| Consolidated Balance Sheets (in millions) | December 31, 2014 | December 31, 2013 |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | $1,108.6 | $1,274.5 |
| Investments | 5,347.1 | 5,700.2 |
| Accounts receivable | 2,537.6 | 2,318.0 |
| Property and equipment, net | 1,628.8 | 1,546.5 |
| Goodwill and other intangible assets, net | 833.1 | 839.5 |
| Other assets | 1,398.1 | 1,127.1 |
| Total assets | $12,853.3 | $12,805.8 |
| Liabilities and Net Assets | ||
| Claims outstanding | $2,391.5 | $2,371.7 |
| Unearned premium revenue | 300.5 | 313.8 |
| Amounts held for others | 488.6 | 608.3 |
| Benefit plan liabilities | 811.6 | 511.5 |
| Debt | 1,703.7 | 1,638.1 |
| Other liabilities | 1,746.4 | 1,560.0 |
| Total liabilities | 7,442.3 | 7,003.4 |
| Total net assets | 5,411.0 | 5,802.4 |
| Total liabilities and net assets | $12,853.3 | $12,805.8 |
| Consolidated Statements of Operations (in millions) | Years Ended December 31, | |
|---|---|---|
| 2014 | 2013 | |
| Premium and management services revenue | $13,664.4 | $13,396.2 |
| Net patient service revenue | 1,646.0 | 1,069.7 |
| Vision and other revenue | 1,440.9 | 1,322.8 |
| Total unrestricted revenue | 16,751.3 | 15,788.7 |
| Claims incurred | 10,641.6 | 10,693.5 |
| Depreciation and amortization | 288.8 | 236.3 |
| Other operating expense | 6,015.3 | 4,811.7 |
| Change in premium deficiency reserves | (16.4) | (137.4) |
| Goodwill impairment | - | 311.0 |
| Total expenses | 16,929.3 | 15,915.1 |
| Operating loss | (178.0) | (126.4) |
| Net investment income | 253.8 | 253.2 |
| Interest expense | (62.8) | (66.5) |
| Net assets acquired through affiliations | - | 63.5 |
| Nonoperating expenses | (3.3) | (112.4) |
| Excess of revenue over expenses before income taxes | 9.7 | 11.4 |
| Income tax provision | 92.7 | 145.6 |
| Deficit of revenue over expenses from continuing operations | (83.0) | (134.2) |
| Discontinued operations and gain on sale, net of tax | - | 7.7 |
| Deficit of revenue over expenses | $(83.0)* | $(126.5) |
| *Including all funds due from the ACA, Highmark Health would have reflected $69M excess of revenue over expenses. These funds are expected to be collected in future periods. | ||
| Consolidated Statements of Cash Flows (in millions) | Years Ended December 31, | |
|---|---|---|
| 2014 | 2013 | |
| Net cash (used in) provided by operating activities | $(267.2) | $298.3 |
| Net cash provided by (used in) investing activities | 65.4 | (156.8) |
| Net cash provided by financing activities | 35.9 | 86.2 |
| (Decrease) increase in cash and cash equivalents | (165.9) | 227.7 |
| Cash and cash equivalents, Beginning of year | 1,274.5 | 1,046.8 |
| Cash and cash equivalents, End of year | $1,108.6 | $1,274.5 |
2014 consolidated revenues for the Highmark Health enterprise were $16.8 billion.
Highmark Health’s diversified businesses accounted for 30% of the enterprise revenues in 2014.
*Including all funds due from the ACA, Highmark Health would have reflected $69M excess of revenue over expenses. These funds are expected to be collected in future periods.
