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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 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: 001-16751
ANTHEM, INC.
(Exact name of registrant as specified in its charter)
Indiana 35-2145715
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification Number)
220 Virginia Avenue
Indianapolis, Indiana 46204
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (800331-1476
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueANTMNew 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 (§232.405 of this chapter) 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 Exchange Act).    Yes      No  ☒
As of July 15, 2021, 243,815,480 shares of the Registrant’s Common Stock were outstanding.



Anthem, Inc.
Quarterly Report on Form 10-Q
For the Period Ended June 30, 2021
Table of Contents
 
  Page
PART I. FINANCIAL INFORMATION
ITEM 1.
ITEM 2.
ITEM 3.
ITEM 4.
PART II. OTHER INFORMATION
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 5.
ITEM 6.
-1-


PART I. FINANCIAL INFORMATION
ITEM 1.    FINANCIAL STATEMENTS
Anthem, Inc.
Consolidated Balance Sheets
June 30,
2021
December 31,
2020
(In millions, except share data)(Unaudited) 
Assets
Current assets:
Cash and cash equivalents$5,258 $5,741 
Fixed maturity securities (amortized cost of $24,871 and $22,222; allowance for credit losses of $6 and $7)25,848 23,433 
Equity securities1,746 1,559 
Premium receivables5,834 5,279 
Self-funded receivables3,605 2,849 
Other receivables3,246 2,830 
Other current assets4,701 4,060 
Total current assets50,238 45,751 
Long-term investments:
Fixed maturity securities (amortized cost of $558 and $532; allowance for credit losses of $0 and $0)581 562 
Other invested assets4,917 4,285 
Property and equipment, net3,733 3,483 
Goodwill24,399 21,691 
Other intangible assets10,540 9,405 
Other noncurrent assets1,689 1,438 
Total assets$96,097 $86,615 
Liabilities and equity
Liabilities
Current liabilities:
Medical claims payable$13,076 $11,359 
Other policyholder liabilities5,285 4,590 
Unearned income1,081 1,259 
Accounts payable and accrued expenses5,598 5,493 
Short-term borrowings175  
Current portion of long-term debt849 700 
Other current liabilities7,730 6,052 
Total current liabilities33,794 29,453 
Long-term debt, less current portion22,217 19,335 
Reserves for future policy benefits774 794 
Deferred tax liabilities, net2,397 2,019 
Other noncurrent liabilities1,869 1,815 
Total liabilities61,051 53,416 
Commitments and contingencies – Note 11
Shareholders’ equity
Preferred stock, without par value, shares authorized – 100,000,000; shares issued and outstanding – none  
Common stock, par value $0.01, shares authorized – 900,000,000; shares issued and outstanding –
243,922,167 and 245,401,430
2 3 
Additional paid-in capital9,109 9,244 
Retained earnings25,874 23,802 
Accumulated other comprehensive (loss) income(17)150 
Total shareholders’ equity34,968 33,199 
Noncontrolling interests78  
Total equity35,046 33,199 
Total liabilities and equity$96,097 $86,615 









See accompanying notes.
-2-


Anthem, Inc.
Consolidated Statements of Income
(Unaudited) 
 Three Months Ended 
 June 30
Six Months Ended 
 June 30
(In millions, except per share data)2021202020212020
Revenues
Premiums$28,533 $25,092 $56,209 $50,609 
Product revenue3,042 2,543 5,779 4,887 
Administrative fees and other revenue1,704 1,543 3,389 3,130 
Total operating revenue33,279 29,178 65,377 58,626 
Net investment income400 57 691 311 
Net realized gains (losses) on financial instruments172 29 168 (52)
Total revenues33,851 29,264 66,236 58,885 
Expenses
Benefit expense24,763 19,547 48,462 41,036 
Cost of products sold2,614 2,225 4,927 4,209 
Selling, general and administrative expense3,821 4,046 7,746 7,827 
Interest expense205 201 397 395 
Amortization of other intangible assets90 93 170 176 
Loss on extinguishment of debt5 3 5 4 
Total expenses31,498 26,115 61,707 53,647 
Income before income tax expense
2,353 3,149 4,529 5,238 
Income tax expense552 873 1,061 1,439 
Net income1,801 2,276 3,468 3,799 
Net income attributable to noncontrolling interests(8) (10) 
Shareholders’ net income$1,793 $2,276 $3,458 $3,799 
Shareholders’ net income per share
Basic $7.33 $9.02 $14.13 $15.06 
Diluted $7.25 $8.91 $13.95 $14.85 
Dividends per share$1.13 $0.95 $2.26 $1.90 
















See accompanying notes.
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Anthem, Inc.
Consolidated Statements of Comprehensive Income
(Unaudited) 
 Three Months Ended 
 June 30
Six Months Ended 
 June 30
(In millions)2021202020212020
Net income$1,801 $2,276 $3,468 $3,799 
Other comprehensive income (loss), net of tax:
Change in net unrealized losses/gains on investments175 730 (187)41 
Change in non-credit component of impairment losses on investments
1 10 2 (22)
Change in net unrealized gains/losses on cash flow hedges2 3 6 6 
Change in net periodic pension and postretirement costs8 10 18 17 
Foreign currency translation adjustments(6)1 (6) 
Other comprehensive income (loss)180 754 (167)42 
Net income attributable to noncontrolling interests(8) (10) 
Other comprehensive income attributable to noncontrolling interests(2)   
Total shareholders’ comprehensive income$1,971 $3,030 $3,291 $3,841 
































See accompanying notes.
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Anthem, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
 Six Months Ended 
 June 30
(In millions)20212020
Operating activities
Net income$3,468 $3,799 
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized (gains) losses on financial instruments(168)52 
Depreciation and amortization591 556 
Deferred income taxes(8)60 
Share-based compensation133 134 
Changes in operating assets and liabilities:
Receivables, net(1,632)(313)
Other invested assets(44)24 
Other assets(247)(486)
Policy liabilities1,912 1,024 
Unearned income(180)(110)
Accounts payable and other liabilities560 1,868 
Income taxes106 1,313 
Other, net(303)104 
Net cash provided by operating activities4,188 8,025 
Investing activities
Purchases of investments(11,221)(11,135)
Proceeds from sale of investments6,345 4,724 
Maturities, calls and redemptions from investments2,246 1,836 
Changes in securities lending collateral(642)(764)
Purchases of subsidiaries, net of cash acquired(3,442)(1,906)
Purchases of property and equipment(489)(437)
Other, net(29)(36)
Net cash used in investing activities(7,232)(7,718)
Financing activities
Net proceeds (repayments of) from commercial paper borrowings300 (400)
Proceeds from long-term borrowings3,462 2,484 
Repayments of long-term borrowings(952)(155)
Proceeds from short-term borrowings175 820 
Repayments of short-term borrowings (1,520)
Changes in securities lending payable642 764 
Repurchase and retirement of common stock(927)(584)
Cash dividends(555)(482)
Proceeds from issuance of common stock under employee stock plans141 92 
Taxes paid through withholding of common stock under employee stock plans(93)(111)
Other, net375 (124)
Net cash provided by financing activities2,568 784 
Effect of foreign exchange rates on cash and cash equivalents(7) 
Change in cash and cash equivalents(483)1,091 
Cash and cash equivalents at beginning of period5,741 4,937 
Cash and cash equivalents at end of period$5,258 $6,028 










See accompanying notes.
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Anthem, Inc.
Consolidated Statements of Shareholders’ Equity
(Unaudited)
Six Months Ended June 30, 2021
 Common StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
(Loss) Income
Noncontrolling
Interests
Total
Equity
(In millions)Number of
Shares
Par
Value
January 1, 2021245.4 $3 $9,244 $23,802 $150 $ $33,199 
Net income— — — 1,665 — 2 1,667 
Other comprehensive loss— — — — (345)(2)(347)
Noncontrolling interests adjustment— — — — — 65 65 
Repurchase and retirement of common stock(1.4)(1)(53)(393)— — (447)
Dividends and dividend equivalents— — — (281)— — (281)
Issuance of common stock under employee stock plans, net of related tax benefits0.9 — 62 — — — 62 
March 31, 2021244.9 2 9,253 24,793 (195)65 33,918 
Net income— — — 1,793 — 8 1,801 
Other comprehensive income— — — — 178 2 180 
Noncontrolling interests adjustment— — — — — 3 3 
Repurchase and retirement of common stock(1.3)— (47)(433)— — (480)
Dividends and dividend equivalents— — — (279)— — (279)
Issuance of common stock under employee stock plans, net of related tax benefits0.3 — 119 — — — 119 
Convertible debenture repurchases and conversions— — (216)— — — (216)
June 30, 2021243.9 $2 $9,109 $25,874 $(17)$78 $35,046 













See accompanying notes.
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Anthem, Inc.
Consolidated Statements of Shareholders’ Equity (continued)
(Unaudited)
Six Months Ended June 30, 2020
 Common StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
(Loss) Income
Noncontrolling
Interests
Total
Equity
(In millions)Number of
Shares
Par
Value
December 31, 2019 (audited)252.9 $3 $9,448 $22,573 $(296)$— $31,728 
Adoption of Accounting Standards Update No. 2016-13— — — (35)— — (35)
January 1, 2020252.9 3 9,448 22,538 (296)— 31,693 
Net income— — — 1,523 — — 1,523 
Other comprehensive loss— — — — (712)— (712)
Repurchase and retirement of common stock(1.9)— (71)(458)— — (529)
Dividends and dividend equivalents— — — (243)— — (243)
Issuance of common stock under employee stock plans, net of related tax benefits
1.0 — 3 — — — 3 
Convertible debenture repurchases and conversions
— — (42)— — — (42)
March 31, 2020252.0 3 9,338 23,360 (1,008)— 31,693 
Net income— — — 2,276 — — 2,276 
Other comprehensive income— — — — 754 — 754 
Repurchase and retirement of common stock
(0.2) (9)(46)— — (55)
Dividends and dividend equivalents— — — (244)— — (244)
Issuance of common stock under employee stock plans, net of related tax benefits
0.3 — 113 — — — 113 
Convertible debenture repurchases and conversions
— — (82)— — — (82)
June 30, 2020252.1 3 9,360 25,346 (254)— 34,455 


















See accompanying notes.
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Anthem, Inc.
Notes to Consolidated Financial Statements
(Unaudited)
June 30, 2021
(In Millions, Except Per Share Data or As Otherwise Stated Herein)
 
1.     Organization
References to the terms “we,” “our,” “us” or “Anthem” used throughout these Notes to Consolidated Financial Statements refer to Anthem, Inc., an Indiana corporation, and unless the context otherwise requires, its direct and indirect subsidiaries. References to the “states” include the District of Columbia and Puerto Rico, unless the context otherwise requires.
We are one of the largest health benefits companies in the United States in terms of medical membership, serving greater than 44 medical members through our affiliated health plans as of June 30, 2021. We offer a broad spectrum of network-based managed care plans to Individual, Group, Medicaid and Medicare markets. Our managed care plans include: Preferred Provider Organizations (“PPOs”); Health Maintenance Organizations (“HMOs”); Point-of-Service plans; traditional indemnity plans and other hybrid plans, including Consumer-Driven Health Plans; and hospital only and limited benefit products. In addition, we provide a broad array of managed care services to fee-based customers, including claims processing, stop loss insurance, actuarial services, provider network access, medical cost management, disease management, wellness programs and other administrative services. We provide an array of specialty and other insurance products and services such as pharmacy benefits management (“PBM”), dental, vision, life and disability insurance benefits, radiology benefit management and analytics-driven personal healthcare. We also provide services to the federal government in connection with our Federal Health Products & Services business, which administers the Federal Employees Health Benefits (“FEHB”) Program.
We are an independent licensee of the Blue Cross and Blue Shield Association (“BCBSA”), an association of independent health benefit plans. We serve our members as the Blue Cross licensee for California and as the Blue Cross and Blue Shield (“BCBS”) licensee for Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri (excluding 30 counties in the Kansas City area), Nevada, New Hampshire, New York (in the New York City metropolitan area and upstate New York), Ohio, Virginia (excluding the Northern Virginia suburbs of Washington, D.C.) and Wisconsin. In a majority of these service areas, we do business as Anthem Blue Cross, Anthem Blue Cross and Blue Shield, and Empire Blue Cross Blue Shield or Empire Blue Cross. We also conduct business through arrangements with other BCBS licensees as well as other strategic partners. Through our subsidiaries, we also serve customers in numerous states and Puerto Rico as AIM Specialty Health, Amerigroup, Aspire Health, Beacon, CareMore, Freedom Health, HealthLink, HealthSun, MMM, Optimum HealthCare, Simply Healthcare, and/or UniCare. Also, we provide PBM services through our IngenioRx, Inc. (“IngenioRx”) subsidiary. We are licensed to conduct insurance operations in all 50 states, the District of Columbia and Puerto Rico through our subsidiaries.
2.     Basis of Presentation and Significant Accounting Policies
Basis of Presentation: The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by GAAP for annual financial statements. We have omitted certain footnote disclosures that would substantially duplicate the disclosures in our 2020 Annual Report on Form 10-K, unless the information contained in those disclosures materially changed or is required by GAAP. Certain prior year amounts have been reclassified to conform to the current year presentation. In the opinion of management, all adjustments, including normal recurring adjustments, necessary for a fair statement of the consolidated financial statements as of and for the three and six months ended June 30, 2021 and 2020 have been recorded. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2021, or any other period. These unaudited consolidated financial statements should be read in conjunction with our audited consolidated financial statements as of and for the year ended December 31, 2020 included in our 2020 Annual Report on Form 10-K.
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Certain of our subsidiaries operate outside of the United States and have functional currencies other than the U.S. dollar (“USD”). We translate the assets and liabilities of those subsidiaries to USD using the exchange rate in effect at the end of the period. We translate the revenues and expenses of those subsidiaries to USD using the average exchange rates in effect during the period. The net effect of these translation adjustments is included in “Foreign currency translation adjustments” in our consolidated statements of comprehensive income.
Cash and Cash Equivalents: We control a number of bank accounts that are used exclusively to hold customer funds for the administration of customer benefits, and we have cash and cash equivalents on deposit to meet certain regulatory requirements. These amounts totaled $248 and $170 at June 30, 2021 and December 31, 2020, respectively, and are included in the cash and cash equivalents line on our consolidated balance sheets.
Investments: We classify fixed maturity securities in our investment portfolio as “available-for-sale” and report those securities at fair value. Certain fixed maturity securities are available to support current operations and, accordingly, we classify such investments as current assets without regard to their contractual maturity. Investments used to satisfy contractual, regulatory or other requirements are classified as long-term, without regard to contractual maturity.
If a fixed maturity security is in an unrealized loss position and we have the intent to sell the fixed maturity security, or it is more likely than not that we will have to sell the fixed maturity security before recovery of its amortized cost basis, we write down the fixed maturity security’s cost basis to fair value and record an impairment loss in our consolidated statements of income. For impaired fixed maturity securities that we do not intend to sell or if it is more likely than not that we will not have to sell such securities, but we expect that we will not fully recover the amortized cost basis, we recognize the credit component of the impairment as an allowance for credit loss in our consolidated balance sheets and record an impairment loss in our consolidated statements of income. The non-credit component of the impairment is recognized in accumulated other comprehensive (loss) income. Furthermore, unrealized losses entirely caused by non-credit-related factors related to fixed maturity securities for which we expect to fully recover the amortized cost basis continue to be recognized in accumulated other comprehensive (loss) income.
The credit component of an impairment is determined primarily by comparing the net present value of projected future cash flows with the amortized cost basis of the fixed maturity security. The net present value is calculated by discounting our best estimate of projected future cash flows at the effective interest rate implicit in the fixed maturity security at the date of purchase. For mortgage-backed and asset-backed securities, cash flow estimates are based on assumptions regarding the underlying collateral, including prepayment speeds, vintage, type of underlying asset, geographic concentrations, default rates, recoveries and changes in value. For all other securities, cash flow estimates are driven by assumptions regarding probability of default, including changes in credit ratings and estimates regarding timing and amount of recoveries associated with a default.
For asset-backed securities included in fixed maturity securities, we recognize income using an effective yield based on anticipated prepayments and the estimated economic life of the securities. When estimates of prepayments change, the effective yield is recalculated to reflect actual payments to date and anticipated future payments. The net investment in the securities is adjusted to the amount that would have existed had the new effective yield been applied since the purchase date of the securities. Such adjustments are reported within net investment income.
The changes in fair value of our marketable equity securities are recognized in our results of operations within net realized gains and losses on financial instruments. Certain marketable equity securities are held to satisfy contractual obligations, and are reported under the caption “Other invested assets” in our consolidated balance sheets.
We have corporate-owned life insurance policies on certain participants in our deferred compensation plans and other members of management. The cash surrender value of the corporate-owned life insurance policies is reported under the caption “Other invested assets” in our consolidated balance sheets.
We use the equity method of accounting for investments in companies in which our ownership interest may enable us to influence the operating or financial decisions of the investee company. Our proportionate share of equity in net income of these unconsolidated affiliates is reported within net investment income. The equity method investments are reported under the caption “Other invested assets” in our consolidated balance sheets.
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Investment income is recorded when earned. All securities sold resulting in investment gains and losses are recorded on the trade date. Realized gains and losses are determined on the basis of the cost or amortized cost of the specific securities sold.
We participate in securities lending programs whereby marketable securities in our investment portfolio are transferred to independent brokers or dealers in exchange for cash and securities collateral. We recognize the collateral as an asset, which is reported under the caption “Other current assets” in our consolidated balance sheets, and we record a corresponding liability for the obligation to return the collateral to the borrower, which is reported under the caption “Other current liabilities” in our consolidated balance sheets. The securities on loan are reported in the applicable investment category on our consolidated balance sheets. Unrealized gains or losses on securities lending collateral are included in accumulated other comprehensive (loss) income as a separate component of shareholders’ equity. The market value of loaned securities and that of the collateral pledged can fluctuate in non-synchronized fashions. To the extent the loaned securities’ value appreciates faster or depreciates slower than the value of the collateral pledged, we are exposed to the risk of the shortfall. As a primary mitigating mechanism, the loaned securities and collateral pledged are marked to market on a daily basis and the shortfall, if any, is collected accordingly. Secondarily, the collateral level is set at 102% of the value of the loaned securities, which provides a cushion before any shortfall arises. The investment of the cash collateral is subject to market risk, which is managed by limiting the investments to higher quality and shorter duration instruments.
Receivables: Receivables are reported net of amounts for expected credit losses. The allowance for doubtful accounts is based on historical collection trends, future forecasts and our judgment regarding the ability to collect specific accounts.
Premium receivables include the uncollected amounts from insured groups, individuals and government programs. Premium receivables are reported net of an allowance for doubtful accounts of $152 and $146 at June 30, 2021 and December 31, 2020, respectively.
Self-funded receivables include administrative fees, claims and other amounts due from self-funded customers. Self-funded receivables are reported net of an allowance for doubtful accounts of $91 and $54 at June 30, 2021 and December 31, 2020, respectively.
Other receivables include pharmacy rebates, provider advances, claims recoveries, reinsurance receivables, proceeds due from brokers on investment trades, accrued investment income, and other miscellaneous amounts due to us. These receivables are reported net of an allowance for doubtful accounts of $479 and $374 at June 30, 2021 and December 31, 2020, respectively.
Revenue Recognition: For our fee-based contracts, we had no material contract assets, contract liabilities or deferred contract costs recorded on our consolidated balance sheet at June 30, 2021. For the three and six months ended June 30, 2021, revenue recognized from performance obligations related to prior periods, such as due to changes in transaction price, was not material. For contracts that have an original expected duration of greater than one year, revenue expected to be recognized in future periods related to unfulfilled contractual performance obligations and contracts with variable consideration related to undelivered performance obligations is not material.
Recently Adopted Accounting Guidance: In January 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2021-01, Reference Rate Reform (Topic 848) (“ASU 2021-01”). The amendments in ASU 2021-01 provide optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of the reference rate reform. The provisions must be applied at a Topic, Subtopic, or Industry Subtopic level for all transactions other than derivatives, which may be applied at a hedging relationship level. We adopted ASU 2021-01 on January 7, 2021 and the adoption did not have an impact on our consolidated financial position, results of operations or cash flows.
In October 2020, the FASB issued Accounting Standards Update No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs (“ASU 2020-08”). The amendments in ASU 2020-08 clarify when an entity should assess whether a callable debt security is within the scope of accounting guidance, which impacts the amortization period for nonrefundable fees and other costs. ASU 2020-08 became effective for interim and annual reporting periods beginning after December 15, 2020. The amendments are to be applied on a prospective basis as of the beginning of
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the period of adoption for existing or newly purchased callable debt securities. We adopted ASU 2020-08 on January 1, 2021, and the adoption did not have an impact on our consolidated financial position, results of operations or cash flows.
In December 2019, the FASB issued Accounting Standards Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). The amendments in ASU 2019-12 remove certain exceptions to the general principles in Accounting Standards Codification Topic 740. The amendments also clarify and amend existing guidance to improve consistent application. The amendments became effective for our annual reporting periods beginning after December 15, 2020. The transition method (retrospective, modified retrospective, or prospective basis) related to the amendments depends on the applicable guidance, and all amendments for which there is no transition guidance specified are to be applied on a prospective basis. We adopted ASU 2019-12 on January 1, 2021, and the adoption did not have an impact on our consolidated financial position, results of operations or cash flows.
Recent Accounting Guidance Not Yet Adopted: 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 amendments in ASU 2018-12 make changes to a variety of areas to simplify or improve the existing recognition, measurement, presentation and disclosure requirements for long-duration contracts issued by an insurance entity. The amendments require insurers to annually review the assumptions they make about their policyholders and update the liabilities for future policy benefits if the assumptions change. The amendments also simplify the amortization of deferred contract acquisition costs and add new disclosure requirements about the assumptions insurers use to measure their liabilities and how they may affect future cash flows. The amendments related to the liability for future policy benefits for traditional and limited-payment contracts and deferred acquisition costs are to be applied to contracts in force as of the beginning of the earliest period presented, with an option to apply such amendments retrospectively with a cumulative-effect adjustment to the opening balance of retained earnings as of the earliest period presented. The amendments for market risk benefits are to be applied retrospectively. We are currently evaluating the effects the adoption of ASU 2020-11 and ASU 2018-12 will have on our consolidated financial position, results of operations, cash flows, and related disclosures.
In August 2020, the FASB issued Accounting Standards Update No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). The amendments eliminate two of the three accounting models that require separate accounting for convertible features of debt securities, simplify the contract settlement assessment for equity classification, require the use of the if-converted method for all convertible instruments in the diluted earnings per share calculation and expand disclosure requirements. The amendments are effective for our annual and interim reporting periods beginning after December 15, 2021, with early adoption permitted for reporting periods beginning after December 15, 2020. The guidance can be applied on a full retrospective basis to all periods presented or a modified retrospective basis with a cumulative effect adjustment to the opening balance of retained earnings during the period of adoption. We are currently evaluating the effects the adoption of ASU 2020-06 will have on our consolidated financial statements and disclosures.
There were no other new accounting pronouncements that were issued or became effective since the issuance of our 2020 Annual Report on Form 10-K that had, or are expected to have, a material impact on our consolidated financial position, results of operations or cash flows.
3.    Business Acquisitions
MMM Holdings, LLC and Affiliates
On June 29, 2021, we completed our acquisition of MMM Holdings, LLC (“MMM”), and its Medicare Advantage plan, Medicaid plan and other affiliated companies from InnovaCare Health, L.P. MMM is a Puerto Rico based integrated healthcare organization and seeks to provide its Medicare Advantage and Medicaid members with a whole health experience through its network of specialized clinics and wholly owned independent physician associations. This acquisition aligns with
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our vision to be an innovative, valuable and inclusive healthcare partner by providing care management programs that improve the lives of the people we serve.
In accordance with FASB accounting guidance for business combinations, the consideration transferred was allocated to the fair value of MMM’s assets acquired and liabilities assumed, including identifiable intangible assets. The excess of consideration transferred over the fair value of net assets acquired resulted in preliminary goodwill of $2,171 at June 30, 2021, all of which was allocated to our Government Business segment. Preliminary goodwill recognized from the acquisition of MMM primarily relates to the future economic benefits arising from the assets acquired and is consistent with our stated intentions and strategy.
The preliminary fair value of MMM’s identifiable intangible assets was $968 at June 30, 2021. The results of operations of MMM for the period from June 29, 2021 through June 30, 2021 were not material and are not included in our consolidated financial statements as of June 30, 2021. The proforma effects of this acquisition for prior periods were not material to our consolidated results of operations.
myNEXUS, Inc.
On April 28, 2021, we completed our acquisition of myNEXUS, Inc. (“myNEXUS”) from WindRose Health Investors, a comprehensive home-based nursing management company for payors. At the time of acquisition, myNEXUS delivered integrated clinical support services for Medicare Advantage members across twenty states. This acquisition aligns with our strategy to manage integrated, whole person multi-site care and support, by providing national, large-scale expertise to manage nursing services in the home and facilitate transitions of care.
In accordance with FASB accounting guidance for business combinations, the consideration transferred was allocated to the fair value of myNEXUS’ assets acquired and liabilities assumed, including identifiable intangible assets. The excess of consideration transferred over the fair value of net assets acquired resulted in preliminary goodwill of $520 at June 30, 2021, all of which was allocated to our Other segment. Preliminary goodwill recognized from the acquisition of myNEXUS primarily relates to the future economic benefits arising from the assets acquired and is consistent with our stated intentions and strategy.
The fair value of the net assets acquired from myNEXUS includes $284 of other intangible assets at June 30, 2021, which primarily consist of finite-lived customer relationships with amortization periods ranging from 2 to 17 years. The results of operations of myNEXUS are included in our consolidated financial statements within our Other segment for the period following April 28, 2021. The proforma effects of this acquisition for prior periods were not material to our consolidated results of operations.
Beacon Health Options, Inc.
On February 28, 2020, we completed our acquisition of Beacon Health Options, Inc. (“Beacon”), which was the largest independently held behavioral health organization in the country. At the time of acquisition, Beacon served more than thirty-four million individuals across all fifty states. This acquisition aligned with our strategy to diversify into health services and deliver both integrated solutions and care delivery models that personalize care for people with complex and chronic conditions.
In accordance with FASB accounting guidance for business combinations, the consideration transferred was allocated to the fair value of Beacon’s assets acquired and liabilities assumed, including identifiable intangible assets. The excess of the consideration transferred over the fair value of net assets acquired resulted in preliminary goodwill of $1,072 at December 31, 2020, all of which was allocated to our Other segment. Preliminary goodwill recognized from the acquisition of Beacon primarily relates to the future economic benefits arising from the assets acquired and is consistent with our stated intentions and strategy. Goodwill was adjusted by $9 through the end of the measurement period in February 2021 related to finalization of income tax considerations, resulting in final goodwill of $1,081 as of June 30, 2021.
The fair value of the net assets acquired from Beacon includes $752 of other intangible assets at June 30, 2021, which primarily consist of finite-lived customer relationships with amortization periods ranging from 8 to 25 years. The results of operations of Beacon are included in our consolidated financial statements within our Other segment for the period following
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February 28, 2020. The proforma effects of this acquisition for prior periods were not material to our consolidated results of operations.
4.    Business Optimization Initiatives
During 2020, management introduced enterprise-wide initiatives to optimize our business, including process automation and a reduction in our office space footprint and, as a result, we recognized a liability in 2020 for future payments for employee termination costs in connection with the repositioning and reskilling of our workforce. We believe these initiatives largely represent the next step forward in our progression towards becoming a more agile organization.
A summary of the activity related to the liability for the employee termination costs during the six months ended June 30, 2021, by reportable segment, is as follows:
Commercial & Specialty BusinessGovernment BusinessIngenioRxOtherTotal
2020 Business Optimization Initiatives
Employee termination costs:
Liability for employee termination costs at January 1, 2021$92 $88 $1 $6 $187 
Payments(12)(13) (1)(26)
Liability for employee termination costs at June 30, 2021$80 $75 $1 $5 $161 
5.     Investments
Fixed Maturity Securities
We evaluate our available-for-sale fixed maturity securities for declines based on qualitative and quantitative factors. We have established an allowance for credit loss and recorded credit loss expense as a reflection of our expected impairment losses. We continue to review our investment portfolios under our impairment review policy. Given the inherent uncertainty of changes in market conditions and the significant judgments involved, there is a continuing risk that declines in fair value may occur and additional material impairment losses on investments may be recorded in future periods.
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A summary of current and long-term fixed maturity securities, available-for-sale, at June 30, 2021 and December 31, 2020 is as follows:
 Cost or
Amortized
Cost
Non-Credit
Component of
Impairment Recognized in
Accumulated
Other
Comprehensive (Loss)
Income
Gross
Unrealized
Gains
Gross Unrealized LossesAllowance
For Credit
Losses
Estimated
Fair Value
 Less than
12 Months
12 Months
or Greater
June 30, 2021
Fixed maturity securities: