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Condensed Financial Information Of Registrant (Tables) (Parent Company [Member])
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12 Months Ended |
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Dec. 31, 2012
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Parent Company [Member]
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| Condensed Balance Sheets |
Centene Corporation (Parent Company Only)
Condensed Balance Sheets
(In thousands, except share data)
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December 31, |
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2012 |
|
2011 |
ASSETS |
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Current assets: |
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Cash and cash equivalents |
$ |
22,279 |
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$ |
28,527 |
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Short-term investments, at fair value (amortized cost $6,500 and $0, respectively) |
6,500 |
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|
— |
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Other current assets |
42,230 |
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|
36,354 |
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Total current assets |
71,009 |
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|
64,881 |
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Long-term investments, at fair value (amortized cost $1,356 and $4,164, respectively) |
1,356 |
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4,164 |
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Investment in subsidiaries |
1,298,648 |
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1,105,491 |
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Other long-term assets |
42,523 |
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32,105 |
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Total assets |
$ |
1,413,536 |
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$ |
1,206,641 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current liabilities |
$ |
4,333 |
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$ |
3,100 |
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Long-term debt |
449,127 |
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258,617 |
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Other long-term liabilities |
6,309 |
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8,505 |
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Total liabilities |
459,769 |
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270,222 |
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Stockholders' equity: |
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Common stock, $.001 par value; authorized 100,000,000 shares; 55,339,160 issued and 52,329,248 outstanding at December 31, 2012, and 53,586,726 issued and 50,864,618 outstanding at December 31, 2011 |
55 |
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54 |
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Additional paid-in capital |
450,856 |
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421,981 |
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Accumulated other comprehensive income: |
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Unrealized gain on investments, net of tax |
5,189 |
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|
5,761 |
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Retained earnings |
566,820 |
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|
564,961 |
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Treasury stock, at cost (3,009,912 and 2,722,108 shares, respectively) |
(69,864 |
) |
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(57,123 |
) |
Total Centene stockholders' equity |
953,056 |
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|
935,634 |
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Noncontrolling interest |
711 |
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|
785 |
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Total stockholders' equity |
953,767 |
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|
936,419 |
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Total liabilities and stockholders' equity |
$ |
1,413,536 |
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$ |
1,206,641 |
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| Condensed Statements Of Operations |
Centene Corporation (Parent Company Only)
Condensed Statements of Operations
(In thousands, except share data)
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Year Ended December 31, |
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2012 |
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2011 |
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2010 |
Expenses: |
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General and administrative expenses |
$ |
4,090 |
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$ |
4,488 |
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$ |
3,502 |
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Other income (expense): |
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Investment and other income |
19,921 |
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(8,790 |
) |
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(4,700 |
) |
Interest expense |
(15,757 |
) |
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(15,494 |
) |
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(14,844 |
) |
Earnings (loss) before income taxes |
74 |
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(28,772 |
) |
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(23,046 |
) |
Income tax benefit |
(9,668 |
) |
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(12,825 |
) |
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(8,576 |
) |
Net earnings (loss) before equity in subsidiaries |
9,742 |
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(15,947 |
) |
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(14,470 |
) |
Equity in earnings from subsidiaries |
(7,883 |
) |
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127,165 |
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109,306 |
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Net earnings |
$ |
1,859 |
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$ |
111,218 |
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$ |
94,836 |
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Net earnings per share from continuing operations: |
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Basic earnings per common share |
$ |
0.04 |
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$ |
2.22 |
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$ |
1.87 |
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Diluted earnings per common share |
$ |
0.03 |
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$ |
2.12 |
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$ |
1.80 |
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Weighted average number of shares outstanding: |
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Basic |
51,509,366 |
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50,198,954 |
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48,754,947 |
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Diluted |
53,714,375 |
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52,474,238 |
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50,447,888 |
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| Condensed Statements Of Cash Flows |
Centene Corporation (Parent Company Only)
Condensed Statements of Cash Flows
(In thousands)
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Year Ended December 31, |
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2012 |
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2011 |
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2010 |
Cash flows from operating activities: |
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Cash provided by operating activities |
$ |
327,940 |
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$ |
72,754 |
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$ |
23,504 |
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Cash flows from investing activities: |
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Net dividends from and capital contributions to subsidiaries |
(539,575 |
) |
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(50,581 |
) |
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(17,172 |
) |
Purchase of investments |
(7,320 |
) |
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(21,915 |
) |
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(86,549 |
) |
Sales and maturities of investments |
30,000 |
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11,111 |
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90,121 |
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Acquisitions, net of cash acquired |
— |
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(1,773 |
) |
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(48,656 |
) |
Proceeds from asset sales |
— |
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— |
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13,420 |
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Net cash used in investing activities |
(516,895 |
) |
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(63,158 |
) |
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(48,836 |
) |
Cash flows from financing activities: |
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Proceeds from borrowings |
400,500 |
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|
419,183 |
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|
91,000 |
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Payment of long-term debt and notes payable |
(215,000 |
) |
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(413,644 |
) |
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(115,000 |
) |
Proceeds from exercise of stock options |
15,912 |
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15,815 |
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3,419 |
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Common stock offering |
— |
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— |
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104,534 |
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Common stock repurchases |
(12,741 |
) |
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(7,809 |
) |
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(3,224 |
) |
Debt issue costs |
(3,623 |
) |
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(9,242 |
) |
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— |
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Distribution to noncontrolling interest |
— |
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— |
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(8,158 |
) |
Contributions from noncontrolling interest |
1,092 |
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|
813 |
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|
771 |
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Purchase of noncontrolling interest |
(14,429 |
) |
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— |
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(48,257 |
) |
Excess tax benefits from stock compensation |
10,996 |
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|
4,435 |
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|
963 |
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Net cash provided by financing activities |
182,707 |
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|
9,551 |
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26,048 |
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Net increase (decrease) in cash and cash equivalents |
(6,248 |
) |
|
19,147 |
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|
716 |
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Cash and cash equivalents, beginning of period
|
28,527 |
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|
9,380 |
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|
8,664 |
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Cash and cash equivalents, end of period
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$ |
22,279 |
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$ |
28,527 |
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$ |
9,380 |
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