(a) 1*. Financial Statements*
The financial statements are included under Item 8 of this report:
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Reports of Independent Registered Public Accounting Firm.
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Consolidated Balance Sheets as of December 31, 2020 and 2019.
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Consolidated Statements of Operations for the years ended December 31, 2020, 2019, and 2018.
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Consolidated Statements of Comprehensive Income for the years ended December 31, 2020, 2019, and 2018.
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Consolidated Statements of Changes in Equity for the years ended December 31, 2020, 2019, and 2018.
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Consolidated Statements of Cash Flows for the years ended December 31, 2020, 2019, and 2018.
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Notes to the Consolidated Financial Statements.
2*. Financial Statement Schedules*
The following financial statement schedule of the Company is included in Item 15(c):
All other schedules for which provision is made in the applicable accounting regulations of the SEC are not required under the related instructions, are inapplicable, or the required information is included in the consolidated financial statements, and therefore have been omitted.
(b)The following exhibits are filed or incorporated by reference herein in response to Item 601 of Regulation S-K. The Company files Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K pursuant to the Securities Exchange Act of 1934 under Commission File No. 1‑10864.
EXHIBIT INDEX**
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| 3.1 | | | | | | Certificate of Incorporation of UnitedHealth Group Incorporated (incorporated by reference to Exhibit 3.1 to UnitedHealth Group Incorporated’s Registration Statement on Form 8-A/A, Commission File No. 1-10864, filed on July 1, 2015) | | |
| 3.2 | | | | | | Amended and Restated Bylaws of UnitedHealth Group Incorporated, effective February 23, 2021 (incorporated by reference to Exhibit 3.2 to UnitedHealth Group Incorporated’s Current Report on Form 8-K filed on February 26, 2021) | | |
| 4.1 | | | | | | Senior Indenture, dated as of November 15, 1998, between United HealthCare Corporation and The Bank of New York (incorporated by reference to Exhibit 4.1 to UnitedHealth Group Incorporated’s Registration Statement on Form S-3/A, SEC File Number 333-66013, filed on January 11, 1999) | | |
| 4.2 | | | | | | Amendment, dated as of November 6, 2000, to Senior Indenture, dated as of November 15, 1998, between the UnitedHealth Group Incorporated and The Bank of New York (incorporated by reference to Exhibit 4.1 to UnitedHealth Group Incorporated’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2001) | | |
| 4.3 | | | | | | Instrument of Resignation, Appointment and Acceptance of Trustee, dated January 8, 2007, pursuant to the Senior Indenture, dated as of November 15, 1988, amended as of November 6, 2000, among UnitedHealth Group Incorporated, The Bank of New York and Wilmington Trust Company (incorporated by reference to Exhibit 4.3 to UnitedHealth Group Incorporated’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007) | | |
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| 4.4 | | | | | | Indenture, dated as of February 4, 2008, between UnitedHealth Group Incorporated and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 to UnitedHealth Group Incorporated’s Registration Statement on Form S-3, SEC File Number 333-149031, filed on February 4, 2008) | | |
| 4.5 | | | | | | Description of Common Stock (incorporated by reference to Exhibit 4.5 to UnitedHealth Group Incorporated’s Annual Report on Form 10-K for the year ended December 31, 2019) | | |
| *10.1 | | | | | | UnitedHealth Group 2020 Stock Incentive Plan (incorporated by UnitedHealth Group 2020 Stock Incentive Plan (incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement on Form S-8, SEC File Number 333-238854, filed on June 1, 2020) | | |
| *10.2 | | | | | | Form of Agreement for Restricted Stock Unit Award to Executives under UnitedHealth Group Incorporated’s 2020 Stock Incentive Plan (incorporated by reference to Exhibit 10.2 to UnitedHealth Group Incorporated’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020) | | |
| *10.3 | | | | | | Form of Agreement for Nonqualified Stock Option Award to Executives under UnitedHealth Group Incorporated’s 2020 Stock Incentive Plan (incorporated by reference to Exhibit 10.3 to UnitedHealth Group Incorporated’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020) | | |
| *10.4 | | | | | | Form of Agreement for Performance-Based Restricted Stock Unit Award to Executives under UnitedHealth Group Incorporated’s 2020 Stock Incentive Plan (incorporated by reference to Exhibit 10.4 to UnitedHealth Group Incorporated’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020) | | |
| *10.5 | | | | | | Form of Agreement for Deferred Stock Unit Award to Non-Employee Directors under UnitedHealth Group Incorporated’s 2020 Stock Incentive Plan (incorporated by reference to Exhibit 10.5 to UnitedHealth Group Incorporated’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020) | | |
| 10.6 | | | | | | Form of Indemnification Agreement (incorporated by reference to Exhibit 10.1 to UnitedHealth Group Incorporated’s Current Report on Form 8-K filed on July 1, 2015) | | |
| *10.7 | | | | | | Amended and Restated UnitedHealth Group Incorporated Executive Incentive Plan (2009 Statement), effective as of December 31, 2008 (incorporated by reference to Exhibit 10.12 to UnitedHealth Group Incorporated’s Annual Report on Form 10-K for the year ended December 31, 2008) | | |
| *10.8 | | | | | | Amended and Restated UnitedHealth Group Incorporated 2008 Executive Incentive Plan, effective as of December 31, 2008 (incorporated by reference to Exhibit 10.13 to UnitedHealth Group Incorporated’s Annual Report on Form 10-K for the year ended December 31, 2008) | | |
| *10.9 | | | | | | Amendment, dated as of December 21, 2012, of Amended and Restated UnitedHealth Group Incorporated 2008 Executive Incentive Plan (incorporated by reference to Exhibit 10.11 to UnitedHealth Group Incorporated’s Annual Report on Form 10-K for the year ended December 31, 2012) | | |
| *10.10 | | | | | | Second Amendment, dated as of November 5, 2015, of Amended and Restated UnitedHealth Group Incorporated 2008 Executive Incentive Plan (incorporated by reference to Exhibit 10.3 to UnitedHealth Group Incorporated’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2015) | | |
| *10.11 | | | | | | UnitedHealth Group Executive Savings Plan (2021 Statement) | | |
| *10.12 | | | | | | Summary of Non-Management Director Compensation, effective as of September 1, 2020 | | |
| *10.13 | | | | | | UnitedHealth Group Directors’ Compensation Deferral Plan (2009 Statement) (incorporated by reference to Exhibit 10.18 to UnitedHealth Group Incorporated’s Annual Report on Form 10-K for the year ended December 31, 2008) | | |
| *10.14 | | | | | | Amendment to the UnitedHealth Group Directors’ Compensation Deferral Plan, effective as of January 1, 2010 (incorporated by reference to Exhibit 10.20 to UnitedHealth Group Incorporated’s Annual Report on Form 10-K for the year ended December 31, 2009) | | |
| *10.15 | | | | | | First Amendment to UnitedHealth Group Directors’ Compensation Deferral Plan (incorporated by reference to Exhibit 10.2 to UnitedHealth Group Incorporated’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2010) | | |
| *10.16 | | | | | | Catamaran Corporation Third Amended and Restated Long-Term Incentive Plan, as amended (incorporated by reference to Exhibit 4.3 to UnitedHealth Group Incorporated’s Registration Statement on Form S-8, SEC File Number 333-205824, filed on July 23, 2015) | | |
| *10.17 | | | | | | Catalyst Health Solutions, Inc. 2006 Stock Incentive Plan, as amended (incorporated by reference to Exhibit 4.4 to UnitedHealth Group Incorporated’s Registration Statement on Form S-8, SEC File Number 333-205824, filed on July 23, 2015) | | |
| *10.18 | | | | | | Audax Health Solutions, Inc. 2010 Equity Incentive Plan, as amended (incorporated by reference to Exhibit 4.4 to UnitedHealth Group Incorporated’s Post-Effective Amendment No. 1 to Registration Statement on Form S-8, SEC File Number 333-205826, filed on February 15, 2017) | | |
| *10.19 | | | | | | Surgical Care Affiliates, Inc. 2016 Omnibus Long-Term Incentive Plan (incorporated by reference to Exhibit 4.3 to UnitedHealth Group Incorporated’s Post-Effective Amendment No. 1 on Form S-8 to Registration Statement on Form S-4, SEC File Number 333-216153, filed on March 27, 2017) | | |
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| *10.20 | | | | | | Surgical Care Affiliates, Inc. 2013 Omnibus Long-Term Incentive Plan (incorporated by reference to Exhibit 4.4 to UnitedHealth Group Incorporated’s Post-Effective Amendment No. 1 on Form S-8 to Registration Statement on Form S-4, SEC File Number 333-216153, filed on March 27, 2017) | | |
| *10.21 | | | | | | Surgical Care Affiliates, Inc. Management Equity Incentive Plan (incorporated by reference to Exhibit 4.5 to UnitedHealth Group Incorporated’s Post-Effective Amendment No. 1 on Form S-8 to Registration Statement on Form S-4, SEC File Number 333-216153, filed on March 27, 2017) | | |
| *10.22 | | | | | | Surgical Care Affiliates, Inc. Directors and Consultants Equity Incentive Plan (incorporated by reference to Exhibit 4.6 to UnitedHealth Group Incorporated’s Post-Effective Amendment No. 1 on Form S-8 to Registration Statement on Form S-4, SEC File Number 333-216153, filed on March 27, 2017) | | |
| *10.23 | | | | | | The Advisory Board Company Amended and Restated 2009 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 to The Advisory Board Company’s Current Report on Form 8-K filed on June 15, 2015) | | |
| *10.24 | | | | | | The Advisory Board Company 2005 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 to The Advisory Board Company’s Current Report on Form 8-K filed on November 17, 2005) | | |
| *10.25 | | | | | | Amended and Restated Employment Agreement, effective as of December 1, 2014, between United HealthCare Services, Inc. and David Wichmann (incorporated by reference to Exhibit 10.1 to UnitedHealth Group Incorporated’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015) | | |
| *10.26 | | | | | | Amendment to Employment Agreement, effective as of August 16, 2017, between United HealthCare Services, Inc. and David Wichmann (incorporated by reference to Exhibit 10.2 to UnitedHealth Group Incorporated’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2017) | | |
| *10.27 | | | | | | Amended and Restated Employment Agreement, dated as of June 7, 2016, between United HealthCare Services, Inc. and John Rex (incorporated by reference to Exhibit 10.1 to UnitedHealth Group Incorporated’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2016) | | |
| *10.28 | | | | | | Amended and Restated Employment Agreement, dated February 3, 2021 between the Company and Andrew P. Witty (incorporated by reference to Exhibit 5.02 to UnitedHealth Group Incorporated’s Current Report on Form8-K filed on February 8, 2021) | | |
| *10.29 | | | | | | Amended and Restated Employment Agreement, effective as of March 16, 2015, between United HealthCare Services, Inc. and Dirk McMahon (incorporated by reference to Exhibit 10.44 to UnitedHealth Group Incorporated’s Annual Report on Form 10-K for the year ended December 31, 2019) | | |
| *10.30 | | | | | | Amendment to Employment Agreement, effective as of May 31, 2017, between United HealthCare Services, Inc. and Dirk McMahon (incorporated by reference to Exhibit 10.45 to UnitedHealth Group Incorporated’s Annual Report on Form 10-K for the year ended December 31, 2019) | | |
| *10.31 | | | | | | Amendment to Employment Agreement, effective as of March 12, 2019, between United HealthCare Services, Inc. and Dirk McMahon (incorporated by reference to Exhibit 10.46 to UnitedHealth Group Incorporated’s Annual Report on Form 10-K for the year ended December 31, 2019) | | |
| *10.32 | | | | | | Employment Agreement, effective as of October 31, 2019, between United HealthCare Services, Inc. and Patricia Lewis | | |
| 11.1 | | | | | | Statement regarding computation of per share earnings (incorporated by reference to the information contained under the heading “Net Earnings Per Common Share” in Note 2 of Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements”) | | |
| 21.1 | | | | | | Subsidiaries of UnitedHealth Group Incorporated | | |
| 23.1 | | | | | | Consent of Independent Registered Public Accounting Firm | | |
| 24.1 | | | | | | Power of Attorney | | |
| 31.1 | | | | | | Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | | |
| 32.1 | | | | | | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | | |
| 101.INS | | | | | | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | | |
| 101.SCH | | | | | | Inline XBRL Taxonomy Extension Schema Document. | | |
| 101.CAL | | | | | | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | | |
| 101.DEF | | | | | | Inline XBRL Taxonomy Extension Definition Linkbase Document. | | |
| 101.LAB | | | | | | Inline XBRL Taxonomy Extension Label Linkbase Document. | | |
| 101.PRE | | | | | | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | | |
| 104 | | | | | | Cover Page Interactive Data File (formatted as Inline XBRL and embedded within Exhibit 101). | | |
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| * | | | | | | Denotes management contracts and compensation plans in which certain directors and named executive officers participate and which are being filed pursuant to Item 601(b)(10)(iii)(A) of Regulation S-K. | | |
| ** | | | | | | Pursuant to Item 601(b)(4)(iii) of Regulation S-K, copies of instruments defining the rights of certain holders of long-term debt are not filed. The Company will furnish copies thereof to the SEC upon request. | | |
(c) Financial Statement Schedule
Schedule I - Condensed Financial Information of Registrant (Parent Company Only).
Schedule I
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the shareholders and the Board of Directors of UnitedHealth Group Incorporated and Subsidiaries:
Opinion on the Financial Statement Schedule
We have audited the consolidated financial statements of UnitedHealth Group Incorporated and Subsidiaries (the “Company”) as of December 31, 2020 and 2019, and for each of the three years in the period ended December 31, 2020, and the Company’s internal control over financial reporting as of December 31, 2020, and have issued our reports thereon dated March 1, 2021; such reports are included elsewhere in this Form 10-K. Our audits also included the financial statement schedule of the Company listed in the Index at Item 15. This financial statement schedule is the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statement schedule based on our audits. In our opinion, the financial statement schedule, when considered in relation to the consolidated financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein.
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| /s/ DELOITTE & TOUCHE LLP | | |
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| Minneapolis, Minnesota | | |
| March 1, 2021 | | |
Schedule I
Condensed Financial Information of Registrant
(Parent Company Only)
UnitedHealth Group
Condensed Balance Sheets
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| (in millions, except per share data) | | | | | | December 31, 2020 | | | | | | December 31, 2019 | | |
| Assets | | | | | | | | | | | | | | |
| Current assets: | | | | | | | | | | | | | | |
| Cash and cash equivalents | | | | | | $ | 258 | | | | | $ | 46 | |
| Other current assets | | | | | | 562 | | | | | | 787 | | |
| Total current assets | | | | | | 820 | | | | | | 833 | | |
| Equity in net assets of subsidiaries | | | | | | 107,714 | | | | | | 93,467 | | |
| Long-term notes receivable from subsidiaries | | | | | | 5,021 | | | | | | 5,079 | | |
| Other assets | | | | | | 342 | | | | | | 794 | | |
| Total assets | | | | | | $ | 113,897 | | | | | $ | 100,173 | |
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| Liabilities and shareholders’ equity | | | | | | | | | | | | | | |
| Current liabilities: | | | | | | | | | | | | | | |
| Accounts payable and accrued liabilities | | | | | | $ | 589 | | | | | $ | 688 | |
| Current portion of notes payable to subsidiaries | | | | | | 4,882 | | | | | | 750 | | |
| Short-term borrowings and current maturities of long-term debt | | | | | | 4,465 | | | | | | 3,548 | | |
| Total current liabilities | | | | | | 9,936 | | | | | | 4,986 | | |
| Long-term debt, less current maturities | | | | | | 37,815 | | | | | | 35,926 | | |
| Long-term notes payable to subsidiaries | | | | | | — | | | | | | 1,314 | | |
| Other liabilities | | | | | | 655 | | | | | | 331 | | |
| Total liabilities | | | | | | 48,406 | | | | | | 42,557 | | |
| 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; 946 and 948 issued and outstanding | | | | | | 10 | | | | | | 9 | | |
| Additional paid-in capital | | | | | | — | | | | | | 7 | | |
| Retained earnings | | | | | | 69,295 | | | | | | 61,178 | | |
| Accumulated other comprehensive loss | | | | | | (3,814) | | | | | | (3,578) | | |
| Total UnitedHealth Group shareholders’ equity | | | | | | 65,491 | | | | | | 57,616 | | |
| Total liabilities and shareholders’ equity | | | | | | $ | 113,897 | | | | | $ | 100,173 | |
See Notes to the Condensed Financial Statements of Registrant
Schedule I
Condensed Financial Information of Registrant
(Parent Company Only)
UnitedHealth Group
Condensed Statements of Comprehensive Income
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| | | | | | For the Years Ended December 31, | | | | | | | | | | | | | | |
| (in millions) | | | | | | 2020 | | | | | | 2019 | | | | | | 2018 | | |
| Revenues: | | | | | | | | | | | | | | | | | | | | |
| Investment and other income | | | | | | $ | 194 | | | | | $ | 209 | | | | | $ | 194 | |
| Total revenues | | | | | | 194 | | | | | | 209 | | | | | | 194 | | |
| Operating costs: | | | | | | | | | | | | | | | | | | | | |
| Operating costs | | | | | | 27 | | | | | | 38 | | | | | | 35 | | |
| Interest expense | | | | | | 1,594 | | | | | | 1,580 | | | | | | 1,285 | | |
| Total operating costs | | | | | | 1,621 | | | | | | 1,618 | | | | | | 1,320 | | |
| Loss before income taxes | | | | | | (1,427) | | | | | | (1,409) | | | | | | (1,126) | | |
| Benefit for income taxes | | | | | | 300 | | | | | | 293 | | | | | | 251 | | |
| Loss of parent company | | | | | | (1,127) | | | | | | (1,116) | | | | | | (875) | | |
| Equity in undistributed income of subsidiaries | | | | | | 16,530 | | | | | | 14,955 | | | | | | 12,861 | | |
| Net earnings | | | | | | 15,403 | | | | | | 13,839 | | | | | | 11,986 | | |
| Other comprehensive (loss) income | | | | | | (236) | | | | | | 582 | | | | | | (1,517) | | |
| Comprehensive income | | | | | | $ | 15,167 | | | | | $ | 14,421 | | | | | $ | 10,469 | |
See Notes to the Condensed Financial Statements of Registrant
Schedule I
Condensed Financial Information of Registrant
(Parent Company Only)
UnitedHealth Group
Condensed Statements of Cash Flows
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| | | | | | For the Years Ended December 31, | | | | | | | | | | | | | | |
| (in millions) | | | | | | 2020 | | | | | | 2019 | | | | | | 2018 | | |
| Operating activities | | | | | | | | | | | | | | | | | | | | |
| Cash flows from operating activities | | | | | | $ | 8,842 | | | | | $ | 9,275 | | | | | $ | 6,099 | |
| Investing activities | | | | | | | | | | | | | | | | | | | | |
| Issuances of notes to subsidiaries | | | | | | (628) | | | | | | (2,722) | | | | | | (1,420) | | |
| Repayments of notes to subsidiaries | | | | | | 1,089 | | | | | | 2,249 | | | | | | 1,419 | | |
| Cash paid for acquisitions | | | | | | (7,706) | | | | | | (9,645) | | | | | | (4,066) | | |
| Return of capital to parent company | | | | | | 943 | | | | | | 4,497 | | | | | | 4,196 | | |
| Capital contributions to subsidiaries | | | | | | (43) | | | | | | (803) | | | | | | (1,259) | | |
| Other, net | | | | | | 143 | | | | | | 490 | | | | | | 4 | | |
| Cash flows used for investing activities | | | | | | (6,202) | | | | | | (5,934) | | | | | | (1,126) | | |
| Financing activities | | | | | | | | | | | | | | | | | | | | |
| Common stock repurchases | | | | | | (4,250) | | | | | | (5,500) | | | | | | (4,500) | | |
| Proceeds from common stock issuances | | | | | | 1,440 | | | | | | 1,037 | | | | | | 838 | | |
| Cash dividends paid | | | | | | (4,584) | | | | | | (3,932) | | | | | | (3,320) | | |
| Proceeds from (repayments of) short-term borrowings, net | | | | | | 872 | | | | | | 300 | | | | | | (201) | | |
| Proceeds from issuance of long-term debt | | | | | | 4,864 | | | | | | 5,444 | | | | | | 6,935 | | |
| Repayments of long-term debt | | | | | | (3,150) | | | | | | (1,750) | | | | | | (2,600) | | |
| Proceeds (repayments) of notes from subsidiaries | | | | | | 2,818 | | | | | | 1,207 | | | | | | (1,127) | | |
| Other, net | | | | | | (438) | | | | | | (535) | | | | | | (923) | | |
| Cash flows used for financing activities | | | | | | (2,428) | | | | | | (3,729) | | | | | | (4,898) | | |
| Increase (decrease) in cash and cash equivalents | | | | | | 212 | | | | | | (388) | | | | | | 75 | | |
| Cash and cash equivalents, beginning of period | | | | | | 46 | | | | | | 434 | | | | | | 359 | | |
| Cash and cash equivalents, end of period | | | | | | $ | 258 | | | | | $ | 46 | | | | | $ | 434 | |
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| Supplemental cash flow disclosures | | | | | | | | | | | | | | | | | | | | |
| Cash paid for interest | | | | | | $ | 1,633 | | | | | $ | 1,506 | | | | | $ | 1,294 | |
| Cash paid for income taxes | | | | | | 4,185 | | | | | | 2,590 | | | | | | 2,379 | | |
See Notes to the Condensed Financial Statements of Registrant
Schedule I
Condensed Financial Information of Registrant
(Parent Company Only)
UnitedHealth Group
Notes to Condensed Financial Statements
1. Basis of Presentation
UnitedHealth Group’s parent company financial information has been derived from its consolidated financial statements and should be read in conjunction with the consolidated financial statements included in this Form 10-K. The accounting policies for the registrant are the same as those described in Note 2 of the Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements.”
2. Subsidiary Transactions
Investment in Subsidiaries. UnitedHealth Group’s investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries.
Dividends and Capital Distributions. Cash dividends received from subsidiaries and included in Cash Flows from Operating Activities in the Condensed Statements of Cash Flows were $10.0 billion, $5.6 billion and $5.6 billion in 2020, 2019 and 2018, respectively. Additionally, $0.9 billion, $4.5 billion and $4.2 billion in cash were received as a return of capital to the parent company during 2020, 2019 and 2018, respectively.
3. Short-Term Borrowings and Long-Term Debt
Discussion of short-term borrowings and long-term debt can be found in Note 8 of the Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements.” Long-term debt obligations of the parent company do not include other financing obligations at subsidiaries which totaled $1.2 billion at December 31, 2020 and 2019.
Maturities of short-term borrowings and long-term debt for the years ending December 31 are as follows:
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| (in millions) | | | | | | | | |
| 2021 | | | | | | $ | 4,446 | |
| 2022 | | | | | | 3,015 | | |
| 2023 | | | | | | 2,125 | | |
| 2024 | | | | | | 1,500 | | |
| 2025 | | | | | | 2,300 | | |
| Thereafter | | | | | | 29,177 | | |
UnitedHealth Group’s parent company had notes payable to subsidiaries of $4.9 billion as of December 31, 2020, which included on-demand features.
4. Commitments and Contingencies
Certain regulated subsidiaries are guaranteed by UnitedHealth Group’s parent company in the event of insolvency. UnitedHealth Group’s parent company also provides guarantees related to its service level under certain contracts. None of the amounts accrued, paid or charged to income for service level guarantees were material as of December 31, 2020, 2019 or 2018.
For a summary of commitments and contingencies, see Note 12 of the Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements.”
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