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 |
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2022 |
2021 |
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Cash flows from operating activities: |
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Net earnings |
$ 1,421 |
$ 743 |
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Adjustments to reconcile net earnings to net cash provided by operating activities |
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Depreciation and amortization |
1,178 |
1,098 |
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Stock compensation expense |
180 |
127 |
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Impairment |
1,739 |
229 |
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(Gain) loss on debt extinguishment |
(26) |
125 |
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(Gain) on acquisition |
(2) |
(309) |
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Deferred income taxes |
(682) |
(143) |
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(Gain) loss on divestitures |
(503) |
62 |
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Other adjustments, net |
164 |
(6) |
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Changes in assets and liabilities |
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Premium and trade receivables |
(1,274) |
(1,723) |
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Other assets |
152 |
(124) |
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Medical claims liabilities |
1,976 |
1,661 |
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Unearned revenue |
1,964 |
(169) |
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Accounts payable and accrued expenses |
686 |
993 |
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Other long-term liabilities |
863 |
964 |
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Other operating activities, net |
1 |
2 |
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Net cash provided by operating activities |
7,837 |
3,530 |
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Cash flows from investing activities: |
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Capital expenditures |
(771) |
(662) |
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Purchases of investments |
(5,118) |
(5,253) |
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Sales and maturities of investments |
2,842 |
4,069 |
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Acquisitions, net of cash acquired |
(1,457) |
(534) |
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Divestiture proceeds, net of divested cash |
1,362 |
(62) |
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Net cash used in investing activities |
(3,142) |
(2,442) |
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Cash flows from financing activities: |
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Proceeds from long-term debt |
357 |
9,247 |
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Payments and repurchases of long-term debt |
(1,202) |
(7,411) |
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Common stock repurchases |
(1,663) |
(49) |
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Payments for debt extinguishment |
(14) |
(157) |
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Debt issuance costs |
— |
(72) |
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Other financing activities, net |
57 |
39 |
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Net cash (used in) provided by financing activities |
(2,465) |
1,597 |
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Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
(37) |
(8) |
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Net increase in cash, cash equivalents, and restricted cash and cash equivalents |
2,193 |
2,677 |
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Cash and cash equivalents reclassified from (to) held for sale |
(192) |
— |
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Cash, cash equivalents, and restricted cash and cash equivalents, beginning of period |
13,214 |
10,957 |
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Cash, cash equivalents, and restricted cash and cash equivalents, end of period |
$ 15,215 |
$ 13,634 |
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Supplemental disclosures of cash flow information: |
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Interest paid |
$ 462 |
$ 479 |
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Income taxes paid |
$ 448 |
$ 477 |
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The following table provides a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents reported within the |
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September 30, |
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2022 |
2021 |
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Cash and cash equivalents |
$ 14,987 |
$ 13,423 |
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Restricted cash and cash equivalents, included in restricted deposits |
228 |
211 |
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Total cash, cash equivalents, and restricted cash and cash equivalents |
$ 15,215 |
$ 13,634 |
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