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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 June 30, 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 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 June 30, 2024
$0.16 2/3 par value120,401,661 shares

Humana Inc.
FORM 10-Q
JUNE 30, 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)
June 30,
2024		December 31, 2023
(in millions, except share amounts)
ASSETS
Current assets:
Cash and cash equivalents$5,501 $4,694 
Investment securities17,424 16,626 
Receivables, net of allowances of $96 in 2024
    and $88 in 2023
4,090 2,035 
Other current assets5,843 6,631 
Total current assets32,858 29,986 
Property and equipment, net2,821 3,030 
Long-term investment securities388 382 
Equity method investments736 740 
Goodwill9,567 9,550 
Other long-term assets3,723 3,377 
Total assets$50,093 $47,065 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Benefits payable$11,446 $10,241 
Trade accounts payable and accrued expenses6,527 6,569 
Book overdraft355 353 
Unearned revenues313 266 
Short-term debt1,149 1,443 
Total current liabilities19,790 18,872 
Long-term debt11,746 10,213 
Other long-term liabilities1,829 1,662 
Total liabilities33,365 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;
  198,718,810 shares issued at June 30, 2024 and 198,690,082 shares issued at December 31, 2023
33 33 
Capital in excess of par value3,420 3,346 
Retained earnings28,745 27,540 
Accumulated other comprehensive loss(1,122)(999)
Treasury stock, at cost, 78,317,149 shares at June 30, 2024 and
    76,465,862 shares at December 31, 2023
(14,405)(13,658)
Total stockholders' equity16,671 16,262 
Noncontrolling interests57 56 
Total equity16,728 16,318 
Total liabilities and equity$50,093 $47,065 

See accompanying notes to condensed consolidated financial statements.

3

Humana Inc.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 
Three months ended June 30,Six Months Ended June 30,
 2024202320242023
 (in millions, except per share results)
Revenues:
Premiums$28,142 $25,495 $56,403 $51,045 
Services1,100 978 2,162 1,977 
Investment income298 274 586 467 
Total revenues29,540 26,747 59,151 53,489 
Operating expenses:
Benefits25,039 22,009 50,163 43,867 
Operating costs3,148 3,111 6,190 6,090 
Depreciation and amortization212 191 421 377 
Total operating expenses28,399 25,311 56,774 50,334 
Income from operations1,141 1,436 2,377 3,155 
Interest expense168 120 327 233 
Other expense, net55 54 118 46 
Income before income taxes and equity in net losses918 1,262 1,932 2,876 
Provision for income taxes223 296 474 655 
Equity in net losses(17)(10)(41)(27)
Net income$678 $956 $1,417 $2,194 
Net loss attributable to noncontrolling interests1 3 3 4 
Net income attributable to Humana$679 $959 $1,420 $2,198 
Basic earnings per common share$5.63 $7.70 $11.76 $17.62 
Diluted earnings per common share$5.62 $7.66 $11.74 $17.54 
See accompanying notes to condensed consolidated financial statements.

4

Humana Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three months ended June 30,Six Months Ended June 30,
 2024202320242023
 (in millions)
Net income attributable to Humana$679 $959 $1,420 $2,198 
Other comprehensive income (loss):
Change in gross unrealized investment (losses) gains(47)(137)(161)51 
Effect of income taxes10 31 38 (12)
Total change in unrealized investment (losses) gains, net of tax(37)(106)(123)39 
Reclassification adjustment for net realized losses (gains)1 (8)— 53 
Effect of income taxes— 1 — (14)
Total reclassification adjustment, net of tax1 (7)— 39 
Other comprehensive (loss) income, net of tax(36)(113)(123)78 
Comprehensive income attributable to Humana$643 $846 $1,297 $2,276 
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 June 30, 2024
Balances, March 31, 2024198,691 $33 $3,369 $28,173 $(1,086)$(14,359)$16,130 $56 $16,186 
Net income679 679 (1)678 
Distribution from noncontrolling interest holders, net2 2 
Other comprehensive loss(36)(36)(36)
Common stock repurchases— (50)(50)(50)
Dividends and dividend
   equivalents		— (107)(107)(107)
Stock-based compensation55 55 55 
Restricted stock unit vesting28 — (4)4 — — 
Balances, June 30, 2024198,719 $33 $3,420 $28,745 $(1,122)$(14,405)$16,671 $57 $16,728 
Three months ended June 30, 2023
Balances, March 31, 2023198,667 $33 $3,262 $26,619 $(1,113)$(12,224)$16,577 $57 $16,634 
Net income959 959 (3)956 
Distribution from noncontrolling interest holders, net3 3 
Other comprehensive loss(113)(113)(113)
Common stock repurchases— (534)(534)(534)
Dividends and dividend
   equivalents		— (110)(110)(110)
Stock-based compensation51 51 51 
Restricted stock unit vesting23 — (3)3 — — 
Stock option exercises— — 3 1 4 4 
Balances, June 30, 2023198,690 $33 $3,313 $27,468 $(1,226)$(12,754)$16,834 $57 $16,891 
See accompanying notes to condensed consolidated financial statements.














6

Humana Inc.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY—(Continued)
(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)
Six months ended June 30, 2024
Balances, December 31, 2023198,690 $33 $3,346 $27,540 $(999)$(13,658)$16,262 $56 $16,318 
Net income1,420 1,420 (3)1,417 
Distribution from noncontrolling interest holders, net— 4 4 
Other comprehensive loss(123)(123)(123)
Common stock repurchases— (773)(773)(773)
Dividends and dividend
   equivalents		— (215)(215)(215)
Stock-based compensation100 100 100 
Restricted stock unit vesting29 — (26)26 — — 
Stock option exercises— — — — — — 
Balances, June 30, 2024198,719 $33 $3,420 $28,745 $(1,122)$(14,405)$16,671 $57 $16,728 
Six months ended June 30, 2023
Balances, December 31, 2022198,667 $33 $3,246 $25,492 $(1,304)$(12,156)$15,311 $59 $15,370 
Net income2,198 2,198 (4)2,194 
Distribution from noncontrolling interest holders, net— 7 7 
Acquisition— (5)(5)
Other comprehensive income78 78 78 
Common stock repurchases— (628)(628)(628)
Dividends and dividend
   equivalents		— (222)(222)(222)
Stock-based compensation89 89 89 
Restricted stock unit vesting23 — (27)27 — — 
Stock option exercises— — 5 3 8 8 
Balances, June 30, 2023198,690 $33 $3,313 $27,468 $(1,226)$(12,754)$16,834 $57 $16,891 
    



7

Humana Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 For the six months ended June 30,
 20242023
 (in millions)
Cash flows from operating activities
Net income$1,417 $2,194 
Adjustments to reconcile net income to net cash provided by operating activities:
Loss on investment securities, net— 45 
Equity in net losses41 27 
Stock-based compensation100 89 
Depreciation454 410 
Amortization31 34 
Impairment of property and equipment87 — 
Changes in operating assets and liabilities, net of effect of
    businesses acquired and disposed:
Receivables(2,055)269 
Other assets592 (1,141)
Benefits payable1,205 978 
Other liabilities(327)(170)
Unearned revenues47 7,092 
Other44 36 
Net cash provided by operating activities1,636 9,863 
Cash flows from investing activities
Acquisitions, net of cash and cash equivalents acquired(17)(189)
Purchases of property and equipment, net(291)(487)
Purchases of investment securities(2,962)(2,737)
Proceeds from maturities of investment securities1,355 577 
Proceeds from sales of investment securities499 811 
Net cash used in investing activities(1,416)(2,025)
Cash flows from financing activities
Receipts from contract deposits, net285 3,510 
Proceeds from issuance of senior notes, net2,232 1,215 
Repayments of senior notes(34)(349)
(Repayments) issuance of commercial paper, net(895)238 
Repayment of term loan— (500)
Debt issue costs(7)(4)
Change in book overdraft2 159 
Common stock repurchases(766)(623)
Dividends paid(216)(211)
Other(14)(120)
Net cash provided by financing activities587 3,315 
Increase in cash and cash equivalents807 11,153 
Cash and cash equivalents at beginning of period4,694 5,061 
Cash and cash equivalents at end of period$5,501 $16,214 






8

Humana Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS—(Continued)
(Unaudited)
For the six months ended June 30,
20242023
(in millions)
Supplemental cash flow disclosures:
Interest payments$250 $175 
Income tax payments, net$362 $681 
Details of businesses acquired in purchase transactions:
Fair value of assets acquired, net of cash and cash equivalents acquired$26 $346 
Less: Fair value of liabilities assumed(9)(162)
Less: Noncontrolling interests acquired— 5 
Cash paid for acquired businesses, net of cash and cash equivalents acquired$17 $189 
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, 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 $68 million and $97 million for the three and six months ended June 30, 2024, respectively, within operating costs in the condensed 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 and six months ended June 30, 2023.



10


Humana Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
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 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 June 30, 2024, accounts receivable related to services were $395 million. For the three and six months ended June 30, 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 June 30, 2024.
For the three and six months ended June 30, 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 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 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 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.

11


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 June 30, 2024 and December 31, 2023, respectively:
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
 (in millions)
June 30, 2024
U.S. Treasury and other U.S. government
    corporations and agencies:
U.S. Treasury and agency obligations$3,080 $1 $(92)$2,989 
Mortgage-backed securities4,264 4 (509)3,759 
Tax-exempt municipal securities770 — (27)743 
Mortgage-backed securities:
Residential451 — (70)381 
Commercial1,374 — (112)1,262 
Asset-backed securities1,531 2 (35)1,498 
Corporate debt securities7,797 23 (640)7,180 
Total debt securities$19,267 $30 $(1,485)$17,812 
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 

12


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 $396 million, respectively, at June 30, 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 June 30, 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)
June 30, 2024
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations$1,592 $(32)$1,135 $(60)$2,727 $(92)
Mortgage-backed securities734 (14)2,732 (495)3,466 (509)
Tax-exempt municipal securities208 (2)503 (25)711 (27)
Mortgage-backed securities:
Residential21 (1)353 (69)374 (70)
Commercial54 (1)1,179 (111)1,233 (112)
Asset-backed securities398 (2)735 (33)1,133 (35)
Corporate debt securities1,333 (14)4,570 (626)5,903 (640)
Total debt securities$4,340 $(66)$11,207 $(1,419)$15,547 $(1,485)
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 June 30, 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 1,750 positions out of a total of approximately 2,170 positions at June 30, 2024. All issuers of debt securities we own that were trading at an

13


Humana Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
unrealized loss at June 30, 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 June 30, 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 and six months ended June 30, 2024 or 2023.
The detail of gains (losses) related to investment securities and included within investment income was as follows for the three and six months ended June 30, 2024 and 2023:
 Three months ended June 30,Six Months Ended June 30,
 2024202320242023
 (in millions)(in millions)
Gross gains on investment securities$— $15 $2 $15 
Gross losses on investment securities(1)— (2)(61)
Gross gains on equity securities— — — 1 
Gross losses on equity securities— — — — 
Net recognized (losses) gains on investment securities$(1)$15 $— $(45)
The gains and losses related to equity securities for the three and six months ended June 30, 2024 and 2023 was as follows:
Three months ended June 30,Six Months Ended June 30,
2024202320242023
(in millions)(in millions)
Net gains recognized on equity securities during the period$— $— $— $1 
Less: Net gains recognized on equity securities sold during the period— — — 1 
Unrealized gains (losses) recognized on equity securities still held at the end of the period$— $— $— $— 
The contractual maturities of debt securities available for sale at June 30, 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$1,390 $1,381 
Due after one year through five years5,291 5,085 
Due after five years through ten years3,791 3,476 
Due after ten years1,175 970 
Mortgage and asset-backed securities7,620 6,900 
Total debt securities$19,267 $17,812 

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.

14


Humana Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
5. FAIR VALUE
Financial Assets
The following table summarizes our fair value measurements at June 30, 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)
June 30, 2024
Cash equivalents$5,402 $5,402 $— $— 
Debt securities:
U.S. Treasury and other U.S. government
    corporations and agencies:
U.S. Treasury and agency obligations2,989 — 2,989 — 
Mortgage-backed securities3,759 — 3,759 — 
Tax-exempt municipal securities743 — 743 — 
Mortgage-backed securities:
Residential381 — 379 2 
Commercial1,262 — 1,262 — 
Asset-backed securities1,498 — 1,454 44 
Corporate debt securities7,180 — 6,970 210 
Total debt securities$17,812 $— $17,556 $256 
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