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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________________________________ 
FORM 10-Q
__________________________________________________________ 
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _______
Commission File Number: 1-10864
__________________________________________________________ 
UHG(R)_CMYK.jpg
UnitedHealth Group Incorporated
(Exact name of registrant as specified in its charter)
 __________________________________________________________ 
Delaware41-1321939
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
9900 Bren Road East55343655 New York Avenue NW20001
Minnetonka,
Minnesota
Washington,DC
(Address of principal executive offices) (Zip Code)(Address of principal executive offices)(Zip Code)
(800) 328-5979
(Registrant’s telephone number, including area code)
_________________________________________________________  
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.01 par valueUNHNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act
Large accelerated filer☒Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ☐ No ☒
As of October 31, 2024, there were 920,284,334 shares of the registrant’s Common Stock, $.01 par value per share, issued and outstanding.


UNITEDHEALTH GROUP
Table of Contents
 
  Page



PART I
ITEM 1.    FINANCIAL STATEMENTS
UnitedHealth Group
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions, except per share data)September 30,
2024		December 31,
2023
Assets
Current assets:
Cash and cash equivalents$32,400 $25,427 
Short-term investments4,734 4,201 
Accounts receivable, net20,024 21,276 
Other current receivables, net27,461 17,694 
Assets under management— 3,755 
Prepaid expenses and other current assets7,639 6,084 
Total current assets92,258 78,437 
Long-term investments48,689 47,609 
Property, equipment and capitalized software, net
10,139 11,450 
Goodwill105,978 103,732 
Other intangible assets, net23,594 15,194 
Other assets18,651 17,298 
Total assets$299,309 $273,720 
Liabilities, redeemable noncontrolling interests and equity
Current liabilities:
Medical costs payable$33,951 $32,395 
Accounts payable and accrued liabilities33,080 31,958 
Short-term borrowings and current maturities of long-term debt3,909 4,274 
Unearned revenues3,320 3,355 
Other current liabilities27,305 27,072 
Total current liabilities101,565 99,054 
Long-term debt, less current maturities74,101 58,263 
Deferred income taxes4,014 3,021 
Other liabilities15,174 14,463 
Total liabilities194,854 174,801 
Redeemable noncontrolling interests4,574 4,498 
Equity:
Preferred stock, $0.001 par value - 10 shares authorized; no shares issued or outstanding
— — 
Common stock, $0.01 par value - 3,000 shares authorized; 923 and 924 issued and outstanding
9 9 
Additional paid-in capital461 — 
Retained earnings96,518 95,774 
Accumulated other comprehensive loss(2,453)(7,027)
Nonredeemable noncontrolling interests
5,346 5,665 
Total equity99,881 94,421 
Total liabilities, redeemable noncontrolling interests and equity$299,309 $273,720 
1
UnitedHealth Group
Condensed Consolidated Statements of Operations
(Unaudited)
 Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions, except per share data)2024202320242023
Revenues:
Premiums$77,442 $72,339 $232,327 $217,599 
Products12,631 10,354 36,751 31,272 
Services9,104 8,671 26,742 25,414 
Investment and other income1,643 997 3,651 2,910 
Total revenues100,820 92,361 299,471 277,195 
Operating costs:
Medical costs65,957 59,550 197,150 179,663 
Operating costs13,280 13,855 40,519 41,289 
Cost of products sold11,834 9,423 34,230 28,576 
Depreciation and amortization1,041 1,007 3,058 2,998 
Total operating costs92,112 83,835 274,957 252,526 
Earnings from operations8,708 8,526 24,514 24,669 
Interest expense(1,074)(834)(2,903)(2,416)
Loss on sale of subsidiary and subsidiaries held for sale(20)— (8,331)— 
Earnings before income taxes7,614 7,692 13,280 22,253 
Provision for income taxes(1,356)(1,654)(3,822)(4,784)
Net earnings6,258 6,038 9,458 17,469 
Earnings attributable to noncontrolling interests(203)(197)(596)(543)
Net earnings attributable to UnitedHealth Group common shareholders$6,055 $5,841 $8,862 $16,926 
Earnings per share attributable to UnitedHealth Group common shareholders:
Basic$6.56 $6.31 $9.61 $18.20 
Diluted$6.51 $6.24 $9.53 $18.01 
Basic weighted-average number of common shares outstanding923 926 922 930 
Dilutive effect of common share equivalents7 10 8 10 
Diluted weighted-average number of common shares outstanding930 936 930 940 
Anti-dilutive shares excluded from the calculation of dilutive effect of common share equivalents4 6 6 6 
2
UnitedHealth Group
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
 Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2024202320242023
Net earnings$6,258 $6,038 $9,458 $17,469 
Other comprehensive income (loss):
Gross unrealized gains (losses) on investment securities during the period1,434 (893)1,069 (684)
Income tax effect(328)204 (243)156 
Total unrealized gains (losses), net of tax1,106 (689)826 (528)
Gross reclassification adjustment for net realized (gains) losses included in net earnings(291)7 (349)(27)
Income tax effect67 (2)80 6 
Total reclassification adjustment, net of tax
(224)5 (269)(21)
Foreign currency translation gains (losses) 88 (354)(197)254 
Reclassification adjustment for translation losses included in net earnings— — 4,214 — 
Total foreign currency translation gains (losses)88 (354)4,017 254 
Other comprehensive income (loss)970 (1,038)4,574 (295)
Comprehensive income7,228 5,000 14,032 17,174 
Comprehensive income attributable to noncontrolling interests(203)(197)(596)(543)
Comprehensive income attributable to UnitedHealth Group common shareholders$7,025 $4,803 $13,436 $16,631 
3
UnitedHealth Group
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Common StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive LossNonredeemable Noncontrolling InterestsTotal
Equity
Three months ended September 30,
(in millions)		SharesAmountNet Unrealized (Losses) Gains on InvestmentsForeign Currency Translation (Losses) Gains
Balance at June 30, 2024921 $9 $373 $92,400 $(2,296)$(1,127)$5,317 $94,676 
Net earnings6,055 155 6,210 
Other comprehensive income882 88 970 
Issuances of common stock, and related tax effects
4 — 842 842 
Share-based compensation
208 208 
Common share repurchases(2)— (957)— (957)
Cash dividends paid on common shares ($2.10 per share)
(1,937)(1,937)
Redeemable noncontrolling interests fair value and other adjustments
(5)(5)
Acquisition and other adjustments of nonredeemable noncontrolling interests
28 28 
Distribution to nonredeemable noncontrolling interests
(154)(154)
Balance at September 30, 2024923 $9 $461 $96,518 $(1,414)$(1,039)$5,346 $99,881 
Balance at June 30, 2023927 $9 $— $89,994 $(2,643)$(5,007)$5,015 $87,368 
Net earnings
5,841 149 5,990 
Other comprehensive loss(684)(354)(1,038)
Issuances of common stock, and related tax effects
1 — 395 395 
Share-based compensation
235 235 
Common share repurchases(3)— (588)(923)(1,511)
Cash dividends paid on common shares ($1.88 per share)
(1,739)(1,739)
Redeemable noncontrolling interests fair value and other adjustments
(42)(42)
Acquisition and other adjustments of nonredeemable noncontrolling interests42 42 
Distribution to nonredeemable noncontrolling interests
(136)(136)
Balance at September 30, 2023925 $9 $— $93,173 $(3,327)$(5,361)$5,070 $89,564 







4
UnitedHealth Group
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Common StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive LossNonredeemable Noncontrolling InterestsTotal
Equity
Nine months ended September 30,
(in millions)		SharesAmountNet Unrealized (Losses) Gains on InvestmentsForeign Currency Translation (Losses) Gains
Balance at January 1, 2024924 $9 $— $95,774 $(1,971)$(5,056)$5,665 $94,421 
Net earnings8,862 462 9,324 
Other comprehensive income557 4,017 4,574 
Issuances of common stock, and related tax effects7 — 1,280 1,280 
Share-based compensation770 770 
Common share repurchases(8)— (1,528)(2,517)(4,045)
Cash dividends paid on common shares ($6.08 per share)
(5,601)(5,601)
Redeemable noncontrolling interests fair value and other adjustments(61)(61)
Acquisition and other adjustments of nonredeemable noncontrolling interests(291)(291)
Distribution to nonredeemable noncontrolling interests(490)(490)
Balance at September 30, 2024923 $9 $461 $96,518 $(1,414)$(1,039)$5,346 $99,881 
Balance at January 1, 2023934 $9 $— $86,156 $(2,778)$(5,615)$3,678 $81,450 
Net earnings
16,926 401 17,327 
Other comprehensive (loss) income(549)254 (295)
Issuances of common stock, and related tax effects
4 — 963 963 
Share-based compensation
833 833 
Common share repurchases(13)— (1,663)(4,886)(6,549)
Cash dividends paid on common shares ($5.41 per share)
(5,023)(5,023)
Redeemable noncontrolling interests fair value and other adjustments
(133)(133)
Acquisition and other adjustments of nonredeemable noncontrolling interests1,339 1,339 
Distribution to nonredeemable noncontrolling interests
(348)(348)
Balance at September 30, 2023925 $9 $— $93,173 $(3,327)$(5,361)$5,070 $89,564 
5
UnitedHealth Group
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 Nine Months Ended
September 30,
(in millions)20242023
Operating activities
Net earnings$9,458 $17,469 
Noncash items:
Depreciation and amortization3,058 2,998 
Deferred income taxes(234)(494)
Share-based compensation831 851 
Loss on sale of subsidiary and subsidiaries held for sale8,331 — 
Other, net(610)(59)
Net change in other operating items, net of effects from acquisitions and dispositions:
Accounts receivable685 (2,574)
Other assets(2,988)(2,358)
Medical costs payable2,235 3,837 
Accounts payable and other liabilities1,250 2,370 
Unearned revenues(181)12,221 
Cash flows from operating activities21,835 34,261 
Investing activities
Purchases of investments(19,951)(12,998)
Sales of investments15,065 3,674 
Maturities of investments6,738 6,474 
Cash paid for acquisitions and other transactions, net of cash assumed(11,674)(8,389)
Purchases of property, equipment and capitalized software(2,587)(2,427)
Loans to care providers - cyberattack(8,904)— 
Repayments of care provider loans - cyberattack3,189 — 
Other, net(1,284)(721)
Cash flows used for investing activities(19,408)(14,387)
Financing activities
Common share repurchases(4,028)(6,500)
Cash dividends paid(5,601)(5,023)
Proceeds from common stock issuances1,611 1,039 
Repayments of long-term debt(2,500)(2,125)
(Repayments of) proceeds from short-term borrowings, net(191)1,579 
Proceeds from issuance of long-term debt17,811 6,394 
Customer funds administered(1,059)2,037 
Other, net(1,213)(1,774)
Cash flows from (used for) financing activities4,830 (4,373)
Effect of exchange rate changes on cash and cash equivalents(30)49 
Increase in cash and cash equivalents, including cash within businesses held for sale7,227 15,550 
Less: cash within businesses held for sale(254)— 
Net increase in cash and cash equivalents6,973 15,550 
Cash and cash equivalents, beginning of period25,427 23,365 
Cash and cash equivalents, end of period$32,400 $38,915 
6
UnitedHealth Group
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
1.    Basis of Presentation
UnitedHealth Group Incorporated (individually and together with its subsidiaries, “UnitedHealth Group” and the “Company”) is a health care and well-being company with a mission to help people live healthier lives and help make the health system work better for everyone. The Company’s two distinct, yet complementary businesses — Optum and UnitedHealthcare — are working to help build a modern, high-performing health system through improved access, affordability, outcomes and experiences for the individuals and organizations the Company is privileged to serve.
The Company has prepared the Condensed Consolidated Financial Statements according to U.S. Generally Accepted Accounting Principles (GAAP) and has included the accounts of UnitedHealth Group and its subsidiaries. The year-end condensed consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by GAAP. In accordance with the rules and regulations of the U.S. Securities and Exchange Commission (SEC), the Company has omitted certain footnote disclosures that would substantially duplicate the disclosures contained in its annual audited Consolidated Financial Statements. Therefore, these Condensed Consolidated Financial Statements should be read together with the Consolidated Financial Statements and the Notes included in Part II, Item 8, “Financial Statements and Supplementary Data” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the SEC (2023 10-K). The accompanying Condensed Consolidated Financial Statements include all normal recurring adjustments necessary to present the interim financial statements fairly.
Use of Estimates
These Condensed Consolidated Financial Statements include certain amounts based on the Company’s best estimates and judgments. The Company’s most significant estimates relate to estimates and judgments for medical costs payable and goodwill. Certain of these estimates require the application of complex assumptions and judgments, often because they involve matters that are inherently uncertain and will likely change in subsequent periods. The impact of any change in estimates is included in earnings in the period in which the estimate is adjusted.
Revenues - Products and Services
As of September 30, 2024 and December 31, 2023, accounts receivable related to products and services were $9.2 billion and $8.6 billion, respectively. As of September 30, 2024, revenue expected to be recognized in any future year related to remaining performance obligations, excluding revenue pertaining to contracts having an original expected duration of one year or less, contracts where revenue is recognized as invoiced and contracts with variable consideration related to undelivered performance obligations, was $13.0 billion, of which approximately half is expected to be recognized in the next three years.
Assets Under Management
In July 2024, the Company amended and restated its Medicare Supplement Program with a membership organization (the Medicare Supplement Program). The amendments provide the Company the right to use a trade name and other intellectual property in marketing efforts for Medicare Supplement offerings. Amounts previously reported as assets under management are now included within the Company’s Condensed Consolidated Balance Sheet based upon their classification.
For periods prior to the amended and restated Medicare Supplement Program, the Company excluded the effects of certain balance sheet amounts in its Condensed Consolidated Statements of Cash Flows, while these effects are included for periods after the amendments.
7
2.    Investments
A summary of debt securities by major security type is as follows:
(in millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
September 30, 2024
Debt securities - available-for-sale:
U.S. government and agency obligations$5,005 $5 $(182)$4,828 
State and municipal obligations7,301 23 (256)7,068 
Corporate obligations23,752 82 (781)23,053 
U.S. agency mortgage-backed securities9,209 21 (600)8,630 
Non-U.S. agency mortgage-backed securities2,832 6 (154)2,684 
Total debt securities - available-for-sale48,099 137 (1,973)46,263 
Debt securities - held-to-maturity:
U.S. government and agency obligations414 1 (2)413 
State and municipal obligations28 — (2)26 
Corporate obligations22 — — 22 
Total debt securities - held-to-maturity464 1 (4)461 
Total debt securities$48,563 $138 $(1,977)$46,724 
December 31, 2023
Debt securities - available-for-sale:
U.S. government and agency obligations$4,674 $3 $(234)$4,443 
State and municipal obligations7,636 39 (322)7,353 
Corporate obligations23,136 67 (1,186)22,017 
U.S. agency mortgage-backed securities8,982 22 (708)8,296 
Non-U.S. agency mortgage-backed securities3,023 3 (240)2,786 
Total debt securities - available-for-sale47,451 134 (2,690)44,895 
Debt securities - held-to-maturity:
U.S. government and agency obligations506 1 (6)501 
State and municipal obligations28 — (2)26 
Corporate obligations69 — — 69 
Total debt securities - held-to-maturity603 1 (8)596 
Total debt securities$48,054 $135 $(2,698)$45,491 
The Company held $4.9 billion of equity securities as of September 30, 2024 and December 31, 2023. The Company’s investments in equity securities primarily consist of venture investments and employee savings plan related investments. Additionally, the Company’s investments included $1.8 billion and $1.4 billion of equity method investments primarily in operating businesses in the health care sector as of September 30, 2024 and December 31, 2023, respectively. The allowance for credit losses on held-to-maturity securities at September 30, 2024 and December 31, 2023 was not material.
8
The amortized cost and fair value of debt securities as of September 30, 2024, by contractual maturity, were as follows:
Available-for-SaleHeld-to-Maturity
(in millions)Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Due in one year or less$4,881 $4,861 $320 $319 
Due after one year through five years15,152 14,810 113 114 
Due after five years through ten years10,993 10,432 14 13 
Due after ten years5,032 4,846 17 15 
U.S. agency mortgage-backed securities9,209 8,630 — — 
Non-U.S. agency mortgage-backed securities2,832 2,684 — — 
Total debt securities$48,099 $46,263 $464 $461 
The fair value of available-for-sale debt securities with gross unrealized losses by major security type and length of time that individual securities have been in a continuous unrealized loss position were as follows:
 Less Than 12 Months12 Months or Greater Total
(in millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
September 30, 2024
Debt securities - available-for-sale:
U.S. government and agency obligations
$894 $(7)$2,448 $(175)$3,342 $(182)
State and municipal obligations726 (6)4,278 (250)5,004 (256)
Corporate obligations3,499 (18)12,174 (763)15,673 (781)
U.S. agency mortgage-backed securities2,140 (20)5,018 (580)7,158 (600)
Non-U.S. agency mortgage-backed securities
138 (1)1,990 (153)2,128 (154)
Total debt securities - available-for-sale$7,397 $(52)$25,908 $(1,921)$33,305 $(1,973)
December 31, 2023
Debt securities - available-for-sale:
U.S. government and agency obligations
$1,270 $(7)$2,077 $(227)$3,347 $(234)
State and municipal obligations907 (7)4,063 (315)4,970 (322)
Corporate obligations1,826 (17)14,696 (1,169)16,522 (1,186)
U.S. agency mortgage-backed securities1,337 (12)5,069 (696)6,406 (708)
Non-U.S. agency mortgage-backed securities
279 (6)2,202 (234)2,481 (240)
Total debt securities - available-for-sale$5,619 $(49)$28,107 $(2,641)$33,726 $(2,690)
The Company’s unrealized losses from debt securities as of September 30, 2024 were generated from approximately 27,000 positions out of a total of 41,000 positions. The Company believes that it will timely collect the principal and interest due on its debt securities that have an amortized cost in excess of fair value. The unrealized losses were primarily caused by interest rate increases and not by unfavorable changes in the credit quality associated with these securities which impacted the Company’s assessment on collectability of principal and interest. At each reporting period, the Company evaluates available-for-sale debt securities for any credit-related impairment when the fair value of the investment is less than its amortized cost. The Company evaluated the expected cash flows, the underlying credit quality and credit ratings of the issuers, noting no significant credit deterioration since purchase. As of September 30, 2024, the Company did not have the intent to sell any of the available-for-sale debt securities in an unrealized loss position. Therefore, the Company believes these losses to be temporary. The allowance for credit losses on available-for-sale debt securities at September 30, 2024 and December 31, 2023 was not material.
9
3.    Fair Value
Certain assets and liabilities are measured at fair value in the Condensed Consolidated Financial Statements or have fair values disclosed in the Notes to the Condensed Consolidated Financial Statements. These assets and liabilities are classified into one of three levels of a hierarchy defined by GAAP.
For a description of the methods and assumptions that are used to estimate the fair value and determine the fair value hierarchy classification of each class of financial instrument, see Note 4 of Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data” in the 2023 10-K.
The following table presents a summary of fair value measurements by level and carrying values for items measured at fair value on a recurring basis in the Condensed Consolidated Balance Sheets:
(in millions)Quoted Prices
in Active
Markets
(Level 1)		Other
Observable
Inputs
(Level 2)		Unobservable
Inputs
(Level 3)		Total
Fair and Carrying
Value
September 30, 2024
Cash and cash equivalents$32,230$170$—$32,400
Debt securities - available-for-sale:
U.S. government and agency obligations4,682146—4,828
State and municipal obligations—7,068—7,068
Corporate obligations2722,71930723,053
U.S. agency mortgage-backed securities—8,630—8,630
Non-U.S. agency mortgage-backed securities—2,684—2,684
Total debt securities - available-for-sale4,70941,24730746,263
Equity securities1,83325651,923
Total assets at fair value$38,772$41,442$372$80,586
Percentage of total assets at fair value48 %51 %1 %100 %
December 31, 2023
Cash and cash equivalents$25,345$82$—$25,427
Debt securities - available-for-sale:
U.S. government and agency obligations4,167276—4,443
State and municipal obligations—7,353—7,353
Corporate obligations1521,80020222,017
U.S. agency mortgage-backed securities—8,296—8,296
Non-U.S. agency mortgage-backed securities—2,786—2,786
Total debt securities - available-for-sale4,18240,51120244,895
Equity securities2,46816692,553
Assets under management 1,5052,1401103,755
Total assets at fair value$33,500$42,749$381$76,630
Percentage of total assets at fair value44 %55 %1 %100 %
There were no transfers in or out of Level 3 financial assets or liabilities during the nine months ended September 30, 2024 or 2023.
10
The following table presents a summary of fair value measurements by level and carrying values for certain financial instruments not measured at fair value on a recurring basis in the Condensed Consolidated Balance Sheets:
(in millions)Quoted Prices
in Active
Markets
(Level 1)		Other
Observable
Inputs
(Level 2)		Unobservable
Inputs
(Level 3)		Total
Fair
Value		Total Carrying Value
September 30, 2024
Debt securities - held-to-maturity$435 $26 $— $461 $464 
Long-term debt and other financing obligations$— $75,798 $— $75,798 $76,780 
December 31, 2023
Debt securities - held-to-maturity$524 $72 $— $596 $603 
Long-term debt and other financing obligations$— $59,851 $— $59,851 $61,449 
Nonfinancial assets and liabilities or financial assets and liabilities that are measured at fair value on a nonrecurring basis are subject to fair value adjustments only in certain circumstances, such as when the Company records an impairment. The assets and liabilities within our South American operations held for sale as of September 30, 2024 were measured at the lower of carrying value or fair value less cost to sell. Fair value is measured based upon unobservable amounts, such as estimated selling price derived from Company-specific information and market conditions. There were no other significant fair value adjustments for assets and liabilities recorded during the nine months ended September 30, 2024 or 2023.
4.    Medical Costs Payable
The following table shows the components of the change in medical costs payable for the nine months ended September 30:
(in millions)20242023
Medical costs payable, beginning of period$32,395 $29,056 
Acquisitions (dispositions), net(755)1 
Reported medical costs:
Current year197,750 180,423 
Prior years(600)(760)
Total reported medical costs197,150 179,663 
Medical payments:
Payments for current year
(165,544)(149,671)
Payments for prior years(29,095)(26,257)
Total medical payments(194,639)(175,928)
Less: medical costs payable included within businesses held for sale(200)— 
Medical costs payable, end of period$33,951 $32,792 
For the nine months ended September 30, 2024 and 2023, prior years’ medical cost reserve development included no individual factors that were significant. Medical costs payable included reserves for claims incurred by consumers but not yet reported to the Company of $24.1 billion and $22.3 billion at September 30, 2024 and December 31, 2023, respectively.
11
5.    Short-Term Borrowings and Long-Term Debt
In March 2024, the Company issued $6.0 billion of senior unsecured notes consisting of the following:
(in millions, except percentages)Par Value
4.600% notes due April 2027
$500 
4.700% notes due April 2029
400 
4.900% notes due April 2031
1,000 
5.000% notes due April 2034
1,250 
5.375% Notes due April 2054
1,750 
5.500% Notes due April 2064
1,100 
In July 2024, the Company issued $12.0 billion of senior unsecured notes consisting of the following:
(in millions, except percentages)Par Value
Floating rate notes due July 2026
$500 
4.750% notes due July 2026
650 
4.800% notes due January 2030
1,250 
4.950% notes due January 2032
1,500 
5.150% notes due July 2034
2,000 
5.500% notes due July 2044
1,500 
5.625% notes due July 2054
2,750 
5.750% notes due July 2064
1,850 
As of September 30, 2024, the Company had $1.2 billion of commercial paper outstanding, with a weighted-average annual interest rate of 5.4%.
In May 2024, the Company entered into an additional $3 billion 364-day revolving bank credit facility and a $5 billion 364-day delayed draw term loan. The $5 billion 364-day delayed draw term loan was terminated in September 2024. As of September 30, 2024 no amount had been drawn on any of the bank credit facilities.
For more information on the Company’s short-term borrowings, debt covenants and long-term debt, see Note 8 of Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data” in the 2023 10-K.
6.    Other Intangible Assets
The fair values and weighted-average useful lives assigned to intangible assets as a result of transactions completed during the nine months ended September 30, 2024 consisted of the following:
(in millions, except years)Fair ValueWeighted-Average Useful Life
Customer-related$1,070 13 years
Trademarks and technology509 5 years
Other20 8 years
Total finite-lived$1,599 11 years
Total indefinite-lived - trade names, trademarks, operating licenses and certificates and other8,793 
Total intangible assets$10,392 
12
7.    Shareholders’ Equity
Share Repurchase Program
In June 2024, the Company’s Board of Directors amended the Company’s share repurchase program to authorize the repurchase of up to 35 million shares of Common Stock, in addition to all remaining shares authorized to be repurchased under the Board’s 2018 renewal of the program. As of September 30, 2024, the Company had 42 million shares remaining available under its share repurchase authorization.
Dividends
In June 2024, the Company’s Board of Directors increased the Company’s quarterly cash dividend to shareholders to an annual rate of $8.40 compared to $7.52 per share, which the Company had paid since June 2023. Declaration and payment of future quarterly dividends is at the discretion of the Board of Directors and may be adjusted as business needs or market conditions change.
The following table provides details of the Company’s dividend payments during the nine months ended September 30, 2024:
Payment DateAmount per ShareTotal Amount Paid
(in millions)
March 19$1.88 $1,729 
June 252.10 1,935 
September 242.10 1,937 
8.    Commitments and Contingencies
Pending Transactions
As of September 30, 2024, the Company had entered into transaction agreements in the health care sector, subject to regulatory approval and/or other customary closing conditions. The total anticipated consideration required for these transactions, excluding the payoff of acquired indebtedness, was approximately $5 billion.
Legal Matters
The Company is frequently made party to a variety of legal actions and regulatory inquiries, including class actions and suits brought by members, care providers, consumer advocacy organizations, customers and regulators, relating to the Company’s businesses, including management and administration of health benefit plans and other services. These matters include medical malpractice, employment, intellectual property, antitrust, privacy and contract claims and claims related to health care benefits coverage and other business practices.
The Company records liabilities for its estimates of probable costs resulting from these matters where appropriate. Estimates of costs resulting from legal and regulatory matters involving the Company are inherently difficult to predict, particularly where the matters: involve indeterminate claims for monetary damages or may involve fines, penalties or punitive damages; present novel legal theories or represent a shift in regulatory policy; involve a large number of claimants or regulatory bodies; are in the early stages of the proceedings; or could result in a change in business practices. Accordingly, the Company is often unable to estimate the losses or ranges of losses for those matters where there is a reasonable possibility or it is probable a loss may be incurred.
Government Investigations, Audits and Reviews
The Company has been involved or is currently involved in various governmental investigations, audits and reviews. These include routine, regular and special investigations, audits and reviews by the Centers for Medicare and Medicaid Services (CMS), state insurance and health and welfare departments, state attorneys general, the Office of the Inspector General, the Office of Personnel Management, the Office for Civil Rights, the Government Accountability Office, the Federal Trade Commission, U.S. Congressional committees, the U.S. Department of Justice (DOJ), the SEC, the Internal Revenue Service, the U.S. Drug Enforcement Administration, the U.S. Department of Labor, the Federal Deposit Insurance Corporation, the Consumer Financial Protection Bureau, the Defense Contract Audit Agency, the Food and Drug Administration and other governmental authorities. Similarly, the Company’s international businesses are also subject to investigations, audits and reviews by applicable foreign governments. The Company has also been responding to subpoenas, information requests and investigations from governmental entities. The Company can provide no assurance as to the scope and outcome of these matters and no assurance as to whether its business, financial condition or results of operations will be materially adversely affected. Certain of the Company’s businesses have been reviewed or are currently under review, including for, among other matters, compliance with coding and other requirements under the Medicare risk-adjustment model. CMS has selected certain of the
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Company’s local plans for risk adjustment data validation (RADV) audits to validate the coding practices of and supporting documentation maintained by health care providers and such audits may result in retrospective adjustments to payments made to the Company’s health plans.
On February 14, 2017, the DOJ announced its decision to pursue certain claims within a lawsuit initially asserted against the Company and filed under seal by a whistleblower in 2011. The whistleblower’s complaint, which was unsealed on February 15, 2017, alleges the Company made improper risk adjustment submissions and violated the False Claims Act. On February 12, 2018, the court granted in part and denied in part the Company’s motion to dismiss. In May 2018, the DOJ moved to dismiss the Company’s counterclaims, which were filed in March 2018, and moved for partial summary judgment. In March 2019, the court denied the government’s motion for partial summary judgment and dismissed the Company’s counterclaims without prejudice. The Company cannot reasonably estimate the outcome which may result from this matter given its procedural status.
9.    Dispositions and Held for Sale
During the nine months ended September 30, 2024, the Company completed or initiated various business portfolio and asset disposition activities. The Company recorded a loss of $7.1 billion related to the sale of its Brazil operations, of which $4.1 billion related to the impact of cumulative foreign currency translation losses previously included in accumulated other comprehensive loss, and a loss of $1.2 billion related to the reclassification of the Company’s remaining South American operations as held for sale, of which $876 million related to the impact of cumulative foreign currency translation losses.
The Company also sold other businesses and assets for $1.0 billion in total consideration, with a carrying value of $241 million, and the difference reflected in the Condensed Consolidated Statement of Operations. The sales of the Company’s remaining South American assets are expected to close within a year, subject to regulatory and other customary closing conditions. Assets and liabilities held for sale have been included within prepaid and other current assets and other current liabilities on the Condensed Consolidated Balance Sheet, respectively.
The assets and liabilities of the Brazil and held for sale disposal groups as of the date of the sale and as of September 30, 2024, respectively, were as follows:
(in millions)Brazil
Disposition		Businesses
Held for Sale
Assets
Cash and cash equivalents$778 $254 
Accounts receivable and other current assets515 652 
Long-term investments788 36 
Property, equipment and capitalized software1,052 674 
Deferred tax assets1,035 — 
Goodwill and other intangible assets317 450 
Other long-term assets439 253 
Remeasurement of assets of businesses held for sale to fair value less cost to sell(1)
— (1,245)
Total assets$4,924 $1,074 
Liabilities
Medical costs payable$701 $200 
Accounts payable and other current liabilities834 395 
Other long-term liabilities136 544 
Total liabilities$1,671 $1,139 
(1)      Includes the effect of $876 million of cumulative foreign currency translation losses and $54 million of noncontrolling interests.
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10.    Segment Financial Information
The Company’s four reportable segments are UnitedHealthcare, Optum Health, Optum Insight and Optum Rx. For more information on the Company’s segments, see Part I, Item I, “Business” and Note 14 of Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data” in the 2023 10-K.
The following tables present reportable segment financial information:
  Optum  
(in millions)UnitedHealthcareOptum HealthOptum InsightOptum RxOptum EliminationsOptumCorporate and
Eliminations		Consolidated
Three Months Ended September 30, 2024
Revenues - unaffiliated customers:
Premiums$71,624 $5,818 $— $— $— $