Cash Flow
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CENTENE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions, unaudited) |
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Six Months Ended June 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 |
$ 2,304 |
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$ 2,185 |
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Adjustments to reconcile net earnings to net cash provided by operating activities |
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Depreciation and amortization |
614 |
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650 |
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Stock compensation expense |
132 |
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117 |
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Impairment |
13 |
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38 |
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Deferred income taxes |
40 |
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(160) |
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(Gain) loss on divestitures, net |
(103) |
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(172) |
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Other adjustments, net |
(11) |
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68 |
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Changes in assets and liabilities |
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Premium and trade receivables |
(1,059) |
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(319) |
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Other assets |
(404) |
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(325) |
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Medical claims liabilities |
173 |
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139 |
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Unearned revenue |
(118) |
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1,895 |
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Accounts payable and accrued expenses |
(1,704) |
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618 |
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Other long-term liabilities |
1,838 |
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2,081 |
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Other operating activities, net |
4 |
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— |
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Net cash provided by operating activities |
1,719 |
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6,815 |
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Cash flows from investing activities: |
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Capital expenditures |
(337) |
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(440) |
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Purchases of investments |
(3,434) |
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(3,199) |
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Sales and maturities of investments |
2,497 |
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2,293 |
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Divestiture proceeds, net of divested cash |
959 |
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669 |
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Net cash used in investing activities |
(315) |
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(677) |
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Cash flows from financing activities: |
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Proceeds from long-term debt |
350 |
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1,281 |
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Payments and repurchases of long-term debt |
(565) |
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(1,322) |
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Common stock repurchases |
(954) |
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(828) |
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Proceeds from common stock issuances |
25 |
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21 |
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Purchase of noncontrolling interest |
— |
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(85) |
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Other financing activities, net |
(4) |
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— |
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Net cash used in financing activities |
(1,148) |
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(933) |
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Effect of exchange rate changes on cash, cash equivalents and restricted cash |
7 |
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(7) |
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Net increase in cash, cash equivalents and restricted cash and cash equivalents |
263 |
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5,198 |
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Cash, cash equivalents and restricted cash and cash equivalents, beginning of period |
17,452 |
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12,330 |
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Cash, cash equivalents and restricted cash and cash equivalents, end of period |
$ 17,715 |
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$ 17,528 |
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Supplemental disclosures of cash flow information: |
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Interest paid |
$ 352 |
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$ 348 |
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Income taxes paid |
$ 610 |
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$ 592 |
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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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June 30, |
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2024 |
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2023 |
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Cash and cash equivalents |
$ 17,605 |
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$ 17,170 |
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Restricted cash and cash equivalents, included in restricted deposits |
110 |
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358 |
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Total cash, cash equivalents and restricted cash and cash equivalents |
$ 17,715 |
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$ 17,528 |