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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 March 31, 2024
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 filerAccelerated filer
Non-accelerated filerSmaller 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 March 31, 2024
$0.16 2/3 par value120,500,635 shares


Humana Inc.
FORM 10-Q
MARCH 31, 2024
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)
March 31,
2024
December 31, 2023
(in millions, except share amounts)
ASSETS
Current assets:
Cash and cash equivalents$5,910 $4,694 
Investment securities16,697 16,626 
Receivables, net of allowances of $85 in 2024
    and $88 in 2023
3,925 2,035 
Other current assets6,264 6,631 
Total current assets32,796 29,986 
Property and equipment, net2,979 3,030 
Long-term investment securities380 382 
Equity method investments730 740 
Goodwill9,563 9,550 
Other long-term assets3,643 3,377 
Total assets$50,091 $47,065 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Benefits payable$11,729 $10,241 
Trade accounts payable and accrued expenses6,504 6,569 
Book overdraft333 353 
Unearned revenues301 266 
Short-term debt822 1,443 
Total current liabilities19,689 18,872 
Long-term debt12,390 10,213 
Other long-term liabilities1,826 1,662 
Total liabilities33,905 30,747 
Commitments and Contingencies (Note 13)
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;
  198,690,593 shares issued at March 31, 2024 and 198,690,082 shares issued at December 31, 2023
33 33 
Capital in excess of par value3,369 3,346 
Retained earnings28,173 27,540 
Accumulated other comprehensive loss(1,086)(999)
Treasury stock, at cost, 78,189,958 shares at March 31, 2024 and
    76,465,862 shares at December 31, 2023
(14,359)(13,658)
Total stockholders' equity16,130 16,262 
Noncontrolling interests56 56 
Total equity16,186 16,318 
Total liabilities and equity$50,091 $47,065 

See accompanying notes to condensed consolidated financial statements.

3


Humana Inc.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 
Three Months Ended March 31,
 20242023
 (in millions, except per share results)
Revenues:
Premiums$28,261 $25,550 
Services1,062 999 
Investment income288 193 
Total revenues29,611 26,742 
Operating expenses:
Benefits25,124 21,858 
Operating costs3,042 2,979 
Depreciation and amortization209 186 
Total operating expenses28,375 25,023 
Income from operations1,236 1,719 
Interest expense159 113 
Other expense (income), net63 (8)
Income before income taxes and equity in net losses1,014 1,614 
Provision for income taxes251 359 
Equity in net losses(24)(17)
Net income$739 $1,238 
Net loss attributable to noncontrolling interests2 1 
Net income attributable to Humana$741 $1,239 
Basic earnings per common share$6.13 $9.91 
Diluted earnings per common share$6.11 $9.87 
See accompanying notes to condensed consolidated financial statements.

4


Humana Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended March 31,
 20242023
 (in millions)
Net income attributable to Humana$741 $1,239 
Other comprehensive income (loss):
Change in gross unrealized investment (losses) gains(114)188 
Effect of income taxes28 (43)
Total change in unrealized investment (losses) gains, net of tax(86)145 
Reclassification adjustment for net realized (gains) losses(1)61 
Effect of income taxes (15)
Total reclassification adjustment, net of tax(1)46 
Other comprehensive (loss) income, net of tax(87)191 
Comprehensive income attributable to Humana$654 $1,430 
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
Income (Loss)
Treasury
Stock
Total Stockholders' EquityNoncontrolling InterestsTotal
Equity
 Issued
Shares
Amount
(dollars in millions, share amounts in thousands)
Three months ended March 31, 2024
Balances, December 31, 2023198,690 $33 $3,346 $27,540 $(999)$(13,658)$16,262 $56 $16,318 
Net income741 741 (2)739 
Distribution from noncontrolling interest holders, net2 2 
Other comprehensive loss(87)(87)(87)
Common stock repurchases— (723)(723)(723)
Dividends and dividend
   equivalents
— (108)(108)(108)
Stock-based compensation45 45 45 
Restricted stock unit vesting1 — (22)22 —  
Balances, March 31, 2024198,691 $33 $3,369 $28,173 $(1,086)$(14,359)$16,130 $56 $16,186 
Three months ended March 31, 2023
Balances, December 31, 2022198,667 $33 $3,246 $25,492 $(1,304)$(12,156)$15,311 $59 $15,370 
Net income1,239 1,239 (1)1,238 
Distribution from noncontrolling interest holders, net4 4 
Acquisition(5)(5)
Other comprehensive income191 191 191 
Common stock repurchases— (94)(94)(94)
Dividends and dividend
   equivalents
— (112)(112)(112)
Stock-based compensation38 38 38 
Restricted stock unit vesting— — (24)24 —  
Stock option exercises— — 2 2 4 4 
Balances, March 31, 2023198,667 $33 $3,262 $26,619 $(1,113)$(12,224)$16,577 $57 $16,634 
See accompanying notes to condensed consolidated financial statements.
    



6


Humana Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 For the three months ended March 31,
 20242023
 (in millions)
Cash flows from operating activities
Net income$739 $1,238 
Adjustments to reconcile net income to net cash provided by operating activities:
(Gain) loss on investment securities, net(1)60 
Equity in net losses24 17 
Stock-based compensation45 38 
Depreciation226 200 
Amortization16 18 
Impairment of property and equipment33  
Changes in operating assets and liabilities, net of effect of
    businesses acquired and disposed:
Receivables(1,890)(1,433)
Other assets97 (907)
Benefits payable1,488 754 
Other liabilities(422)(238)
Unearned revenues35 6,934 
Other33 6 
Net cash provided by operating activities423 6,687 
Cash flows from investing activities
Acquisitions, net of cash and cash equivalents acquired(14)(73)
Purchases of property and equipment, net(177)(223)
Purchases of investment securities(1,259)(1,313)
Proceeds from maturities of investment securities645 267 
Proceeds from sales of investment securities391 50 
Net cash used in investing activities(414)(1,292)
Cash flows from financing activities
Receipts from contract deposits, net499 2,997 
Proceeds from issuance of senior notes, net2,232 1,215 
Repayments of senior notes (60)
Repayments of commercial paper, net(644)(177)
Repayment of term loan (500)
Debt issue costs(5)(4)
Change in book overdraft(20)108 
Common stock repurchases(717)(94)
Dividends paid(109)(100)
Other(29)(106)
Net cash provided by financing activities1,207 3,279 
Increase in cash and cash equivalents1,216 8,674 
Cash and cash equivalents at beginning of period4,694 5,061 
Cash and cash equivalents at end of period$5,910 $13,735 






7


Humana Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS—(Continued)
(Unaudited)
For the three months ended March 31,
20242023
(in millions)
Supplemental cash flow disclosures:
Interest payments$158 $97 
Income tax payments, net$1 $6 
Details of businesses acquired in purchase transactions:
Fair value of assets acquired, net of cash and cash equivalents acquired$22 $73 
Less: Fair value of liabilities assumed(8)(5)
Less: Noncontrolling interests acquired 5 
Cash paid for acquired businesses, net of cash and cash equivalents acquired$14 $73 
See accompanying notes to condensed consolidated financial statements.

8



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, 2023, that was filed with the Securities and Exchange Commission, or the SEC, on February 15, 2024. We refer to this Form 10-K as the “2023 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 2023 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
Beginning in 2022, in order to create capacity to fund growth and investment in our Medicare Advantage business and further expansion of our healthcare services capabilities, 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, we recorded charges, primarily in asset impairments, of $29 million for the three months ended March 31, 2024 within operating costs in the consolidated statements of income. These charges were recorded at the corporate level and not allocated to the segments. We expect to incur additional charges through the end of 2024. We did not record any charges for the three months ended March 31, 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

9



Humana Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
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 2023 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 March 31, 2024, accounts receivable related to services were $390 million. For the three months ended March 31, 2024, 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 March 31, 2024.
For the three months ended March 31, 2024, 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
Accounting Pronouncements Effective in Future Periods
In December 2023, the FASB issued Accounting Standards Update No. 2023-07, Segment Reporting — Improvements to Reportable Segment Disclosures. The new guidance requires incremental disclosures related to a public entity’s reportable segments but does not change the definition of a segment, the method for determining segments, or the criteria for aggregating operating segments into reportable segments. The new guidance requires a public entity to disclose its significant segment expense categories and amounts for each reportable segment. The new guidance will be effective for us beginning with our annual 2024 year-end financial statements. We are currently evaluating the impact on our segment information footnote disclosures.

In December 2023, the FASB issued Accounting Standards Update No. 2023-09 — Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The new guidance requires significant additional disclosures about income taxes, primarily focused on the disclosure of income taxes paid and the rate reconciliation table. The new guidance requires prospective application (with retrospective application permitted). The new guidance will be effective for us beginning with our annual 2025 year-end financial statements, with early adoption permitted. We are currently evaluating the impact on our income tax footnote disclosures.

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
During the first quarter of 2024 and 2023, respectively, 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 the first quarter of 2024 and 2023, respectively, 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 the first quarter of 2024 and 2023, 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 quarter of acquisition, were not material for disclosure purposes.

10



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 March 31, 2024 and December 31, 2023, respectively:
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
 (in millions)
March 31, 2024
U.S. Treasury and other U.S. government
    corporations and agencies:
U.S. Treasury and agency obligations$2,928 $ $(84)$2,844 
Mortgage-backed securities3,925  (486)3,439 
Tax-exempt municipal securities850  (24)826 
Mortgage-backed securities:
Residential462  (68)394 
Commercial1,420 1 (113)1,308 
Asset-backed securities1,552 2 (37)1,517 
Corporate debt securities7,348 24 (623)6,749 
Total debt securities$18,485 $27 $(1,435)17,077 
December 31, 2023
U.S. Treasury and other U.S. government
    corporations and agencies:
U.S. Treasury and agency obligations$2,717 $1 $(51)$2,667 
Mortgage-backed securities3,946 1 (425)3,522 
Tax-exempt municipal securities879 1 (22)858 
Mortgage-backed securities:
Residential465 1 (66)400 
Commercial1,471  (126)1,345 
Asset-backed securities1,813 2 (44)1,771 
Corporate debt securities7,011 28 (594)6,445 
Total debt securities$18,302 $34 $(1,328)17,008 

11



Humana Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
We own certain corporate debt securities of Gentiva Hospice. The book value and fair value are $379 million and $397 million, respectively, at March 31, 2024. The book value and fair value were $379 million and $398 million, respectively, at December 31, 2023.
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 March 31, 2024 and December 31, 2023, 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)
March 31, 2024
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations$2,301 $(43)$447 $(41)$2,748 $(84)
Mortgage-backed securities862 (15)2,513 (471)3,375 (486)
Tax-exempt municipal securities261 (1)508 (23)769 (24)
Mortgage-backed securities:
Residential9  365 (68)374 (68)
Commercial  1,242 (113)1,242 (113)
Asset-backed securities447 (2)787 (35)1,234 (37)
Corporate debt securities824 (7)4,702 (616)5,526 (623)
Total debt securities$4,704 $(68)$10,564 $(1,367)$15,268 $(1,435)
December 31, 2023
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations$1,899 $(12)$431 $(39)$2,330 $(51)
Mortgage-backed securities958 (12)2,269 (413)3,227 (425)
Tax-exempt municipal securities160 (1)523 (21)683 (22)
Mortgage-backed securities:
Residential  373 (66)373 (66)
Commercial18  1,303 (126)1,321 (126)
Asset-backed securities120 (1)1,364 (43)1,484 (44)
Corporate debt securities466 (2)4,783 (592)5,249 (594)
Total debt securities$3,621 $(28)$11,046 $(1,300)$14,667 $(1,328)

Approximately 97% 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 March 31, 2024. Our remaining debt securities below investment-grade were primarily rated B+, 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 1,685 positions out of a total of approximately 2,100 positions at March 31, 2024. All issuers of debt securities we own that were trading at an

12



Humana Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
unrealized loss at March 31, 2024 remain current on all contractual payments. After taking into account these 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 March 31, 2024, 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 months ended March 31, 2024 or 2023.
The detail of gains (losses) related to investment securities and included within investment income was as follows for the three months ended March 31, 2024 and 2023:
 Three Months Ended March 31,
 20242023
 (in millions)
Gross gains on investment securities$2 $ 
Gross losses on investment securities(1)(61)
Gross gains on equity securities 1 
Gross losses on equity securities  
Net recognized gains (losses) on investment securities$1 $(60)
The gains and losses related to equity securities for the three months ended March 31, 2024 and 2023 was as follows:
Three Months Ended March 31,
20242023
(in millions)
Net gains (losses) recognized on equity securities during the period$ $1 
Less: Net gains (losses) recognized on equity securities sold during the period 1 
Unrealized gains (losses) recognized on equity securities still held at the end of the period$ $ 
The contractual maturities of debt securities available for sale at March 31, 2024, 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$1,235 $1,229 
Due after one year through five years5,402 5,199 
Due after five years through ten years3,259 2,954 
Due after ten years1,230 1,037 
Mortgage and asset-backed securities7,359 6,658 
Total debt securities$18,485 $17,077 

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 2023 Form 10-K.

13



Humana Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
5. FAIR VALUE
Financial Assets
The following table summarizes our fair value measurements at March 31, 2024 and December 31, 2023, 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)
March 31, 2024
Cash equivalents$5,594 $5,594 $ $ 
Debt securities:
U.S. Treasury and other U.S. government
    corporations and agencies:
U.S. Treasury and agency obligations2,844  2,844  
Mortgage-backed securities3,439  3,439  
Tax-exempt municipal securities826  826  
Mortgage-backed securities:
Residential394  391 3 
Commercial1,308  1,308  
Asset-backed securities1,517  1,479 38 
Corporate debt securities6,749  6,564 185 
Total debt securities17,077  16,851 226 
Total invested assets$22,671 $5,594 $16,851 $226 
December 31, 2023
Cash equivalents$4,582 $4,582 $ $ 
Debt securities:
U.S. Treasury and other U.S. government
    corporations and agencies:
U.S. Treasury and agency obligations2,667  2,667  
Mortgage-backed securities3,522  3,522  
Tax-exempt municipal securities858  858  
Mortgage-backed securities:
Residential400  396 4 
Commercial1,345  1,345  
Asset-backed securities1,771  1,733 38 
Corporate debt securities6,445  6,269 176 
Total debt securities17,008  16,790 218 
Total invested assets$21,590 $4,582 $16,790 $218 
Our Level 3 assets had a fair value of $226 million, or 1.0% of total invested assets, and $218 million, or 1.0% or total invested assets, at March 31, 2024 and December 31, 2023, respectively. During the three months ended

14



Humana Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
March 31, 2024 and 2023, the changes in the fair value of the assets measured using significant unobservable inputs (Level 3) were comprised of the following:    
For the three months ended March 31, 2024For the three months ended March 31, 2023
Private Placements
(in millions)
Beginning balance at January 1$218 $101 
Total gains or losses:
Realized in earnings  
Unrealized in other comprehensive income(2)1 
Purchases11 1 
Sales  
Settlements(1) 
Transfer out (4)
Balance at March 31$226 $99 
Interest Rate Swaps

We have entered into interest-rate swap agreements with major financial institutions to convert our interest-rate exposure on some of our senior notes payable from fixed rates to variable rates, based on SOFR, to align interest costs more closely with floating interest rates received on our cash equivalents and investment securities. These swap agreements were qualified and designated as a fair value hedge. Our interest rate swaps are recognized in other assets or other liabilities, as appropriate, in our condensed consolidated balance sheets at fair value as of the reporting date. Our interest rate swaps are highly effective at reflecting the fair value of our hedged fixed rate senior notes payable. We utilize market-based financing rates, forward yield curves and discount rates in determining fair value of these swaps at each reporting date, a Level 2 measure within the fair value hierarchy. The cumulative, aggregate adjustment to the carrying value of the senior notes was approximately $17 million at March 31, 2024. The swap asset, included within other long-term assets on our condensed consolidated balance sheets, were approximately $20 million and $68 million at March 31, 2024 and December 31, 2023, respectively. We include the gain or loss on the swap agreements in interest expense on our condensed consolidated income statement, the same line item as the offsetting loss or gain on the related senior notes. The gain or loss due to hedge ineffectiveness was not material for the three months ended March 31, 2024. We did not enter into interest-rate swap agreements for the three months ended March 31, 2023. The following table summarizes the notional amounts at March 31, 2024 and December 31, 2023, respectively, for our senior notes under the swap agreements:

March 31, 2024December 31, 2023
(in millions)
$750 million, 5.875% due March 1, 2033
$650 $650 
$850 million, 5.950% due March 15, 2034
800 400 
$500 million, 3.950% due August 15, 2049
450 450 
$750 million, 5.500% due March 15, 2053
700 300 
$1,000 million, 5.750% due April 15, 2054
400  

Financial Liabilities
Our debt is recorded at carrying value in our condensed consolidated balance sheets. The carrying value of our senior notes debt outstanding, net of unamortized debt issuance costs, was $13.0 billion at March 31, 2024 and $10.8 billion at December 31, 2023. The fair value of our senior notes debt was $12.6 billion at March 31, 2024 and $10.6 billion at December 31, 2023. The fair value of our senior notes debt is determined based on Level 2 inputs,

15



Humana Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
including quoted market prices for the same or similar debt, or if no quoted market prices are available, on the current prices estimated to be available to us for debt with similar terms and remaining maturities. Carrying value approximates fair value for our commercial paper borrowings. The commercial paper borrowings were $0.3 billion and $0.9 billion at March 31, 2024 and December 31, 2023, respectively.
Put and Call Options Measured at Fair Value
Our put and call options associated with our equity method investments are measured at fair value each period using a Monte Carlo simulation.
The put and call options fair values associated with our Primary Care Organization strategic partnership with Welsh, Carson, Anderson & Stowe, or WCAS, which are exercisable at a fixed revenue exit multiple and provide a minimum return on WCAS' investment if exercised, are measured at fair value each reporting period using a Monte Carlo simulation. The put and call options fair values, derived from the Monte Carlo simulation, were $731 million and $22 million, respectively, at March 31, 2024. The put and call options fair values, derived from the Monte Carlo simulation, were $595 million and $18 million, respectively, at December 31, 2023. The put liability and call asset are included within other long-term liabilities and other long-term assets, respectively, within our condensed consolidated balance sheets.
The significant unobservable inputs utilized in these Level 3 fair value measurements (and selected values) include the enterprise value, annualized volatility and credit spread. Enterprise value was derived from a discounted cash flow model, which utilized significant unobservable inputs for long-term revenue, to measure underlying cash flows, weighted average cost of capital and long term growth rate. The table below presents the assumptions used for each reporting period.
March 31, 2024December 31, 2023
Annualized volatility
17.0% - 18.8%
16.1% - 17.8%
Credit spread
1.0% - 1.3%
0.9% - 1.1%
Revenue exit multiple
1.5x - 2.5x
1.5x - 2.5x
Weighted average cost of capital
11.0% - 12.5%
11.0% - 12.5%
Long term growth rate3.0 %3.0 %
The assumptions used for annualized volatility, credit spread and weighted average cost of capital reflect the lowest and highest values where they differ significantly across the series of put and call options due to their expected exercise dates.
Other Assets and Liabilities Measured at Fair Value
Certain assets and liabilities are measured at fair value on a non-recurring basis subject to fair value adjustment only in certain circumstances. As disclosed in Note 3, we acquired various health and wellness related businesses during 2024 and 2023. The net assets acquired and resulting goodwill and other intangible assets were recorded at fair value primarily using Level 3 inputs. The net tangible assets including receivables and accrued liabilities were recorded at their carrying value which approximated their fair value due to their short term nature. The fair value of goodwill and other intangible assets were internally estimated based primarily on the income approach. The income approach estimates fair value based on the present value of cash flow that the assets could be expected to generate in the future. We developed internal estimates for expected cash flows in the present value calculation using inputs and significant assumptions that include historical revenues and earnings, revenue growth rates, the amount and timing of future cash flows, discount rates, contributory asset charges and future tax rates, among others. The excess purchase price over the fair value of assets and liabilities acquired is recorded as goodwill.
Other than the assets and liabilities acquired during 2024 and 2023, there were no other material assets or liabilities measured at fair value on a recurring or nonrecurring basis during 2024 and 2023.

16



Humana Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
For additional information regarding our fair value measurements, refer to Note 2 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2023 Form 10-K.
6. MEDICARE PART D
We cover prescription drug benefits in accordance with Medicare Part D under multiple contracts with the Centers for Medicare and Medicaid Services, or CMS. The accompanying condensed consolidated balance sheets include the following amounts associated with Medicare Part D at March 31, 2024 and December 31, 2023. CMS subsidies/discounts in the table below include the reinsurance and low-income cost subsidies funded by CMS for which we assume no risk as well as brand name prescription drug discounts for Part D plan participants in the coverage gap funded by CMS and pharmaceutical manufacturers. For additional information regarding our prescription drug benefits coverage in accordance with Medicare Part D, refer to Note 2 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2023 Form 10-K.

 March 31, 2024December 31, 2023
Risk
Corridor
Settlement
CMS
Subsidies/
Discounts
Risk
Corridor
Settlement
CMS
Subsidies/
Discounts
 (in millions)
Other current assets$100 $592 $224 $514 
Trade accounts payable and accrued expenses(108)(2,472)(232)(1,825)
Net current liability(8)(1,880)(8)(1,311)
Other long-term assets293  17  
Other long-term liabilities(81) (77) 
Net long-term asset (liability)212  (60) 
Total net asset (liability)$204 $(1,880)$(68)$(1,311)

7. GOODWILL AND OTHER INTANGIBLE ASSETS
Changes in the carrying amount of goodwill for our reportable segments for the three months ended March 31, 2024 were as follows:
InsuranceCenterWellTotal
 (in millions)
Balance at January 1, 2024$2,663 $6,887 $9,550 
Acquisitions 13 13 
Balance at March 31, 2024$2,663 $6,900 $9,563 

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Humana Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
The following table presents details of our other intangible assets included in other long-term assets in the accompanying condensed consolidated balance sheets at March 31, 2024 and December 31, 2023:
 March 31, 2024December 31, 2023
Weighted
Average
Life
CostAccumulated
Amortization
NetCostAccumulated
Amortization
Net
 ($ in millions)
Other intangible assets:
Certificates of needIndefinite$1,092 $— $1,092 $1,092 $— $1,092 
Medicare licensesIndefinite288 — 288 288 — 288 
Customer contracts/
    relationships
9.4 years956 728 228 956 718 238 
Trade names and
    technology
6.7 years139 111 28 139 109 30 
Provider contracts11.9 years67 63 4 67 62 5 
Noncompetes and
    other
8.4 years85 46 39 84 44 40 
Total other intangible
    assets
9.2 years$2,627 $948 $1,679 $2,626 $933 $1,693 
    For the three months ended March 31, 2024 and 2023, amortization expense for other intangible assets was approximately $16 million and $18 million, respectively. The following table presents our estimate of amortization expense remaining for 2024 and each of the next five succeeding years at March 31, 2024:
 (in millions)
For the years ending December 31,
2024$44 
202558 
202643 
202733 
202829 
202927 
For additional information regarding our goodwill and intangible assets, refer to Note 2 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2023 Form 10-K.

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Humana Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
8. BENEFITS PAYABLE
On a consolidated basis, which represents our Insurance segment net of eliminations, activity in benefits payable was as follows for the three months ended March 31, 2024 and 2023:
For the three months ended March 31,
20242023
(in millions)
Balances, beginning of period$10,241 $9,264 
Incurred related to:
Current year25,659 22,380 
Prior years(535)(522)
Total incurred25,124 21,858 
Paid related to:
Current year(16,061)(14,203)
Prior years(7,575)(6,901)
Total paid(23,636)(21,104)
Balances, end of period$11,729 $10,018 
The total estimate of benefits payable for claims incurred but not reported, or IBNR, is included within the net incurred claims amounts. At March 31, 2024, benefits payable included IBNR of approximately $7.3 billion, primarily associated with claims incurred in 2024.
Amounts incurred related to prior periods vary from previously estimated liabilities as the claims ultimately are settled. Negative amounts reported for incurred related to prior years result from claims being ultimately settled for amounts less than originally estimated (favorable development).
Our reserving practice is to consistently recognize the actuarial best estimate of our ultimate liability for claims. Actuarial standards require the use of assumptions based on moderately adverse experience, which generally results in favorable reserve development, or reserves that are considered redundant. For additional information regarding our benefits payable and benefits expense recognition, refer to Note 2 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2023 Form 10-K.


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Humana Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
9. EARNINGS PER COMMON SHARE COMPUTATION
Detail supporting the computation of basic and diluted earnings per common share was as follows for the three months ended March 31, 2024 and 2023:
Three Months Ended March 31,
20242023
(dollars in millions, except per common share results; number of shares in thousands)
Net income available for common stockholders$741 $1,239 
Weighted average outstanding shares of common stock
    used to compute basic earnings per common share
120,978 125,005 
Dilutive effect of:
Employee stock options6 34 
Restricted stock284 525 
Shares used to compute diluted earnings per common share121,268 125,564 
Basic earnings per common share$6.13 $9.91 
Diluted earnings per common share$6.11 $9.87 
Number of antidilutive stock options and restricted stock
    excluded from computation
1,165 538 

For additional information regarding earnings per common share, refer to Note 2 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2023 Form 10-K.

10. STOCKHOLDERS’ EQUITY
Dividends
The following table provides details of dividend payments, excluding dividend equivalent rights for unvested stock awards, during 2024 under our Board approved quarterly cash dividend policy:
Record
Date
Payment
Date
Amount
per Share
Total
Amount
(in millions)
2024 payments
12/29/20231/26/2024$0.8850 $108 
In February 2024, the Board declared a cash dividend of $0.885 per share payable on April 26, 2024 to stockholders of record on March 29, 2024. In April 2024, the Board declared a cash dividend of $0.885 per share payable on July 26, 2024 to stockholders of record as of the close of business on June 28, 2024. Declaration and payment of future quarterly dividends are at the discretion of our Board and may be adjusted as business needs or market conditions change.

Stock Repurchases
Our Board of Directors may authorize the purchase of our common stock shares. Under the share repurchase authorization, shares may be purchased from time to time at prevailing prices in the open market, by block purchases, through plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as

20



Humana Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
amended, or in privately-negotiated transactions, including pursuant to accelerated share repurchase agreements with investment banks, subject to certain regulatory restrictions on volume, pricing, and timing.
Effective February 16, 2024, the Board of Directors replaced the February 2023 repurchase authorization (of which approximately $824 million remained unused) with a new share repurchase authorization for repurchases of up to $3 billion of our common shares exclusive of shares repurchased in connection with employee stock plans, expiring as of February 15, 2027, which we refer to as the 2024 repurchase authorization. During the three months ended March 31, 2024, we repurchased 1.8 million shares in open market transactions for $702 million at an average price of $388.78 under the February 2023 and 2024 share repurchase authorizations. During the three months ended March 31, 2023, we repurchased 0.1 million shares in open market transactions for $67 million at an average price of $495.68 under the February 2023 share repurchase authorization.

Our remaining repurchase authorization was $2.96 billion as of April 23, 2024.
In connection with employee stock plans, we acquired 0.04 million common shares for $15 million and 0.05 million common shares for $27 million during the three months ended March 31, 2024 and 2023, respectively.
For additional information regarding our stockholders' equity, refer to Note 16 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2023 Form 10-K.

11. INCOME TAXES
The effective income tax rate was 25.3% and 22.5% for the three months ended March 31, 2024 and 2023, respectively. The year-over-year increase in the effective income tax rate is primarily due to a change in the mix of current year earnings between our Insurance segment and our CenterWell health services segment, as the latter incurs a higher effective domestic tax rate than the former. In addition, the prior year income tax rate was favorably impacted by the recognition of a non-taxable gain.

For additional information regarding income taxes, refer to Note 2 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2023 Form 10-K.



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