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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, 2021
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 September 30, 2021
$0.16 2/3 par value128,534,291 shares


Humana Inc.
FORM 10-Q
SEPTEMBER 30, 2021
INDEX
 Page
Part I: Financial Information
Item 1.Financial Statements (Unaudited)
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,
2021
December 31, 2020
(in millions, except share amounts)
ASSETS
Current assets:
Cash and cash equivalents$4,304 $4,673 
Investment securities13,719 12,554 
Receivables, less allowance for doubtful accounts of $82 in 2021
    and $72 in 2020
1,879 1,138 
Other current assets5,913 5,276 
Total current assets25,815 23,641 
Property and equipment, net2,898 2,371 
Long-term investment securities1,095 1,212 
Equity method investments143 1,170 
Goodwill10,806 4,447 
Other long-term assets4,563 2,128 
Total assets$45,320 $34,969 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Benefits payable$8,758 $8,143 
Trade accounts payable and accrued expenses4,957 4,013 
Book overdraft240 320 
Unearned revenues277 318 
Short-term debt795 600 
Total current liabilities15,027 13,394 
Long-term debt11,466 6,060 
Other long-term liabilities2,545 1,787 
Total liabilities29,038 21,241 
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;
  198,648,742 shares issued at September 30, 2021 and December 31, 2020
33 33 
Capital in excess of par value3,064 2,705 
Retained earnings23,191 20,517 
Accumulated other comprehensive income145 391 
Treasury stock, at cost, 70,114,451 shares at September 30, 2021 and
    69,787,614 shares at December 31, 2020
(10,173)(9,918)
Noncontrolling interests22  
Total stockholders’ equity16,282 13,728 
Total liabilities and stockholders’ equity$45,320 $34,969 
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,
 2021202020212020
 (in millions, except per share results)
Revenues:
Premiums$19,885 $18,904 $59,987 $55,822 
Services845 457 1,802 1,331 
Investment (loss) income(33)714 221 940 
Total revenues20,697 20,075 62,010 58,093 
Operating expenses:
Benefits17,316 15,611 51,761 45,415 
Operating costs2,603 2,513 6,726 6,984 
Depreciation and amortization150 128 436 362 
Total operating expenses20,069 18,252 58,923 52,761 
Income from operations628 1,823 3,087 5,332 
Interest expense88 75 235 211 
Other (income) expense, net(1,096)(7)(562)63 
Income before income taxes and equity in net earnings 1,636 1,755 3,414 5,058 
Provision for income taxes120 450 536 1,485 
Equity in net earnings15 35 69 68 
Net income$1,531 $1,340 $2,947 $3,641 
Less: Net income attributable to noncontrolling interests    
Net income attributable to Humana$1,531 $1,340 $2,947 $3,641 
Basic earnings per common share$11.91 $10.12 $22.90 $27.53 
Diluted earnings per common share$11.84 $10.05 $22.77 $27.37 
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,
 2021202020212020
 (in millions)
Net income$1,531 $1,340 $2,947 $3,641 
Other comprehensive income:
Change in gross unrealized investment (losses) gains(63)66 (247)332 
Effect of income taxes14 (15)56 (78)
Total change in unrealized investment (losses) gains, net of tax(49)51 (191)254 
Reclassification adjustment for net realized gains(16)(1)(80)(48)
Effect of income taxes4  19 10 
Total reclassification adjustment, net of tax(12)(1)(61)(38)
Other comprehensive (loss) gain, net of tax(61)50 (252)216 
Comprehensive (loss) income attributable to equity method investments(10)3 6 (2)
Comprehensive income (loss) attributable to noncontrolling interests    
Comprehensive income attributable to Humana$1,460 $1,393 $2,701 $3,855 
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
Noncontrolling InterestsTotal
Stockholders’
Equity
 Issued
Shares
Amount
(dollars in millions, share amounts in thousands)
Three months ended September 30, 2021
Balances, June 30, 2021198,649 $33 $3,018 $21,751 $216 $(10,175)$ $14,843 
Net income1,531 — 1,531 
Acquisition22 22 
Other comprehensive loss(71)(71)
Common stock repurchases (3)(3)
Dividends and dividend
   equivalents
(91)(91)
Stock-based compensation48 48 
Restricted stock unit vesting  (3)3  
Stock option exercises  1 2 3 
Balances, September 30, 2021198,649 $33 $3,064 $23,191 $145 $(10,173)$22 $16,282 
Three months ended September 30, 2020
Balances, June 30, 2020198,630 $33 $2,898 $19,616 $317 $(8,448)$ $14,416 
Net income1,340 — 1,340 
Other comprehensive income53 53 
Common stock repurchases19 (5)(5)
Dividends and dividend
   equivalents
(84)(84)
Stock-based compensation47 47 
Restricted stock unit vesting  (6)6  
Stock option exercises  1  1 
Balances, September 30, 2020198,649 $33 $2,940 $20,872 $370 $(8,447)$ $15,768 
See accompanying notes to condensed consolidated financial statements.



















6


Humana Inc.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
 Common StockCapital In
Excess of
Par Value
Retained
Earnings
Accumulated
Other
Comprehensive
Income
Treasury
Stock
Noncontrolling InterestsTotal
Stockholders’
Equity
 Issued
Shares
Amount
(dollars in millions, share amounts in thousands)
Nine months ended September 30, 2021
Balances, December 31, 2020198,649 $33 $2,705 $20,517 $391 $(9,918)$ $13,728 
Net income2,947 — 2,947 
Acquisition22 22 
Other comprehensive loss(246)(246)
Common stock repurchases263 (299)(36)
Dividends and dividend
   equivalents
(273)(273)
Stock-based compensation132 132 
Restricted stock unit vesting  (40)40  
Stock option exercises  4 4 8 
Balances, September 30, 2021198,649 $33 $3,064 $23,191 $145 $(10,173)$22 $16,282 
Nine months ended September 30, 2020
Balances, December 31, 2019198,630 $33 $2,820 $17,483 $156 $(8,455)$ $12,037 
Net income3,641 — 3,641 
Impact of adopting ASC 326 -
   Current expected credit loss
   standard (CECL)
(2)— (2)
Other comprehensive income214 214 
Common stock repurchases19  (30)(30)
Dividends and dividend
   equivalents
(250)(250)
Stock-based compensation129 129 
Restricted stock unit vesting  (21)21  
Stock option exercises  12 17 29 
Balances, September 30, 2020198,649 $33 $2,940 $20,872 $370 $(8,447)$ $15,768 
See accompanying notes to condensed consolidated financial statements.
7


Humana Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 For the nine months ended
September 30,
 20212020
 (in millions)
Cash flows from operating activities
Net income$2,947 $3,641 
Adjustments to reconcile net income to net cash provided by
    operating activities:
Losses (gains) on investment securities, net18 (696)
Gain on Kindred at Home equity method investment(1,129) 
Equity in net earnings(69)(68)
Stock-based compensation132 129 
Depreciation468 390 
Amortization51 66 
Benefit for deferred income taxes (3)
Changes in operating assets and liabilities, net of effect of
    businesses acquired:
Receivables(294)(82)
Other assets(476)(1,547)
Benefits payable573 2,204 
Other liabilities207 1,257 
Unearned revenues(84)40 
Other14 25 
Net cash provided by operating activities2,358 5,356 
Cash flows from investing activities
Acquisitions, net of cash and cash equivalents acquired(3,959)(709)
Purchases of property and equipment, net(945)(668)
Purchases of investment securities(6,573)(7,230)
Proceeds from maturities of investment securities2,103 3,500 
Proceeds from sales of investment securities2,920 2,097 
Net cash used in investing activities(6,454)(3,010)
Cash flows from financing activities
Receipts (withdrawals) from contract deposits, net605 (274)
Proceeds from issuance of senior notes, net2,984 1,088 
Proceeds from issuance of commercial paper, net193 21 
Proceeds from term loan500 1,000 
Repayment of term loan(150) 
Debt issue costs(29) 
Change in book overdraft(80)(11)
Common stock repurchases(36)(30)
Dividends paid(263)(239)
Proceeds from stock option exercises and other, net3 30 
Net cash provided by financing activities3,727 1,585 
(Decrease) increase in cash and cash equivalents(369)3,931 
Cash and cash equivalents at beginning of period4,673 4,054 
Cash and cash equivalents at end of period$4,304 $7,985 


8


Humana Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS—(Continued)
(Unaudited)
For the nine months ended
September 30,
20212020
(in millions)
Supplemental cash flow disclosures:
Interest payments$183 $159 
Income tax payments, net$219 $778 
Details of businesses acquired in purchase transactions:
Fair value of assets acquired, net of cash acquired$9,572 $816 
Less: Fair value of liabilities assumed(3,231)(107)
Less: Noncontrolling interests acquired(22) 
Less: Remeasured existing Kindred at Home equity method investment(2,360) 
Cash paid for acquired businesses, net of cash acquired$3,959 $709 
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 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, 2020, that was filed with the Securities and Exchange Commission, or the SEC, on February 18, 2021. We refer to the Form 10-K as the “2020 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 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. These estimates are based on knowledge of current events and anticipated future events, and accordingly, actual results may ultimately differ materially from those estimates. Refer to Note 2 to the consolidated financial statements included in our 2020 Form 10-K for information on accounting policies that we consider in preparing our consolidated financial statements. Since the filing of our 2020 Form 10-K we have acquired noncontrolling interest and indefinite-lived intangible assets as part of our acquisition of Kindred at Home, or KAH, during the third quarter of 2021. See Note 3 for further information. We have updated our accounting policies accordingly.
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.
Indefinite-lived Assets
We are required to annually compare the fair values of other indefinite-lived intangible assets to their carrying amounts. If the carrying amount of an indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized. Fair values of indefinite-lived intangible assets are determined based on the income approach.
Noncontrolling Interests
The consolidated financial statements include all assets, liabilities, revenues and expenses of less than 100% owned affiliates that we control. Accordingly, we record noncontrolling interests in the earnings and equity of such entities. We record adjustments to noncontrolling interests for the allocable portion of income or loss to which the noncontrolling interest holders are entitled based upon their portion of the subsidiaries they own. Distributions to holders of noncontrolling interests are adjusted to the respective noncontrolling interest holders’ balances. Noncontrolling interests, which relate to the minority ownership held by third party investors in certain of our Home Health Solutions business, are reported below net income under the heading “Net income attributable to noncontrolling interest” in the condensed consolidated statements of income and presented as a component of equity in the condensed consolidated balance sheets.
COVID-19
The emergence and spread of the novel coronavirus, or COVID-19, beginning in the first quarter of 2020 has impacted our business. During periods of increased incidences of COVID-19, non-essential care from a reduction in non-COVID-19 hospital admissions and lower overall healthcare system consumption decreased utilization. Likewise COVID-19 treatment and testing cost increased utilization. The significant disruption in utilization during
10



Humana Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
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, is significantly affecting our 2021 revenue under the risk adjustment payment model for Medicare Advantage plans.

Revenue Recognition

Our revenues include premium and service revenues. Service revenues include 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, service revenues include net patient service revenues that are recorded based upon established billing rates, less allowances for contractual adjustments, and are recognized as services are provided. For more information about our revenues, refer to Note 2 to the consolidated financial statements included in our 2020 Form 10-K for information on accounting policies that we consider in preparing our consolidated financial statements. See Note 14 for disaggregation of revenue by segment and type.
At September 30, 2021, accounts receivable related to services were $578 million. For the three and nine months ended September 30, 2021, 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, 2021.
For the three and nine months ended September 30, 2021, services revenue recognized from performance obligations related to prior periods (for example, 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 September 2018, the FASB issued new guidance related 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 is effective for us beginning with annual and interim periods in 2023, with earlier adoption permitted, and are to be applied to contracts in force or at the beginning of the earliest period presented, with an option to apply retrospectively with a cumulative effect adjustment to the opening balances of retained earnings as of the earliest period presented. We are currently evaluating the impact on our results of operations, financial position and 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.

11



Humana Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
3. ACQUISITIONS
On August 17, 2021, we acquired the remaining 60% interest in Kindred at Home, or KAH, the nation’s largest home health and hospice provider, from TPG Capital, or TPG, and Welsh, Carson, Anderson & Stowe, or WCAS, two private equity funds, or the Sponsors, for an enterprise value of $8.2 billion, which includes our equity value of $2.4 billion associated with our 40% minority ownership interest. The remeasurement to fair value of our previously held 40% equity method investment with a carrying value of approximately $1.3 billion, resulted in a $1.1 billion gain recognized in "Other (income) expense, net". KAH has locations in 40 states, providing extensive geographic coverage with approximately 65% overlap with our individual Medicare Advantage membership. We paid the approximate $5.8 billion transaction price (net of our existing equity stake) through a combination of debt financing, the assumption of existing KAH indebtedness and parent company cash. The preliminary fair values of KAH’s assets acquired and liabilities assumed at the date of the acquisition are summarized as follows:

Kindred at Home
($ in millions)
Cash and cash equivalents$278 
Receivables424 
Other current assets63 
Property and equipment74 
Goodwill5,778 
Other intangible assets2,325 
Other long-term assets172 
Total assets acquired$9,114 
Current liabilities$452 
Long term debt2,078 
Other long-term liabilities392 
Total liabilities assumed$2,922 
Non-controlling interests22 
Net assets acquired$6,170 

The other intangible assets primarily consist of Certificate of Needs (CON) and Medicare licenses which have indefinite lives. Amortizing trade names included in other intangibles assets of approximately $18 million have an estimated weighted average useful life of 10 years. The goodwill, allocated to our Healthcare Services segment, primarily relates to the future economic benefit arising from the assets acquired and is consistent with our integrated care delivery strategy. Approximately $132 million of the goodwill is deductible for tax purposes. The purchase price allocation is preliminary, subject to completion of valuation analyses, including, for example, refining assumptions used to calculate the fair value of other intangible assets. The results of operations and financial condition of KAH have been included in our condensed consolidated statements of income and condensed consolidated balance sheets from the acquisition date. In connection with the acquisition, we recognized approximately $45 million of acquisition-related costs, primarily compensation costs as well as banker and other professional fees, in operating costs in our condensed consolidated statements of income. The comparative proforma financial information assuming the acquisition had occurred as of January 1, 2020 was not material to our results of operations.
During 2021 and 2020, 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 2021 and 2020 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 2021 and 2020 were not material to our results of
12



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

4. INVESTMENT SECURITIES
Investment securities classified as current and long-term were as follows at September 30, 2021 and December 31, 2020, respectively:
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
 (in millions)
September 30, 2021
U.S. Treasury and other U.S. government
    corporations and agencies:
U.S. Treasury and agency obligations$656 $