Cash Flow
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CENTENE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions, unaudited) |
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March 31, |
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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 |
$ 1,158 |
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$ 1,130 |
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Adjustments to reconcile net earnings to net cash (used in) provided by operating activities |
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Depreciation and amortization |
308 |
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325 |
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Stock compensation expense |
70 |
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61 |
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Impairment |
13 |
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20 |
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Deferred income taxes |
104 |
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(159) |
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(Gain) loss on divestitures, net |
(98) |
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(79) |
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Other adjustments, net |
(2) |
|
7 |
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Changes in assets and liabilities |
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Premium and trade receivables |
(1,211) |
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(1,938) |
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Other assets |
(474) |
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(315) |
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Medical claims liabilities |
108 |
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759 |
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Unearned revenue |
(34) |
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1,919 |
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Accounts payable and accrued expenses |
(1,411) |
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1,548 |
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Other long-term liabilities |
1,013 |
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970 |
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Other operating activities, net |
— |
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21 |
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Net cash (used in) provided by operating activities |
(456) |
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4,269 |
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Cash flows from investing activities: |
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Capital expenditures |
(151) |
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(225) |
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Purchases of investments |
(1,317) |
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(1,619) |
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Sales and maturities of investments |
1,441 |
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1,148 |
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Divestiture proceeds, net of divested cash |
879 |
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443 |
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Net cash provided by (used in) investing activities |
852 |
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(253) |
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Cash flows from financing activities: |
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Proceeds from long-term debt |
350 |
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287 |
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Payments and repurchases of long-term debt |
(187) |
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— |
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Common stock repurchases |
(151) |
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(423) |
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Proceeds from common stock issuances |
14 |
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12 |
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Purchase of noncontrolling interest |
— |
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(58) |
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Other financing activities, net |
(3) |
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(1) |
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Net cash provided by (used in) financing activities |
23 |
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(183) |
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Effect of exchange rate changes on cash, cash equivalents and restricted cash |
6 |
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2 |
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Net increase in cash, cash equivalents and restricted cash and cash equivalents |
425 |
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3,835 |
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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 |
$ 17,877 |
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$ 16,165 |
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Supplemental disclosures of cash flow information: |
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Interest paid |
$ 155 |
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$ 144 |
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Income taxes paid |
$ 13 |
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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 Balance Sheets to the totals above: |
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March 31, |
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2024 |
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2023 |
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Cash and cash equivalents |
$ 17,585 |
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$ 15,853 |
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Restricted cash and cash equivalents, included in restricted deposits |
292 |
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312 |
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Total cash, cash equivalents and restricted cash and cash equivalents |
$ 17,877 |
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$ 16,165 |