Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Portfolio > Economy & Markets > Fixed Income

UnitedHealth Completes Restatement Process

Your article was successfully shared with the contacts you provided.

A large managed care company says it has finished correcting the way it accounted for stock-based compensation expenses.

UnitedHealth Group Inc., Minnetonka, Minn., estimates the corrections have reduced net income about $57 million from the reported total for 2005 and about $502 million for the 12-year period that ended Dec. 31, 2006.

The accounting errors also reduced shareholders’ equity about $130 million, and making the corrections will require the company to pay about $100 million in extra federal income taxes, UnitedHealth estimates.

UnitedHealth also will record a $90 million charge, before taxes, to cover the cost of settling Internal Revenue Code Section 409A surtax liabilities for non-officer employees who exercised some options in 2006, the company says.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.