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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2023 |
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2022 |
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Cash flows from operating activities: |
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Net earnings |
$ 2,185 |
|
$ 681 |
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Adjustments to reconcile net earnings to net cash provided by operating activities |
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Depreciation and amortization |
650 |
|
718 |
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Stock compensation expense |
117 |
|
129 |
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Impairment |
38 |
|
1,450 |
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(Gain) loss on debt extinguishment |
— |
|
(16) |
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(Gain) on acquisition |
— |
|
(2) |
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Deferred income taxes |
(160) |
|
(417) |
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(Gain) on divestiture |
(172) |
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— |
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Other adjustments, net |
68 |
|
162 |
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Changes in assets and liabilities |
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|
|
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Premium and trade receivables |
(319) |
|
(1,288) |
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Other assets |
(325) |
|
(245) |
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Medical claims liabilities |
139 |
|
2,089 |
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Unearned revenue |
1,895 |
|
75 |
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Accounts payable and accrued expenses |
618 |
|
41 |
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Other long-term liabilities |
2,081 |
|
1,058 |
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Other operating activities, net |
— |
|
70 |
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Net cash provided by operating activities |
6,815 |
|
4,505 |
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Cash flows from investing activities: |
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Capital expenditures |
(440) |
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(524) |
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Purchases of investments |
(3,199) |
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(3,114) |
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Sales and maturities of investments |
2,293 |
|
2,005 |
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Acquisitions, net of cash acquired |
— |
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(1,512) |
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Divestiture proceeds, net of divested cash |
669 |
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— |
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Net cash (used in) investing activities |
(677) |
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(3,145) |
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Cash flows from financing activities: |
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|
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Proceeds from long-term debt |
1,281 |
|
331 |
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Payments and repurchases of long-term debt |
(1,322) |
|
(900) |
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Common stock repurchases |
(828) |
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(420) |
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Proceeds from common stock issuances |
21 |
|
38 |
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Payments for debt extinguishment |
— |
|
(27) |
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Purchase of noncontrolling interest |
(85) |
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— |
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Other financing activities, net |
— |
|
(6) |
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Net cash (used in) financing activities |
(933) |
|
(984) |
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Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
(7) |
|
(9) |
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Net increase in cash, cash equivalents, and restricted cash and cash equivalents |
5,198 |
|
367 |
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Cash, cash equivalents, and restricted cash and cash equivalents, beginning of period |
12,330 |
|
13,214 |
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Cash, cash equivalents, and restricted cash and cash equivalents, end of period |
$ 17,528 |
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$ 13,581 |
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Supplemental disclosures of cash flow information: |
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Interest paid |
$ 348 |
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$ 327 |
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Income taxes paid |
$ 592 |
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$ 411 |
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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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2023 |
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2022 |
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Cash and cash equivalents |
$ 17,170 |
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$ 13,435 |
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Restricted cash and cash equivalents, included in restricted deposits |
358 |
|
146 |
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Total cash, cash equivalents, and restricted cash and cash equivalents |
$ 17,528 |
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$ 13,581 |