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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
    SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
    SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 1-5975
HUMANA INC.
(Exact name of registrant as specified in its charter)
Delaware61-0647538
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
500 West Main Street
Louisville, Kentucky 40202
(Address of principal executive offices, including zip code)
(502) 580-1000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common stock, $0.16 2/3 par valueHUMNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes  ☐    No  ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date.
Class of Common Stock
Outstanding at September 30, 2023
$0.16 2/3 par value123,110,720 shares

Humana Inc.
FORM 10-Q
SEPTEMBER 30, 2023
INDEX
 Page
Part I: Financial Information
Item 1.Financial Statements
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
Certifications


Humana Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30,
2023		December 31, 2022
(in millions, except share amounts)
ASSETS
Current assets:
Cash and cash equivalents$15,148 $5,061 
Investment securities15,145 13,881 
Receivables, net of allowances of $73 in 2023
    and $70 in 2022
1,824 1,674 
Other current assets6,136 5,567 
Total current assets38,253 26,183 
Property and equipment, net3,342 3,221 
Long-term investment securities370 380 
Equity method investments762 749 
Goodwill9,540 9,142 
Other long-term assets3,638 3,380 
Total assets$55,905 $43,055 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Benefits payable$10,196 $9,264 
Trade accounts payable and accrued expenses7,600 5,238 
Book overdraft246 298 
Unearned revenues7,536 286 
Short-term debt2,245 2,092 
Total current liabilities27,823 17,178 
Long-term debt9,483 9,034 
Other long-term liabilities1,595 1,473 
Total liabilities38,901 27,685 
Stockholders’ equity:
Preferred stock, $1 par; 10,000,000 shares authorized; none issued
— — 
Common stock, $0.16 2/3 par; 300,000,000 shares authorized;
  198,690,082 shares issued at September 30, 2023 and 198,666,598 shares issued at December 31, 2022
33 33 
Capital in excess of par value3,362 3,246 
Retained earnings28,191 25,492 
Accumulated other comprehensive loss(1,503)(1,304)
Treasury stock, at cost, 75,579,362 shares at September 30, 2023 and
    73,691,955 shares at December 31, 2022
(13,134)(12,156)
Total stockholders' equity16,949 15,311 
Noncontrolling interests55 59 
Total equity17,004 15,370 
Total liabilities and equity$55,905 $43,055 

See accompanying notes to condensed consolidated financial statements.

3

Humana Inc.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 
Three months ended September 30,Nine Months Ended September 30,
 2023202220232022
 (in millions, except per share results)
Revenues:
Premiums$25,099 $21,468 $76,144 $66,437 
Services1,016 1,159 2,993 3,772 
Investment income308 172 775 222 
Total revenues26,423 22,799 79,912 70,431 
Operating expenses:
Benefits21,745 18,384 65,612 57,108 
Operating costs3,271 3,061 9,361 9,120 
Depreciation and amortization201 182 578 527 
Total operating expenses25,217 21,627 75,551 66,755 
Income from operations1,206 1,172 4,361 3,676 
Gain on sale of Gentiva Hospice— (240)— (240)
Interest expense114 102 347 293 
Other (income) expense, net(6)13 40 (16)
Income before income taxes and equity in net losses1,098 1,297 3,974 3,639 
Provision for income taxes256 107 911 820 
Equity in net (losses) earnings(12)3 (39)1 
Net income$830 $1,193 $3,024 $2,820 
Net loss attributable to noncontrolling interests2 2 6 1 
Net income attributable to Humana$832 $1,195 $3,030 $2,821 
Basic earnings per common share$6.74 $9.45 $24.37 $22.27 
Diluted earnings per common share$6.71 $9.39 $24.26 $22.16 
See accompanying notes to condensed consolidated financial statements.

4

Humana Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three months ended September 30,Nine Months Ended September 30,
 2023202220232022
 (in millions)
Net income attributable to Humana$832 $1,195 $3,030 $2,821 
Other comprehensive income (loss):
Change in gross unrealized investment losses(365)(590)(314)(1,982)
Effect of income taxes85 135 73 455 
Total change in unrealized investment losses, net of tax(280)(455)(241)(1,527)
Reclassification adjustment for net realized losses3 50 56 23 
Effect of income taxes— (11)(14)(5)
Total reclassification adjustment, net of tax3 39 42 18 
Other comprehensive loss, net of tax(277)(416)(199)(1,509)
Comprehensive income attributable to Humana$555 $779 $2,831 $1,312 
See accompanying notes to condensed consolidated financial statements.

5

Humana Inc.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
 Common StockCapital In
Excess of
Par Value		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Treasury
Stock		Total Stockholders' EquityNoncontrolling InterestsTotal
Equity
 Issued
Shares		Amount
(dollars in millions, share amounts in thousands)
Three months ended September 30, 2023
Balances, June 30, 2023198,690 $33 $3,313 $27,468 $(1,226)$(12,754)$16,834 $57 $16,891 
Net income832 832 (2)830 
Other comprehensive loss(277)(277)(277)
Common stock repurchases— (383)(383)(383)
Dividends and dividend
   equivalents		— (109)(109)(109)
Stock-based compensation53 53 53 
Restricted stock unit vesting— — (3)3 — — 
Stock option exercises— — (1)— (1)(1)
Balances, September 30, 2023198,690 $33 $3,362 $28,191 $(1,503)$(13,134)$16,949 $55 $17,004 
Three months ended September 30, 2022
Balances, June 30, 2022198,667 $33 $3,153 $24,511 $(1,051)$(11,156)$15,490 $20 $15,510 
Net income1,195 1,195 (2)1,193 
Distribution from noncontrolling interest holders, net3 3 
Sale of Gentiva Hospice(11)(11)
Acquisition53 53 
Other comprehensive loss(416)(416)(416)
Common stock repurchases— (4)(4)(4)
Dividends and dividend
   equivalents		— (100)(100)(100)
Stock-based compensation80 80 80 
Restricted stock unit vesting— — (3)3 — — 
Stock option exercises— — 4 5 9 9 
Balances, September 30, 2022198,667 $33 $3,234 $25,606 $(1,467)$(11,152)$16,254 $63 $16,317 
See accompanying notes to condensed consolidated financial statements.

6

 Common StockCapital In
Excess of
Par Value		Retained
Earnings		Accumulated
Other
Comprehensive
(Loss) income		Treasury
Stock		Total Stockholders' EquityNoncontrolling InterestsTotal
Equity
 Issued
Shares		Amount
(dollars in millions, share amounts in thousands)
Nine months ended September 30, 2023
Balances, December 31, 2022198,667 $33 $3,246 $25,492 $(1,304)$(12,156)$15,311 $59 $15,370 
Net income3,030 3,030 (6)3,024 
Distribution from noncontrolling interest holders, net— 7 7 
Acquisition— (5)(5)
Other comprehensive loss(199)(199)(199)
Common stock repurchases— (1,011)(1,011)(1,011)
Dividends and dividend
   equivalents		— (331)(331)(331)
Stock-based compensation142 142 142 
Restricted stock unit vesting23 — (30)30 — — 
Stock option exercises— — 4 3 7 7 
Balances, September 30, 2023198,690 $33 $3,362 $28,191 $(1,503)$(13,134)$16,949 $55 $17,004 
Nine months ended September 30, 2022
Balances, December 31, 2021198,649 $33 $3,082 $23,086 $42 $(10,163)$16,080 $23 $16,103 
Net income2,821 2,821 (1)2,820 
Distribution to noncontrolling interest holders, net— (1)(1)
Sale of Gentiva Hospice— (11)(11)
Acquisition— 53 53 
Other comprehensive loss(1,509)(1,509)(1,509)
Common stock repurchases— (1,032)(1,032)(1,032)
Dividends and dividend
   equivalents		— (301)(301)(301)
Stock-based compensation173 173 173 
Restricted stock unit vesting18 — (31)31 — — 
Stock option exercises— — 10 12 22 22 
Balances, September 30, 2022198,667 $33 $3,234 $25,606 $(1,467)$(11,152)$16,254 $63 $16,317 
    



7

Humana Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 For the nine months ended September 30,
 20232022
 (in millions)
Cash flows from operating activities
Net income$3,024 $2,820 
Adjustments to reconcile net income to net cash provided by
    operating activities:
Gain on sale of Gentiva Hospice— (240)
Loss on investment securities, net49 136 
Equity in net losses (earnings)39 (1)
Stock-based compensation142 173 
Depreciation628 555 
Amortization51 73 
Impairment of property and equipment31 144 
Deferred income taxes — (33)
Changes in operating assets and liabilities, net of effect of
    businesses acquired and disposed:
Receivables(126)11 
Other assets(935)(465)
Benefits payable870 948 
Other liabilities39 (195)
Unearned revenues7,250 5,758 
Other53 30 
Net cash provided by operating activities11,115 9,714 
Cash flows from investing activities
Proceeds from sale of Gentiva Hospice, net— 2,708 
Acquisitions, net of cash and cash equivalents acquired(223)(293)
Purchases of property and equipment, net(721)(862)
Purchases of investment securities(3,366)(4,740)
Proceeds from maturities of investment securities885 1,214 
Proceeds from sales of investment securities815 1,979 
Net cash (used in) provided by investing activities(2,610)6 
Cash flows from financing activities
Receipts from contract deposits, net2,481 3,787 
Proceeds from issuance of senior notes, net1,215 744 
Repayments of senior notes(1,719)— 
Proceeds from issuance (repayments) of commercial paper, net1,618 (660)
Repayment of term loan(500)(2,000)
Debt issue costs(4)(2)
Change in book overdraft(52)(89)
Common stock repurchases(1,002)(1,032)
Dividends paid(320)(291)
Other(135)(13)
Net cash provided by financing activities1,582 444 
Increase in cash and cash equivalents10,087 10,164 
Cash and cash equivalents at beginning of period5,061 3,394 
Cash and cash equivalents at end of period$15,148 $13,558 


8


Humana Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS—(Continued)
(Unaudited)
For the nine months ended September 30,
20232022
(in millions)
Supplemental cash flow disclosures:
Interest payments$317 $256 
Income tax payments, net$957 $751 
Details of businesses acquired in purchase transactions:
Fair value of assets acquired, net of cash and cash equivalents acquired$454 $411 
Less: Fair value of liabilities assumed(236)(65)
Less: Noncontrolling interests acquired5 (53)
Cash paid for acquired businesses, net of cash and cash equivalents acquired$223 $293 
See accompanying notes to condensed consolidated financial statements.

9


Humana Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1. BASIS OF PRESENTATION AND SIGNIFICANT EVENTS
The accompanying unaudited condensed consolidated financial statements are presented in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the disclosures normally required by accounting principles generally accepted in the United States of America, or GAAP, or those normally made in an Annual Report on Form 10-K. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. For further information, the reader of this Form 10-Q should refer to our Form 10-K for the year ended December 31, 2022, that was filed with the Securities and Exchange Commission, or the SEC, on February 16, 2023. We refer to this Form 10-K as the “2022 Form 10-K” in this document. References throughout this document to “we,” “us,” “our,” “Company,” and “Humana” mean Humana Inc. and its subsidiaries.
The preparation of our condensed consolidated financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. The areas involving the most significant use of estimates are the estimation of benefits payable, the impact of risk adjustment provisions related to our Medicare contracts, the valuation and related impairment recognition of investment securities, and the valuation and related impairment recognition of long-lived assets, including goodwill and indefinite-lived intangible assets. These estimates are based on knowledge of current events and anticipated future events, and accordingly, actual results may ultimately differ materially from those estimates. For additional information regarding accounting policies considered in preparing our consolidated financial statements, refer to Note 2 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2022 Form 10-K.
The financial information has been prepared in accordance with our customary accounting practices and has not been audited. In our opinion, the information presented reflects all adjustments necessary for a fair statement of interim results. All such adjustments are of a normal and recurring nature.
Employer Group Commercial Medical Products Business Exit
In February 2023, we announced our planned exit from the Employer Group Commercial Medical Products business, which includes all fully insured, self-funded and Federal Employee Health Benefit medical plans, as well as associated wellness and rewards programs. No other Humana health plan offerings are materially affected. Following a strategic review, we determined the Employer Group Commercial Medical Products business was no longer positioned to sustainably meet the needs of commercial members over the long term or support our long-term strategic plans. The exit from this line of business will be phased over the 18 to 24 months following our February 2023 announcement.

Value Creation Initiatives
During 2022, in order to create capacity to fund growth and investment in our Medicare Advantage business and further expansion of our healthcare services capabilities beginning in 2023, we committed to drive additional value for the enterprise through cost saving, productivity initiatives, and value acceleration from previous investments. As a result of these initiatives, during the three and nine months ended September 30, 2022, we recorded charges of $82 million and $285 million, respectively. For the three and nine months ended September 30, 2022, these charges primarily relate to $4 million and $144 million, respectively, in asset impairments, including software and abandonment, and $44 million and $65 million, respectively, of severance charges in connection with workforce optimization. The remainder of the charges primarily relate to external consulting fees. During the three months ended September 30, 2023, we recorded charges of $52 million primarily in asset impairments relating to software and abandonment. In connection with these initiatives, we expect to incur additional charges through the end of 2024. These charges are recorded at the corporate level and not allocated to the segments.

10


Humana Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
COVID-19
The emergence and spread of the novel coronavirus, or COVID-19, beginning in the first quarter of 2020 has impacted our business. Initially during periods of increased incidences of COVID-19, a reduction in non-COVID-19 hospital admissions for non-emergent and elective medical care have resulted in lower overall healthcare system utilization. At the same time, COVID-19 treatment and testing costs increased utilization. During 2022, we experienced lower overall utilization of the healthcare system than anticipated, as the reduction in COVID-19 utilization following the increased incidence associated with the Omicron variant outpaced the increase in non-COVID-19 utilization. The significant disruption in utilization during 2020 also impacted our ability to implement clinical initiatives to manage health care costs and chronic conditions of our members, and appropriately document their risk profiles, and, as such, significantly affected our 2021 revenue under the risk adjustment payment model for Medicare Advantage plans. Finally, changes in utilization patterns and actions taken in 2021 as a result of the COVID-19 pandemic, including the suspension of certain financial recovery programs for a period of time and shifting the timing of claim payments and provider capitation surplus payments, impacted our claim reserve development and operating cash flows for 2021.
The COVID-19 National Emergency declared in 2020 was terminated on April 10, 2023 and the Public Health Emergency expired on May 11, 2023.
Revenue Recognition
Our revenues include premiums and services revenue. Services revenue includes administrative service fees that are recorded based upon established per member per month rates and the number of members for the month and are recognized as services are provided for the month. Additionally, services revenue includes net patient services revenue that are recorded based upon established billing rates, less allowances for contractual adjustments, and are recognized as services are provided. For additional information regarding our revenues, refer to Note 2 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2022 Form 10-K. For additional information regarding disaggregation of revenue by segment and type, refer to Note 14 to the unaudited Condensed Consolidated Financial Statements included in Part I, Item 1, "Financial Statements" of this Form 10-Q.
At September 30, 2023, accounts receivable related to services were $322 million. For the three and nine months ended September 30, 2023, we had no material bad-debt expense and there were no material contract assets, contract liabilities or deferred contract costs recorded on the condensed consolidated balance sheet at September 30, 2023.
For the three and nine months ended September 30, 2023, services revenue recognized from performance obligations related to prior periods, such as due to changes in transaction price, was not material. Further, services revenue expected to be recognized in any future year related to remaining performance obligations was not material.

2. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
In November 2020, the FASB issued Accounting Standards Update No. 2020-11, Financial Services—Insurance (Topic 944): Effective Date and Early Application (“ASU 2020-11”). The amendments in ASU 2020-11 make changes to the effective date and early application of Accounting Standards Update No. 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (“ASU 2018-12”), which was issued in November 2018. The amendments in ASU 2020-11 have extended the original effective date by one year, and now the amendments are required for our interim and annual reporting periods beginning after December 15, 2022. The new guidance relates to accounting for long-duration contracts of insurers which revises key elements of the measurement models and disclosure requirements for long-duration contracts issued by insurers, including the amortization of deferred contract acquisition costs and the measurement of liabilities for future policy benefits using current, rather than locked-in, assumptions. The new guidance, limited to our Medicare Supplement product which represents less than 1% of consolidated premiums and services revenue, became effective for us beginning January 1, 2023 and is to be applied to contracts in force on the basis of their

11


Humana Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
existing carrying value amounts at the beginning of the earliest period presented. The adoption of the new standard in 2023 did not have a material impact on our consolidated results of operations, financial position or cash flows.
There are no other recently issued accounting standards that apply to us or that are expected to have a material impact on our results of operations, financial condition, or cash flows.

3. ACQUISITIONS AND DIVESTITURES
On August 11, 2022, we completed the sale of a 60% interest in Gentiva (formerly Kindred) Hospice to Clayton, Dubilier & Rice, or CD&R, for cash proceeds of approximately $2.7 billion, net of cash disposed, including debt repayments from Gentiva Hospice to Humana of $1.9 billion. In connection with the sale we recognized a pre-tax gain, net of transaction costs, of $240 million. For the three and nine months ended September 30, 2022, the accompanying condensed consolidated statement of income includes revenues related to Gentiva Hospice of $177 million and $958 million, respectively, and pretax earnings of $24 million and $150 million, respectively.
During 2023 and 2022, we acquired various health and wellness related businesses which, individually or in the aggregate, have not had a material impact on our results of operations, financial condition, or cash flows. The results of operations and financial condition of these businesses acquired in 2023 and 2022 have been included in our condensed consolidated statements of income and condensed consolidated balance sheets from the respective acquisition dates. Acquisition-related costs recognized in 2023 and 2022 were not material to our results of operations. For asset acquisitions, the goodwill acquired is partially amortizable as deductible expenses for tax purposes. The pro forma financial information assuming the acquisitions had occurred as of the beginning of the calendar year prior to the year of acquisition, as well as the revenues and earnings generated during the year of acquisition, were not material for disclosure purposes.


12


Humana Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
4. INVESTMENT SECURITIES
Investment securities classified as current and long-term were as follows at September 30, 2023 and December 31, 2022, respectively:
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
 (in millions)
September 30, 2023
U.S. Treasury and other U.S. government
    corporations and agencies:
U.S. Treasury and agency obligations$2,043 $— $(105)$1,938 
Mortgage-backed securities3,890 — (637)3,253 
Tax-exempt municipal securities848 — (50)798 
Mortgage-backed securities:
Residential497 — (85)412 
Commercial1,475 — (155)1,320 
Asset-backed securities1,849 — (65)1,784 
Corporate debt securities6,864 14 (868)6,010 
Total debt securities$17,466 $14 $(1,965)15,515 
Common stock— 
Total investment securities$15,515 
December 31, 2022
U.S. Treasury and other U.S. government
    corporations and agencies:
U.S. Treasury and agency obligations$1,093 $1 $(55)$1,039 
Mortgage-backed securities3,697 4 (471)3,230 
Tax-exempt municipal securities765 — (37)728 
Mortgage-backed securities:
Residential477 — (76)401 
Commercial1,554 — (155)1,399 
Asset-backed securities1,809 1 (79)1,731 
Corporate debt securities6,551 3 (828)5,726 
Total debt securities$15,946 $9 $(1,701)14,254 
Common stock7 
Total investment securities$14,261 

13


Humana Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
We held certain corporate debt securities of Gentiva Hospice at September 30, 2023 with amortized cost and fair value of approximately $281 million and $295 million, respectively.
Gross unrealized losses and fair values aggregated by investment category and length of time of individual debt securities that have been in a continuous unrealized loss position for which no allowances for credit loss has been recorded were as follows at September 30, 2023 and December 31, 2022, respectively:
 Less than 12 months12 months or moreTotal
 Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
 (in millions)
September 30, 2023
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations$1,483 $(51)$407 $(54)$1,890 $(105)
Mortgage-backed securities1,084 (66)2,169 (571)3,253 (637)
Tax-exempt municipal securities278 (6)515 (44)793 (50)
Mortgage-backed securities:
Residential48 (1)363 (84)411 (85)
Commercial15 — 1,304 (155)1,319 (155)
Asset-backed securities343 (6)1,430 (59)1,773 (65)
Corporate debt securities961 (35)4,648 (833)5,609 (868)
Total debt securities$4,212 $(165)$10,836 $(1,800)$15,048 $(1,965)
December 31, 2022
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations$512 $(5)$397 $(50)$909 $(55)
Mortgage-backed securities1,231 (104)1,683 (367)2,914 (471)
Tax-exempt municipal securities64 (2)615 (36)679 (38)
Mortgage-backed securities:
Residential124 (16)274 (60)398 (76)
Commercial243 (13)1,157 (142)1,400 (155)
Asset-backed securities620 (32)1,011 (46)1,631 (78)
Corporate debt securities1,625 (98)3,825 (730)5,450 (828)
Total debt securities$4,419 $(270)$8,962 $(1,431)$13,381 $(1,701)

Approximately 98% of our debt securities were investment-grade quality, with a weighted average credit rating of AA by Standard & Poor's Rating Service, or S&P, at September 30, 2023. Most of the debt securities that were below investment-grade were rated BB-, the higher end of the below investment-grade rating scale. Tax-exempt municipal securities were diversified among general obligation bonds of states and local municipalities in the United States as well as special revenue bonds issued by municipalities to finance specific public works projects such as utilities, water and sewer, transportation, or education. Our general obligation bonds are diversified across the United States with no individual state exceeding approximately 1% of our total debt securities. Our investment policy limits investments in a single issuer and requires diversification among various asset types.
Our unrealized losses from all debt securities were generated from approximately 1,790 positions out of a total of approximately 2,070 positions at September 30, 2023. All issuers of debt securities we own that were trading at an unrealized loss at September 30, 2023 remain current on all contractual payments. After taking into account these

14


Humana Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
and other factors previously described, we believe these unrealized losses primarily were caused by an increase in market interest rates in the current markets since the time these debt securities were purchased. At September 30, 2023, we did not intend to sell any debt securities with an unrealized loss position in accumulated other comprehensive income, and it is not likely that we will be required to sell these debt securities before recovery of their amortized cost basis. Additionally, we did not record any material credit allowances for debt securities that were in an unrealized loss position for the three and nine months ended September 30, 2023 or 2022.
The detail of gains (losses) related to investment securities and included within investment income was as follows for the three and nine months ended September 30, 2023 and 2022:
 Three months ended September 30,Nine Months Ended September 30,
 2023202220232022
 (in millions)(in millions)
Gross gains on investment securities$— $2 $15 $41 
Gross losses on investment securities(4)(52)(65)(58)
Gross gains on equity securities— 51 1 51 
Gross losses on equity securities— — — (170)
Net recognized (losses) gains on investment securities$(4)$1 $(49)$(136)
The gains and losses related to equity securities for the three and nine months ended September 30, 2023 and 2022 was as follows:
Three months ended September 30,Nine Months Ended September 30,
2023202220232022
(in millions)(in millions)
Net gains (losses) recognized on equity securities during the period$— $51 $1 $(119)
Less: Net gains (losses) recognized on equity securities sold during the period— 47 — (105)
Unrealized gains (losses) recognized on equity securities still held at the end of the period$— $4 $1 $(14)
The contractual maturities of debt securities available for sale at September 30, 2023, regardless of their balance sheet classification, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Amortized
Cost		Fair
Value
 (in millions)
Due within one year$659 $654 
Due after one year through five years4,850 4,565 
Due after five years through ten years3,017 2,573 
Due after ten years1,229 954 
Mortgage and asset-backed securities7,711 6,769 
Total debt securities$17,466 $15,515 

For additional information regarding our investment securities, refer to Note 2 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2022 Form 10-K.

15


Humana Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
5. FAIR VALUE
Financial Assets
The following table summarizes our fair value measurements at September 30, 2023 and December 31, 2022, respectively, for financial assets measured at fair value on a recurring basis:
 Fair Value Measurements Using
 Fair
Value		Quoted Prices
in Active
Markets
(Level 1)		Other
Observable
Inputs
(Level 2)		Unobservable
Inputs
(Level 3)
 (in millions)
September 30, 2023
Cash equivalents$15,035 $15,035 $— $— 
Debt securities:
U.S. Treasury and other U.S. government
    corporations and agencies:
U.S. Treasury and agency obligations1,938 — 1,938 — 
Mortgage-backed securities3,253 — 3,253 —