Current assets:
Cash and cash equivalents$17,550 $10,985 
Short-term investments3,259 3,260 
Accounts receivable, net12,171 11,822 
Other current receivables, net13,231 9,640 
Assets under management3,788 3,076 
Prepaid expenses and other current assets4,822 3,851 
Total current assets54,821 42,634 
Long-term investments39,184 37,209 
Property, equipment and capitalized software, net
8,151 8,704 
Goodwill68,088 65,659 
Other intangible assets, net10,373 10,349 
Other assets10,352 9,334 
Total assets$190,969 $173,889 
Liabilities, redeemable noncontrolling interests and equity
Current liabilities:
Medical costs payable$21,167 $21,690 
Accounts payable and accrued liabilities21,173 19,005 
Short-term borrowings and current maturities of long-term debt3,899 3,870 
Unearned revenues2,391 2,622 
Other current liabilities17,967 14,595 
Total current liabilities66,597 61,782 
Long-term debt, less current maturities39,895 36,808 
Deferred income taxes3,340 2,993 
Other liabilities11,186 10,144 
Total liabilities121,018 111,727 
Commitments and contingencies (Note 7)
Redeemable noncontrolling interests1,847 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; 949 and 948 issued and outstanding
10 9 
Additional paid-in capital 7 
Retained earnings69,715 61,178 
Accumulated other comprehensive loss(4,494)(3,578)
Nonredeemable noncontrolling interests
2,873 2,820 
Total equity68,104 60,436 
Total liabilities, redeemable noncontrolling interests and equity$190,969 $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
September 30,
Nine Months Ended
September 30,
(in millions, except per share data)2020201920202019
Revenues:
Premiums$50,863 $47,397 $150,897 $142,074 
Products8,777 7,546 25,455 23,971 
Services5,124 4,942 14,265 13,756 
Investment and other income351 466 1,057 1,453 
Total revenues65,115 60,351 191,674 181,254 
Operating costs:
Medical costs41,636 39,041 117,314 117,164 
Operating costs10,174 8,960 30,190 25,892 
Cost of products sold7,935 6,627 23,123 21,606 
Depreciation and amortization719 709 2,159 2,002 
Total operating costs60,464 55,337 172,786 166,664 
Earnings from operations4,651 5,014 18,888 14,590 
Interest expense(395)(449)(1,262)(1,267)
Earnings before income taxes4,256 4,565 17,626 13,323 
Provision for income taxes(1,000)(936)(4,209)(2,752)
Net earnings3,256 3,629 13,417 10,571 
Earnings attributable to noncontrolling interests(84)(91)(226)(273)
Net earnings attributable to UnitedHealth Group common shareholders
$3,172 $3,538 $13,191 $10,298 
Earnings per share attributable to UnitedHealth Group common shareholders:
Basic
$3.34 $3.73 $13.90 $10.82 
Diluted
$3.30 $3.67 $13.73 $10.65 
Basic weighted-average number of common shares outstanding
950 949 949 952 
Dilutive effect of common share equivalents12 14 12 15 
Diluted weighted-average number of common shares outstanding
962 963 961 967 
Anti-dilutive shares excluded from the calculation of dilutive effect of common share equivalents
6 12 9 10 
See Notes to the Condensed Consolidated Financial Statements
2

Table of Contents
UnitedHealth Group
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2020201920202019
Net earnings$3,256 $3,629 $13,417 $10,571 
Other comprehensive income (loss):
Gross unrealized gains on investment securities during the period
148 230 919 1,243 
Income tax effect(37)(53)(214)(285)
Total unrealized gains, net of tax
111 177 705 958 
Gross reclassification adjustment for net realized gains included in net earnings
(21)(69)(50)(70)
Income tax effect5 16 12 16 
Total reclassification adjustment, net of tax
(16)(53)(38)(54)
Total foreign currency translation losses
(39)(560)(1,583)(453)
Other comprehensive income (loss)56 (436)(916)451 
Comprehensive income3,312 3,193 12,501 11,022 
Comprehensive income attributable to noncontrolling interests(84)(91)(226)(273)
Comprehensive income attributable to UnitedHealth Group common shareholders
$3,228 $3,102 $12,275 $10,749 
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 September 30,
(in millions)
SharesAmountNet Unrealized Gains on InvestmentsForeign Currency Translation Losses
Balance at June 30, 2020
950 $10 $388 $67,776 $1,161 $(5,711)$2,891 $66,515 
Net earnings
3,172 62 3,234 
Other comprehensive income (loss)
95 (39)56 
Issuances of common stock, and related tax effects
2  321 321 
Share-based compensation
131 131 
Common share repurchases(3) (805)(45)(850)
Cash dividends paid on common shares ($1.25 per share)
(1,188)(1,188)
Redeemable noncontrolling interests fair value and other adjustments
(35)(35)
Acquisition and other adjustments of nonredeemable noncontrolling interests
(8)(8)
Distribution to nonredeemable noncontrolling interests
(72)(72)
Balance at September 30, 2020
949 $10 $ $69,715 $1,256 $(5,750)$2,873 $68,104 
Balance at June 30, 2019
948 $9 $ $56,367 $516 $(3,789)$2,751 $55,854 
Net earnings
3,538 82 3,620 
Other comprehensive income (loss)124 (560)(436)
Issuances of common stock, and related tax effects
2  277 277 
Share-based compensation
130 130 
Common share repurchases(3) (415)(185)(600)
Cash dividends paid on common shares ($1.08 per share)
(1,024)(1,024)
Redeemable noncontrolling interests fair value and other adjustments
8 8 
Acquisition and other adjustments of nonredeemable noncontrolling interests
(7)(7)
Distribution to nonredeemable noncontrolling interests
(66)(66)
Balance at September 30, 2019
947 $9 $ $58,696 $640 $(4,349)$2,760 $57,756 
See Notes to the Condensed Consolidated Financial Statements
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UnitedHealth Group
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Common StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive
Income (Loss)
Nonredeemable Noncontrolling InterestsTotal
Equity
Nine months ended September 30,
(in millions)
SharesAmountNet Unrealized Gains (Losses) on InvestmentsForeign Currency Translation Losses
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
13,191 159 13,350 
Other comprehensive income (loss)
667 (1,583)(916)
Issuances of common stock, and related tax effects
10 1 928 929 
Share-based compensation
509 509 
Common share repurchases(9) (1,315)(1,226)(2,541)
Cash dividends paid on common shares ($3.58 per share)
(3,400)(3,400)
Redeemable noncontrolling interests fair value and other adjustments
(129)(129)
Acquisition and other adjustments of nonredeemable noncontrolling interests
42 42 
Distribution to nonredeemable noncontrolling interests
(148)(148)
Balance at September 30, 2020
949 $10 $ $69,715 $1,256 $(5,750)$2,873 $68,104 
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
10,298 196 10,494 
Other comprehensive income (loss)904 (453)451 
Issuances of common stock, and related tax effects
8  438 438 
Share-based compensation
521 521 
Common share repurchases(21)(1)(573)(4,527)(5,101)
Cash dividends paid on common shares ($3.06 per share)
(2,908)(2,908)
Redeemable noncontrolling interests fair value and other adjustments
(277)(277)
Acquisition and other adjustments of nonredeemable noncontrolling interests
(109)157 48 
Distribution to nonredeemable noncontrolling interests
(211)(211)
Balance at September 30, 2019
947 $9 $ $58,696 $640 $(4,349)$2,760 $57,756 
See Notes to the Condensed Consolidated Financial Statements
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UnitedHealth Group
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 Nine Months Ended September 30,
(in millions)20202019
Operating activities
Net earnings$13,417 $10,571 
Noncash items:
Depreciation and amortization2,159 2,002 
Deferred income taxes119 177 
Share-based compensation527 525 
Other, net48 (181)
Net change in other operating items, net of effects from acquisitions and changes in AARP balances:
Accounts receivable(194)957 
Other assets(2,697)(2,181)
Medical costs payable(615)223 
Accounts payable and other liabilities3,441 105 
Unearned revenues(132)60 
Cash flows from operating activities16,073 12,258 
Investing activities
Purchases of investments(11,570)(13,386)
Sales of investments4,887 6,198 
Maturities of investments5,297 5,160 
Cash paid for acquisitions, net of cash assumed(4,326)(8,200)
Purchases of property, equipment and capitalized software(1,477)(1,421)
Other, net(165)338 
Cash flows used for investing activities(7,354)(11,311)
Financing activities
Common share repurchases(2,541)(5,101)
Cash dividends paid(3,400)(2,908)
Proceeds from common stock issuances1,206 740 
Repayments of long-term debt(1,500)(1,250)
(Repayments of) proceeds from short-term borrowings, net(423)3,998 
Proceeds from issuance of long-term debt4,864 5,444 
Customer funds administered249 420 
Other, net(449)(756)
Cash flows (used for) from financing activities(1,994)587 
Effect of exchange rate changes on cash and cash equivalents(160)(37)
Increase in cash and cash equivalents6,565 1,497 
Cash and cash equivalents, beginning of period10,985 10,866 
Cash and cash equivalents, end of period$17,550 $12,363 
See Notes to the Condensed Consolidated Financial Statements
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UnitedHealth Group
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
1.    Basis of Presentation
UnitedHealth Group Incorporated (individually and together with its subsidiaries, “UnitedHealth Group” and “the Company”) is a diversified health care company dedicated to helping people live healthier lives and helping make the health system work better for everyone.
Through its diversified family of businesses, the Company leverages core competencies in data and health information, advanced technology and clinical expertise. These core competencies are deployed within two distinct, but strategically aligned, business platforms: health benefits operating under UnitedHealthcare and health services operating under Optum.
The Company has prepared the Condensed Consolidated Financial Statements according to U.S. Generally Accepted Accounting Principles (GAAP) and has included the accounts of UnitedHealth Group and its subsidiaries. The year-end condensed consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by GAAP. In accordance with the rules and regulations of the U.S. Securities and Exchange Commission (SEC), the Company has omitted certain footnote disclosures that would substantially duplicate the disclosures contained in its annual audited Consolidated Financial Statements. Therefore, these Condensed Consolidated Financial Statements should be read together with the Consolidated Financial Statements and the Notes included in Part II, Item 8, “Financial Statements and Supplementary Data” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 as filed with the SEC (2019 10-K). The accompanying Condensed Consolidated Financial Statements include all normal recurring adjustments necessary to present the interim financial statements fairly.
Use of Estimates
These Condensed Consolidated Financial Statements include certain amounts based on the Company’s best estimates and judgments. The Company’s most significant estimates include medical costs payable and goodwill. Certain of these estimates require the application of complex assumptions and judgments, often because they involve matters that are inherently uncertain and will likely change in subsequent periods. The impact of any change in estimates is included in earnings in the period in which the estimate is adjusted.
Revenue from Products
For the three and nine months ended September 30, 2020, the Company recognized revenue and cost of products sold for retail pharmacy co-payments related to its OptumRx business. Revenue recognized in prior periods related to retail pharmacy transactions excludes the member’s applicable co-payment. There was no impact on earnings from operations, net earnings, earnings per share or total equity.
Recently Adopted Accounting Standards
In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2016-13, “Financial Instruments - Credit Losses (Topic 326)” (ASU 2016-13). ASU 2016-13 requires the use of the current expected credit loss impairment model to develop an estimate of expected credit losses for certain financial assets. ASU 2016-13 also requires expected credit losses on available-for-sale debt securities to be recognized through an allowance for credit losses and revises certain disclosure requirements. The Company adopted ASU 2016-13 on January 1, 2020 using a cumulative effect upon adoption approach. The adoption of ASU 2016-13 was immaterial to the Company’s consolidated balance sheet, results of operations, equity and cash flows.
Under the current expected credit loss impairment model, the Company evaluates an available-for-sale debt security for credit-related impairment by considering the present value of expected cash flows relative to a security’s amortized cost, the extent to which fair value is less than amortized cost, the financial condition and near-term prospects of the issuer and specific events or circumstances that may influence the operations of the issuer. Credit-related impairments are recorded as an allowance, with an offset to investment and other income. Non-credit related impairments are recorded through other comprehensive income. If the Company intends to sell an impaired security, or will likely be required to sell a security before recovery of the entire amortized cost, the entire impairment is included in net earnings.
The Company has determined that there have been no other recently adopted or issued accounting standards that had, or will have, a material impact on its Condensed Consolidated Financial Statements.
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2.    Investments
A summary of debt securities by major security type is as follows:
(in millions)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
September 30, 2020
Debt securities - available-for-sale:
U.S. government and agency obligations$3,374 $160 $ $3,534 
State and municipal obligations6,311 377 (4)6,684 
Corporate obligations18,461 778 (35)19,204 
U.S. agency mortgage-backed securities6,523 270 (3)6,790 
Non-U.S. agency mortgage-backed securities2,033 98 (6)2,125 
Total debt securities - available-for-sale36,702 1,683 (48)38,337 
Debt securities - held-to-maturity:
U.S. government and agency obligations422 7  429 
State and municipal obligations31 2  33 
Corporate obligations245 1  246 
Total debt securities - held-to-maturity698 10  708 
Total debt securities$37,400 $1,693 $(48)$39,045 
December 31, 2019
Debt securities - available-for-sale:
U.S. government and agency obligations$3,502 $55 $(4)$3,553 
State and municipal obligations5,680 251 (5)5,926 
Corporate obligations17,910 343 (11)18,242 
U.S. agency mortgage-backed securities6,425 109 (6)6,528 
Non-U.S. agency mortgage-backed securities1,811 37 (3)1,845 
Total debt securities - available-for-sale35,328 795 (29)36,094 
Debt securities - held-to-maturity:
U.S. government and agency obligations402 2  404 
State and municipal obligations32 2  34 
Corporate obligations538  (1)537 
Total debt securities - held-to-maturity972 4 (1)975 
Total debt securities$36,300 $799 $(30)$37,069 
The Company held $2.1 billion and $2.0 billion of equity securities as of September 30, 2020 and December 31, 2019, respectively. The Company’s investments in equity securities primarily consist of employee savings plan related investments and shares of Brazilian real denominated fixed-income funds with readily determinable fair values. Additionally, the Company’s investments included $1.3 billion and $1.4 billion of equity method investments in operating businesses in the health care sector as of September 30, 2020 and December 31, 2019, respectively. The allowance for credit losses on held-to-maturity securities at September 30, 2020 was not material.
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The amortized cost and fair value of debt securities as of September 30, 2020, by contractual maturity, were as follows:
Available-for-SaleHeld-to-Maturity
(in millions)Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Due in one year or less$3,388 $3,407 $400 $401 
Due after one year through five years11,253 11,678 246 252 
Due after five years through ten years9,179 9,826 30 31 
Due after ten years4,326 4,511 22 24 
U.S. agency mortgage-backed securities6,523 6,790 — — 
Non-U.S. agency mortgage-backed securities2,033 2,125 — — 
Total debt securities$36,702 $38,337 $698 $708 
The fair value of available-for-sale debt securities with gross unrealized losses by major security type and length of time that individual securities have been in a continuous unrealized loss position were as follows:
 Less Than 12 Months12 Months or Greater Total
(in millions)Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
September 30, 2020
Debt securities - available-for-sale:
State and municipal obligations$366 $(4)$ $ $366 $(4)
Corporate obligations2,314 (30)400 (5)