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Table of Contents
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, 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 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, 2022
$0.16 2/3 par value126,553,698 shares

Table of Contents
Humana Inc.
FORM 10-Q
JUNE 30, 2022
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)
June 30,
2022		December 31, 2021
(in millions, except share amounts)
ASSETS
Current assets:
Cash and cash equivalents$5,153 $3,394 
Investment securities13,037 13,192 
Receivables, net of allowances of $72 in 2022
    and $83 in 2021
3,369 1,814 
Other current assets5,393 6,493 
Current assets held-for-sale265 — 
Total current assets27,217 24,893 
Property and equipment, net3,121 3,073 
Long-term investment securities380 780 
Equity method investments174 141 
Goodwill8,911 11,092 
Other long-term assets3,690 4,379 
Long-term assets held-for-sale3,327 — 
Total assets$46,820 $44,358 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Benefits payable$9,650 $8,289 
Trade accounts payable and accrued expenses5,787 4,509 
Book overdraft391 326 
Unearned revenues264 254 
Short-term debt1,541 1,953 
Current liabilities held-for-sale206 — 
Total current liabilities17,839 15,331 
Long-term debt11,290 10,541 
Other long-term liabilities1,907 2,383 
Long-term liabilities held-for-sale274 — 
Total liabilities31,310 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 June 30, 2022 and 198,648,742 shares at December 31, 2021
33 33 
Capital in excess of par value3,153 3,082 
Retained earnings24,511 23,086 
Accumulated other comprehensive (loss) income(1,051)42 
Treasury stock, at cost, 72,112,900 shares at June 30, 2022 and
    69,846,758 shares at December 31, 2021
(11,156)(10,163)
Noncontrolling interests20 23 
Total stockholders’ equity15,510 16,103 
Total liabilities and stockholders’ equity$46,820 $44,358 
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,
 2022202120222021
 (in millions, except per share results)
Revenues:
Premiums$22,266 $19,978 $44,969 $40,102 
Services1,349 491 2,613 957 
Investment income47 176 50 254 
Total revenues23,662 20,645 47,632 41,313 
Operating expenses:
Benefits19,099 17,149 38,724 34,445 
Operating costs3,173 2,116 6,059 4,123 
Depreciation and amortization175 144 345 286 
Total operating expenses22,447 19,409 45,128 38,854 
Income from operations1,215 1,236 2,504 2,459 
Interest expense101 79 191 147 
Other (income) expense, net(8)419 (29)534 
Income before income taxes and equity in net earnings 1,122 738 2,342 1,778 
Provision for income taxes427 183 713 416 
Equity in net earnings (losses)2 33 (2)54 
Net income$697 $588 $1,627 $1,416 
Less: Net income attributable to noncontrolling interests(1)— (1)— 
Net income attributable to Humana$696 $588 $1,626 $1,416 
Basic earnings per common share$5.50 $4.57 $12.83 $11.00 
Diluted earnings per common share$5.48 $4.55 $12.77 $10.94 
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,
 2022202120222021
 (in millions)
Net income attributable to Humana$696 $588 $1,626 $1,416 
Other comprehensive income:
Change in gross unrealized investment (losses) gains(623)136 (1,392)(184)
Effect of income taxes144 (31)320 42 
Total change in unrealized investment (losses) gains, net of tax(479)105 (1,072)(142)
Reclassification adjustment for net realized gains— (9)(27)(64)
Effect of income taxes— 2 6 15 
Total reclassification adjustment, net of tax— (7)(21)(49)
Other comprehensive (loss) income, net of tax(479)98 (1,093)(191)
Comprehensive income attributable to equity method investments— 10 — 16 
Comprehensive income attributable to Humana$217 $696 $533 $1,241 
See accompanying notes to condensed consolidated financial statements.
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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 June 30, 2022
Balances, March 31, 2022198,649 $33 $3,103 $23,915 $(572)$(11,160)$23 $15,342 
Net income696 1 697 
Distribution to noncontrolling interest holders(4)(4)
Other comprehensive loss(479)(479)
Common stock repurchases— (4)(4)
Dividends and dividend
   equivalents		— (100)(100)
Stock-based compensation50 50 
Restricted stock unit vesting18 — (4)4 — 
Stock option exercises— — 4 4 8 
Balances, June 30, 2022198,667 $33 $3,153 $24,511 $(1,051)$(11,156)$20 $15,510 
Three months ended June 30, 2021
Balances, March 31, 2021198,649 $33 $2,712 $21,252 $108 $(9,915)$— $14,190 
Net income588 — 588 
Distribution to noncontrolling interest holders— — 
Other comprehensive income108 108 
Common stock repurchases263 (265)(2)
Dividends and dividend
   equivalents		— (89)(89)
Stock-based compensation45 45 
Restricted stock unit vesting— — (3)3 — 
Stock option exercises— — 1 2 3 
Balances, June 30, 2021198,649 $33 $3,018 $21,751 $216 $(10,175)$— $14,843 
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)
Six months ended June 30, 2022
Balances, December 31, 2021198,649 $33 $3,082 $23,086 $42 $(10,163)$23 $16,103 
Net income1,626 1 1,627 
Distribution to noncontrolling interest holders(4)(4)
Other comprehensive loss(1,093)(1,093)
Common stock repurchases— (1,028)(1,028)
Dividends and dividend
   equivalents		— (201)(201)
Stock-based compensation93 93 
Restricted stock unit vesting18 — (28)28 — 
Stock option exercises— — 6 7 13 
Balances, June 30, 2022198,667 $33 $3,153 $24,511 $(1,051)$(11,156)$20 $15,510 
Six months ended June 30, 2021
Balances, December 31, 2020198,649 $33 $2,705 $20,517 $391 $(9,918)$— $13,728 
Net income1,416 — 1,416 
Distribution to noncontrolling interest holders— — 
Other comprehensive loss(175)(175)
Common stock repurchases263 (296)(33)
Dividends and dividend
   equivalents		— (182)(182)
Stock-based compensation84 84 
Restricted stock unit vesting— — (36)36 — 
Stock option exercises— — 2 3 5 
Balances, June 30, 2021198,649 $33 $3,018 $21,751 $216 $(10,175)$— $14,843 


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Humana Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 For the six months ended June 30,
 20222021
 (in millions)
Cash flows from operating activities
Net income$1,627 $1,416 
Adjustments to reconcile net income to net cash provided by (used in)
    operating activities:
Losses (gains) on investment securities, net137 (86)
Equity in net losses (earnings)2 (54)
Stock-based compensation93 84 
Depreciation369 308 
Amortization45 30 
Impairment on property and equipment140 — 
Provision for deferred income taxes167 — 
Changes in operating assets and liabilities, net of effect of
    businesses acquired:
Receivables(1,733)(1,285)
Other assets(655)(879)
Benefits payable1,361 300 
Other liabilities(333)(301)
Unearned revenues10 5 
Other31 (15)
Net cash provided by (used in) operating activities1,261 (477)
Cash flows from investing activities
Acquisitions, net of cash and cash equivalents acquired(167)(325)
Purchases of property and equipment, net(574)(619)
Purchases of investment securities(3,239)(5,307)
Proceeds from maturities of investment securities947 1,627 
Proceeds from sales of investment securities1,363 2,421 
Net cash used in investing activities(1,670)(2,203)
Cash flows from financing activities
Receipts from contract deposits, net3,076 1,183 
Proceeds from issuance of senior notes, net744 — 
(Repayments) proceeds from issuance of commercial paper, net(418)508 
Debt issue costs(2)(21)
Change in book overdraft65 (84)
Common stock repurchases(1,028)(33)
Dividends paid(191)(173)
Other(11)5 
Net cash provided by financing activities2,235 1,385 
Increase (decrease) in cash and cash equivalents1,826 (1,295)
Cash and cash equivalents at beginning of period3,394 4,673 
Cash and cash equivalents at end of period (1)
$5,220 $3,378 
(1) Includes $67 million of cash and cash equivalents classified as held-for-sale at June 30, 2022.


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Humana Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS—(Continued)
(Unaudited)
For the six months ended June 30,
20222021
(in millions)
Supplemental cash flow disclosures:
Interest payments$171 $132 
Income tax payments, net$373 $386 
Details of businesses acquired in purchase transactions:
Fair value of assets acquired, net of cash and cash equivalents acquired$190 $602 
Less: Fair value of liabilities assumed(23)(277)
Cash paid for acquired businesses, net of cash and cash equivalents acquired$167 $325 
See accompanying notes to condensed consolidated financial statements.
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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, 2021, that was filed with the Securities and Exchange Commission, or the SEC, on February 17, 2022. We refer to the 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 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. Refer to Note 2 to the consolidated financial statements included in our 2021 Form 10-K for information on accounting policies that we consider in preparing our consolidated financial statements.
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 second quarter of 2022, we recorded a charge of $203 million, primarily related to asset and software impairment and abandonment in the amount of $140 million. These charges are included within operating costs in the condensed consolidated statements of income for the three and six months ended June 30, 2022, and were recorded at the corporate level and not allocated to the segments. Included in this charge is $21 million 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.
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 the first half of 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 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
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Humana Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
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 premium and service revenues. Services 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 2021 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 June 30, 2022, accounts receivable related to services were $490 million, including $178 million classified as held-for-sale at June 30, 2022. For the three and six months ended June 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 June 30, 2022.
For the three and six months ended June 30, 2022, 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, limited to our Medicare supplement product which represent less than 1% of consolidated premiums and services revenues, 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.

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Humana Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
3. ACQUISITIONS AND DIVESTITURES
On April 21, 2022, we signed a definitive agreement with private investment firm Clayton, Dubilier & Rice, or CD&R, to divest a 60% interest in the Hospice and Personal Care divisions of Humana’s Kindred at Home subsidiary, or KAH Hospice, at an enterprise valuation of $3.4 billion. These divisions include patient-centered services for Hospice, Palliative, Community and Personal Care. Under the agreement, we will receive cash proceeds of approximately $2.8 billion, which includes a combination of debt repayments from KAH Hospice to Humana and equity proceeds from the 60% interest purchased by CD&R. The transaction is expected to close in the third quarter of 2022 and is subject to customary state and federal regulatory approvals.
As of June 30, 2022, we classified KAH Hospice as held-for-sale and aggregated KAH Hospice’s assets and liabilities separately on the balance sheet. With the fair value exceeding the carrying value of KAH Hospice’s net assets, the resulting gain will be recognized upon closing of the transaction. The ultimate gain to be recognized will reflect considerations for costs to sell, changes in the carrying value of net assets and the related tax effect. The carrying value of the assets and liabilities of KAH Hospice classified as held-for-sale approximates fair value. The amount of goodwill included in the carrying value is based on the relative fair value of the Home Solutions reporting unit included within the Healthcare Services segment.

During the three months ended June 30, 2022, Humana Inc., our parent company, recognized a deferred tax liability of approximately $167 million for the excess of the book basis over the tax basis of its KAH Hospice subsidiary because realization of the liability in the foreseeable future was apparent with the classification as held-for-sale at June 30, 2022. Upon closing of the transaction, the deferred tax liability will be adjusted to reflect any changes to the excess of the book basis over tax basis of the KAH Hospice subsidiary.

KAH Hospice revenues for the three and six months ended June 30, 2022 were $399 million and $781 million, respectively. KAH Hospice pretax earnings for the three and six months ended June 30, 2022 were $64 million and $126 million, respectively.

The assets and liabilities of KAH Hospice classified as held-for-sale are as follows:
June 30, 2022
(in millions)
Assets
Cash and cash equivalents$67 
Receivables, net of allowances178 
Other current assets20 
Current assets held-for-sale265 
Property and equipment, net41 
Goodwill2,331 
Other assets955 
Long-term assets held-for-sale3,327 
Total assets held-for-sale$3,592 
Liabilities
Trade accounts payable and accrued expenses$206 
Current liabilities held-for-sale206 
Other liabilities274 
Long-term liabilities held-for-sale274 
Total liabilities held-for-sale$480 

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

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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, 2022 and December 31, 2021, respectively:
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
 (in millions)
June 30, 2022
U.S. Treasury and other U.S. government
    corporations and agencies:
U.S. Treasury and agency obligations$568 $— $(43)$525 
Mortgage-backed securities3,332 — (392)2,940 
Tax-exempt municipal securities776 1 (34)743 
Mortgage-backed securities:
Residential493 — (54)439 
Commercial1,582 — (109)1,473 
Asset-backed securities1,764 — (50)1,714 
Corporate debt securities