Cash Flow
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CENTENE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions, unaudited) |
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Three Months Ended March 31, |
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2023 |
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2022 |
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Cash flows from operating activities: |
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Net earnings |
$ 1,130 |
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$ 852 |
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Adjustments to reconcile net earnings to net cash provided by operating activities |
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Depreciation and amortization |
346 |
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390 |
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Stock compensation expense |
61 |
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70 |
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Impairment |
20 |
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— |
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(Gain) loss on debt extinguishment |
— |
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(3) |
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Deferred income taxes |
(159) |
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12 |
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(Gain) on divestiture |
(79) |
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— |
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Other adjustments, net |
7 |
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22 |
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Changes in assets and liabilities |
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Premium and trade receivables |
(1,938) |
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(3,099) |
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Other assets |
(315) |
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(299) |
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Medical claims liabilities |
759 |
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1,767 |
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Unearned revenue |
1,919 |
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81 |
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Accounts payable and accrued expenses |
1,548 |
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957 |
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Other long-term liabilities |
970 |
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401 |
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Net cash provided by operating activities |
4,269 |
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1,151 |
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Cash flows from investing activities: |
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Capital expenditures |
(225) |
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(242) |
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Purchases of investments |
(1,619) |
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(1,700) |
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Sales and maturities of investments |
1,148 |
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1,047 |
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Acquisitions, net of cash acquired |
— |
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(1,504) |
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Divestiture proceeds, net of divested cash |
443 |
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— |
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Other investing activities, net |
— |
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(2) |
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Net cash (used in) investing activities |
(253) |
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(2,401) |
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Cash flows from financing activities: |
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Proceeds from long-term debt |
287 |
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100 |
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Payments and repurchases of long-term debt |
— |
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(526) |
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Common stock repurchases |
(423) |
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(71) |
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Proceeds from common stock issuances |
— |
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27 |
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Payments for debt extinguishment |
— |
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(27) |
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Purchase of noncontrolling interest |
(58) |
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— |
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Other financing activities, net |
11 |
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(1) |
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Net cash (used in) financing activities |
(183) |
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(498) |
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Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
2 |
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33 |
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Net increase (decrease) in cash, cash equivalents, and restricted cash and cash |
3,835 |
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(1,715) |
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Cash, cash equivalents, and restricted cash and cash equivalents, beginning of period |
12,330 |
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13,214 |
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Cash, cash equivalents, and restricted cash and cash equivalents, end of period |
$ 16,165 |
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$ 11,499 |
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Supplemental disclosures of cash flow information: |
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Interest paid |
$ 144 |
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$ 139 |
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Income taxes paid |
$ 11 |
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$ 11 |
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The following table provides a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents reported within the Consolidated |
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2023 |
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2022 |
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Cash and cash equivalents |
$ 15,853 |
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$ 11,237 |
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Restricted cash and cash equivalents, included in restricted deposits |
312 |
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262 |
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Total cash, cash equivalents, and restricted cash and cash equivalents |
$ 16,165 |
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$ 11,499 |