Item 1. FINANCIAL STATEMENTS

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Item 1. FINANCIAL STATEMENTS

UnitedHealth Group

Condensed Consolidated Balance Sheets

(Unaudited)


(in millions, except per share data)	March 31, 2024		December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	28,414	$	25,427
Short-term investments	4,296		4,201
Accounts receivable, net	27,197		21,276
Other current receivables, net	19,284		17,694
Assets under management	3,619		3,755
Prepaid expenses and other current assets	6,132		6,084
Total current assets	88,942		78,437
Long-term investments	45,928		47,609
Property, equipment and capitalized software, net	10,429		11,450
Goodwill	105,664		103,732
Other intangible assets, net	15,543		15,194
Other assets	17,704		17,298
Total assets	$	284,210	$	273,720
Liabilities, redeemable noncontrolling interests and equity
Current liabilities:
Medical costs payable	$	34,032	$	32,395
Accounts payable and accrued liabilities	30,738		31,958
Short-term borrowings and current maturities of long-term debt	9,787		4,274
Unearned revenues	3,206		3,355
Other current liabilities	26,668		27,072
Total current liabilities	104,431		99,054
Long-term debt, less current maturities	63,850		58,263
Deferred income taxes	4,167		3,021
Other liabilities	14,844		14,463
Total liabilities	187,292		174,801
Commitments and contingencies (Note 6)
Redeemable noncontrolling interests	4,548		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; 920 and 924 issued and outstanding	9		9
Retained earnings	90,118		95,774
Accumulated other comprehensive loss	(3,439)		(7,027)
Nonredeemable noncontrolling interests	5,682		5,665
Total equity	92,370		94,421
Total liabilities, redeemable noncontrolling interests and equity	$	284,210	$	273,720

See Notes to the Condensed Consolidated Financial Statements

UnitedHealth Group

Condensed Consolidated Statements of Operations

(Unaudited)


	Three Months Ended March 31,
(in millions, except per share data)	2024		2023
Revenues:
Premiums	$	77,988	$	72,786
Products	11,909		10,267
Services	8,888		8,080
Investment and other income	1,011		798
Total revenues	99,796		91,931
Operating costs:
Medical costs	65,735		59,845
Operating costs	14,077		13,625
Cost of products sold	11,056		9,405
Depreciation and amortization	997		970
Total operating costs	91,865		83,845
Earnings from operations	7,931		8,086
Interest expense	(844)		(754)
Loss on sale of subsidiary	(7,086)		—
Earnings before income taxes	1		7,332
Provision for income taxes	(1,222)		(1,558)
Net (loss) earnings	(1,221)		5,774
Earnings attributable to noncontrolling interests	(188)		(163)
Net (loss) earnings attributable to UnitedHealth Group common shareholders	$	(1,409)	$	5,611
(Loss) earnings per share attributable to UnitedHealth Group common shareholders:
Basic	$	(1.53)	$	6.01
Diluted	$	(1.53)	$	5.95
Basic weighted-average number of common shares outstanding	922		933
Dilutive effect of common share equivalents	—		10
Diluted weighted-average number of common shares outstanding	922		943
Anti-dilutive shares excluded from the calculation of dilutive effect of common share equivalents	15		5

See Notes to the Condensed Consolidated Financial Statements

UnitedHealth Group

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)


	Three Months Ended March 31,
(in millions)	2024		2023
Net (loss) earnings	$	(1,221)	$	5,774
Other comprehensive income:
Gross unrealized (losses) gains on investment securities during the period	(290)		640
Income tax effect	68		(147)
Total unrealized (losses) gains, net of tax	(222)		493
Gross reclassification adjustment for net realized (gains) losses included in net earnings	(32)		13
Income tax effect	7		(3)
Total reclassification adjustment, net of tax	(25)		10
Foreign currency translation (losses) gains	(293)		341
Reclassification adjustment for translation losses included in net (loss) earnings	4,128		—
Total foreign currency translation gains	3,835		341
Other comprehensive income	3,588		844
Comprehensive income	2,367		6,618
Comprehensive income attributable to noncontrolling interests	(188)		(163)
Comprehensive income attributable to UnitedHealth Group common shareholders	$	2,179	$	6,455

See Notes to the Condensed Consolidated Financial Statements

UnitedHealth Group

Condensed Consolidated Statements of Changes in Equity

(Unaudited)


	Common Stock			Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss				Nonredeemable Noncontrolling Interests		Total Equity
Three months ended March 31, (in millions)	Shares	Amount				Net Unrealized (Losses) Gains on Investments		Foreign Currency Translation (Losses) Gains
Balance at January 1, 2024	924	$	9	$	—	$	95,774	$	(1,971)	$	(5,056)	$	5,665	$	94,421
Net (loss) earnings						(1,409)						149		(1,260)
Other comprehensive (loss) income								(247)		3,835				3,588
Issuances of common stock, and related tax effects	2	—		242										242
Share-based compensation				352										352
Common share repurchases	(6)	—		(574)		(2,518)								(3,092)
Cash dividends paid on common shares ($1.88 per share)						(1,729)								(1,729)
Redeemable noncontrolling interests fair value and other adjustments				(20)										(20)
Acquisition and other adjustments of nonredeemable noncontrolling interests												19		19
Distribution to nonredeemable noncontrolling interests												(151)		(151)
Balance at March 31, 2024	920	$	9	$	—	$	90,118	$	(2,218)	$	(1,221)	$	5,682	$	92,370

Balance at January 1, 2023	934	$	9	$	—	$	86,156	$	(2,778)	$	(5,615)	$	3,678	$	81,450
Net earnings						5,611						113		5,724
Other comprehensive income								503		341				844
Issuances of common stock, and related tax effects	2	—		350										350
Share-based compensation				366										366
Common share repurchases	(4)	—		(633)		(1,378)								(2,011)
Cash dividends paid on common shares ($1.65 per share)						(1,537)								(1,537)
Redeemable noncontrolling interests fair value and other adjustments				(83)										(83)
Acquisition and other adjustments of nonredeemable noncontrolling interests												819		819
Distribution to nonredeemable noncontrolling interests												(101)		(101)
Balance at March 31, 2023	932	$	9	$	—	$	88,852	$	(2,275)	$	(5,274)	$	4,509	$	85,821

See Notes to the Condensed Consolidated Financial Statements

UnitedHealth Group

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	Three Months Ended March 31,
(in millions)	2024		2023
Operating activities
Net (loss) earnings	$	(1,221)	$	5,774
Noncash items:
Depreciation and amortization	997		970
Deferred income taxes	(27)		(332)
Share-based compensation	372		362
Loss on sale of subsidiary	7,086		—
Other, net	179		69
Net change in other operating items, net of effects from acquisitions, dispositions and changes in AARP balances:
Accounts receivable	(6,162)		(4,306)
Other assets	(1,927)		(1,875)
Medical costs payable	2,069		2,467
Accounts payable and other liabilities	(231)		1,796
Unearned revenues	9		11,402
Cash flows from operating activities	1,144		16,327
Investing activities
Purchases of investments	(4,798)		(4,894)
Sales of investments	2,976		456
Maturities of investments	2,314		2,119
Cash paid for acquisitions, net of cash assumed	(3,006)		(7,826)
Purchases of property, equipment and capitalized software	(743)		(760)
Other, net	(3,083)		(115)
Cash flows used for investing activities	(6,340)		(11,020)
Financing activities
Common share repurchases	(3,072)		(2,000)
Cash dividends paid	(1,729)		(1,537)
Proceeds from common stock issuances	486		344
Repayments of long-term debt	(750)		(1,375)
Proceeds from short-term borrowings, net	6,189		7,349
Proceeds from issuance of long-term debt	5,925		6,401
Customer funds administered	1,745		5,012
Other, net	(563)		(1,004)
Cash flows from financing activities	8,231		13,190
Effect of exchange rate changes on cash and cash equivalents	(48)		51
Increase in cash and cash equivalents	2,987		18,548
Cash and cash equivalents, beginning of period	25,427		23,365
Cash and cash equivalents, end of period	$	28,414	$	41,913

See Notes to the Condensed Consolidated Financial Statements

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 March 31, 2024 and December 31, 2023, accounts receivable related to products and services were $10.3 billion and $8.6 billion, respectively. As of March 31, 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 $14.3 billion, of which approximately half is expected to be recognized in the next three years.

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
March 31, 2024
Debt securities - available-for-sale:
U.S. government and agency obligations	$	4,730	$	1	$	(262)	$	4,469
State and municipal obligations	7,228		7		(357)		6,878
Corporate obligations	22,756		20		(1,225)		21,551
U.S. agency mortgage-backed securities	9,395		7		(850)		8,552
Non-U.S. agency mortgage-backed securities	2,901		1		(220)		2,682
Total debt securities - available-for-sale	47,010		36		(2,914)		44,132
Debt securities - held-to-maturity:
U.S. government and agency obligations	510		—		(5)		505
State and municipal obligations	28		—		(3)		25
Corporate obligations	59		—		—		59
Total debt securities - held-to-maturity	597		—		(8)		589
Total debt securities	$	47,607	$	36	$	(2,922)	$	44,721
December 31, 2023
Debt securities - available-for-sale:
U.S. government and agency obligations	$	4,674	$	3	$	(234)	$	4,443
State and municipal obligations	7,636		39		(322)		7,353
Corporate obligations	23,136		67		(1,186)		22,017
U.S. agency mortgage-backed securities	8,982		22		(708)		8,296
Non-U.S. agency mortgage-backed securities	3,023		3		(240)		2,786
Total debt securities - available-for-sale	47,451		134		(2,690)		44,895
Debt securities - held-to-maturity:
U.S. government and agency obligations	506		1		(6)		501
State and municipal obligations	28		—		(2)		26
Corporate obligations	69		—		—		69
Total debt securities - held-to-maturity	603		1		(8)		596
Total debt securities	$	48,054	$	135	$	(2,698)	$	45,491

The Company held $4.1 billion and $4.9 billion of equity securities as of March 31, 2024 and December 31, 2023, respectively. The Company’s investments in equity securities primarily consist of venture investments and employee savings plan related investments. Additionally, the Company’s investments included $1.4 billion of equity method investments primarily in operating businesses in the health care sector as of March 31, 2024 and December 31, 2023. The allowance for credit losses on held-to-maturity securities at March 31, 2024 and December 31, 2023 was not material.

The amortized cost and fair value of debt securities as of March 31, 2024, by contractual maturity, were as follows:


	Available-for-Sale				Held-to-Maturity
(in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	4,430	$	4,398	$	336	$	334
Due after one year through five years	14,686		14,061		219		216
Due after five years through ten years	10,690		9,813		24		23
Due after ten years	4,908		4,626		18		16
U.S. agency mortgage-backed securities	9,395		8,552		—		—
Non-U.S. agency mortgage-backed securities	2,901		2,682		—		—
Total debt securities	$	47,010	$	44,132	$	597	$	589

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 Months				12 Months or Greater				Total
(in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
March 31, 2024
Debt securities - available-for-sale:
U.S. government and agency obligations	$	2,005	$	(18)	$	2,053	$	(244)	$	4,058	$	(262)
State and municipal obligations	1,736		(18)		4,334		(339)		6,070		(357)
Corporate obligations	4,046		(33)		13,881		(1,192)		17,927		(1,225)
U.S. agency mortgage-backed securities	2,686		(46)		5,197		(804)		7,883		(850)
Non-U.S. agency mortgage-backed securities	159		(1)		2,265		(219)		2,424		(220)
Total debt securities - available-for-sale	$	10,632	$	(116)	$	27,730	$	(2,798)	$	38,362	$	(2,914)
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 obligations	907		(7)		4,063		(315)		4,970		(322)
Corporate obligations	1,826		(17)		14,696		(1,169)		16,522		(1,186)
U.S. agency mortgage-backed securities	1,337		(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 March 31, 2024 were generated from approximately 32,000 positions out of a total of 39,000 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 March 31, 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 March 31, 2024 and December 31, 2023 was not material.

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
March 31, 2024
Cash and cash equivalents	$	28,367		$	47		$	—		$	28,414
Debt securities - available-for-sale:
U.S. government and agency obligations	4,275			194			—			4,469
State and municipal obligations	—			6,878			—			6,878
Corporate obligations	28			21,324			199			21,551
U.S. agency mortgage-backed securities	—			8,552			—			8,552
Non-U.S. agency mortgage-backed securities	—			2,682			—			2,682
Total debt securities - available-for-sale	4,303			39,630			199			44,132
Equity securities	1,640			16			69			1,725
Assets under management	1,636			1,876			107			3,619
Total assets at fair value	$	35,946		$	41,569		$	375		$	77,890
Percentage of total assets at fair value	46		%	53		%	1		%	100		%
December 31, 2023
Cash and cash equivalents	$	25,345		$	82		$	—		$	25,427
Debt securities - available-for-sale:
U.S. government and agency obligations	4,167			276			—			4,443
State and municipal obligations	—			7,353			—			7,353
Corporate obligations	15			21,800			202			22,017
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-sale	4,182			40,511			202			44,895
Equity securities	2,468			16			69			2,553
Assets under management	1,505			2,140			110			3,755
Total assets at fair value	$	33,500		$	42,749		$	381		$	76,630
Percentage of total assets at fair value	44		%	55		%	1		%	100		%

There were no transfers in or out of Level 3 financial assets or liabilities during the three months ended March 31, 2024 or 2023.

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
March 31, 2024
Debt securities - held-to-maturity	$	522	$	67	$	—	$	589	$	597
Long-term debt and other financing obligations	$	—	$	63,489	$	—	$	63,489	$	66,299
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. There were no significant fair value adjustments for these assets and liabilities recorded during the three months ended March 31, 2024 or 2023.

4. Medical Costs Payable

The following table shows the components of the change in medical costs payable for the three months ended March 31:


(in millions)	2024		2023
Medical costs payable, beginning of period	$	32,395	$	29,056
Acquisitions (dispositions), net	(687)		1
Reported medical costs:
Current year	66,045		60,315
Prior years	(310)		(470)
Total reported medical costs	65,735		59,845
Medical payments:
Payments for current year	(38,652)		(35,087)
Payments for prior years	(24,759)		(22,006)
Total medical payments	(63,411)		(57,093)
Medical costs payable, end of period	$	34,032	$	31,809

For the three months ended March 31, 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 $25.3 billion and $22.3 billion at March 31, 2024 and December 31, 2023, respectively.

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

As of March 31, 2024, the Company had $7.3 billion of commercial paper outstanding, with a weighted-average annual interest rate of 5.4%.

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. Commitments and Contingencies

Pending Acquisitions

As of March 31, 2024, the Company has entered into agreements to acquire companies in the health care sector, subject to regulatory approval and other customary closing conditions. The total anticipated consideration required for these acquisitions, excluding the payoff of acquired indebtedness, is approximately $4 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 of 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 (CFPB), the Defense Contract Audit Agency 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 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.

7. Disposition

On February 6, 2024, the Company completed the sale of its Brazil operations. During the three months ended March 31, 2024, the Company recorded a loss of $7.1 billion within the Consolidated Statement of Operations, of which $4.1 billion related to the impact of cumulative foreign currency translation losses previously included in accumulated other comprehensive loss.

The assets and liabilities of the disposal group as of the date of the sale were as follows:


(in millions)
Assets
Cash and cash equivalents	$	778
Accounts receivable and other current assets	515
Long-term investments	788
Property, equipment and capitalized software	1,052
Deferred tax assets	1,035
Other intangible assets	317
Other long-term assets	439
Total assets	4,924
Liabilities
Medical costs payable	701
Accounts payable and other current liabilities	834
Other long-term liabilities	136
Total liabilities	$	1,671

8. 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)	UnitedHealthcare		Optum Health		Optum Insight		Optum Rx		Optum Eliminations		Optum		Corporate and Eliminations		Consolidated
Three Months Ended March 31, 2024
Revenues - unaffiliated customers:
Premiums	$	72,293	$	5,695	$	—	$	—	$	—	$	5,695	$	—	$	77,988
Products	—		59		41		11,809		—		11,909		—		11,909
Services	2,529		3,970		1,702		687		—		6,359		—		8,888
Total revenues - unaffiliated customers	74,822		9,724		1,743		12,496		—		23,963		—		98,785
Total revenues - affiliated customers	—		16,617		2,731		18,281		(1,016)		36,613		(36,613)		—
Investment and other income	535		390		28		58		—		476		—		1,011
Total revenues	$	75,357	$	26,731	$	4,502	$	30,835	$	(1,016)	$	61,052	$	(36,613)	$	99,796
Earnings from operations	$	4,395	$	1,899	$	490	$	1,147	$	—	$	3,536	$	—	$	7,931
Interest expense	—		—		—		—		—		—		(844)		(844)
Loss on sale of subsidiary	(7,086)		—		—		—		—		—		—		(7,086)
Earnings before income taxes	$	(2,691)	$	1,899	$	490	$	1,147	$	—	$	3,536	$	(844)	$	1
Three Months Ended March 31, 2023
Revenues - unaffiliated customers:
Premiums	$	67,458	$	5,328	$	—	$	—	$	—	$	5,328	$	—	$	72,786
Products	—		44		40		10,183		—		10,267		—		10,267
Services	2,555		3,089		1,926		510		—		5,525		—		8,080
Total revenues - unaffiliated customers	70,013		8,461		1,966		10,693		—		21,120		—		91,133
Total revenues - affiliated customers	—		14,266		2,510		16,679		(859)		32,596		(32,596)		—
Investment and other income	455		277		20		46		—		343		—		798
Total revenues	$	70,468	$	23,004	$	4,496	$	27,418	$	(859)	$	54,059	$	(32,596)	$	91,931
Earnings from operations	$	4,343	$	1,776	$	907	$	1,060	$	—	$	3,743	$	—	$	8,086
Interest expense	—		—		—		—		—		—		(754)		(754)
Earnings before income taxes	$	4,343	$	1,776	$	907	$	1,060	$	—	$	3,743	$	(754)	$	7,332

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