Long-Term Debt Maturities

Commercial Paper and Long-Term Debt

Commercial paper and senior unsecured long-term debt consisted of the following:



	December 31, 2013						December 31, 2012
(in millions, except percentages)	Par Value		Carrying Value		Fair Value		Par Value		Carrying Value		Fair Value
Commercial Paper	$	1,115	$	1,115	$	1,115	$	1,587	$	1,587	$	1,587
4.875% notes due February 2013	—		—		—		534		534		536
4.875% notes due April 2013	—		—		—		409		411		413
4.750% notes due February 2014	172		173		173		172		178		180
5.000% notes due August 2014	389		397		400		389		411		414
Floating-rate notes due August 2014	250		250		250		—		—		—
4.875% notes due March 2015 (a)	416		431		436		416		444		453
0.850% notes due October 2015 (a)	625		624		628		625		623		627
5.375% notes due March 2016 (a)	601		641		657		601		660		682
1.875% notes due November 2016	400		398		408		400		397		412
5.360% notes due November 2016	95		95		107		95		95		110
6.000% notes due June 2017	441		479		506		441		489		528
1.400% notes due October 2017 (a)	625		613		617		625		622		626
6.000% notes due November 2017	156		168		178		156		170		191
6.000% notes due February 2018	1,100		1,116		1,271		1,100		1,120		1,339
1.625% notes due March 2019 (a)	500		489		481		—		—		—
3.875% notes due October 2020 (a)	450		435		474		450		442		499
4.700% notes due February 2021	400		416		436		400		417		466
3.375% notes due November 2021 (a)	500		472		494		500		512		533
2.875% notes due March 2022 (a)	1,100		981		1,046		1,100		998		1,128
0.000% notes due November 2022	15		9		10		15		9		11
2.750% notes due February 2023 (a)	625		563		572		625		619		631
2.875% notes due March 2023 (a)	750		729		698		—		—		—
5.800% notes due March 2036	850		845		935		850		845		1,025
6.500% notes due June 2037	500		495		593		500		495		659
6.625% notes due November 2037	650		645		786		650		645		860
6.875% notes due February 2038	1,100		1,084		1,370		1,100		1,084		1,510
5.700% notes due October 2040	300		298		329		300		298		364
5.950% notes due February 2041	350		348		397		350		348		440
4.625% notes due November 2041	600		593		567		600		593		641
4.375% notes due March 2042	502		486		459		502		486		521
3.950% notes due October 2042	625		611		530		625		611		622
4.250% notes due March 2043	750		740		673		—		—		—
Total U.S. dollar denominated debt	16,952		16,739		17,596		16,117		16,143		18,008
Cetip Interbank Deposit Rate (CDI) + 1.3% Subsidiary floating debt due October 2013	—		—		—		147		148		150
CDI + 1.45% Subsidiary floating debt due October 2014	—		—		—		147		149		150
110% CDI Subsidiary floating debt due December 2014	—		—		—		147		151		147
CDI + 1.6% Subsidiary floating debt due October 2015	—		—		—		74		76		76
Brazilian Extended National Consumer Price Index (IPCA) + 7.61% Subsidiary floating debt due October 2015	—		—		—		73		87		90
Total Brazilian real denominated debt (in U.S. dollars)	—		—		—		588		611		613
Total commercial paper and long-term debt	$	16,952	$	16,739	$	17,596	$	16,705	$	16,754	$	18,621


(a)	Fixed-rate debt instruments hedged with interest rate swap contracts. See below for more information on the Company’s interest rate swaps.

As of December 31, 2013, the Company’s long-term debt obligations also included $121 million of other financing obligations, of which $34 million were current.

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



(in millions)
2014	$	1,969
2015	1,086
2016	1,140
2017	1,266
2018	1,116
Thereafter	10,283

Commercial Paper and Bank Credit Facilities

Commercial paper consists of short-duration, senior unsecured debt privately placed on a discount basis through broker-dealers. As of December 31, 2013, the Company’s outstanding commercial paper had a weighted-average annual interest rate of 0.2%.

The Company has $3.0 billion five-year and $1.0 billion 364-day revolving bank credit facilities with 23 banks, which mature in November 2018 and November 2014, respectively. These facilities provide liquidity support for the Company’s $4.0 billion commercial paper program and are available for general corporate purposes. There were no amounts outstanding under these facilities as of December 31, 2013. The interest rates on borrowings are variable based on term and are calculated based on the London Interbank Offered Rate (LIBOR) plus a credit spread based on the Company’s senior unsecured credit ratings. As of December 31, 2013, the annual interest rates on both bank credit facilities, had they been drawn, would have ranged from 1.0% to 1.2%.

Debt Covenants

The Company’s bank credit facilities contain various covenants including requiring the Company to maintain a debt to debt-plus-equity ratio of not more than 50%. The Company was in compliance with its debt covenants as of December 31, 2013.

Interest Rate Swap Contracts

The Company uses interest rate swap contracts to convert a portion of its interest rate exposure from fixed rates to floating rates to more closely align interest expense with interest income received on its cash equivalent and variable rate investment balances. The floating rates are benchmarked to LIBOR. The swaps are designated as fair value hedges on the Company’s fixed-rate debt. Since the critical terms of the swaps match those of the debt being hedged, they are assumed to be highly effective hedges and all changes in fair value of the swaps are recorded as an adjustment to the carrying value of the related debt with no net impact recorded in the Consolidated Statements of Operations.

The following table summarizes the location and fair value of the interest rate swap fair value hedges on the Company’s Consolidated Balance Sheet:



Type of Fair Value Hedge	Notional Amount		Fair Value		Balance Sheet Location
	(in billions)		(in millions)
December 31, 2013
Interest rate swap contracts	$	6.2	$	163	Other liabilities
December 31, 2012
Interest rate swap contracts	$	2.8	$	14	Other assets
			11		Other liabilities

The following table provides a summary of the effect of changes in fair value of fair value hedges on the Company’s Consolidated Statements of Operations:



	For the Years Ended December 31,
(in millions)	2013			2012			2011
Hedge - interest rate swap (loss) gain recognized in interest expense	$	(166	)	$	3		$	190
Hedged item - long-term debt gain (loss) recognized in interest expense	166			(3		)	(190		)
Net impact on the Company’s Consolidated Statements of Operations	$	—		$	—		$	—

Entity Registrant Name	UNITEDHEALTH GROUP INC
CIK	0000731766
Accession number	0000731766-14-000008
Link to XBRL instance	http://www.sec.gov/Archives/edgar/data/731766/000073176614000008/unh-20131231.xml
Fiscal year end	--12-31
Fiscal year focus	2013
Fiscal period focus	Q4
Current balance sheet date	2013-12-31
Current year-to-date income statement start date	2013-01-01

Description	Fact value	US GAAP XBRL Concept
Year 1 (Current portion)	1,969,000,000	us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
Year 2	1,086,000,000	us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
Year 3	1,140,000,000	us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
Year 4	1,266,000,000	us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
Year 5	1,116,000,000	us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
Thereafter	10,283,000,000	us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
Total Long-term Debt	16,952,000,000	us-gaap:DebtInstrumentFaceAmount
CHECK	92,000,000	*

Description	Fact value	US GAAP XBRL Concept
Current portion	1,969,000,000	us-gaap:LongTermDebtCurrent
Noncurrent portion	14,891,000,000	us-gaap:LongTermDebtNoncurrent
Total Long-Term Debt	16,952,000,000	us-gaap:DebtInstrumentFaceAmount
CHECK	92,000,000	*