Cash Flow
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CENTENE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions, unaudited) |
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Nine Months Ended September 30, |
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2024 |
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2023 |
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Cash flows from operating activities: |
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Net earnings |
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$ 3,014 |
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$ 2,660 |
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Adjustments to reconcile net earnings to net cash provided by operating activities |
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Depreciation and amortization |
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927 |
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978 |
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Stock compensation expense |
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181 |
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167 |
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Impairment |
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13 |
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478 |
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Deferred income taxes |
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14 |
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14 |
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(Gain) loss on divestitures, net |
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(103) |
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(172) |
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Other adjustments, net |
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(2) |
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158 |
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Changes in assets and liabilities |
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Premium and trade receivables |
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(2,737) |
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(2,329) |
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Other assets |
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78 |
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(103) |
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Medical claims liabilities |
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(5) |
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401 |
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Unearned revenue |
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(58) |
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1,878 |
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Accounts payable and accrued expenses |
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(503) |
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3,127 |
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Other long-term liabilities |
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(84) |
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583 |
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Other operating activities, net |
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6 |
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(4) |
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Net cash provided by operating activities |
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741 |
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7,836 |
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Cash flows from investing activities: |
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Capital expenditures |
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(490) |
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(576) |
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Purchases of investments |
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(5,770) |
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(4,729) |
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Sales and maturities of investments |
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4,147 |
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4,373 |
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Divestiture proceeds, net of divested cash |
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959 |
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690 |
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Net cash used in investing activities |
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(1,154) |
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(242) |
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Cash flows from financing activities: |
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Proceeds from long-term debt |
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350 |
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2,170 |
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Payments and repurchases of long-term debt |
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(594) |
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(1,970) |
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Common stock repurchases |
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(2,181) |
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(1,602) |
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Proceeds from common stock issuances |
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37 |
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32 |
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Purchase of noncontrolling interest |
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— |
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(87) |
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Other financing activities, net |
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(5) |
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— |
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Net cash used in financing activities |
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(2,393) |
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(1,457) |
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Effect of exchange rate changes on cash, cash equivalents and restricted cash |
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7 |
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19 |
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Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents |
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(2,799) |
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6,156 |
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Cash and cash equivalents reclassified (to) from held for sale |
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(3) |
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(36) |
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Cash, cash equivalents and restricted cash and cash equivalents, beginning of period |
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17,452 |
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12,330 |
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Cash, cash equivalents and restricted cash and cash equivalents, end of period |
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$ 14,650 |
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$ 18,450 |
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Supplemental disclosures of cash flow information: |
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Interest paid |
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$ 495 |
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$ 496 |
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Income taxes paid |
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$ 821 |
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$ 759 |
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The following table provides a reconciliation of cash, cash equivalents and restricted cash and cash equivalents reported within the Consolidated Balance Sheets to the totals above: |
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September 30, |
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2024 |
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2023 |
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Cash and cash equivalents |
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$ 14,577 |
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$ 18,190 |
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Restricted cash and cash equivalents, included in restricted deposits |
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73 |
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260 |
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Total cash, cash equivalents and restricted cash and cash equivalents |
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$ 14,650 |
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$ 18,450 |