| Condensed Balance Sheets |
Centene Corporation (Parent Company Only)
Condensed Balance Sheets
(In millions, except shares in thousands and per share data in dollars)
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December 31, |
|
2019 |
|
2018 |
ASSETS |
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Current assets: |
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Cash and cash equivalents |
$ |
6,257 |
|
|
$ |
6 |
|
Short-term investments |
3 |
|
|
2 |
|
Other current assets |
50 |
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|
61 |
|
Total current assets |
6,310 |
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|
69 |
|
Long-term investments |
130 |
|
|
14 |
|
Investment in subsidiaries |
19,561 |
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|
17,409 |
|
Other long-term assets |
337 |
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|
278 |
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Total assets |
$ |
26,338 |
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$ |
17,770 |
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LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY |
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Current liabilities |
$ |
198 |
|
|
$ |
109 |
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Long-term debt |
13,411 |
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|
6,521 |
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Other long-term liabilities |
37 |
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|
117 |
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Total liabilities |
13,646 |
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|
6,747 |
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Redeemable noncontrolling interest |
33 |
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|
10 |
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Stockholders' equity: |
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Preferred stock, $.001 par value; authorized 10,000 shares; no shares issued or outstanding at December 31, 2019 and December 31, 2018 |
— |
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— |
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Common stock, $.001 par value; authorized 800,000 shares; 421,508 issued and 415,048 outstanding at December 31, 2019, and 417,695 issued and 412,478 outstanding at December 31, 2018 |
— |
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|
— |
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Additional paid-in capital |
7,647 |
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|
7,449 |
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Accumulated other comprehensive loss |
134 |
|
|
(56 |
) |
Retained earnings |
4,984 |
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|
3,663 |
|
Treasury stock, at cost (6,460 and 5,217 shares, respectively) |
(214 |
) |
|
(139 |
) |
Total Centene stockholders' equity |
12,551 |
|
|
10,917 |
|
Noncontrolling interest |
108 |
|
|
96 |
|
Total stockholders' equity |
12,659 |
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|
11,013 |
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Total liabilities, redeemable noncontrolling interests and stockholders' equity |
$ |
26,338 |
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|
$ |
17,770 |
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| Condensed Statements Of Operations |
Centene Corporation (Parent Company Only)
Condensed Statements of Operations
(In millions, except per share data in dollars)
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Year Ended December 31, |
|
2019 |
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2018 |
|
2017 |
Expenses: |
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Selling, general and administrative expenses |
$ |
11 |
|
|
$ |
28 |
|
|
$ |
7 |
|
Contingent consideration |
(24 |
) |
|
(4 |
) |
|
(1 |
) |
Other income (expense): |
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Investment and other income |
11 |
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3 |
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2 |
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Debt extinguishment costs |
(30 |
) |
|
— |
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— |
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Interest expense |
(394 |
) |
|
(334 |
) |
|
(247 |
) |
Loss before income taxes |
(400 |
) |
|
(355 |
) |
|
(251 |
) |
Income tax benefit |
(172 |
) |
|
(64 |
) |
|
(114 |
) |
Net (loss) before equity in subsidiaries |
(228 |
) |
|
(291 |
) |
|
(137 |
) |
Equity in earnings from subsidiaries |
1,537 |
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|
1,185 |
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|
945 |
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Net earnings |
1,309 |
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|
894 |
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|
808 |
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Loss attributable to noncontrolling interests |
12 |
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|
6 |
|
|
20 |
|
Net earnings attributable to Centene |
$ |
1,321 |
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$ |
900 |
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$ |
828 |
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Net earnings per share: |
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Basic earnings per common share |
$ |
3.19 |
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$ |
2.31 |
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$ |
2.40 |
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Diluted earnings per common share |
$ |
3.14 |
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$ |
2.26 |
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$ |
2.34 |
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| Condensed Statements Of Cash Flows |
Centene Corporation (Parent Company Only)
Condensed Statements of Cash Flows
(In millions)
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Year Ended December 31, |
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2019 |
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2018 |
|
2017 |
Cash flows from operating activities: |
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Dividends from subsidiaries, return on investment |
$ |
429 |
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$ |
464 |
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$ |
292 |
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Other operating activities, net |
(231 |
) |
|
(317 |
) |
|
(132 |
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Net cash provided by operating activities |
198 |
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|
147 |
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|
160 |
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Cash flows from investing activities: |
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Capital contributions to subsidiaries |
(731 |
) |
|
(681 |
) |
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(339 |
) |
Purchases of investments |
(124 |
) |
|
(23 |
) |
|
(38 |
) |
Sales and maturities of investments |
— |
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|
7 |
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4 |
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Dividends from subsidiaries, return of investment |
291 |
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|
11 |
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|
28 |
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Investments in acquisitions |
(302 |
) |
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(4,226 |
) |
|
(59 |
) |
Intercompany activities |
140 |
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|
215 |
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|
322 |
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Other investing activities, net |
— |
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— |
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|
(1 |
) |
Net cash used in investing activities |
(726 |
) |
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(4,697 |
) |
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(83 |
) |
Cash flows from financing activities: |
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Proceeds from the issuance of common stock |
— |
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|
2,778 |
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— |
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Proceeds from long-term debt |
24,647 |
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|
6,014 |
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|
1,400 |
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Payments of long-term debt |
(17,778 |
) |
|
(4,080 |
) |
|
(1,350 |
) |
Common stock repurchases |
(75 |
) |
|
(71 |
) |
|
(65 |
) |
Contribution from noncontrolling interest |
21 |
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|
— |
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— |
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Payments for debt extinguishment |
(23 |
) |
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— |
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— |
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Debt issuance costs |
(25 |
) |
|
(25 |
) |
|
— |
|
Purchase of noncontrolling interest |
— |
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|
(76 |
) |
|
(66 |
) |
Other financing activities, net |
12 |
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|
10 |
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|
5 |
|
Net cash provided by (used in) financing activities |
6,779 |
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|
4,550 |
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(76 |
) |
Net increase in cash and cash equivalents |
6,251 |
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— |
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|
1 |
|
Cash and cash equivalents, beginning of period
|
6 |
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|
6 |
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|
5 |
|
Cash and cash equivalents, end of period
|
$ |
6,257 |
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$ |
6 |
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$ |
6 |
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