Schedule I (Tables)

12 Months Ended

Dec. 31, 2024

Maturities of short-term borrowings and long-term debt for the years ending December 31 are as follows:

Condensed Financial Information of Registrant

(Parent Company Only)

UnitedHealth Group

Condensed Balance Sheets


(in millions, except per share data)	December 31, 2024		December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	234	$	776
Other current assets	411		570
Total current assets	645		1,346
Equity in net assets of subsidiaries	179,209		153,692
Long-term notes receivable from subsidiaries	6,062		5,693
Other assets	920		831
Total assets	$	186,836	$	161,562

Liabilities and shareholders’ equity
Current liabilities:
Accounts payable and accrued liabilities	$	1,501	$	1,116
Short-term notes payable to subsidiaries	2,016		9,887
Short-term borrowings and current maturities of long-term debt	4,348		4,086
Total current liabilities	7,865		15,089
Long-term debt, less current maturities	71,831		57,387
Long-term notes payable to subsidiaries	14,405		—
Other liabilities	77		330
Total liabilities	94,178		72,806
Commitments and contingencies (Note 4)
Shareholders’ 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; 915 and 924 issued and outstanding	9		9
Retained earnings	96,036		95,774
Accumulated other comprehensive loss	(3,387)		(7,027)
Total UnitedHealth Group shareholders’ equity	92,658		88,756
Total liabilities and shareholders’ equity	$	186,836	$	161,562

Condensed Financial Information of Registrant

(Parent Company Only)

UnitedHealth Group

Condensed Statements of Comprehensive Income


	For the Years Ended December 31,
(in millions)	2024		2023		2022
Revenues:
Investment and other income	$	368	$	312	$	255
Total revenues	368		312		255
Operating costs:
Operating costs	108		35		121
Interest expense	4,544		3,469		2,110
Total operating costs	4,652		3,504		2,231
Loss before income taxes	(4,284)		(3,192)		(1,976)
Benefit for income taxes	1,032		654		429
Loss of parent company	(3,252)		(2,538)		(1,547)
Equity in undistributed income of subsidiaries	17,657		24,919		21,667
Net earnings	14,405		22,381		20,120
Other comprehensive income (loss)	3,640		1,366		(3,009)
Comprehensive income	$	18,045	$	23,747	$	17,111

Condensed Financial Information of Registrant

(Parent Company Only)

UnitedHealth Group

Condensed Statements of Cash Flows


	For the Years Ended December 31,
(in millions)	2024		2023		2022
Operating activities
Cash flows from operating activities	$	4,852	$	17,443	$	14,754
Investing activities
Issuances of notes to subsidiaries	(349)		(41)		(567)
Repayments of notes to subsidiaries	225		817		281
Cash paid for acquisitions and other transactions	(13,750)		(8,144)		(20,728)
Return of capital to parent company	21		639		1,424
Capital contributions to subsidiaries	—		(2,472)		(570)
Cash received from dispositions, net	2,444		624		2,787
Other, net	30		286		—
Cash flows used for investing activities	(11,379)		(8,291)		(17,373)
Financing activities
Common stock repurchases	(9,000)		(8,000)		(7,000)
Proceeds from common stock issuances	1,846		1,353		1,253
Cash dividends paid	(7,533)		(6,761)		(5,991)
(Repayments of) proceeds from short-term borrowings, net	(151)		11		732
Proceeds from issuance of long-term debt	17,811		6,394		14,819
Repayments of long-term debt	(3,000)		(2,125)		(3,015)
(Repayments of) proceeds from short-term notes from subsidiaries, net	(7,966)		1,188		594
Proceeds from long-term notes from subsidiaries	14,396		—		—
Repayments of long-term notes from subsidiaries	(28)		—		—
Other, net	(390)		(702)		(674)
Cash flows from (used for) financing activities	5,985		(8,642)		718
(Decrease) increase in cash and cash equivalents	(542)		510		(1,901)
Cash and cash equivalents, beginning of period	776		266		2,167
Cash and cash equivalents, end of period	$	234	$	776	$	266

Supplemental cash flow disclosures
Cash paid for interest	$	4,241	$	3,257	$	1,969
Cash paid for income taxes	2,450		4,426		4,298

Maturities of short-term borrowings and long-term debt for the years ending December 31 are as follows: