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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, 2023
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
__________________________________________________________ 
UHG(R)_CMYK.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 valueUNHNew York Stock Exchange
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 filer☒Accelerated 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 31, 2023, there were 924,925,293 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,
2023		December 31,
2022
Assets
Current assets:
Cash and cash equivalents$38,915 $23,365 
Short-term investments5,182 4,546 
Accounts receivable, net20,673 17,681 
Other current receivables, net17,752 12,769 
Assets under management3,616 4,087 
Prepaid expenses and other current assets5,767 6,621 
Total current assets91,905 69,069 
Long-term investments45,474 43,728 
Property, equipment and capitalized software, net
11,070 10,128 
Goodwill101,703 93,352 
Other intangible assets, net15,200 14,401 
Other assets16,711 15,027 
Total assets$282,063 $245,705 
Liabilities, redeemable noncontrolling interests and equity
Current liabilities:
Medical costs payable$32,792 $29,056 
Accounts payable and accrued liabilities31,164 27,715 
Short-term borrowings and current maturities of long-term debt5,290 3,110 
Unearned revenues15,311 3,075 
Other current liabilities29,622 26,281 
Total current liabilities114,179 89,237 
Long-term debt, less current maturities58,079 54,513 
Deferred income taxes2,210 2,769 
Other liabilities13,615 12,839 
Total liabilities188,083 159,358 
Commitments and contingencies (Note 7)
Redeemable noncontrolling interests4,416 4,897 
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; 925 and 934 issued and outstanding
9 9 
Retained earnings93,173 86,156 
Accumulated other comprehensive loss(8,688)(8,393)
Nonredeemable noncontrolling interests
5,070 3,678 
Total equity89,564 81,450 
Total liabilities, redeemable noncontrolling interests and equity$282,063 $245,705 
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)2023202220232022
Revenues:
Premiums$72,339 $64,491 $217,599 $192,457 
Products10,354 9,190 31,272 28,026 
Services8,671 6,700 25,414 19,717 
Investment and other income997 513 2,910 1,175 
Total revenues92,361 80,894 277,195 241,375 
Operating costs:
Medical costs59,550 52,635 179,663 157,251 
Operating costs13,855 11,663 41,289 34,773 
Cost of products sold9,423 8,306 28,576 25,389 
Depreciation and amortization1,007 828 2,998 2,418 
Total operating costs83,835 73,432 252,526 219,831 
Earnings from operations8,526 7,462 24,669 21,544 
Interest expense(834)(516)(2,416)(1,416)
Earnings before income taxes7,692 6,946 22,253 20,128 
Provision for income taxes(1,654)(1,562)(4,784)(4,397)
Net earnings6,038 5,384 17,469 15,731 
Earnings attributable to noncontrolling interests(197)(122)(543)(372)
Net earnings attributable to UnitedHealth Group common shareholders$5,841 $5,262 16,926 $15,359 
Earnings per share attributable to UnitedHealth Group common shareholders:
Basic$6.31 $5.63 $18.20 $16.37 
Diluted$6.24 $5.55 $18.01 $16.15 
Basic weighted-average number of common shares outstanding926 935 930 938 
Dilutive effect of common share equivalents10 13 10 13 
Diluted weighted-average number of common shares outstanding936 948 940 951 
Anti-dilutive shares excluded from the calculation of dilutive effect of common share equivalents6 3 6 3 
See Notes to the Condensed Consolidated Financial Statements
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UnitedHealth Group
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
 Three Months Ended September 30,Nine Months Ended
September 30,
(in millions)2023202220232022
Net earnings$6,038 $5,384 $17,469 $15,731 
Other comprehensive loss:
Gross unrealized losses on investment securities during the period(893)(1,471)(684)(4,825)
Income tax effect204 340 156 1,109 
Total unrealized losses, net of tax(689)(1,131)(528)(3,716)
Gross reclassification adjustment for net realized losses (gains) included in net earnings7 138 (27)134 
Income tax effect(2)(32)6 (31)
Total reclassification adjustment, net of tax
5 106 (21)103 
Total foreign currency translation (losses) gains (354)(331)254 (89)
Other comprehensive loss(1,038)(1,356)(295)(3,702)
Comprehensive income5,000 4,028 17,174 12,029 
Comprehensive income attributable to noncontrolling interests(197)(122)(543)(372)
Comprehensive income attributable to UnitedHealth Group common shareholders
$4,803 $3,906 $16,631 $11,657 
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 LossNonredeemable Noncontrolling InterestsTotal
Equity
Three months ended September 30,
(in millions)		SharesAmountNet Unrealized Losses on InvestmentsForeign Currency Translation Losses
Balance at June 30, 2023927 $9 $— $89,994 $(2,643)$(5,007)$5,015 $87,368 
Net earnings
5,841 149 5,990 
Other comprehensive loss(684)(354)(1,038)
Issuances of common stock, and related tax effects
1 — 395 395 
Share-based compensation
235 235 
Common share repurchases(3)— (588)(923)(1,511)
Cash dividends paid on common shares ($1.88 per share)
(1,739)(1,739)
Redeemable noncontrolling interests fair value and other adjustments
(42)(42)
Acquisition and other adjustments of nonredeemable noncontrolling interests
42 42 
Distribution to nonredeemable noncontrolling interests
(136)(136)
Balance at September 30, 2023925 $9 $— $93,173 $(3,327)$(5,361)$5,070 $89,564 
Balance at June 30, 2022935 $10 $— $80,540 $(2,165)$(5,565)$3,385 $76,205 
Net earnings
5,262 99 5,361 
Other comprehensive loss(1,025)(331)(1,356)
Issuances of common stock, and related tax effects
2 — 294 294 
Share-based compensation
163 163 
Common share repurchases(2)— (462)(538)(1,000)
Cash dividends paid on common shares ($1.65 per share)
(1,542)(1,542)
Redeemable noncontrolling interests fair value and other adjustments
5 5 
Acquisition and other adjustments of nonredeemable noncontrolling interests32 32 
Distribution to nonredeemable noncontrolling interests
(98)(98)
Balance at September 30, 2022935 $10 $— $83,722 $(3,190)$(5,896)$3,418 $78,064 
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
(Loss) Income		Nonredeemable Noncontrolling InterestsTotal
Equity
Nine months ended September 30,
(in millions)		SharesAmountNet Unrealized (Losses) Gains on InvestmentsForeign Currency Translation (Losses) Gains
Balance at January 1, 2023934 $9 $— $86,156 $(2,778)$(5,615)$3,678 $81,450 
Net earnings
16,926 401 17,327 
Other comprehensive (loss) income(549)254 (295)
Issuances of common stock, and related tax effects
4 — 963 963 
Share-based compensation
833 833 
Common share repurchases(13)— (1,663)(4,886)(6,549)
Cash dividends paid on common shares ($5.41 per share)
(5,023)(5,023)
Redeemable noncontrolling interests fair value and other adjustments
(133)(133)
Acquisition and other adjustments of nonredeemable noncontrolling interests
1,339 1,339 
Distribution to nonredeemable noncontrolling interests
(348)(348)
Balance at September 30, 2023925 $9 $— $93,173 $(3,327)$(5,361)$5,070 $89,564 
Balance at January 1, 2022941 $10 $— $77,134 $423 $(5,807)$3,285 $75,045 
Net earnings
15,359 281 15,640 
Other comprehensive loss(3,613)(89)(3,702)
Issuances of common stock, and related tax effects
6 — 801 801 
Share-based compensation
639 639 
Common share repurchases(12)— (1,679)(4,321)(6,000)
Cash dividends paid on common shares ($4.75 per share)
(4,450)(4,450)
Redeemable noncontrolling interests fair value and other adjustments
239 239 
Acquisition and other adjustments of nonredeemable noncontrolling interests135 135 
Distribution to nonredeemable noncontrolling interests
(283)(283)
Balance at September 30, 2022935 $10 $— $83,722 $(3,190)$(5,896)$3,418 $78,064 
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)20232022
Operating activities
Net earnings$17,469 $15,731 
Noncash items:
Depreciation and amortization2,998 2,418 
Deferred income taxes(494)(590)
Share-based compensation851 675 
Other, net(59)— 
Net change in other operating items, net of effects from acquisitions and changes in AARP balances:
Accounts receivable(2,574)(2,563)
Other assets(2,358)(741)
Medical costs payable3,837 4,192 
Accounts payable and other liabilities2,370 1,416 
Unearned revenues12,221 10,201 
Cash flows from operating activities34,261 30,739 
Investing activities
Purchases of investments(12,998)(14,183)
Sales of investments3,674 5,376 
Maturities of investments6,474 4,740 
Cash paid for acquisitions, net of cash assumed(8,389)(7,154)
Purchases of property, equipment and capitalized software(2,427)(1,936)
Other, net(721)50 
Cash flows used for investing activities(14,387)(13,107)
Financing activities
Common share repurchases(6,500)(6,000)
Cash dividends paid(5,023)(4,450)
Proceeds from common stock issuances1,039 1,084 
Repayments of long-term debt(2,125)(2,100)
Proceeds from (repayments of) short-term borrowings, net1,579 (16)
Proceeds from issuance of long-term debt6,394 5,922 
Customer funds administered2,037 7,028 
Other, net(1,774)(1,634)
Cash flows used for financing activities(4,373)(166)
Effect of exchange rate changes on cash and cash equivalents49 4 
Increase in cash and cash equivalents15,550 17,470 
Cash and cash equivalents, beginning of period23,365 21,375 
Cash and cash equivalents, end of period$38,915 $38,845 
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 health care and well-being company with a mission to help people live healthier lives and help make the health system work better for everyone. Our two distinct, yet complementary business platforms — Optum and UnitedHealthcare — are working to help build a modern, high-performing health system through improved access, affordability, outcomes and experiences for the individuals and organizations the Company is privileged to serve.
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, 2022 as filed with the SEC (2022 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 relate to estimates and judgments for 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.
Revenues - Products and Services
As of September 30, 2023 and December 31, 2022, accounts receivable related to products and services were $8.0 billion and $7.1 billion, respectively. As of September 30, 2023, revenue expected to be recognized in any future year related to remaining performance obligations, excluding revenue pertaining to contracts having an original expected duration of one year or less, contracts where revenue is recognized as invoiced and contracts with variable consideration related to undelivered performance obligations, was $11.8 billion, of which approximately half is expected to be recognized in the next three years.
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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, 2023
Debt securities - available-for-sale:
U.S. government and agency obligations$5,739 $— $(340)$5,399 
State and municipal obligations7,695 1 (643)7,053 
Corporate obligations23,511 5 (1,857)21,659 
U.S. agency mortgage-backed securities8,632 — (1,158)7,474 
Non-U.S. agency mortgage-backed securities3,091 — (324)2,767 
Total debt securities - available-for-sale48,668 6 (4,322)44,352 
Debt securities - held-to-maturity:
U.S. government and agency obligations466 — (10)456 
State and municipal obligations28 — (5)23 
Corporate obligations188 — — 188 
Total debt securities - held-to-maturity682 — (15)667 
Total debt securities$49,350 $6 $(4,337)$45,019 
December 31, 2022
Debt securities - available-for-sale:
U.S. government and agency obligations$4,093 $1 $(285)$3,809 
State and municipal obligations7,702 25 (479)7,248 
Corporate obligations23,675 17 (1,798)21,894 
U.S. agency mortgage-backed securities7,379 15 (808)6,586 
Non-U.S. agency mortgage-backed securities3,077 1 (294)2,784 
Total debt securities - available-for-sale45,926 59 (3,664)42,321 
Debt securities - held-to-maturity:
U.S. government and agency obligations578 — (14)564 
State and municipal obligations29 — (3)26 
Corporate obligations89 — — 89 
Total debt securities - held-to-maturity696 — (17)679 
Total debt securities$46,622 $59 $(3,681)$43,000 
The Company held $4.2 billion and $3.7 billion of equity securities as of September 30, 2023 and December 31, 2022, respectively. The Company’s investments in equity securities primarily consist of employee savings plan related investments, venture investments and shares of Brazilian real denominated fixed-income funds with readily determinable fair values. Additionally, the Company’s investments included $1.4 billion and $1.5 billion of equity method investments in operating businesses in the health care sector as of September 30, 2023 and December 31, 2022, respectively. The allowance for credit losses on held-to-maturity securities at September 30, 2023 and December 31, 2022 was not material.
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The amortized cost and fair value of debt securities as of September 30, 2023, 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$5,372 $5,340 $375 $372 
Due after one year through five years15,098 14,183 262 255 
Due after five years through ten years11,256 9,898 25 24 
Due after ten years5,219 4,690 20 16 
U.S. agency mortgage-backed securities8,632 7,474 — — 
Non-U.S. agency mortgage-backed securities3,091 2,767 — — 
Total debt securities$48,668 $44,352 $682 $667 
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, 2023
Debt securities - available-for-sale:
U.S. government and agency obligations
$2,023 $(34)$2,081 $(306)$4,104 $(340)
State and municipal obligations2,872 (124)4,042 (519)6,914 (643)
Corporate obligations5,563 (149)14,821 (1,708)20,384 (1,857)
U.S. agency mortgage-backed securities2,562 (140)4,867 (1,018)7,429 (1,158)
Non-U.S. agency mortgage-backed securities
480 (21)2,249 (303)2,729 (324)
Total debt securities - available-for-sale$13,500 $(468)$28,060 $(3,854)$41,560 $(4,322)
December 31, 2022
Debt securities - available-for-sale:
U.S. government and agency obligations
$2,007 $(96)$1,290 $(189)$3,297 $(285)
State and municipal obligations4,630 (288)1,178 (191)5,808 (479)
Corporate obligations13,003 (893)6,637 (905)19,640 (1,798)
U.S. agency mortgage-backed securities3,561 (345)2,239 (463)5,800 (808)
Non-U.S. agency mortgage-backed securities
1,698 (128)976 (166)2,674 (294)
Total debt securities - available-for-sale$24,899 $(1,750)$12,320 $(1,914)$37,219 $(3,664)
The Company’s unrealized losses from debt securities as of September 30, 2023 were generated from approximately 37,000 positions out of a total of 41,000 positions. The Company believes that it will timely collect the principal and interest due on its debt securities that have an amortized cost in excess of fair value. The unrealized losses were primarily caused by interest rate increases and not by unfavorable changes in the credit quality associated with these securities which impacted the Company’s assessment on collectability of principal and interest. At each reporting period, the Company evaluates available-for-sale debt securities for any credit-related impairment when the fair value of the investment is less than its amortized cost. The Company evaluated the expected cash flows, the underlying credit quality and credit ratings of the issuers, noting no significant credit deterioration since purchase. As of September 30, 2023, the Company did not have the intent to sell any of the available-for-sale debt securities in an unrealized loss position. Therefore, the Company believes these losses to be temporary. The allowance for credit losses on available-for-sale debt securities at September 30, 2023 and December 31, 2022 was not material.
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3.    Fair Value
Certain assets and liabilities are measured at fair value in the Condensed Consolidated Financial Statements or have fair values disclosed in the Notes to the Condensed Consolidated Financial Statements. These assets and liabilities are classified into one of three levels of a hierarchy defined by GAAP.
For a description of the methods and assumptions that are used to estimate the fair value and determine the fair value hierarchy classification of each class of financial instrument, see Note 4 of Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data” in the 2022 10-K.
The following table presents a summary of fair value measurements by level and carrying values for items measured at fair value on a recurring basis in the Condensed Consolidated Balance Sheets:
(in millions)Quoted Prices
in Active
Markets
(Level 1)		Other
Observable
Inputs
(Level 2)		Unobservable
Inputs
(Level 3)		Total
Fair and Carrying
Value
September 30, 2023
Cash and cash equivalents$38,880 $35 $— $38,915 
Debt securities - available-for-sale:
U.S. government and agency obligations5,050 349 — 5,399 
State and municipal obligations— 7,053 — 7,053 
Corporate obligations15 21,462 182 21,659 
U.S. agency mortgage-backed securities— 7,474 — 7,474 
Non-U.S. agency mortgage-backed securities— 2,767 — 2,767 
Total debt securities - available-for-sale5,065 39,105 182 44,352 
Equity securities2,231 31 70 2,332 
Assets under management 1,420 2,094 102 3,616 
Total assets at fair value$47,596 $41,265 $354 $89,215 
Percentage of total assets at fair value53 %46 %1 %100 %
December 31, 2022
Cash and cash equivalents$23,202 $163 $— $23,365 
Debt securities - available-for-sale:
U.S. government and agency obligations3,505 304 — 3,809 
State and municipal obligations— 7,248 — 7,248 
Corporate obligations7 21,695 192 21,894 
U.S. agency mortgage-backed securities— 6,586 — 6,586 
Non-U.S. agency mortgage-backed securities— 2,784 — 2,784 
Total debt securities - available-for-sale3,512 38,617 192 42,321 
Equity securities2,043 35 70 2,148 
Assets under management 1,788 2,203 96 4,087 
Total assets at fair value$30,545 $41,018 $358 $71,921 
Percentage of total assets at fair value42 %57 %1 %100 %
There were no transfers in or out of Level 3 financial assets or liabilities during the nine months ended September 30, 2023 or 2022.
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The following table presents a summary of fair value measurements by level and carrying values for certain financial instruments not measured at fair value on a recurring basis in the Condensed Consolidated Balance Sheets:
(in millions)Quoted Prices
in Active
Markets
(Level 1)		Other
Observable
Inputs
(Level 2)		Unobservable
Inputs
(Level 3)		Total
Fair
Value		Total Carrying Value
September 30, 2023
Debt securities - held-to-maturity$593 $74 $— $667 $682 
Long-term debt and other financing obligations$— $55,137 $— $55,137 $60,769 
December 31, 2022
Debt securities - held-to-maturity$577 $102 $— $679 $696 
Long-term debt and other financing obligations$— $53,626 $— $53,626 $56,823 
Nonfinancial assets and liabilities or financial assets and liabilities that are measured at fair value on a nonrecurring basis are subject to fair value adjustments only in certain circumstances, such as when the Company records an impairment. There were no significant fair value adjustments for these assets and liabilities recorded during the nine months ended September 30, 2023 or 2022.
4.    Medical Costs Payable
The following table shows the components of the change in medical costs payable for the nine months ended September 30:
(in millions)20232022
Medical costs payable, beginning of period$29,056 $24,483 
Acquisitions1 177 
Reported medical costs:
Current year180,423 157,601 
Prior years(760)(350)
Total reported medical costs179,663 157,251 
Medical payments:
Payments for current year
(149,671)(130,788)
Payments for prior years(26,257)(22,059)
Total medical payments(175,928)(152,847)
Medical costs payable, end of period$32,792 $29,064 
For the nine months ended September 30, 2023 and 2022, prior years’ medical cost reserve development included no individual factors that were significant. Medical costs payable included reserves for claims incurred by consumers but not yet reported to the Company of $22.7 billion and $20.0 billion at September 30, 2023 and December 31, 2022, respectively.
5.    Short-Term Borrowings and Long-Term Debt
In March 2023, the Company issued $6.5 billion of senior unsecured notes consisting of the following:
(in millions, except percentages)Par Value
4.250% notes due January 2029
$1,250 
4.500% notes due April 2033
1,500 
5.050% notes due April 2053
2,000 
5.200% notes due April 2063
1,750 
As of September 30, 2023, the Company had $2.6 billion of commercial paper outstanding, with a weighted-average annual interest rate of 5.3%.
For more information on the Company’s short-term borrowings, debt covenants and long-term debt, see Note 8 of Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data” in the 2022 10-K.
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6.    Dividends
In June 2023, the Company’s Board of Directors increased the Company’s quarterly cash dividend to shareholders to an annual rate of $7.52 compared to $6.60 per share, which the Company had paid since June 2022. Declaration and payment of future quarterly dividends is at the discretion of the Board of Directors and may be adjusted as business needs or market conditions change.
The following table provides details of the Company’s dividend payments during the nine months ended September 30, 2023:
Payment DateAmount per ShareTotal Amount Paid
(in millions)
March 21$1.65 $1,537 
June 271.88 1,747 
September 191.88 1,739 
7.    Commitments and Contingencies
Pending Acquisitions
As of September 30, 2023, the Company has entered into agreements to acquire companies in the health care sector, subject to regulatory approval and other customary closing conditions. The total anticipated consideration required for these acquisitions, excluding the payoff of acquired indebtedness, is approximately $5 billion.
Legal Matters
The Company is frequently made party to a variety of legal actions and regulatory inquiries, including class actions and suits brought by members, care providers, consumer advocacy organizations, customers and regulators, relating to the Company’s businesses, including management and administration of health benefit plans and other services. These matters include medical malpractice, employment, intellectual property, antitrust, privacy and contract claims and claims related to health care benefits coverage and other business practices.
The Company records liabilities for its estimates of probable costs resulting from these matters where appropriate. Estimates of costs resulting from legal and regulatory matters involving the Company are inherently difficult to predict, particularly where the matters: involve indeterminate claims for monetary damages or may involve fines, penalties or punitive damages; present novel legal theories or represent a shift in regulatory policy; involve a large number of claimants or regulatory bodies; are in the early stages of the proceedings; or could result in a change in business practices. Accordingly, the Company is often unable to estimate the losses or ranges of losses for those matters where there is a reasonable possibility or it is probable a loss may be incurred.
Government Investigations, Audits and Reviews
The Company has been involved or is currently involved in various governmental investigations, audits and reviews. These include routine, regular and special investigations, audits and reviews by the Centers for Medicare and Medicaid Services (CMS), state insurance and health and welfare departments, state attorneys general, the Office of the Inspector General, the Office of Personnel Management, the Office of Civil Rights, the Government Accountability Office, the Federal Trade Commission, U.S. Congressional committees, the U.S. Department of Justice (DOJ), the SEC, the Internal Revenue Service, the U.S. Drug Enforcement Administration, the U.S. Department of Labor, the Federal Deposit Insurance Corporation, the Consumer Financial Protection Bureau (CFPB), the Defense Contract Audit Agency and other governmental authorities. Similarly, the Company’s international businesses are also subject to investigations, audits and reviews by applicable foreign governments, including South American and other non-U.S. governmental authorities. Certain of the Company’s businesses have been reviewed or are currently under review, including for, among other matters, compliance with coding and other requirements under the Medicare risk-adjustment model. CMS has selected certain of the Company’s local plans for risk adjustment data validation (RADV) audits to validate the coding practices of and supporting documentation maintained by health care providers and such audits may result in retrospective adjustments to payments made to the Company’s health plans.
On February 14, 2017, the DOJ announced its decision to pursue certain claims within a lawsuit initially asserted against the Company and filed under seal by a whistleblower in 2011. The whistleblower’s complaint, which was unsealed on February 15, 2017, alleges the Company made improper risk adjustment submissions and violated the False Claims Act. On February 12, 2018, the court granted in part and denied in part the Company’s motion to dismiss. In May 2018, the DOJ moved to dismiss the Company’s counterclaims, which were filed in March 2018, and moved for partial summary judgment. In March 2019, the court denied the government’s motion for partial summary judgment and dismissed the Company’s counterclaims without prejudice. The Company cannot reasonably estimate the outcome which may result from this matter given its procedural status.
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8.    Business Combinations
During the nine months ended September 30, 2023, the Company completed several business combinations for total consideration of $8.4 billion.
Acquired assets (liabilities) at acquisition date were:
(in millions)
Cash and cash equivalents$104 
Accounts receivable and other current assets587 
Property, equipment and other long-term assets573 
Other intangible assets1,800 
Total identifiable assets acquired3,064 
Medical costs payable(1)
Accounts payable and other current liabilities(551)
Other long-term liabilities(661)
Total identifiable liabilities acquired(1,213)
Total net identifiable assets1,851 
Goodwill8,073 
Redeemable noncontrolling interests(121)
Nonredeemable noncontrolling interests(1,339)
Net assets acquired$8,464 
The majority of goodwill is not deductible for income tax purposes. The preliminary purchase price allocations for the various business combinations are subject to adjustment as valuation analyses, primarily related to intangible assets and contingent liabilities, are finalized.
The acquisition date fair values and weighted-average useful lives assigned to intangible assets were:
(in millions, except years)Fair ValueWeighted-Average Useful Life
Acquired finite-lived intangible assets:
Customer-related$223 12 years
Trademarks and technology171 5 years
Other42 6 years
Total acquired finite-lived intangible assets436 9 years
Total acquired indefinite-lived intangible assets - operating licenses and certificates1,364 
Total acquired intangible assets$1,800 
The results of operations and financial condition of acquired entities have been included in the Company’s consolidated results and the results of the corresponding operating segment as of the date of acquisition. Through September 30, 2023, acquired entities’ impact on revenues and net earnings was not material.
Unaudited pro forma revenues and net earnings for the nine months ended September 30, 2023 and 2022, as if the business combinations had occurred on January 1, 2022, were immaterial for both periods.
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9.    Segment Financial Information
The Company’s four reportable segments are UnitedHealthcare, Optum Health, Optum Insight and Optum Rx. For more information on the Company’s segments, see Part I, Item I, “Business” and Note 14 of Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data” in the 2022 10-K. Total assets at Optum Health increased to $86.9 billion as of September 30, 2023 compared to $69.0 billion as of December 31, 2022, including an increase to goodwill from business combinations of $7.3 billion.
The following tables present reportable segment financial information:
  Optum  
(in millions)UnitedHealthcareOptum HealthOptum InsightOptum RxOptum EliminationsOptumCorporate and
Eliminations		Consolidated
Three Months Ended September 30, 2023
Revenues - unaffiliated customers:
Premiums$66,709 $5,630 $— $— $— $5,630 $— $72,339 
Products— 61 40 10,253 — 10,354 — 10,354 
Services2,550 3,629 1,938 554 — 6,121 — 8,671 
Total revenues - unaffiliated customers
69,259 9,320 1,978 10,807 — 22,105 — 91,364 
Total revenues - affiliated customers
— 14,227 2,964 17,999 (961)34,229 (34,229)— 
Investment and other income
594 317 35 51 — 403 — 997 
Total revenues$69,853 $23,864 $4,977 $28,857 $(961)$56,737 $(34,229)$92,361 
Earnings from operations$4,592 $1,568 $1,109 $1,257 $— $3,934 $— $8,526 
Interest expense— — — — — — (834)(834)
Earnings before income taxes
$4,592 $1,568 $1,109 $1,257 $— $3,934 $(834)$7,692 
Three Months Ended September 30, 2022
Revenues - unaffiliated customers:
Premiums$