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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, 2022
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, 2022
$0.16 2/3 par value126,600,318 shares


Humana Inc.
FORM 10-Q
SEPTEMBER 30, 2022
INDEX
 Page
Part I: Financial Information
Item 1.Financial Statements
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
Certifications



Humana Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30,
2022
December 31, 2021
(in millions, except share amounts)
ASSETS
Current assets:
Cash and cash equivalents$13,558 $3,394 
Investment securities13,124 13,192 
Receivables, net of allowances of $71 in 2022
    and $83 in 2021
1,609 1,814 
Other current assets5,420 6,493 
Total current assets33,711 24,893 
Property and equipment, net3,218 3,073 
Long-term investment securities375 780 
Equity method investments738 141 
Goodwill9,096 11,092 
Other long-term assets3,627 4,379 
Total assets$50,765 $44,358 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Benefits payable$9,237 $8,289 
Trade accounts payable and accrued expenses6,766 4,509 
Book overdraft237 326 
Unearned revenues6,012 254 
Short-term debt2,799 1,953 
Total current liabilities25,051 15,331 
Long-term debt7,798 10,541 
Other long-term liabilities1,599 2,383 
Total liabilities34,448 28,255 
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;
  198,666,598 shares issued at September 30, 2022 and 198,648,742 shares at December 31, 2021
33 33 
Capital in excess of par value3,234 3,082 
Retained earnings25,606 23,086 
Accumulated other comprehensive (loss) income(1,467)42 
Treasury stock, at cost, 72,066,280 shares at September 30, 2022 and
    69,846,758 shares at December 31, 2021
(11,152)(10,163)
Noncontrolling interests63 23 
Total stockholders’ equity16,317 16,103 
Total liabilities and stockholders’ equity$50,765 $44,358 
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,
 2022202120222021
 (in millions, except per share results)
Revenues:
Premiums$21,468 $19,885 $66,437 $59,987 
Services1,159 845 3,772 1,802 
Investment income (loss)172 (33)222 221 
Total revenues22,799 20,697 70,431 62,010 
Operating expenses:
Benefits18,384 17,316 57,108 51,761 
Operating costs3,061 2,603 9,120 6,726 
Depreciation and amortization182 150 527 436 
Total operating expenses21,627 20,069 66,755 58,923 
Income from operations1,172 628 3,676 3,087 
Gain on sale of KAH Hospice(240) (240) 
Interest expense102 88 293 235 
Other expense (income), net13 (1,096)(16)(562)
Income before income taxes and equity in net earnings 1,297 1,636 3,639 3,414 
Provision for income taxes107 120 820 536 
Equity in net earnings3 15 1 69 
Net income$1,193 $1,531 $2,820 $2,947 
Net loss attributable to noncontrolling interests2  1  
Net income attributable to Humana$1,195 $1,531 $2,821 $2,947 
Basic earnings per common share$9.45 $11.91 $22.27 $22.90 
Diluted earnings per common share$9.39 $11.84 $22.16 $22.77 
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,
 2022202120222021
 (in millions)
Net income attributable to Humana$1,195 $1,531 $2,821 $2,947 
Other comprehensive income:
Change in gross unrealized investment losses(590)(63)(1,982)(247)
Effect of income taxes135 14 455 56 
Total change in unrealized investment losses, net of tax(455)(49)(1,527)(191)
Reclassification adjustment for net realized gains (losses)50 (16)23 (80)
Effect of income taxes(11)4 (5)19 
Total reclassification adjustment, net of tax39 (12)18 (61)
Other comprehensive loss, net of tax(416)(61)(1,509)(252)
Comprehensive income attributable to equity method investments (10) 6 
Comprehensive income attributable to Humana$779 $1,460 $1,312 $2,701 
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, 2022
Balances, June 30, 2022198,667 $33 $3,153 $24,511 $(1,051)$(11,156)$20 $15,510 
Net income1,195 (2)1,193 
Distribution from noncontrolling interest holders, net3 3 
Sale of KAH Hospice(11)(11)
Acquisition53 53 
Other comprehensive loss(416)(416)
Common stock repurchases— (4)(4)
Dividends and dividend
   equivalents
— (100)(100)
Stock-based compensation80 80 
Restricted stock unit vesting— — (3)3  
Stock option exercises— — 4 5 9 
Balances, September 30, 2022198,667 $33 $3,234 $25,606 $(1,467)$(11,152)$63 $16,317 
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 
See accompanying notes to condensed consolidated financial statements.
6


 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)
Nine months ended September 30, 2022
Balances, December 31, 2021198,649 $33 $3,082 $23,086 $42 $(10,163)$23 $16,103 
Net income2,821 (1)2,820 
Distribution to noncontrolling interest holders, net(1)(1)
Sale of KAH Hospice(11)(11)
Acquisition53 53 
Other comprehensive loss(1,509)(1,509)
Common stock repurchases— (1,032)(1,032)
Dividends and dividend
   equivalents
— (301)(301)
Stock-based compensation173 173 
Restricted stock unit vesting18 — (31)31  
Stock option exercises— — 10 12 22 
Balances, September 30, 2022198,667 $33 $3,234 $25,606 $(1,467)$(11,152)$63 $16,317 
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 


7


Humana Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 For the nine months ended September 30,
 20222021
 (in millions)
Cash flows from operating activities
Net income$2,820 $2,947 
Adjustments to reconcile net income to net cash provided by (used in)
    operating activities:
Gain on sale of KAH Hospice(240) 
Loss on investment securities, net136 18 
Gain on Kindred at Home equity method investment (1,129)
Equity in net earnings(1)(69)
Stock-based compensation173 132 
Depreciation555 468 
Amortization73 51 
Impairment on property and equipment144  
Deferred income taxes (33) 
Changes in operating assets and liabilities, net of effect of
    businesses acquired and disposed:
Receivables11 (294)
Other assets(465)(476)
Benefits payable948 573 
Other liabilities(195)207 
Unearned revenues5,758 (84)
Other30 14 
Net cash provided by operating activities9,714 2,358 
Cash flows from investing activities
Proceeds from sale of KAH Hospice, net2,708  
Acquisitions, net of cash and cash equivalents acquired(293)(3,959)
Purchases of property and equipment, net(862)(945)
Purchases of investment securities(4,740)(6,573)
Proceeds from maturities of investment securities1,214 2,103 
Proceeds from sales of investment securities1,979 2,920 
Net cash provided by (used in) investing activities6 (6,454)
Cash flows from financing activities
Receipts from contract deposits, net3,787 605 
Proceeds from issuance of senior notes, net744 2,984 
(Repayments) proceeds from issuance of commercial paper, net(660)193 
Proceeds from term loan 500 
Repayment of term loan(2,000)(150)
Debt issue costs(2)(29)
Change in book overdraft(89)(80)
Common stock repurchases(1,032)(36)
Dividends paid(291)(263)
Other(13)3 
Net cash provided by financing activities444 3,727 
Increase (decrease) in cash and cash equivalents10,164 (369)
Cash and cash equivalents at beginning of period3,394 4,673 
Cash and cash equivalents at end of period$13,558 $4,304 
8



Humana Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS—(Continued)
(Unaudited)
For the nine months ended September 30,
20222021
(in millions)
Supplemental cash flow disclosures:
Interest payments$256 $183 
Income tax payments, net$751 $219 
Details of businesses acquired in purchase transactions:
Fair value of assets acquired, net of cash and cash equivalents acquired$411 $9,572 
Less: Fair value of liabilities assumed(65)(3,231)
Less: Noncontrolling interests acquired(53)(22)
Less: Remeasured existing Kindred at Home equity method investment (2,360)
Cash paid for acquired businesses, net of cash and cash equivalents acquired$293 $3,959 
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, 2021, that was filed with the Securities and Exchange Commission, or the SEC, on February 17, 2022. We refer to this Form 10-K as the “2021 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 2021 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.
Value Creation Initiatives
During 2022, in order to create capacity to fund growth and investment in our Medicare Advantage business and further expansion of our Healthcare Services capabilities in 2023, we committed to drive additional value for the enterprise through cost saving, productivity initiatives, and value acceleration from previous investments. As a result of these initiatives, during the three and nine months ended September 30, 2022, we recorded charges of $82 million and $285 million, respectively, primarily related to asset and software impairment and abandonment in the amount of $4 million and $144 million for the three and nine months ended September 30, 2022, respectively. Also included in this charge was $44 million and $65 million for the three and nine months ended September 30, 2022, respectively, in future severance payments in connection with the optimization of our workforce to increase speed, agility, and the pace at which Humana must work as a large, integrated healthcare organization. We expect this liability to be primarily paid within the next 12 months and classified it as a current liability, included in trade accounts payable and accrued expenses. These charges are included within operating costs in the condensed consolidated statements of income for the three and nine months ended September 30, 2022, and were recorded at the corporate level and not allocated to the segments.
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, a reduction in non-COVID-19 hospital admissions for non-emergent and elective medical care have resulted in lower overall healthcare system utilization. At the same time, COVID-19 treatment and testing costs increased utilization. During 2022, we experienced lower overall utilization of the healthcare system than anticipated, as the reduction in COVID-19 utilization following the increased incidence associated with the Omicron variant outpaced the increase in non-COVID-19 utilization. The significant disruption in utilization during 2020 also impacted our ability to implement clinical initiatives to manage health care costs and chronic conditions of our members, and appropriately document their risk profiles, and, as
10



Humana Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
such, significantly affected our 2021 revenue under the risk adjustment payment model for Medicare Advantage plans. Finally, changes in utilization patterns and actions taken in 2021 as a result of the COVID-19 pandemic, including the suspension of certain financial recovery programs for a period of time and shifting the timing of claim payments and provider capitation surplus payments, impacted our claim reserve development and operating cash flows for 2021.

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 2021 Form 10-K. For additional information regarding disaggregation of revenue by segment and type, refer to Note 14 to the unaudited Condensed Consolidated Financial Statements included in Part I, Item 1, "Financial Statements" of this Form 10-Q.
At September 30, 2022, accounts receivable related to services were $311 million. For the three and nine months ended September 30, 2022, 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, 2022.
For the three and nine months ended September 30, 2022, services revenue recognized from performance obligations related to prior periods, such as due to changes in transaction price, was not material. Further, services revenue expected to be recognized in any future year related to remaining performance obligations was not material.

2. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
In November 2020, the FASB issued Accounting Standards Update No. 2020-11, Financial Services—Insurance (Topic 944): Effective Date and Early Application (“ASU 2020-11”). The amendments in ASU 2020-11 make changes to the effective date and early application of Accounting Standards Update No. 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (“ASU 2018-12”), which was issued in November 2018. The amendments in ASU 2020-11 have extended the original effective date by one year, and now the amendments are required for our interim and annual reporting periods beginning after December 15, 2022. The new guidance relates to accounting for long-duration contracts of insurers which revises key elements of the measurement models and disclosure requirements for long-duration contracts issued by insurers, including the amortization of deferred contract acquisition costs and the measurement of liabilities for future policy benefits using current, rather than locked-in, assumptions. The new guidance, limited to our Medicare supplement product which represent less than 1% of consolidated premiums and services revenue, is effective for us beginning with annual and interim periods in 2023 and, using a modified retrospective approach, is to be applied to contracts in force on the basis of their existing carrying value amounts at the beginning 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 AND DIVESTITURES
On August 11, 2022, we completed the sale of a 60% interest of Humana’s Kindred at Home Hospice subsidiary, or KAH Hospice, to Clayton, Dubilier & Rice, or CD&R, for cash proceeds of approximately $2.7 billion, net of cash disposed, including debt repayments from KAH Hospice to Humana of $1.9 billion. In connection with the sale we recognized a pre-tax gain, net of transaction costs, of $240 million which is reported as a gain on sale of KAH Hospice in the accompanying condensed consolidated statements of income for the three and nine months ended September 30, 2022.
In June 2022, we classified KAH Hospice as held-for-sale and aggregated KAH Hospice’s assets and liabilities separately on the balance sheet. The assets, liabilities and noncontrolling interest disposed of on August 11, 2022 were as follows:
August 11, 2022
(in millions)
Assets
Cash and cash equivalents$66 
Receivables, net of allowances194 
Other current assets20 
Property and equipment, net44 
Goodwill2,331 
Other assets960 
Total assets $3,615 
Liabilities
Trade accounts payable and accrued expenses$245 
Other long-term liabilities281 
Total liabilities$526 
Noncontrolling interest $11 

Other assets included $866 million identifiable intangibles consisting of Medicare licenses and certificates of need.

Prior to the KAH Hospice disposition on August 11, 2022, as discussed above, KAH Hospice revenues for the three and nine months ended September 30, 2022 were $177 million and $958 million, respectively. Prior to the KAH Hospice disposition on August 11, 2022, KAH Hospice pretax earnings for the three and nine months ended September 30, 2022 were $24 million and $150 million, respectively.

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 for an enterprise value of $8.2 billion, which included our equity value of $2.4 billion associated with our 40% minority ownership interest. 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.

During 2022 and 2021, 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 2022 and 2021 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 2022 and 2021 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
12



Humana Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
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, 2022 and December 31, 2021, respectively:
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
 (in millions)
September 30, 2022
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations$657 $ $(58)$599 
Mortgage-backed securities3,589 1 (550)3,040 
Tax-exempt municipal securities769  (54)715 
Mortgage-backed securities:
Residential482  (78)404 
Commercial1,562