0000049071-22-000032 | 10-Q | XBRL Viewer

Schedule of Financial Assets Measured at Fair Value on Recurring Basis

BENEFITS PAYABLE

On a consolidated basis, activity in benefits payable was as follows for the three months ended March 31, 2022 and 2021:


	For the three months ended March 31,
	2022		2021
	(in millions)
Balances, beginning of period	$	8,289	$	8,143



Acquisitions	—		42
Incurred related to:
Current year	19,985		17,851
Prior years	(360)		(555)
Total incurred	19,625		17,296
Paid related to:
Current year	(12,284)		(10,842)
Prior years	(6,252)		(5,988)
Total paid	(18,536)		(16,830)


Balances, end of period	$	9,378	$	8,651

Amounts incurred related to prior periods vary from previously estimated liabilities as the claims ultimately are settled. Negative amounts reported for incurred related to prior years result from claims being ultimately settled for amounts less than originally estimated (favorable development).

Our reserving practice is to consistently recognize the actuarial best estimate of our ultimate liability for claims. Actuarial standards require the use of assumptions based on moderately adverse experience, which generally results in favorable reserve development, or reserves that are considered redundant.

Incurred and Paid Claims Development

The following discussion provides information about incurred and paid claims development for our Retail and Group and Specialty segments as of March 31, 2022 and 2021, net of reinsurance, and the total estimate of benefits payable for claims incurred but not reported, or IBNR, included within the net incurred claims amounts.

Retail Segment

Activity in benefits payable for our Retail segment was as follows for the three months ended March 31, 2022 and 2021:


	For the three months ended March 31,
	2022		2021
	(in millions)
Balances, beginning of period	$	7,675	$	7,428



Acquisitions	—		42
Incurred related to:
Current year	19,078		16,762
Prior years	(328)		(463)
Total incurred	18,750		16,299
Paid related to:
Current year	(11,882)		(10,330)
Prior years	(5,741)		(5,401)
Total paid	(17,623)		(15,731)


Balances, end of period	$	8,802	$	8,038

At March 31, 2022, benefits payable for our Retail segment included IBNR of approximately $5.3 billion, primarily associated with claims incurred in 2022.

Group and Specialty Segment

Activity in benefits payable for our Group and Specialty segment was as follows for the three months ended March 31, 2022 and 2021:


	For the three months ended March 31,
	2022		2021
	(in millions)
Balances, beginning of period	$	614	$	715




Incurred related to:
Current year	1,078		1,237
Prior years	(32)		(92)
Total incurred	1,046		1,145
Paid related to:
Current year	(573)		(660)
Prior years	(511)		(587)
Total paid	(1,084)		(1,247)


Balances, end of period	$	576	$	613

At March 31, 2022, benefits payable for our Group and Specialty segment included IBNR of approximately $492 million, primarily associated with claims incurred in 2022.

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 4,864	$ 3,394
Investment securities	13,092	13,192
Receivables, less allowance for doubtful accounts of $69 in 2022 and $83 in 2021	3,174	1,814
Other current assets	5,710	6,493
Total current assets	26,840	24,893
Property and equipment, net	3,189	3,073
Long-term investment securities	392	780
Equity method investments	138	141
Goodwill	11,139	11,092
Other long-term assets	4,610	4,379
Total assets	46,308	44,358
Current liabilities:
Benefits payable	9,378	8,289
Trade accounts payable and accrued expenses	5,859	4,509
Book overdraft	317	326
Unearned revenues	288	254
Short-term debt	1,690	1,953
Total current liabilities	17,532	15,331
Long-term debt	11,285	10,541
Other long-term liabilities	2,149	2,383
Total liabilities	30,966	28,255
Stockholders’ equity:
Preferred stock, $1 par; 10,000,000 shares authorized; none issued	0	0
Common stock, $0.16 2/3 par; 300,000,000 shares authorized; 198,648,742 shares issued at March 31, 2022 and December 31, 2021	33	33
Capital in excess of par value	3,103	3,082
Retained earnings	23,915	23,086
Accumulated other comprehensive (loss) income	(572)	42
Treasury stock, at cost, 72,155,340 shares at March 31, 2022 and 69,846,758 shares at December 31, 2021	(11,160)	(10,163)
Noncontrolling interests	23	23
Total stockholders’ equity	15,342	16,103
Total liabilities and stockholders’ equity	$ 46,308	$ 44,358

FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

The following table summarizes our fair value measurements at March 31, 2022 and December 31, 2021, respectively, for financial assets measured at fair value on a recurring basis:


	Fair Value Measurements Using
	Fair Value		Quoted Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
	(in millions)
March 31, 2022
Cash equivalents	$	4,482	$	4,482	$	—	$	—
Debt securities:
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations	588		—		588		—
Mortgage-backed securities	3,072		—		3,072		—
Tax-exempt municipal securities	781		—		781		—
Mortgage-backed securities:
Residential	450		—		450		—
Commercial	1,513		—		1,513		—
Asset-backed securities	1,563		—		1,563		—
Corporate debt securities	5,333		—		5,253		80
Total debt securities	13,300		—		13,220		80
Common stock	184		184		—		—
Total invested assets	$	17,966	$	4,666	$	13,220	$	80

December 31, 2021
Cash equivalents	$	3,322	$	3,322	$	—	$	—
Debt securities:
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations	602		—		602		—
Mortgage-backed securities	3,229		—		3,229		—
Tax-exempt municipal securities	841		—		841		—
Mortgage-backed securities:
Residential	367		—		367		—
Commercial	1,410		—		1,410		—
Asset-backed securities	1,348		—		1,348		—
Corporate debt securities	5,700		—		5,632		68
Total debt securities	13,497		—		13,429		68
Common stock	475		475		—		—
Total invested assets	$	17,294	$	3,797	$	13,429	$	68

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

During the year ended March 31, 2022, the changes in the fair value of the assets measured using significant unobservable inputs (Level 3) were comprised of the following:


	For the three months ended March 31, 2022
	Private Placements
	(in millions)
Beginning balance at January 1	$	68
Total gains or losses:
Realized in earnings	—
Unrealized in other comprehensive income	(4)
Purchases	17
Sales	(1)
Settlements	—
Balance at March 31	$	80

Schedule of Assumptions Used For Inputs In Fair Value Measurement

The table below presents the assumptions used for each reporting period.


	March 31, 2022		December 31, 2021
Annualized volatility	22.9	%	22.4	%
Credit spread	1.4	%	0.9	%
Revenue exit multiple	1.5x - 2.5x		1.5x - 2.5x
Weighted average cost of capital	12.5	%	12.5	%
Long term growth rate	3.0	%	3.0	%

STOCKHOLDERS' EQUITY (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Schedule of Details of Dividend Payments

The following table provides details of dividend payments, excluding dividend equivalent rights for unvested stock awards, in 2021 and 2022 under our Board approved quarterly cash dividend policy:


Record Date	Payment Date	Amount per Share		Total Amount
				(in millions)
2021 payments
12/31/2020	1/29/2021	$	0.6250	$	81
3/31/2021	4/30/2021	0.7000		90
6/30/2021	7/30/2021	0.7000		90
9/30/2021	10/29/2021	0.7000		90
2022 payments
12/31/2021	1/28/2022	$	0.7000	$	90

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Receivables, allowance for doubtful accounts	$ 69	$ 83
Preferred stock, par (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par (in dollars per share)	$ 0.1667	$ 0.1667
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	198,648,742	198,648,742
Treasury stock, shares (in shares)	72,155,340	69,846,758

BENEFITS PAYABLE - Activity in Benefits Payable (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balances, beginning of period	$ 8,289	$ 8,143
Acquisitions	0	42
Incurred related to:
Current year	19,985	17,851
Prior years	(360)	(555)
Total incurred	19,625	17,296
Paid related to:
Current year	(12,284)	(10,842)
Prior years	(6,252)	(5,988)
Total paid	(18,536)	(16,830)
Balances, end of period	9,378	8,651
Retail
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balances, beginning of period	7,675	7,428
Acquisitions	0	42
Incurred related to:
Current year	19,078	16,762
Prior years	(328)	(463)
Total incurred	18,750	16,299
Paid related to:
Current year	(11,882)	(10,330)
Prior years	(5,741)	(5,401)
Total paid	(17,623)	(15,731)
Balances, end of period	8,802	8,038
Total IBNR included in benefits payable	5,300
Group and Specialty
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balances, beginning of period	614	715
Incurred related to:
Current year	1,078	1,237
Prior years	(32)	(92)
Total incurred	1,046	1,145
Paid related to:
Current year	(573)	(660)
Prior years	(511)	(587)
Total paid	(1,084)	(1,247)
Balances, end of period	576	$ 613
Total IBNR included in benefits payable	$ 492

DEBT - Delayed Draw Term Loan Credit Agreement (Details) - USD ($)	1 Months Ended
	Aug. 31, 2021	May 31, 2021	Mar. 31, 2022	Aug. 17, 2021
Term loan
Line of Credit Facility [Line Items]
Debt to capitalization percentage, maximum			60.00%
Actual debt to capitalization percentage			45.80%
Delayed draw term loan \| Term loan
Line of Credit Facility [Line Items]
Aggregate principal		$ 500,000,000
Proceeds from term loan	$ 500,000,000
Debt to capitalization percentage, maximum			60.00%
Delayed draw term loan \| Term loan \| LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)		1.25%
Delayed draw term loan \| Term loan \| LIBOR \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)		1.00%
Delayed draw term loan \| Term loan \| LIBOR \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)		1.625%
Kindred at Home
Line of Credit Facility [Line Items]
Transaction amount, net of existing equity stake	$ 5,800,000,000			$ 5,800,000,000

DEBT - Commercial Paper and Other Short-term Borrowings (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Feb. 10, 2022	Dec. 31, 2021
Commercial paper
Short-term Debt [Line Items]
Maximum borrowing capacity		$ 4,000,000,000	$ 2,000,000,000
Maximum amount outstanding during period	$ 1,500,000,000
Short-term debt outstanding	$ 691,000,000		$ 955,000,000
Weighted average annual interest rate (percent)	0.89%
FHLB borrowings
Short-term Debt [Line Items]
Short-term debt outstanding	$ 0

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Services revenue, type	Health Care [Member]	Health Care [Member]
Revenues:
Premiums	$ 22,703	$ 20,124
Services	1,264	466
Investment income	3	78
Total revenues	23,970	20,668
Operating expenses:
Benefits	19,625	17,296
Operating costs	2,886	2,007
Depreciation and amortization	170	142
Total operating expenses	22,681	19,445
Income from operations	1,289	1,223
Interest expense	90	68
Other (income) expense, net	(21)	115
Income before income taxes and equity in net earnings	1,220	1,040
Provision for income taxes	286	233
Equity in net (losses) earnings	(4)	21
Net income	930	828
Less: Net income attributable to noncontrolling interests	0	0
Net income attributable to Humana	$ 930	$ 828
Basic earnings per common share (in dollars per share)	$ 7.32	$ 6.42
Diluted earnings per common share (in dollars per share)	$ 7.29	$ 6.39

SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

SEGMENT INFORMATION

We manage our business with three reportable segments: Retail, Group and Specialty, and Healthcare Services. The reportable segments are based on a combination of the type of health plan customer and adjacent businesses centered on well-being solutions for our health plans and other customers, as described below. These segment groupings are consistent with information used by our Chief Executive Officer, the Chief Operating Decision Maker, to assess performance and allocate resources.

The Retail segment consists of Medicare benefits, marketed to individuals or directly via group Medicare accounts. In addition, the Retail segment also includes our contract with CMS to administer the Limited Income Newly Eligible Transition, or LI-NET, prescription drug plan program and contracts with various states to provide Medicaid, including Temporary Assistance for Needy Families, or TANF, dual eligible demonstration, and Long-Term Support Services benefits, which we refer to collectively as our state-based contracts. The Group and Specialty segment consists of employer group commercial fully-insured medical and specialty health insurance benefits marketed to individuals and employer groups, including dental, vision, and other supplemental health benefits, as well as administrative services only, or ASO products. In addition, our Group and Specialty segment includes our military services business, primarily our TRICARE T2017 East Region contract. The Healthcare Services segment includes pharmacy, provider, and home services, along with other services and capabilities to promote wellness and advance population health. The operations of the recently acquired full ownership of Kindred at Home, as well as the company's strategic partnership with WCAS to develop and operate senior-focused, payor-agnostic, primary care centers are also included in the Healthcare Services segment.

Our Healthcare Services intersegment revenues primarily relate to managing prescription drug coverage for members of our other segments through Humana Pharmacy Solutions®, or HPS, and includes the operations of Humana Pharmacy, Inc., our mail order pharmacy business. These revenues consist of the prescription price (ingredient cost plus dispensing fee), including the portion to be settled with the member (co-share) or with the government (subsidies), plus any associated administrative fees. Services revenues related to the distribution of

prescriptions by third party retail pharmacies in our networks are recognized when the claim is processed and product revenues from dispensing prescriptions from our mail order pharmacies are recorded when the prescription or product is shipped. Our pharmacy operations, which are responsible for designing pharmacy benefits, including defining member co-share responsibilities, determining formulary listings, contracting with retail pharmacies, confirming member eligibility, reviewing drug utilization, and processing claims, act as a principal in the arrangement on behalf of members in our other segments. As principal, our Healthcare Services segment reports revenues on a gross basis, including co-share amounts from members collected by third party retail pharmacies at the point of service.

In addition, our Healthcare Services intersegment revenues include revenues earned by certain owned providers derived from risk-based and non-risk-based managed care agreements with our health plans. Under risk based agreements, the provider receives a monthly capitated fee that varies depending on the demographics and health status of the member, for each member assigned to these owned providers by our health plans. The owned provider assumes the economic risk of funding the assigned members’ healthcare services. Under non risk-based agreements, our health plans retain the economic risk of funding the assigned members' healthcare services. Our Healthcare Services segment reports provider services revenues associated with risk-based agreements on a gross basis, whereby capitation fee revenue is recognized in the period in which the assigned members are entitled to receive healthcare services. Provider services revenues associated with non-risk-based agreements are presented net of associated healthcare costs.

We present our condensed consolidated results of operations from the perspective of the health plans. As a result, the cost of providing benefits to our members, whether provided via a third party provider or internally through a stand-alone subsidiary, is classified as benefits expense and excludes the portion of the cost for which the health plans do not bear responsibility, including member co-share amounts and government subsidies of $4.0 billion and $3.6 billion for the three months ended March 31, 2022 and 2021, respectively. In addition, depreciation and amortization expense associated with certain businesses in our Healthcare Services segment delivering benefits to our members, primarily associated with our provider services and pharmacy operations, are included with benefits expense. The amount of this expense was $30 million and $26 million for the three months ended March 31, 2022 and 2021, respectively.

Other than those described previously, the accounting policies of each segment are the same and are described in Note 2 to the consolidated financial statements included in our 2021 Form 10-K. Transactions between reportable segments primarily consist of sales of services rendered by our Healthcare Services segment, primarily pharmacy, provider, and home solutions services, to our Retail and Group and Specialty segment customers. Intersegment sales and expenses are recorded at fair value and eliminated in consolidation. Members served by our segments often use the same provider networks, enabling us in some instances to obtain more favorable contract terms with providers. Our segments also share indirect costs and assets. As a result, the profitability of each segment is interdependent. We allocate most operating expenses to our segments. Assets and certain corporate income and expenses are not allocated to the segments, including the portion of investment income not supporting segment operations, interest expense on corporate debt, and certain other corporate expenses. These items are managed at a corporate level. These corporate amounts are reported separately from our reportable segments and are included with intersegment eliminations in the tables presenting segment results below.

Our segment results were as follows for the three months ended March 31, 2022 and 2021:



	Retail		Group and Specialty		Healthcare Services		Eliminations/ Corporate		Consolidated
Three months ended March 31, 2022	(in millions)
External revenues
Premiums:
Individual Medicare Advantage	$	17,052	$	—	$	—	$	—	$	17,052
Group Medicare Advantage	1,875		—		—		—		1,875
Medicare stand-alone PDP	639		—		—		—		639
Total Medicare	19,566		—		—		—		19,566
Fully-insured	182		972		—		—		1,154
Specialty	—		429		—		—		429
Medicaid and other	1,554		—		—		—		1,554
Total premiums	21,302		1,401		—		—		22,703
Services revenue:


Home solutions	—		—		726		—		726
Provider services	—		—		113		—		113
ASO and other	6		195		—		—		201
Pharmacy solutions	—		—		224		—		224
Total services revenue	6		195		1,063		—		1,264
Total external revenues	21,308		1,596		1,063		—		23,967
Intersegment revenues
Services	—		14		5,177		(5,191)		—
Products	—		—		2,446		(2,446)		—
Total intersegment revenues	—		14		7,623		(7,637)		—
Investment income	43		3		2		(45)		3
Total revenues	21,351		1,613		8,688		(7,682)		23,970
Operating expenses:
Benefits	18,750		1,046		—		(171)		19,625
Operating costs	1,694		413		8,185		(7,406)		2,886

Depreciation and amortization	123		22		53		(28)		170
Total operating expenses	20,567		1,481		8,238		(7,605)		22,681
Income (loss) from operations	784		132		450		(77)		1,289

Interest expense	—		—		—		90		90
Other income, net	—		—		—		(21)		(21)
Income before income taxes and equity in net earnings	784		132		450		(146)		1,220
Equity in net losses	—		—		(4)		—		(4)
Segment earnings	$	784	$	132	$	446	$	(146)	$	1,216
Less: noncontrolling interests	—		—		—		—		—
Segment earnings attributable to Humana	$	784	$	132	$	446	$	(146)	$	1,216



	Retail		Group and Specialty		Healthcare Services		Eliminations/ Corporate		Consolidated
Three months ended March 31, 2021	(in millions)
External Revenues
Premiums:
Individual Medicare Advantage	$	14,815	$	—	$	—	$	—	$	14,815
Group Medicare Advantage	1,755		—		—		—		1,755
Medicare stand-alone PDP	664		—		—		—		664
Total Medicare	17,234		—		—		—		17,234
Fully-insured	178		1,099		—		—		1,277
Specialty	—		434		—		—		434
Medicaid and other	1,179		—		—		—		1,179
Total premiums	18,591		1,533		—		—		20,124
Services revenue:


Home solutions	—		—		24		—		24
Provider services	—		—		91		—		91
ASO and other	5		190		—		—		195
Pharmacy solutions	—		—		156		—		156
Total services revenue	5		190		271		—		466
Total external revenues	18,596		1,723		271		—		20,590
Intersegment revenues
Services	—		10		4,774		(4,784)		—
Products	—		—		2,152		(2,152)		—
Total intersegment revenues	—		10		6,926		(6,936)		—
Investment income	52		4		1		21		78
Total revenues	18,648		1,737		7,198		(6,915)		20,668
Operating expenses:
Benefits	16,299		1,145		—		(148)		17,296
Operating costs	1,451		397		6,910		(6,751)		2,007

Depreciation and amortization	104		21		40		(23)		142
Total operating expenses	17,854		1,563		6,950		(6,922)		19,445
Income from operations	794		174		248		7		1,223

Interest expense	—		—		—		68		68
Other expense, net	—		—		—		115		115
Income (loss) before income taxes and equity in net earnings	794		174		248		(176)		1,040
Equity in net earnings	—		—		21		—		21
Segment earnings (loss)	$	794	$	174	$	269	$	(176)	$	1,061

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

Investments, Debt and Equity Securities [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense for other intangible assets	$ 18	$ 15

FAIR VALUE - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
FAIR VALUE - Narrative (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Apr. 27, 2021	Mar. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 80,000,000	$ 68,000,000
Termination of put and call options		377,000,000
Notes Payable To Banks And Commercial Paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term debt	3,200,000,000	3,500,000,000
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt outstanding	9,800,000,000	9,000,000,000
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes debt outstanding	10,000,000,000	10,000,000,000
Kindred at Home
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity interest to be acquired per agreement (percent)			60.00%
Put option \| Other long-term liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of financial liability	182,000,000	202,000,000	$ 0	$ 63,000,000
Call option \| Other long-term assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of financial asset	$ 14,000,000	$ 13,000,000	$ 0	$ 440,000,000
Unobservable Inputs (Level 3) \| Investments \| Fair Value Risk
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Concentration risk (percent)	0.40%

INVESTMENT SECURITIES

3 Months Ended

Mar. 31, 2022

INVESTMENT SECURITIES

Investment securities classified as current and long-term were as follows at March 31, 2022 and December 31, 2021, respectively:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in millions)
March 31, 2022
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations	$	621	$	—	$	(33)	$	588
Mortgage-backed securities	3,326		2		(256)		3,072
Tax-exempt municipal securities	796		3		(18)		781
Mortgage-backed securities:
Residential	480		—		(30)		450
Commercial	1,570		1		(58)		1,513
Asset-backed securities	1,579		2		(18)		1,563
Corporate debt securities	5,668		12		(347)		5,333
Total debt securities	$	14,040	$	20	$	(760)	13,300
Common stock							184
Total investment securities							$	13,484

December 31, 2021
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations	$	611	$	1	$	(10)	$	602
Mortgage-backed securities	3,265		33		(69)		3,229
Tax-exempt municipal securities	810		33		(2)		841
Mortgage-backed securities:
Residential	373		—		(6)		367
Commercial	1,394		27		(11)		1,410
Asset-backed securities	1,346		6		(4)		1,348
Corporate debt securities	5,641		118		(59)		5,700
Total debt securities	$	13,440	$	218	$	(161)	13,497
Common stock							475
Total investment securities							$	13,972

Gross unrealized losses and fair values aggregated by investment category and length of time of individual debt securities that have been in a continuous unrealized loss position for which no allowances for credit loss has been recorded were as follows at March 31, 2022 and December 31, 2021, respectively:


	Less than 12 months				12 months or more				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in millions)
March 31, 2022
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations	$	110	$	(5)	$	453	$	(28)	$	563	$	(33)
Mortgage-backed securities	1,112		(75)		1,915		(181)		3,027		(256)
Tax-exempt municipal securities	36		(3)		418		(15)		454		(18)
Mortgage-backed securities:
Residential	383		(22)		67		(8)		450		(30)
Commercial	390		(20)		1,060		(38)		1,450		(58)
Asset-backed securities	614		(12)		615		(6)		1,229		(18)
Corporate debt securities	1,879		(132)		2,413		(215)		4,292		(347)
Total debt securities	$	4,524	$	(269)	$	6,941	$	(491)	$	11,465	$	(760)

December 31, 2021
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations	$	201	$	(3)	$	355	$	(7)	$	556	$	(10)
Mortgage-backed securities	2,082		(49)		556		(20)		2,638		(69)
Tax-exempt municipal securities	68		(1)		34		(1)		102		(2)
Mortgage-backed securities:
Residential	358		(6)		8		—		366		(6)
Commercial	295		(4)		400		(7)		695		(11)
Asset-backed securities	530		(3)		425		(1)		955		(4)
Corporate debt securities	1,456		(28)		769		(31)		2,225		(59)
Total debt securities	$	4,990	$	(94)	$	2,547	$	(67)	$	7,537	$	(161)

Approximately 96% of our debt securities were investment-grade quality, with a weighted average credit rating of AA- by Standard & Poor's Rating Service, or S&P, at March 31, 2022. Most of the debt securities that were below investment-grade were rated BB, the higher end of the below investment-grade rating scale. Tax-exempt municipal securities were diversified among general obligation bonds of states and local municipalities in the United States as well as special revenue bonds issued by municipalities to finance specific public works projects such as utilities, water and sewer, transportation, or education. Our general obligation bonds are diversified across the

United States with no individual state exceeding 1% of our total debt securities. Our investment policy limits investments in a single issuer and requires diversification among various asset types.

Our unrealized losses from all debt securities were generated from approximately 1,215 positions out of a total of approximately 1,760 positions at March 31, 2022. All issuers of debt securities we own that were trading at an unrealized loss at March 31, 2022 remain current on all contractual payments. After taking into account these and other factors previously described, we believe these unrealized losses primarily were caused by an increase in market interest rates in the current markets since the time these debt securities were purchased. At March 31, 2022, we did not intend to sell any debt securities with an unrealized loss position in accumulated other comprehensive income, and it is not likely that we will be required to sell these debt securities before recovery of their amortized cost basis. Additionally, we did not record any material credit allowances for debt securities that were in an unrealized loss position for the three months ended March 31, 2022 and 2021.

The detail of (losses) gains related to investment securities and included within investment income was as follows for the three months ended March 31, 2022 and 2021:


	Three months ended March 31,
		2022		2021
	(in millions)
Gross gains on investment securities		$	33	$	95
Gross losses on investment securities		(1)		—
Gross gains on equity securities		—		2
Gross losses on equity securities		(108)		(87)
Net recognized (losses) gains on investment securities		$	(76)	$	10

The gains and losses related to equity securities for the three months ended March 31, 2022 and 2021 was as follows:


	Three months ended March 31,
	2022		2021
	(in millions)
Net losses recognized on equity securities during the period	$	(108)	$	(85)
Less: Net losses recognized on equity securities sold during the period	(59)		—
Unrealized losses recognized on equity securities still held at the end of the period	$	(49)	$	(85)

The contractual maturities of debt securities available for sale at March 31, 2022, regardless of their balance sheet classification, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	Amortized Cost		Fair Value
	(in millions)
Due within one year	$	437	$	438
Due after one year through five years	2,297		2,240
Due after five years through ten years	3,077		2,849
Due after ten years	1,274		1,175
Mortgage and asset-backed securities	6,955		6,598
Total debt securities	$	14,040	$	13,300

INCOME TAXES (Details)	3 Months Ended
INCOME TAXES (Details)	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate (percent)	23.50%	22.00%

DEBT - Term Loan Agreement (Details) - USD ($)		3 Months Ended
DEBT - Term Loan Agreement (Details) - USD ($)	Oct. 29, 2021	Mar. 31, 2022
Revolving credit facility
Short-term Debt [Line Items]
Debt to capitalization percentage, maximum		60.00%
Term loan
Short-term Debt [Line Items]
Debt to capitalization percentage, maximum		60.00%
Actual debt to capitalization percentage		45.80%
October 2021 Term Loan Agreement \| Revolving credit facility \| LIBOR
Short-term Debt [Line Items]
Basis spread on variable rate (percent)		1.125%
October 2021 Term Loan Agreement \| Revolving credit facility \| LIBOR \| Minimum
Short-term Debt [Line Items]
Basis spread on variable rate (percent)		0.875%
October 2021 Term Loan Agreement \| Revolving credit facility \| LIBOR \| Maximum
Short-term Debt [Line Items]
Basis spread on variable rate (percent)		1.375%
October 2021 Term Loan Agreement \| Term loan
Short-term Debt [Line Items]
Aggregate principal	$ 2,000,000,000
Gentiva Term Loan Due 2025 \| Term loan
Short-term Debt [Line Items]
Repayment of term loan	$ 1,900,000,000

STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Dividends

The following table provides details of dividend payments, excluding dividend equivalent rights for unvested stock awards, in 2021 and 2022 under our Board approved quarterly cash dividend policy:


Record Date	Payment Date	Amount per Share		Total Amount
				(in millions)
2021 payments
12/31/2020	1/29/2021	$	0.6250	$	81
3/31/2021	4/30/2021	0.7000		90
6/30/2021	7/30/2021	0.7000		90
9/30/2021	10/29/2021	0.7000		90
2022 payments
12/31/2021	1/28/2022	$	0.7000	$	90

In February 2022, the Board declared a cash dividend of $0.7875 per share payable on April 29, 2022 to stockholders of record on March 31, 2022. In April 2022, the Board declared a cash dividend of $0.7875 per share payable on July 29, 2022 to stockholders of record on June 30, 2022. Declaration and payment of future quarterly dividends is at the discretion of our Board and may be adjusted as business needs or market conditions change.

Stock Repurchases

Our Board of Directors may authorize the purchase of our common stock shares. Under the share repurchase authorization, shares may be purchased from time to time at prevailing prices in the open market, by block purchases, through plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, or in privately-negotiated transactions, including pursuant to accelerated share repurchase agreements with investment banks, subject to certain regulatory restrictions on volume, pricing, and timing.

On February 18, 2021, the Board of Directors replaced the previous share repurchase authorization of up to $3 billion (of which approximately $250 million remained unused) with a new authorization for repurchases of up to $3 billion of our common shares exclusive of shares repurchased in connection with employee stock plans, expiring as of February 18, 2024.

On January 11, 2022, we entered into separate accelerated stock repurchase agreements, the January 2022 ASR Agreements, with Mizuho Markets Americas LLC, or Mizuho, and Wells Fargo Bank, or Wells Fargo, to repurchase $1 billion of our common stock as part of the $3 billion repurchase program authorized by the Board of Directors on February 18, 2021. On January 12, 2022, in accordance with the January 2022 ASR Agreements, we made a payment of $1 billion ($500 million to Mizuho and $500 million to Wells Fargo) and received an initial delivery of 2.2 million shares of our common stock (1.08 million shares each from Mizuho and Wells Fargo). In January 2022, we recorded the payments to Mizuho and Wells Fargo as a reduction to stockholders’ equity, consisting of an $850 million increase in treasury stock, which reflects the value of the initial 2.2 million shares received upon initial settlement, and a $150 million decrease in capital in excess of par value, which reflects the value of stock held back by Mizuho and Wells Fargo pending final settlement of the January 2022 ASR Agreements. Upon final settlement of the January 2022 ASR Agreements with Mizuho and Wells Fargo on March 29, 2022 and March 30, 2022, respectively, we received an additional 0.1 million shares and 0.1 million shares, respectively, as determined by the average daily volume weighted-averages share price of our common stock during the term of the agreement, less a discount, of $410.96 and $411.66, respectively, bringing the total shares received under the January 2022 ASR Agreements to 2.4 million. In addition, upon settlement we reclassified the $150 million value of stock initially held back by Mizuho and Wells Fargo from capital in excess of par value to treasury stock. Our remaining repurchase authorization was $2 billion as of April 26, 2022.

In connection with employee stock plans, we acquired 0.06 million common shares for $24 million and 0.08 million common shares for $30 million during the three months ended March 31, 2022 and 2021, respectively.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

MEDICARE PART D (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Other current assets	$ 5,710	$ 6,493
Trade accounts payable and accrued expenses	(5,859)	(4,509)
Other long-term assets	4,610	4,379
Other long-term liabilities	(2,149)	(2,383)
Risk Corridor Settlement
Segment Reporting Information [Line Items]
Other current assets	139	363
Trade accounts payable and accrued expenses	(52)	(68)
Net current asset (liability)	87	295
Other long-term assets	310	5
Other long-term liabilities	(221)	(194)
Net long-term asset (liability)	89	(189)
Total net asset (liability)	176	106
CMS Subsidies/ Discounts
Segment Reporting Information [Line Items]
Other current assets	997	1,894
Trade accounts payable and accrued expenses	(2,046)	(466)
Net current asset (liability)	(1,049)	1,428
Other long-term assets	0	0
Other long-term liabilities	0	0
Net long-term asset (liability)	0	0
Total net asset (liability)	$ (1,049)	$ 1,428

BASIS OF PRESENTATION AND SIGNIFICANT EVENTS (Details) - USD ($) $ in Millions	Apr. 21, 2022	Mar. 31, 2022
Kindred at Home, Hospice and Personal Care Divisions \| Subsequent event
Receivables and Other [Line Items]
Equity interest to be sold	60.00%
Enterprise valuation	$ 3,400
Consideration to be received	$ 2,800
Services
Receivables and Other [Line Items]
Accounts receivable		$ 481

MEDICARE PART D (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of Balance Sheet Amounts Associated With Medicare Part D

The accompanying condensed consolidated balance sheets include the following amounts associated with Medicare Part D at March 31, 2022 and December 31, 2021. CMS subsidies/discounts in the table below include the reinsurance and low-income cost subsidies funded by CMS for which we assume no risk as well as brand name prescription drug discounts for Part D plan participants in the coverage gap funded by CMS and pharmaceutical manufacturers.


	March 31, 2022				December 31, 2021
	Risk Corridor Settlement		CMS Subsidies/ Discounts		Risk Corridor Settlement		CMS Subsidies/ Discounts
	(in millions)
Other current assets	$	139	$	997	$	363	$	1,894
Trade accounts payable and accrued expenses	(52)		(2,046)		(68)		(466)
Net current asset (liability)	87		(1,049)		295		1,428
Other long-term assets	310		—		5		—
Other long-term liabilities	(221)		—		(194)		—
Net long-term asset (liability)	89		—		(189)		—
Total net asset (liability)	$	176	$	(1,049)	$	106	$	1,428

FAIR VALUE - Put and Call Options Measured at Fair Value (Details) - Options - Level 3 fair value measurement	Mar. 31, 2022	Dec. 31, 2021
Annualized volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant unobservable inputs	0.229	0.224
Credit spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant unobservable inputs	0.014	0.009
Revenue exit multiple \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant unobservable inputs	1.5	1.5
Revenue exit multiple \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant unobservable inputs	2.5	2.5
Weighted average cost of capital
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant unobservable inputs	0.125	0.125
Long term growth rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant unobservable inputs	0.030	0.030

GOODWILL AND OTHER INTANGIBLE ASSETS - Other Intangible Assets Subject to Amortization (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Other intangible assets:
Weighted average life (in years)	9 years 2 months 12 days
Total other intangible assets, cost	$ 3,473	$ 3,443
Amortizable intangible assets, accumulated amortization	822	804
Total other intangible assets, net	2,651	2,639
Certificates of need
Other intangible assets:
Indefinite-lived intangible assets	1,771	1,771
Medicare licenses
Other intangible assets:
Indefinite-lived intangible assets	$ 522	522
Customer contracts/ relationships
Other intangible assets:
Weighted average life (in years)	9 years 4 months 24 days
Amortizable intangible assets, cost	$ 912	883
Amortizable intangible assets, accumulated amortization	634	620
Amortizable intangible assets, net	$ 278	263
Trade names and technology
Other intangible assets:
Weighted average life (in years)	7 years
Amortizable intangible assets, cost	$ 159	160
Amortizable intangible assets, accumulated amortization	100	97
Amortizable intangible assets, net	$ 59	63
Provider contracts
Other intangible assets:
Weighted average life (in years)	11 years 7 months 6 days
Amortizable intangible assets, cost	$ 72	72
Amortizable intangible assets, accumulated amortization	58	57
Amortizable intangible assets, net	$ 14	15
Noncompetes and other
Other intangible assets:
Weighted average life (in years)	6 years 9 months 18 days
Amortizable intangible assets, cost	$ 37	35
Amortizable intangible assets, accumulated amortization	30	30
Amortizable intangible assets, net	$ 7	$ 5

EARNINGS PER COMMON SHARE COMPUTATION (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income available for common stockholders	$ 930	$ 828
Weighted average outstanding shares of common stock used to compute basic earnings per common share (in shares)	126,938	128,931
Shares used to compute diluted earnings per common share (in shares)	127,474	129,551
Basic earnings per common share (in dollars per share)	$ 7.32	$ 6.42
Diluted earnings per common share (in dollars per share)	$ 7.29	$ 6.39
Number of antidilutive stock options and restricted stock excluded from computation (in shares)	626	531
Employee stock options
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Dilutive effect of employee stock options and restricted stock (in shares)	40	52
Restricted stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Dilutive effect of employee stock options and restricted stock (in shares)	496	568

DEBT (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of Carrying Value of Debt Outstanding

The carrying value of debt outstanding, net of unamortized debt issuance costs, was as follows at March 31, 2022 and December 31, 2021:


	March 31, 2022		December 31, 2021
	(in millions)
Short-term debt:
Commercial paper	$	691	$	955

Senior notes:
$600 million, 3.150% due December 1, 2022	600		599
$400 million, 2.900% due December 15, 2022	399		399
Total senior notes	999		998
Total short-term debt	$	1,690	$	1,953

Long-term debt:
Senior notes:
$1.5 billion, 0.650% due August 3, 2023	1,494		1,492
$600 million, 3.850% due October 1, 2024	598		598
$600 million, 4.500% due April 1, 2025	596		596
$750 million, 1.350% due February 3, 2027	742		742
$600 million, 3.950% due March 15, 2027	596		596
$750 million, 3.700% due March 23, 2029	741		—
$500 million, 3.125% due August 15, 2029	496		496
$500 million, 4.875% due April 1, 2030	495		495
$750 million, 2.150% due February 3, 2032	741		741
$250 million, 8.150% due June 15, 2038	261		261
$400 million, 4.625% due December 1, 2042	396		396
$750 million, 4.950% due October 1, 2044	740		740
$400 million, 4.800% due March 15, 2047	396		395
$500 million, 3.950% due August 15, 2049	493		493
Total senior notes	8,785		8,041
Term loans:
Term loan, due October 29, 2023	2,000		2,000
Delayed draw term loan, due May 28, 2024	500		500
Total term loans	2,500		2,500
Total long-term debt	$	11,285	$	10,541

INVESTMENT SECURITIES - Contractual Maturities of Debt Securities Available for Sale (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Amortized Cost
Due within one year	$ 437
Due after one year through five years	2,297
Due after five years through ten years	3,077
Due after ten years	1,274
Mortgage and asset-backed securities	6,955
Amortized Cost	14,040	$ 13,440
Fair Value
Due within one year	438
Due after one year through five years	2,240
Due after five years through ten years	2,849
Due after ten years	1,175
Mortgage and asset-backed securities	6,598
Fair Value	$ 13,300	$ 13,497

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income attributable to Humana	$ 930	$ 828
Other comprehensive income:
Change in gross unrealized investment (losses) gains	(769)	(320)
Effect of income taxes	176	73
Total change in unrealized investment (losses) gains, net of tax	(593)	(247)
Reclassification adjustment for net realized gains	(27)	(55)
Effect of income taxes	6	13
Total reclassification adjustment, net of tax	(21)	(42)
Other comprehensive loss, net of tax	(614)	(289)
Comprehensive (loss) income attributable to equity method investments	0	6
Comprehensive income attributable to Humana	$ 316	$ 545

EARNINGS PER COMMON SHARE COMPUTATION

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

EARNINGS PER COMMON SHARE COMPUTATION

Detail supporting the computation of basic and diluted earnings per common share was as follows for the three months ended March 31, 2022 and 2021:


	Three months ended March 31,
		2022		2021
		(dollars in millions, except per common share results; number of shares in thousands)
Net income available for common stockholders		$	930	$	828
Weighted average outstanding shares of common stock used to compute basic earnings per common share		126,938		128,931
Dilutive effect of:
Employee stock options		40		52
Restricted stock		496		568
Shares used to compute diluted earnings per common share		127,474		129,551
Basic earnings per common share		$	7.32	$	6.42
Diluted earnings per common share		$	7.29	$	6.39
Number of antidilutive stock options and restricted stock excluded from computation		626		531

BENEFITS PAYABLE (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of Activity in Benefits Payable

On a consolidated basis, activity in benefits payable was as follows for the three months ended March 31, 2022 and 2021:


	For the three months ended March 31,
	2022		2021
	(in millions)
Balances, beginning of period	$	8,289	$	8,143



Acquisitions	—		42
Incurred related to:
Current year	19,985		17,851
Prior years	(360)		(555)
Total incurred	19,625		17,296
Paid related to:
Current year	(12,284)		(10,842)
Prior years	(6,252)		(5,988)
Total paid	(18,536)		(16,830)


Balances, end of period	$	9,378	$	8,651

Activity in benefits payable for our Retail segment was as follows for the three months ended March 31, 2022 and 2021:


	For the three months ended March 31,
	2022		2021
	(in millions)
Balances, beginning of period	$	7,675	$	7,428



Acquisitions	—		42
Incurred related to:
Current year	19,078		16,762
Prior years	(328)		(463)
Total incurred	18,750		16,299
Paid related to:
Current year	(11,882)		(10,330)
Prior years	(5,741)		(5,401)
Total paid	(17,623)		(15,731)


Balances, end of period	$	8,802	$	8,038

Activity in benefits payable for our Group and Specialty segment was as follows for the three months ended March 31, 2022 and 2021:


	For the three months ended March 31,
	2022		2021
	(in millions)
Balances, beginning of period	$	614	$	715




Incurred related to:
Current year	1,078		1,237
Prior years	(32)		(92)
Total incurred	1,046		1,145
Paid related to:
Current year	(573)		(660)
Prior years	(511)		(587)
Total paid	(1,084)		(1,247)


Balances, end of period	$	576	$	613

FAIR VALUE - Significant Unobservable Inputs (Level 3) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance at January 1	$ 68
Total gains or losses:
Realized in earnings	0
Unrealized in other comprehensive income	(4)
Purchases	17
Sales	(1)
Settlements	0
Balance at March 31	$ 80

COMMITMENTS, GUARANTEES AND CONTINGENCIES	3 Months Ended
COMMITMENTS, GUARANTEES AND CONTINGENCIES	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS, GUARANTEES AND CONTINGENCIES	COMMITMENTS, GUARANTEES AND CONTINGENCIES Government Contracts Our Medicare products, which accounted for approximately 82% of our total premiums and services revenue for the three months ended March 31, 2022, primarily consisted of products covered under the Medicare Advantage and Medicare Part D Prescription Drug Plan contracts with the federal government. These contracts are renewed generally for a calendar year term unless CMS notifies us of its decision not to renew by May 1 of the calendar year in which the contract would end, or we notify CMS of our decision not to renew by the first Monday in June of the calendar year in which the contract would end. All material contracts between Humana and CMS relating to our Medicare products have been renewed for 2022 and all of our product offerings have been approved. CMS uses a risk-adjustment model which adjusts premiums paid to Medicare Advantage, or MA, plans according to health status of covered members. The risk-adjustment model, which CMS implemented pursuant to the Balanced Budget Act of 1997, or BBA, and the Benefits Improvement and Protection Act of 2000, or BIPA, generally pays more where a plan's membership has higher expected costs. Under this model, rates paid to MA plans are based on actuarially determined bids, which include a process whereby our prospective payments are based on our estimated cost of providing standard Medicare-covered benefits to an enrollee with a "national average risk profile." That baseline payment amount is adjusted to reflect the health status of our enrolled membership. Under the risk-adjustment methodology, all MA plans must collect from providers and submit the necessary diagnosis code information to CMS within prescribed deadlines. The CMS risk-adjustment model uses the diagnosis data to calculate the risk-adjusted premium payment to MA plans, which CMS adjusts for coding pattern differences between the health plans and the government fee-for-service program. We generally rely on providers, including certain providers in our network who are our employees, to code their claim submissions with appropriate diagnoses, which we send to CMS as the basis for our payment received from CMS under the actuarial risk-adjustment model. We also rely on these providers to document appropriately all medical data, including the diagnosis data submitted with claims. In addition, we conduct medical record reviews as part of our data and payment accuracy compliance efforts, to more accurately reflect diagnosis conditions under the risk adjustment model. These compliance efforts include the internal contract level audits described in more detail below, as well as ordinary course reviews of our internal business processes. CMS and the Office of the Inspector General of Health and Human Services, or HHS-OIG, are continuing to perform audits of various companies’ selected MA contracts related to this risk adjustment diagnosis data. We refer to these audits as Risk-Adjustment Data Validation Audits, or RADV audits. RADV audits review medical records in an attempt to validate provider medical record documentation and coding practices which influence the calculation of premium payments to MA plans. In 2012, CMS released a “Notice of Final Payment Error Calculation Methodology for Part C Medicare Advantage Risk Adjustment Data Validation (RADV) Contract-Level Audits.” The payment error calculation methodology provided that, in calculating the economic impact of audit results for an MA contract, if any, the results of the RADV audit sample would be extrapolated to the entire MA contract after a comparison of the audit results to a similar audit of the government’s traditional fee-for-service Medicare program, or Medicare FFS. We refer to the process of accounting for errors in FFS claims as the "FFS Adjuster." This comparison of RADV audit results to the FFS error rate is necessary to determine the economic impact, if any, of RADV audit results because the government used the Medicare FFS program data set, including any attendant errors that are present in that data set, to estimate the costs of various health status conditions and to set the resulting adjustments to MA plans’ payment rates in order to establish actuarial equivalence in payment rates as required under the Medicare statute. CMS already makes other adjustments to payment rates based on a comparison of coding pattern differences between MA plans and Medicare FFS data (such as for frequency of coding for certain diagnoses in MA plan data versus the Medicare FFS program dataset). The final RADV extrapolation methodology, including the first application of extrapolated audit results to determine audit settlements, is expected to be applied to CMS RADV contract level audits conducted for contract year 2011 and subsequent years. CMS is currently conducting RADV contract level audits for certain of our Medicare Advantage plans. Estimated audit settlements are recorded as a reduction of premiums revenue in our consolidated statements of income, based upon available information. We perform internal contract level audits based on the RADV audit methodology prescribed by CMS. Included in these internal contract level audits is an audit of our Private Fee-For Service business which we used to represent a proxy of the FFS Adjuster which has not yet been finalized. We based our accrual of estimated audit settlements for each contract year on the results of these internal contract level audits and update our estimates as each audit is completed. Estimates derived from these results were not material to our results of operations, financial position, or cash flows. We report the results of these internal contract level audits to CMS, including identified overpayments, if any. On October 26, 2018, CMS issued a proposed rule and accompanying materials, which we refer to as the “Proposed Rule”, related to, among other things, the RADV audit methodology described above. If implemented, the Proposed Rule would use extrapolation in RADV audits applicable to payment year 2011 contract-level audits and all subsequent audits, without the application of a FFS Adjuster to audit findings. We believe that the Proposed Rule fails to address adequately the statutory requirement of actuarial equivalence, and have provided substantive comments to CMS on the Proposed Rule as part of the notice-and-comment rulemaking process. Whether, and to what extent, CMS finalizes the Proposed Rule, and any related regulatory, industry or company reactions, could have a material adverse effect on our results of operations, financial position, or cash flows. In addition, as part of our internal compliance efforts, we routinely perform ordinary course reviews of our internal business processes related to, among other things, our risk coding and data submissions in connection with the risk adjustment model. These reviews may also result in the identification of errors and the submission of corrections to CMS, that may, either individually or in the aggregate, be material. As such, the result of these reviews may have a material adverse effect on our results of operations, financial position, or cash flows. We will continue to work with CMS to ensure that MA plans are paid accurately and that payment model principles are in accordance with the requirements of the Social Security Act, which, if not implemented correctly could have a material adverse effect on our results of operations, financial position, or cash flows. Our state-based Medicaid business, which accounted for approximately 6% of our total premiums and services revenue for the three months ended March 31, 2022 primarily consisted of serving members enrolled in Medicaid, and in certain circumstances members who qualify for both Medicaid and Medicare, under contracts with various states. At March 31, 2022, our military services business, which accounted for approximately 1% of our total premiums and services revenue for the three months ended March 31, 2022, primarily consisted of the TRICARE T2017 East Region contract. The T2017 East Region contract comprising 32 states and approximately 6 million TRICARE beneficiaries, under which delivery of health care services commenced on January 1, 2018. The T2017 East Region contract is a 5-year contract set to expire on December 31, 2022 and is subject to renewals on January 1 of each year during its term at the government's option. The loss of any of the contracts above or significant changes in these programs as a result of legislative or regulatory action, including reductions in premium payments to us, regulatory restrictions on profitability, including reviews by regulatory bodies that may compare our Medicare Advantage profitability to our non-Medicare Advantage business profitability, or compare the profitability of various products within our Medicare Advantage business, and require that they remain within certain ranges of each other, or increases in member benefits or member eligibility criteria without corresponding increases in premium payments to us, may have a material adverse effect on our results of operations, financial position, and cash flows. Legal Proceedings and Certain Regulatory Matters As previously disclosed, the Civil Division of the United States Department of Justice provided us with an information request in December 2014, concerning our Medicare Part C risk adjustment practices. The request relates to our oversight and submission of risk adjustment data generated by providers in our Medicare Advantage network, as well as to our business and compliance practices related to risk adjustment data generated by our providers and by us, including medical record reviews conducted as part of our data and payment accuracy compliance efforts, the use of health and well-being assessments, and our fraud detection efforts. We believe that this request for information is in connection with a wider review of Medicare Risk Adjustment generally that includes a number of Medicare Advantage plans, providers and vendors. We continue to cooperate with the Department of Justice. These matters are expected to result in additional qui tam litigation. As previously disclosed, on January 19, 2016, an individual filed a qui tam suit captioned United States of America ex rel. Steven Scott v. Humana, Inc., in United States District Court, Central District of California, Western Division. The complaint alleges certain civil violations by us in connection with the actuarial equivalence of the plan benefits under Humana’s Basic PDP plan, a prescription drug plan offered by us under Medicare Part D. The action seeks damages and penalties on behalf of the United States under the False Claims Act. The court ordered the qui tam action unsealed on September 13, 2017, so that the relator could proceed, following notice from the U.S. Government that it was not intervening at that time. On January 29, 2018, the suit was transferred to the United States District Court, Western District of Kentucky, Louisville Division. We have substantially completed discovery with the relator who has pursued the matter on behalf of the united States following unsealing. On March 31, 2022, the Court denied the parties' Motions for Summary Judgement. We take seriously our obligations to comply with applicable CMS requirements and actuarial standards of practice, and continue to vigorously defend against these allegations. Other Lawsuits and Regulatory Matters Our current and past business practices are subject to review or other investigations by various state insurance and health care regulatory authorities and other state and federal regulatory authorities. These authorities regularly scrutinize the business practices of health insurance, health care delivery and benefits companies. These reviews focus on numerous facets of our business, including claims payment practices, statutory capital requirements, provider contracting, risk adjustment, competitive practices, commission payments, privacy issues, utilization management practices, pharmacy benefits, access to care, and sales practices, among others. Some of these reviews have historically resulted in fines imposed on us and some have required changes to some of our practices. We continue to be subject to these reviews, which could result in additional fines or other sanctions being imposed on us or additional changes in some of our practices. We also are involved in various other lawsuits that arise, for the most part, in the ordinary course of our business operations, certain of which may be styled as class-action lawsuits. Among other matters, this litigation may include employment matters, claims of medical malpractice, bad faith, nonacceptance or termination of providers, anticompetitive practices, improper rate setting, provider contract rate and payment disputes, including disputes over reimbursement rates required by statute, disputes arising from competitive procurement process, general contractual matters, intellectual property matters, and challenges to subrogation practices. Under state guaranty assessment laws, including those related to state cooperative failures in the industry, we may be assessed (up to prescribed limits) for certain obligations to the policyholders and claimants of insolvent insurance companies that write the same line or lines of business as we do. As a government contractor, we may also be subject to false claims litigation, such as qui tam lawsuits brought by individuals who seek to sue on behalf of the government, alleging that the government contractor submitted false claims to the government or related overpayments from the government, including, among other allegations, those resulting from coding and review practices under the Medicare risk adjustment model. Qui tam litigation is filed under seal to allow the government an opportunity to investigate and to decide if it wishes to intervene and assume control of the litigation. If the government does not intervene, the individual may continue to prosecute the action on his or her own, on behalf of the government. We also are subject to other allegations of nonperformance of contractual obligations to providers, members, and others, including failure to properly pay claims, improper policy terminations, challenges to our implementation of the Medicare Part D prescription drug program and other litigation. A limited number of the claims asserted against us are subject to insurance coverage. Personal injury claims, claims for extra contractual damages, care delivery malpractice, and claims arising from medical benefit denials are covered by insurance from our wholly owned captive insurance subsidiary and excess carriers, except to the extent that claimants seek punitive damages, which may not be covered by insurance in certain states in which insurance coverage for punitive damages is not permitted. In addition, insurance coverage for all or certain forms of liability has become increasingly costly and may become unavailable or prohibitively expensive in the future. We record accruals for the contingencies discussed in the sections above to the extent that we conclude it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. No estimate of the possible loss or range of loss in excess of amounts accrued, if any, can be made at this time regarding the matters specifically described above because of the inherently unpredictable nature of legal proceedings, which also may be exacerbated by various factors, including: (i) the damages sought in the proceedings are unsubstantiated or indeterminate; (ii) discovery is not complete; (iii) the proceeding is in its early stages; (iv) the matters present legal uncertainties; (v) there are significant facts in dispute; (vi) there are a large number of parties (including where it is uncertain how liability, if any, will be shared among multiple defendants); or (vii) there is a wide range of potential outcomes. The outcome of any current or future litigation or governmental or internal investigations, including the matters described above, cannot be accurately predicted, nor can we predict any resulting judgments, penalties, fines or other sanctions that may be imposed at the discretion of federal or state regulatory authorities or as a result of actions by third parties. Nevertheless, it is reasonably possible that any such outcome of litigation, judgments, penalties, fines or other sanctions could be substantial, and the outcome of these matters may have a material adverse effect on our results of operations, financial position, and cash flows, and may also affect our reputation.

INVESTMENT SECURITIES - Narrative (Details)	3 Months Ended
INVESTMENT SECURITIES - Narrative (Details)	Mar. 31, 2022 position
Financing Receivable, Credit Quality Indicator [Line Items]
Maximum individual state general bond obligation as a percentage of total debt securities (percent)	1.00%
Securities in unrealized loss positions, number of positions	1,215
Securities, number of positions	1,760
S&P AA- rating
Financing Receivable, Credit Quality Indicator [Line Items]
Percentage of debt securities considered to be of investment-grade (percent)	96.00%

FAIR VALUE

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE

Financial Assets

The following table summarizes our fair value measurements at March 31, 2022 and December 31, 2021, respectively, for financial assets measured at fair value on a recurring basis:


	Fair Value Measurements Using
	Fair Value		Quoted Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
	(in millions)
March 31, 2022
Cash equivalents	$	4,482	$	4,482	$	—	$	—
Debt securities:
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations	588		—		588		—
Mortgage-backed securities	3,072		—		3,072		—
Tax-exempt municipal securities	781		—		781		—
Mortgage-backed securities:
Residential	450		—		450		—
Commercial	1,513		—		1,513		—
Asset-backed securities	1,563		—		1,563		—
Corporate debt securities	5,333		—		5,253		80
Total debt securities	13,300		—		13,220		80
Common stock	184		184		—		—
Total invested assets	$	17,966	$	4,666	$	13,220	$	80

December 31, 2021
Cash equivalents	$	3,322	$	3,322	$	—	$	—
Debt securities:
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations	602		—		602		—
Mortgage-backed securities	3,229		—		3,229		—
Tax-exempt municipal securities	841		—		841		—
Mortgage-backed securities:
Residential	367		—		367		—
Commercial	1,410		—		1,410		—
Asset-backed securities	1,348		—		1,348		—
Corporate debt securities	5,700		—		5,632		68
Total debt securities	13,497		—		13,429		68
Common stock	475		475		—		—
Total invested assets	$	17,294	$	3,797	$	13,429	$	68

Our Level 3 assets had a fair value of $80 million at March 31, 2022 , or 0.4% of our total invested assets. During the year ended March 31, 2022, the changes in the fair value of the assets measured using significant unobservable inputs (Level 3) were comprised of the following:


	For the three months ended March 31, 2022
	Private Placements
	(in millions)
Beginning balance at January 1	$	68
Total gains or losses:
Realized in earnings	—
Unrealized in other comprehensive income	(4)
Purchases	17
Sales	(1)
Settlements	—
Balance at March 31	$	80

Financial Liabilities

Our debt is recorded at carrying value in our consolidated balance sheets. The carrying value of our senior notes debt outstanding, net of unamortized debt issuance costs, was $9.8 billion at March 31, 2022 and $9.0 billion at December 31, 2021. The fair value of our senior notes debt was $10.0 billion at March 31, 2022 and $10.0 billion at December 31, 2021. The fair value of our senior notes debt is determined based on Level 2 inputs, including quoted market prices for the same or similar debt, or if no quoted market prices are available, on the current prices estimated to be available to us for debt with similar terms and remaining maturities. Carrying value approximates fair value for our term loans and commercial paper borrowings. The term loan and commercial paper borrowings were $3.2 billion as of March 31, 2022 and $3.5 billion as of December 31, 2021.

Put and Call Options Measured at Fair Value

Our put and call options associated with our equity method investments are measured at fair value each period using a Monte Carlo simulation.

Effective April 27, 2021, with the signing of the definitive agreement to acquire the remaining 60% interest of KAH, the respective put and call options were terminated. As such, the $63 million put and $440 million call fair values as of March 31, 2021 were subsequently reduced to zero, resulting in $377 million in "Other (income) expense, net" in our consolidated statements of income for the year ended December 31, 2021. The change in fair value of the put and call options included within other long-term liabilities and other long-term assets, respectively, at March 31, 2021 was reflected as "Other (income) expense, net" in our consolidated statements of income for the three months ended March 31, 2021.

The put and call options fair values associated with our Primary Care Organization strategic partnership with WCAS, which are exercisable at a fixed revenue exit multiple and provide a minimum return on WCAS' investment if exercised, are measured at fair value each reporting period. The put and call options fair values were $182 million and $14 million, respectively, at March 31, 2022. The put and call options fair values, derived from the Monte Carlo simulation, were $202 million and $13 million, respectively, at December 31, 2021.

The significant unobservable inputs utilized in these Level 3 fair value measurements (and selected values) include the enterprise value, annualized volatility and credit spread. Enterprise value was derived from a discounted cash flow model, which utilized significant unobservable inputs for long-term revenue, to measure underlying cash flows, weighted average cost of capital and long term growth rate. The table below presents the assumptions used for each reporting period.


	March 31, 2022		December 31, 2021
Annualized volatility	22.9	%	22.4	%
Credit spread	1.4	%	0.9	%
Revenue exit multiple	1.5x - 2.5x		1.5x - 2.5x
Weighted average cost of capital	12.5	%	12.5	%
Long term growth rate	3.0	%	3.0	%

Other Assets and Liabilities Measured at Fair Value

Certain assets and liabilities are measured at fair value on a non-recurring basis subject to fair value adjustment only in certain circumstances. As disclosed in Note 3, “Acquisitions”, we completed our acquisition of KAH during the third quarter of 2021. The net assets acquired and resulting goodwill and other intangible assets were recorded at fair value primarily using Level 3 inputs. The net tangible assets including receivables and accrued liabilities were recorded at their carrying value which approximated their fair value due to their short term nature. The fair value of goodwill and other intangible assets were internally estimated based primarily on the income approach. The income approach estimates fair value based on the present value of cash flow that the assets could be expected to generate in the future. We developed internal estimates for expected cash flows in the present value calculation using inputs and significant assumptions that include historical revenues and earnings, revenue growth rates, the amount and timing of future cash flows, discount rates, contributory asset charges and future tax rates, among others. The excess purchase price over the fair value of assets and liabilities acquired is recorded as goodwill.

Other than the assets acquired and liabilities assumed in the KAH and other acquisitions in Note 3, there were no other material assets or liabilities measured at fair value on a recurring or nonrecurring basis during 2022.

Investments, Debt and Equity Securities [Abstract]

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

SEGMENT INFORMATION - Segment Results (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Premiums	$ 22,703	$ 20,124
Services revenue	1,264	466
Total external revenues	23,967	20,590
Total intersegment revenues	0	0
Investment income (loss)	3	78
Total revenues	23,970	20,668
Benefits	19,625	17,296
Operating costs	2,886	2,007
Depreciation and amortization	170	142
Total operating expenses	22,681	19,445
Income from operations	1,289	1,223
Interest expense	90	68
Other (income) expense, net	(21)	115
Income before income taxes and equity in net earnings	1,220	1,040
Equity in net (losses) earnings	(4)	21
Segment earnings (loss)	1,216	1,061
Less: noncontrolling interests	0
Segment earnings (loss) attributable to Humana	1,216
Individual Medicare Advantage
Segment Reporting Information [Line Items]
Premiums	17,052	14,815
Group Medicare Advantage
Segment Reporting Information [Line Items]
Premiums	1,875	1,755
Medicare stand-alone PDP
Segment Reporting Information [Line Items]
Premiums	639	664
Total Medicare
Segment Reporting Information [Line Items]
Premiums	19,566	17,234
Fully-insured
Segment Reporting Information [Line Items]
Premiums	1,154	1,277
Specialty
Segment Reporting Information [Line Items]
Premiums	429	434
Medicaid and other
Segment Reporting Information [Line Items]
Premiums	1,554	1,179
Home solutions
Segment Reporting Information [Line Items]
Services revenue	726	24
Provider services
Segment Reporting Information [Line Items]
Services revenue	113	91
ASO and other
Segment Reporting Information [Line Items]
Services revenue	201	195
Pharmacy solutions
Segment Reporting Information [Line Items]
Services revenue	224	156
Services
Segment Reporting Information [Line Items]
Total intersegment revenues	0	0
Products
Segment Reporting Information [Line Items]
Total intersegment revenues	0	0
Operating segments \| Retail
Segment Reporting Information [Line Items]
Premiums	21,302	18,591
Services revenue	6	5
Total external revenues	21,308	18,596
Total intersegment revenues	0	0
Investment income (loss)	43	52
Total revenues	21,351	18,648
Benefits	18,750	16,299
Operating costs	1,694	1,451
Depreciation and amortization	123	104
Total operating expenses	20,567	17,854
Income from operations	784	794
Interest expense	0	0
Other (income) expense, net	0	0
Income before income taxes and equity in net earnings	784	794
Equity in net (losses) earnings	0	0
Segment earnings (loss)	784	794
Less: noncontrolling interests	0
Segment earnings (loss) attributable to Humana	784
Operating segments \| Retail \| Individual Medicare Advantage
Segment Reporting Information [Line Items]
Premiums	17,052	14,815
Operating segments \| Retail \| Group Medicare Advantage
Segment Reporting Information [Line Items]
Premiums	1,875	1,755
Operating segments \| Retail \| Medicare stand-alone PDP
Segment Reporting Information [Line Items]
Premiums	639	664
Operating segments \| Retail \| Total Medicare
Segment Reporting Information [Line Items]
Premiums	19,566	17,234
Operating segments \| Retail \| Fully-insured
Segment Reporting Information [Line Items]
Premiums	182	178
Operating segments \| Retail \| Specialty
Segment Reporting Information [Line Items]
Premiums	0	0
Operating segments \| Retail \| Medicaid and other
Segment Reporting Information [Line Items]
Premiums	1,554	1,179
Operating segments \| Retail \| Home solutions
Segment Reporting Information [Line Items]
Services revenue	0	0
Operating segments \| Retail \| Provider services
Segment Reporting Information [Line Items]
Services revenue	0	0
Operating segments \| Retail \| ASO and other
Segment Reporting Information [Line Items]
Services revenue	6	5
Operating segments \| Retail \| Pharmacy solutions
Segment Reporting Information [Line Items]
Services revenue	0	0
Operating segments \| Retail \| Services
Segment Reporting Information [Line Items]
Total intersegment revenues	0	0
Operating segments \| Retail \| Products
Segment Reporting Information [Line Items]
Total intersegment revenues	0	0
Operating segments \| Group and Specialty
Segment Reporting Information [Line Items]
Premiums	1,401	1,533
Services revenue	195	190
Total external revenues	1,596	1,723
Total intersegment revenues	14	10
Investment income (loss)	3	4
Total revenues	1,613	1,737
Benefits	1,046	1,145
Operating costs	413	397
Depreciation and amortization	22	21
Total operating expenses	1,481	1,563
Income from operations	132	174
Interest expense	0	0
Other (income) expense, net	0	0
Income before income taxes and equity in net earnings	132	174
Equity in net (losses) earnings	0	0
Segment earnings (loss)	132	174
Less: noncontrolling interests	0
Segment earnings (loss) attributable to Humana	132
Operating segments \| Group and Specialty \| Individual Medicare Advantage
Segment Reporting Information [Line Items]
Premiums	0	0
Operating segments \| Group and Specialty \| Group Medicare Advantage
Segment Reporting Information [Line Items]
Premiums	0	0
Operating segments \| Group and Specialty \| Medicare stand-alone PDP
Segment Reporting Information [Line Items]
Premiums	0	0
Operating segments \| Group and Specialty \| Total Medicare
Segment Reporting Information [Line Items]
Premiums	0	0
Operating segments \| Group and Specialty \| Fully-insured
Segment Reporting Information [Line Items]
Premiums	972	1,099
Operating segments \| Group and Specialty \| Specialty
Segment Reporting Information [Line Items]
Premiums	429	434
Operating segments \| Group and Specialty \| Medicaid and other
Segment Reporting Information [Line Items]
Premiums	0	0
Operating segments \| Group and Specialty \| Home solutions
Segment Reporting Information [Line Items]
Services revenue	0	0
Operating segments \| Group and Specialty \| Provider services
Segment Reporting Information [Line Items]
Services revenue	0	0
Operating segments \| Group and Specialty \| ASO and other
Segment Reporting Information [Line Items]
Services revenue	195	190
Operating segments \| Group and Specialty \| Pharmacy solutions
Segment Reporting Information [Line Items]
Services revenue	0	0
Operating segments \| Group and Specialty \| Services
Segment Reporting Information [Line Items]
Total intersegment revenues	14	10
Operating segments \| Group and Specialty \| Products
Segment Reporting Information [Line Items]
Total intersegment revenues	0	0
Operating segments \| Healthcare Services
Segment Reporting Information [Line Items]
Premiums	0	0
Services revenue	1,063	271
Total external revenues	1,063	271
Total intersegment revenues	7,623	6,926
Investment income (loss)	2	1
Total revenues	8,688	7,198
Benefits	0	0
Operating costs	8,185	6,910
Depreciation and amortization	53	40
Total operating expenses	8,238	6,950
Income from operations	450	248
Interest expense	0	0
Other (income) expense, net	0	0
Income before income taxes and equity in net earnings	450	248
Equity in net (losses) earnings	(4)	21
Segment earnings (loss)	446	269
Less: noncontrolling interests	0
Segment earnings (loss) attributable to Humana	446
Operating segments \| Healthcare Services \| Individual Medicare Advantage
Segment Reporting Information [Line Items]
Premiums	0	0
Operating segments \| Healthcare Services \| Group Medicare Advantage
Segment Reporting Information [Line Items]
Premiums	0	0
Operating segments \| Healthcare Services \| Medicare stand-alone PDP
Segment Reporting Information [Line Items]
Premiums	0	0
Operating segments \| Healthcare Services \| Total Medicare
Segment Reporting Information [Line Items]
Premiums	0	0
Operating segments \| Healthcare Services \| Fully-insured
Segment Reporting Information [Line Items]
Premiums	0	0
Operating segments \| Healthcare Services \| Specialty
Segment Reporting Information [Line Items]
Premiums	0	0
Operating segments \| Healthcare Services \| Medicaid and other
Segment Reporting Information [Line Items]
Premiums	0	0
Operating segments \| Healthcare Services \| Home solutions
Segment Reporting Information [Line Items]
Services revenue	726	24
Operating segments \| Healthcare Services \| Provider services
Segment Reporting Information [Line Items]
Services revenue	113	91
Operating segments \| Healthcare Services \| ASO and other
Segment Reporting Information [Line Items]
Services revenue	0	0
Operating segments \| Healthcare Services \| Pharmacy solutions
Segment Reporting Information [Line Items]
Services revenue	224	156
Operating segments \| Healthcare Services \| Services
Segment Reporting Information [Line Items]
Total intersegment revenues	5,177	4,774
Operating segments \| Healthcare Services \| Products
Segment Reporting Information [Line Items]
Total intersegment revenues	2,446	2,152
Eliminations/ Corporate
Segment Reporting Information [Line Items]
Premiums	0	0
Services revenue	0	0
Total external revenues	0	0
Total intersegment revenues	(7,637)	(6,936)
Investment income (loss)	(45)	21
Total revenues	(7,682)	(6,915)
Benefits	(171)	(148)
Operating costs	(7,406)	(6,751)
Depreciation and amortization	(28)	(23)
Total operating expenses	(7,605)	(6,922)
Income from operations	(77)	7
Interest expense	90	68
Other (income) expense, net	(21)	115
Income before income taxes and equity in net earnings	(146)	(176)
Equity in net (losses) earnings	0	0
Segment earnings (loss)	(146)	(176)
Less: noncontrolling interests	0
Segment earnings (loss) attributable to Humana	(146)
Eliminations/ Corporate \| Individual Medicare Advantage
Segment Reporting Information [Line Items]
Premiums	0	0
Eliminations/ Corporate \| Group Medicare Advantage
Segment Reporting Information [Line Items]
Premiums	0	0
Eliminations/ Corporate \| Medicare stand-alone PDP
Segment Reporting Information [Line Items]
Premiums	0	0
Eliminations/ Corporate \| Total Medicare
Segment Reporting Information [Line Items]
Premiums	0	0
Eliminations/ Corporate \| Fully-insured
Segment Reporting Information [Line Items]
Premiums	0	0
Eliminations/ Corporate \| Specialty
Segment Reporting Information [Line Items]
Premiums	0	0
Eliminations/ Corporate \| Medicaid and other
Segment Reporting Information [Line Items]
Premiums	0	0
Eliminations/ Corporate \| Home solutions
Segment Reporting Information [Line Items]
Services revenue	0	0
Eliminations/ Corporate \| Provider services
Segment Reporting Information [Line Items]
Services revenue	0	0
Eliminations/ Corporate \| ASO and other
Segment Reporting Information [Line Items]
Services revenue	0	0
Eliminations/ Corporate \| Pharmacy solutions
Segment Reporting Information [Line Items]
Services revenue	0	0
Eliminations/ Corporate \| Services
Segment Reporting Information [Line Items]
Total intersegment revenues	(5,191)	(4,784)
Eliminations/ Corporate \| Products
Segment Reporting Information [Line Items]
Total intersegment revenues	$ (2,446)	$ (2,152)

DEBT - Debt Outstanding (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total short-term debt	$ 1,690,000,000	$ 1,953,000,000
Total long-term debt	11,285,000,000	10,541,000,000
Commercial paper
Debt Instrument [Line Items]
Short-term debt	691,000,000	955,000,000
Senior notes
Debt Instrument [Line Items]
Long-term debt, current maturities	999,000,000	998,000,000
Total long-term debt	8,785,000,000	8,041,000,000
Senior notes \| $600 million, 3.150% due December 1, 2022
Debt Instrument [Line Items]
Aggregate principal	$ 600,000,000
Stated interest rate (percent)	3.15%
Long-term debt, current maturities	$ 600,000,000	599,000,000
Senior notes \| $400 million, 2.900% due December 15, 2022
Debt Instrument [Line Items]
Aggregate principal	$ 400,000,000
Stated interest rate (percent)	2.90%
Long-term debt, current maturities	$ 399,000,000	399,000,000
Senior notes \| $1.5 billion, 0.650% due August 3, 2023
Debt Instrument [Line Items]
Aggregate principal	$ 1,500,000,000
Stated interest rate (percent)	0.65%
Total long-term debt	$ 1,494,000,000	1,492,000,000
Senior notes \| $600 million, 3.850% due October 1, 2024
Debt Instrument [Line Items]
Aggregate principal	$ 600,000,000
Stated interest rate (percent)	3.85%
Total long-term debt	$ 598,000,000	598,000,000
Senior notes \| $600 million, 4.500% due April 1, 2025
Debt Instrument [Line Items]
Aggregate principal	$ 600,000,000
Stated interest rate (percent)	4.50%
Total long-term debt	$ 596,000,000	596,000,000
Senior notes \| $750 million, 1.350% due February 3, 2027
Debt Instrument [Line Items]
Aggregate principal	$ 750,000,000
Stated interest rate (percent)	1.35%
Total long-term debt	$ 742,000,000	742,000,000
Senior notes \| $600 million, 3.950% due March 15, 2027
Debt Instrument [Line Items]
Aggregate principal	$ 600,000,000
Stated interest rate (percent)	3.95%
Total long-term debt	$ 596,000,000	596,000,000
Senior notes \| $750 million, 3.700% due March 23, 2029
Debt Instrument [Line Items]
Aggregate principal	$ 750,000,000
Stated interest rate (percent)	3.70%
Total long-term debt	$ 741,000,000	0
Senior notes \| $500 million, 3.125% due August 15, 2029
Debt Instrument [Line Items]
Aggregate principal	$ 500,000,000
Stated interest rate (percent)	3.125%
Total long-term debt	$ 496,000,000	496,000,000
Senior notes \| $500 million, 4.875% due April 1, 2030
Debt Instrument [Line Items]
Aggregate principal	$ 500,000,000
Stated interest rate (percent)	4.875%
Total long-term debt	$ 495,000,000	495,000,000
Senior notes \| $750 million, 2.150% due February 3, 2032
Debt Instrument [Line Items]
Aggregate principal	$ 750,000,000
Stated interest rate (percent)	2.15%
Total long-term debt	$ 741,000,000	741,000,000
Senior notes \| $250 million, 8.150% due June 15, 2038
Debt Instrument [Line Items]
Aggregate principal	$ 250,000,000
Stated interest rate (percent)	8.15%
Total long-term debt	$ 261,000,000	261,000,000
Senior notes \| $400 million, 4.625% due December 1, 2042
Debt Instrument [Line Items]
Aggregate principal	$ 400,000,000
Stated interest rate (percent)	4.625%
Total long-term debt	$ 396,000,000	396,000,000
Senior notes \| $750 million, 4.950% due October 1, 2044
Debt Instrument [Line Items]
Aggregate principal	$ 750,000,000
Stated interest rate (percent)	4.95%
Total long-term debt	$ 740,000,000	740,000,000
Senior notes \| $400 million, 4.800% due March 15, 2047
Debt Instrument [Line Items]
Aggregate principal	$ 400,000,000
Stated interest rate (percent)	4.80%
Total long-term debt	$ 396,000,000	395,000,000
Senior notes \| $500 million, 3.950% due August 15, 2049
Debt Instrument [Line Items]
Aggregate principal	$ 500,000,000
Stated interest rate (percent)	3.95%
Total long-term debt	$ 493,000,000	493,000,000
Term loan
Debt Instrument [Line Items]
Total long-term debt	2,500,000,000	2,500,000,000
Term loan \| Term loan, due October 29, 2023
Debt Instrument [Line Items]
Total long-term debt	2,000,000,000	2,000,000,000
Term loan \| Delayed draw term loan, due May 28, 2024
Debt Instrument [Line Items]
Total long-term debt	$ 500,000,000	$ 500,000,000

INVESTMENT SECURITIES - Gains and Losses Related to Equity Securities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Net losses recognized on equity securities during the period	$ (108)	$ (85)
Less: Net losses recognized on equity securities sold during the period	(59)	0
Unrealized losses recognized on equity securities still held at the end of the period	$ (49)	$ (85)

INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of Investment Securities Classified as Current and Long-Term

Investment securities classified as current and long-term were as follows at March 31, 2022 and December 31, 2021, respectively:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in millions)
March 31, 2022
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations	$	621	$	—	$	(33)	$	588
Mortgage-backed securities	3,326		2		(256)		3,072
Tax-exempt municipal securities	796		3		(18)		781
Mortgage-backed securities:
Residential	480		—		(30)		450
Commercial	1,570		1		(58)		1,513
Asset-backed securities	1,579		2		(18)		1,563
Corporate debt securities	5,668		12		(347)		5,333
Total debt securities	$	14,040	$	20	$	(760)	13,300
Common stock							184
Total investment securities							$	13,484

December 31, 2021
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations	$	611	$	1	$	(10)	$	602
Mortgage-backed securities	3,265		33		(69)		3,229
Tax-exempt municipal securities	810		33		(2)		841
Mortgage-backed securities:
Residential	373		—		(6)		367
Commercial	1,394		27		(11)		1,410
Asset-backed securities	1,346		6		(4)		1,348
Corporate debt securities	5,641		118		(59)		5,700
Total debt securities	$	13,440	$	218	$	(161)	13,497
Common stock							475
Total investment securities							$	13,972

Schedule of Gross Unrealized Losses and Fair Value of Securities


	Less than 12 months				12 months or more				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in millions)
March 31, 2022
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations	$	110	$	(5)	$	453	$	(28)	$	563	$	(33)
Mortgage-backed securities	1,112		(75)		1,915		(181)		3,027		(256)
Tax-exempt municipal securities	36		(3)		418		(15)		454		(18)
Mortgage-backed securities:
Residential	383		(22)		67		(8)		450		(30)
Commercial	390		(20)		1,060		(38)		1,450		(58)
Asset-backed securities	614		(12)		615		(6)		1,229		(18)
Corporate debt securities	1,879		(132)		2,413		(215)		4,292		(347)
Total debt securities	$	4,524	$	(269)	$	6,941	$	(491)	$	11,465	$	(760)

December 31, 2021
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations	$	201	$	(3)	$	355	$	(7)	$	556	$	(10)
Mortgage-backed securities	2,082		(49)		556		(20)		2,638		(69)
Tax-exempt municipal securities	68		(1)		34		(1)		102		(2)
Mortgage-backed securities:
Residential	358		(6)		8		—		366		(6)
Commercial	295		(4)		400		(7)		695		(11)
Asset-backed securities	530		(3)		425		(1)		955		(4)
Corporate debt securities	1,456		(28)		769		(31)		2,225		(59)
Total debt securities	$	4,990	$	(94)	$	2,547	$	(67)	$	7,537	$	(161)

Schedule of Realized Gains (Losses) Related to Investment Securities Included Within Investment Income

The detail of (losses) gains related to investment securities and included within investment income was as follows for the three months ended March 31, 2022 and 2021:


	Three months ended March 31,
		2022		2021
	(in millions)
Gross gains on investment securities		$	33	$	95
Gross losses on investment securities		(1)		—
Gross gains on equity securities		—		2
Gross losses on equity securities		(108)		(87)
Net recognized (losses) gains on investment securities		$	(76)	$	10

Gain (Loss) on Equity Securities

The gains and losses related to equity securities for the three months ended March 31, 2022 and 2021 was as follows:


	Three months ended March 31,
	2022		2021
	(in millions)
Net losses recognized on equity securities during the period	$	(108)	$	(85)
Less: Net losses recognized on equity securities sold during the period	(59)		—
Unrealized losses recognized on equity securities still held at the end of the period	$	(49)	$	(85)

Schedule of Contractual Maturity of Debt Securities Available for Sale


	Amortized Cost		Fair Value
	(in millions)
Due within one year	$	437	$	438
Due after one year through five years	2,297		2,240
Due after five years through ten years	3,077		2,849
Due after ten years	1,274		1,175
Mortgage and asset-backed securities	6,955		6,598
Total debt securities	$	14,040	$	13,300

DEBT

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

DEBT

The carrying value of debt outstanding, net of unamortized debt issuance costs, was as follows at March 31, 2022 and December 31, 2021:


	March 31, 2022		December 31, 2021
	(in millions)
Short-term debt:
Commercial paper	$	691	$	955

Senior notes:
$600 million, 3.150% due December 1, 2022	600		599
$400 million, 2.900% due December 15, 2022	399		399
Total senior notes	999		998
Total short-term debt	$	1,690	$	1,953

Long-term debt:
Senior notes:
$1.5 billion, 0.650% due August 3, 2023	1,494		1,492
$600 million, 3.850% due October 1, 2024	598		598
$600 million, 4.500% due April 1, 2025	596		596
$750 million, 1.350% due February 3, 2027	742		742
$600 million, 3.950% due March 15, 2027	596		596
$750 million, 3.700% due March 23, 2029	741		—
$500 million, 3.125% due August 15, 2029	496		496
$500 million, 4.875% due April 1, 2030	495		495
$750 million, 2.150% due February 3, 2032	741		741
$250 million, 8.150% due June 15, 2038	261		261
$400 million, 4.625% due December 1, 2042	396		396
$750 million, 4.950% due October 1, 2044	740		740
$400 million, 4.800% due March 15, 2047	396		395
$500 million, 3.950% due August 15, 2049	493		493
Total senior notes	8,785		8,041
Term loans:
Term loan, due October 29, 2023	2,000		2,000
Delayed draw term loan, due May 28, 2024	500		500
Total term loans	2,500		2,500
Total long-term debt	$	11,285	$	10,541

Senior Notes

Our senior notes, which are unsecured, may be redeemed at our option at any time at 100% of the principal amount plus accrued interest and a specified make-whole amount. The 8.15% senior notes are subject to an interest rate adjustment if the debt ratings assigned to the notes are downgraded (or subsequently upgraded). In addition, our senior notes contain a change of control provision that may require us to purchase the notes under certain circumstances.

In March 2022, we issued $750 million of 3.700% unsecured senior notes due March 23, 2029. Our net proceeds, reduced for the underwriters' discounts and commissions paid, were $744 million. We used the net proceeds for general corporate purposes, which included the repayment of existing indebtedness, including borrowings under our commercial paper program.

Delayed Draw Term Loan Credit Agreement

In May 2021, we entered into a $500 million unsecured delayed draw term loan credit agreement. Under the term loan credit agreement, loans bear interest at either LIBOR plus a spread or the base rate plus a spread. The loans under the term loan credit agreement mature on the third anniversary of the funding date. The LIBOR spread, currently 125 basis points, varies depending on our credit ratings ranging from 100.0 to 162.5 basis points. The term loan credit agreement provides for the transition from LIBOR and does not require amendment in connection with such transition.

In August 2021, we borrowed $500 million under the delayed draw term loan agreement, which was used, in combination with other debt financing, to fund the approximate $5.8 billion transaction price of Kindred at Home. The term loan credit agreement contains customary restrictive covenants and a financial covenant regarding maximum debt to capitalization of 60%, as well as customary events of default. We are in compliance with this financial covenant, with actual debt to capitalization of 45.8% as measured in accordance with the term loan credit agreement as of March 31, 2022.

We have other customary relationships, including financial advisory and banking, with some parties to the term loan agreement.

October 2021 Term Loan Agreement

On October 29, 2021, we entered into a $2.0 billion term loan credit agreement, which we refer to as the October 2021 Term Loan Agreement, with certain lending banks and other financial institutions. Proceeds of the October 2021 Term Loan Agreement were applied to finance the repayment in full of the outstanding KAH debt.

Loans under the October 2021 Term Loan Agreement bear interest at adjusted Term SOFR, as defined in the October 2021 Term Loan Agreement, or the base rate plus a spread. The applicable margin, currently 112.5 basis points, varies depending on our credit ratings ranging from 87.5 to 137.5 basis points. The loans under the October 2021 Term Loan Agreement will mature on October 29, 2023. The October 2021 Term Loan Agreement contains customary covenants, including a maximum debt to capitalization financial condition covenant regarding maximum debt to capitalization of 60%, as well as customary events of default. We are in compliance with this financial covenant, with actual debt to capitalization of 45.8% as measured in accordance with the term loan credit agreement as of March 31, 2022. We have other relationships, including financial advisory and banking, with some parties to the October 2021 Term Loan Agreement.

At the time of the repayment in full of the KAH debt, there was $1.9 billion of outstanding debt thereunder and no prepayment penalty was due.

Revolving Credit Agreements

In June 2021, we entered into two separate revolving credit agreements: (i) a 5-year, $2.5 billion unsecured revolving credit agreement and (ii) a 364-day $1.5 billion unsecured revolving credit agreement. Under the revolving credit agreements, at our option, we can borrow on either a competitive advance basis or a revolving credit basis. The revolving credit portion bears interest at either LIBOR plus a spread or the base rate plus a spread. The competitive advance portion of any borrowings will bear interest at market rates prevailing at the time of borrowing on either a fixed rate or a floating rate based on LIBOR, at our option. The revolving credit agreements provide for the transition from LIBOR and do not require amendment in connection with such transition.

The LIBOR spread, currently 110.0 basis points under the 5-year revolving credit agreements and 115.0 basis points under the 364-day revolving credit agreement, varies depending on our credit ratings ranging from 91.0 to 140.0 basis points under the 5-year revolving credit agreement and from 93.0 to 145.0 basis points under the 364-day revolving credit agreement. We also pay an annual facility fee regardless of utilization. This facility fee, currently 15.0 basis points, under the 5-year revolving credit agreement and 10.0 basis points under the 364-day revolving agreement, varies depending on our credit ratings ranging from 9.0 to 22.5 basis points under the 5-year revolving credit agreement and from 7.0 to 17.5 basis points under the 364-day revolving credit agreement.

The terms of the revolving credit agreements include standard provisions related to conditions of borrowing which could limit our ability to borrow additional funds. In addition, the credit agreements contain customary restrictive covenants and a financial covenant regarding maximum debt to capitalization of 60%, as well as customary events of default. We are in compliance with this financial covenant, with actual debt to capitalization of 45.8% as measured in accordance with the revolving credit agreements as of March 31, 2022. Upon our agreement with one or more financial institutions, we may expand the aggregate commitments under the revolving credit agreements by up to $750 million in the aggregate, to a maximum of $4.75 billion, across the 5-year and 364-day revolving credit agreements.

At March 31, 2022, we had no borrowings and approximately $74 million of letters of credit outstanding under the revolving credit agreements, including those of KAH. Accordingly, as of March 31, 2022, we had $2.5 billion of remaining borrowing capacity under the 5-year revolving credit agreement and $1.5 billion of remaining borrowing capacity under the 364-day revolving credit agreement (which excludes the uncommitted $750 million of incremental loan facilities), none of which would be restricted by our financial covenant compliance requirement.

We have other customary relationships, including financial advisory and banking, with some parties to the revolving credit agreements.

Commercial Paper

Under our commercial paper program we may issue short-term, unsecured commercial paper notes privately placed on a discount basis through certain broker dealers at any time. On February 10, 2022, we increased the size of our commercial paper program to permit the issuance of commercial paper notes in an aggregate principal amount not to exceed $4 billion compared to the prior amount not to exceed $2 billion. Amounts available under the program may be borrowed, repaid and re-borrowed from time to time. The net proceeds of issuances have been and are expected to be used for general corporate purposes. The maximum principal amount outstanding at any one time during the three months ended March 31, 2022 was $1.5 billion, with $691 million outstanding at March 31, 2022 compared to $955 million outstanding at December 31, 2021. The outstanding commercial paper at March 31, 2022 had a weighted average annual interest rate of 0.89%.

Other Short-term Borrowings

We are a member, through one subsidiary, of the Federal Home Loan Bank of Cincinnati, or FHLB. As a member we have the ability to obtain short-term cash advances, subject to certain minimum collateral requirements. At March 31, 2022 we had no outstanding short-term FHLB borrowings.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2022

GOODWILL AND OTHER INTANGIBLE ASSETS

Changes in the carrying amount of goodwill for our reportable segments for the three months ended March 31, 2022 were as follows:


	Retail		Group and Specialty		Healthcare Services		Total
	(in millions)
Balance at January 1, 2022	$	1,933	$	261	$	8,898	$	11,092
Acquisitions	10		—		37		47


Balance at March 31, 2022	$	1,943	$	261	$	8,935	$	11,139


		March 31, 2022						December 31, 2021
	Weighted Average Life	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
		($ in millions)
Other intangible assets:
Certificates of need	Indefinite	$	1,771	$	—	$	1,771	$	1,771	$	—	$	1,771
Medicare licenses	Indefinite	522		—		522		522		—		522
Customer contracts/ relationships	9.4 years	912		634		278		883		620		263
Trade names and technology	7.0 years	159		100		59		160		97		63
Provider contracts	11.6 years	72		58		14		72		57		15
Noncompetes and other	6.8 years	37		30		7		35		30		5
Total other intangible assets	9.2 years	$	3,473	$	822	$	2,651	$	3,443	$	804	$	2,639

For the three months ended March 31, 2022 and 2021, amortization expense for other intangible assets was approximately $18 million and $15 million, respectively. The following table presents our estimate of amortization expense remaining for 2022 and each of the five next succeeding years:


	(in millions)
For the years ending December 31,
2022	$	52
2023	55
2024	48
2025	46
2026	34
2027	25

MEDICARE PART D

3 Months Ended

Mar. 31, 2022

MEDICARE PART D

We cover prescription drug benefits in accordance with Medicare Part D under multiple contracts with the Centers for Medicare and Medicaid Services, or CMS, as described further in Note 2 to the consolidated financial statements included in our 2021 Form 10-K. The accompanying condensed consolidated balance sheets include the following amounts associated with Medicare Part D at March 31, 2022 and December 31, 2021. CMS subsidies/discounts in the table below include the reinsurance and low-income cost subsidies funded by CMS for which we assume no risk as well as brand name prescription drug discounts for Part D plan participants in the coverage gap funded by CMS and pharmaceutical manufacturers.


	March 31, 2022				December 31, 2021
	Risk Corridor Settlement		CMS Subsidies/ Discounts		Risk Corridor Settlement		CMS Subsidies/ Discounts
	(in millions)
Other current assets	$	139	$	997	$	363	$	1,894
Trade accounts payable and accrued expenses	(52)		(2,046)		(68)		(466)
Net current asset (liability)	87		(1,049)		295		1,428
Other long-term assets	310		—		5		—
Other long-term liabilities	(221)		—		(194)		—
Net long-term asset (liability)	89		—		(189)		—
Total net asset (liability)	$	176	$	(1,049)	$	106	$	1,428

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net income attributable to Humana	$ 930	$ 828
Adjustments to reconcile net income to net cash provided by operating activities:
Losses (gains) on investment securities, net	76	(10)
Equity in net losses (earnings)	4	(21)
Stock-based compensation	43	39
Depreciation	181	153
Amortization	24	15
Changes in operating assets and liabilities, net of effect of businesses acquired:
Receivables	(1,360)	(1,049)
Other assets	(628)	(1,095)
Benefits payable	1,089	466
Other liabilities	(103)	(151)
Unearned revenues	34	7
Other	12	(19)
Net cash provided by (used in) operating activities	302	(837)
Cash flows from investing activities
Acquisitions, net of cash and cash equivalents acquired	(74)	(123)
Purchases of property and equipment, net	(295)	(290)
Purchases of investment securities	(2,161)	(3,720)
Proceeds from maturities of investment securities	588	692
Proceeds from sales of investment securities	1,294	1,953
Net cash used in investing activities	(648)	(1,488)
Cash flows from financing activities
Receipts from contract deposits, net	2,475	1,015
Proceeds from issuance of senior notes, net	744	0
(Repayments) proceeds from issuance of commercial paper, net	(265)	603
Debt issue costs	(1)	0
Change in book overdraft	(9)	23
Common stock repurchases	(1,024)	(30)
Dividends paid	(91)	(83)
Other	(13)	1
Net cash provided by financing activities	1,816	1,529
Increase (decrease) in cash and cash equivalents	1,470	(796)
Cash and cash equivalents at beginning of period	3,394	4,673
Cash and cash equivalents at end of period	4,864	3,877
Supplemental cash flow disclosures:
Interest payments	67	40
Income tax payments, net	(20)	(1)
Details of businesses acquired in purchase transactions:
Fair value of assets acquired, net of cash and cash equivalents acquired	84	264
Less: Fair value of liabilities assumed	(10)	(141)
Cash paid for acquired businesses, net of cash and cash equivalents acquired	$ 74	$ 123

BASIS OF PRESENTATION AND SIGNIFICANT EVENTS (Policies)	3 Months Ended
BASIS OF PRESENTATION AND SIGNIFICANT EVENTS (Policies)	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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.
Revenue Recognition	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 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.
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 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.

STOCKHOLDERS' EQUITY - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions						1 Months Ended
	Jan. 28, 2022	Oct. 29, 2021	Jul. 30, 2021	Apr. 30, 2021	Jan. 29, 2021	Apr. 27, 2022	Feb. 28, 2022
Dividends
Amount per Share (in dollars per share)	$ 0.7000	$ 0.7000	$ 0.7000	$ 0.7000	$ 0.6250
Total amount	$ 90	$ 90	$ 90	$ 90	$ 81
Dividends declared (in dollars per share)							$ 0.7875
Subsequent event
Dividends
Dividends declared (in dollars per share)						$ 0.7875

SEGMENT INFORMATION - Narrative (Details) $ in Millions	3 Months Ended
SEGMENT INFORMATION - Narrative (Details) $ in Millions	Mar. 31, 2022 USD ($) segment	Mar. 31, 2021 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment	3
Member co-share amounts and government subsidies	$ 4,000	$ 3,600
Depreciation and amortization classified as benefit expense	$ 30	$ 26

DEBT - Revolving Credit Agreements (Details) - USD ($)	1 Months Ended	3 Months Ended
DEBT - Revolving Credit Agreements (Details) - USD ($)	Jun. 30, 2021	Mar. 31, 2022
Term loan
Line of Credit Facility [Line Items]
Debt to capitalization percentage, maximum		60.00%
Actual debt to capitalization percentage		45.80%
Revolving credit facility
Line of Credit Facility [Line Items]
Debt to capitalization percentage, maximum		60.00%
Uncommitted incremental loan facility		$ 750,000,000
Maximum borrowing capacity including uncommitted incremental loan facility		4,750,000,000
Outstanding borrowings		$ 0
Revolving credit facility \| 5-year unsecured revolving credit agreement
Line of Credit Facility [Line Items]
Debt instrument term (in years)	5 years	5 years
Maximum borrowing capacity	$ 2,500,000,000
Facility fee (percent)		0.15%
Remaining borrowing capacity		$ 2,500,000,000
Revolving credit facility \| 5-year unsecured revolving credit agreement \| Minimum
Line of Credit Facility [Line Items]
Facility fee (percent)		0.09%
Revolving credit facility \| 5-year unsecured revolving credit agreement \| Maximum
Line of Credit Facility [Line Items]
Facility fee (percent)		0.225%
Revolving credit facility \| 5-year unsecured revolving credit agreement \| LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)		1.10%
Revolving credit facility \| 5-year unsecured revolving credit agreement \| LIBOR \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)		0.91%
Revolving credit facility \| 5-year unsecured revolving credit agreement \| LIBOR \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)		1.40%
Revolving credit facility \| 364-day unsecured revolving credit agreement
Line of Credit Facility [Line Items]
Debt instrument term (in years)	364 days	364 days
Maximum borrowing capacity	$ 1,500,000,000
Facility fee (percent)		0.10%
Remaining borrowing capacity		$ 1,500,000,000
Revolving credit facility \| 364-day unsecured revolving credit agreement \| Minimum
Line of Credit Facility [Line Items]
Facility fee (percent)		0.07%
Revolving credit facility \| 364-day unsecured revolving credit agreement \| Maximum
Line of Credit Facility [Line Items]
Facility fee (percent)		0.175%
Revolving credit facility \| 364-day unsecured revolving credit agreement \| LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)		1.15%
Revolving credit facility \| 364-day unsecured revolving credit agreement \| LIBOR \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)		0.93%
Revolving credit facility \| 364-day unsecured revolving credit agreement \| LIBOR \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)		1.45%
Letter of credit
Line of Credit Facility [Line Items]
Outstanding borrowings		$ 74,000,000

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESThe effective income tax rate was 23.5% and 22.0% for the three months ended March 31, 2022 and 2021, respectively. The increase is primarily due to the favorable tax treatment we incurred during the 2021 period related to our equity method investment activity that did not occur during the 2022 period.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Schedule of Details Supporting Computation of Earnings Per Share

DEBT - Senior Notes (Details) - USD ($)	1 Months Ended	3 Months Ended
DEBT - Senior Notes (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2022	Mar. 31, 2021
Debt Instrument [Line Items]
Proceeds from issuance of senior notes, net		$ 744,000,000	$ 0
Senior notes
Debt Instrument [Line Items]
Redemption price, percentage		100.00%
$250 million, 8.150% due June 15, 2038 \| Senior notes
Debt Instrument [Line Items]
Stated interest rate (percent)	8.15%	8.15%
Aggregate principal	$ 250,000,000	$ 250,000,000
$750 million, 3.700% due March 23, 2029 \| Senior notes
Debt Instrument [Line Items]
Stated interest rate (percent)	3.70%	3.70%
Aggregate principal	$ 750,000,000	$ 750,000,000
Proceeds from issuance of senior notes, net	$ 744,000,000

COMMITMENTS, GUARANTEES AND CONTINGENCIES (Details) beneficiary in Millions	3 Months Ended
	Mar. 31, 2022 state beneficiary
Loss Contingencies [Line Items]
Number of states comprising TRICARE beneficiaries \| state	32
Number of TRICARE beneficiaries \| beneficiary	6
Tricare East Region Contract
Loss Contingencies [Line Items]
Contract term years	5 years
Medicare
Loss Contingencies [Line Items]
Percentage of premiums and services revenue	82.00%
Medicaid
Loss Contingencies [Line Items]
Percentage of premiums and services revenue	6.00%
Military services
Loss Contingencies [Line Items]
Percentage of premiums and services revenue	1.00%

ACQUISITIONS - Narrative (Details) - KAH - USD ($) $ in Billions	Aug. 17, 2021	Aug. 31, 2021
Business Acquisition [Line Items]
Remaining ownership percentage acquired	60.00%
Enterprise value of acquiree including existing equity value	$ 8.2
Existing equity value	$ 2.4
Minority ownership prior to acquisition (percent)	40.00%
Transaction amount, net of existing equity stake	$ 5.8	$ 5.8

EARNINGS PER COMMON SHARE COMPUTATION (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Detail supporting the computation of basic and diluted earnings per common share was as follows for the three months ended March 31, 2022 and 2021:


	Three months ended March 31,
		2022		2021
		(dollars in millions, except per common share results; number of shares in thousands)
Net income available for common stockholders		$	930	$	828
Weighted average outstanding shares of common stock used to compute basic earnings per common share		126,938		128,931
Dilutive effect of:
Employee stock options		40		52
Restricted stock		496		568
Shares used to compute diluted earnings per common share		127,474		129,551
Basic earnings per common share		$	7.32	$	6.42
Diluted earnings per common share		$	7.29	$	6.39
Number of antidilutive stock options and restricted stock excluded from computation		626		531

SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Schedule of Segment Results

Our segment results were as follows for the three months ended March 31, 2022 and 2021:



	Retail		Group and Specialty		Healthcare Services		Eliminations/ Corporate		Consolidated
Three months ended March 31, 2022	(in millions)
External revenues
Premiums:
Individual Medicare Advantage	$	17,052	$	—	$	—	$	—	$	17,052
Group Medicare Advantage	1,875		—		—		—		1,875
Medicare stand-alone PDP	639		—		—		—		639
Total Medicare	19,566		—		—		—		19,566
Fully-insured	182		972		—		—		1,154
Specialty	—		429		—		—		429
Medicaid and other	1,554		—		—		—		1,554
Total premiums	21,302		1,401		—		—		22,703
Services revenue:


Home solutions	—		—		726		—		726
Provider services	—		—		113		—		113
ASO and other	6		195		—		—		201
Pharmacy solutions	—		—		224		—		224
Total services revenue	6		195		1,063		—		1,264
Total external revenues	21,308		1,596		1,063		—		23,967
Intersegment revenues
Services	—		14		5,177		(5,191)		—
Products	—		—		2,446		(2,446)		—
Total intersegment revenues	—		14		7,623		(7,637)		—
Investment income	43		3		2		(45)		3
Total revenues	21,351		1,613		8,688		(7,682)		23,970
Operating expenses:
Benefits	18,750		1,046		—		(171)		19,625
Operating costs	1,694		413		8,185		(7,406)		2,886

Depreciation and amortization	123		22		53		(28)		170
Total operating expenses	20,567		1,481		8,238		(7,605)		22,681
Income (loss) from operations	784		132		450		(77)		1,289

Interest expense	—		—		—		90		90
Other income, net	—		—		—		(21)		(21)
Income before income taxes and equity in net earnings	784		132		450		(146)		1,220
Equity in net losses	—		—		(4)		—		(4)
Segment earnings	$	784	$	132	$	446	$	(146)	$	1,216
Less: noncontrolling interests	—		—		—		—		—
Segment earnings attributable to Humana	$	784	$	132	$	446	$	(146)	$	1,216



	Retail		Group and Specialty		Healthcare Services		Eliminations/ Corporate		Consolidated
Three months ended March 31, 2021	(in millions)
External Revenues
Premiums:
Individual Medicare Advantage	$	14,815	$	—	$	—	$	—	$	14,815
Group Medicare Advantage	1,755		—		—		—		1,755
Medicare stand-alone PDP	664		—		—		—		664
Total Medicare	17,234		—		—		—		17,234
Fully-insured	178		1,099		—		—		1,277
Specialty	—		434		—		—		434
Medicaid and other	1,179		—		—		—		1,179
Total premiums	18,591		1,533		—		—		20,124
Services revenue:


Home solutions	—		—		24		—		24
Provider services	—		—		91		—		91
ASO and other	5		190		—		—		195
Pharmacy solutions	—		—		156		—		156
Total services revenue	5		190		271		—		466
Total external revenues	18,596		1,723		271		—		20,590
Intersegment revenues
Services	—		10		4,774		(4,784)		—
Products	—		—		2,152		(2,152)		—
Total intersegment revenues	—		10		6,926		(6,936)		—
Investment income	52		4		1		21		78
Total revenues	18,648		1,737		7,198		(6,915)		20,668
Operating expenses:
Benefits	16,299		1,145		—		(148)		17,296
Operating costs	1,451		397		6,910		(6,751)		2,007

Depreciation and amortization	104		21		40		(23)		142
Total operating expenses	17,854		1,563		6,950		(6,922)		19,445
Income from operations	794		174		248		7		1,223

Interest expense	—		—		—		68		68
Other expense, net	—		—		—		115		115
Income (loss) before income taxes and equity in net earnings	794		174		248		(176)		1,040
Equity in net earnings	—		—		21		—		21
Segment earnings (loss)	$	794	$	174	$	269	$	(176)	$	1,061

INVESTMENT SECURITIES - Gains (Losses) Within Investment Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Gross gains on investment securities	$ 33	$ 95
Gross losses on investment securities	(1)	0
Gross gains on equity securities	0	2
Gross losses on equity securities	(108)	(87)
Net recognized (losses) gains on investment securities	$ (76)	$ 10

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	3 Months Ended
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	Mar. 31, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	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 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.

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (g)(2)
-URI http://asc.fasb.org/extlink&oid=123338486&loc=SL49131195-203048

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-URI http://asc.fasb.org/topic&trid=2122394

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=124434974&loc=SL124442142-165695

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123338486&loc=SL49131195-203048

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(2)
-URI http://asc.fasb.org/extlink&oid=123459177&loc=SL121830611-158277

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section S99
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=122038215&loc=SL108384541-122693

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (d)(1)
-URI http://asc.fasb.org/extlink&oid=124402435&loc=SL124402458-218513

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (e)(2)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL121967933-165497

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (i)(2)
-URI http://asc.fasb.org/extlink&oid=123338486&loc=SL49131195-203048

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (e)(1)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL121967933-165497

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iii)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(ii)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(1)
-URI http://asc.fasb.org/extlink&oid=123459177&loc=SL121830611-158277

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (g)(1)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (d)(2)
-URI http://asc.fasb.org/extlink&oid=124402435&loc=SL124402458-218513

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (j)
-URI http://asc.fasb.org/extlink&oid=123338486&loc=SL49131195-203048

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iv)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 11.M.Q2)
-URI http://asc.fasb.org/extlink&oid=122038215&loc=d3e31137-122693

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (f)(3)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (e)(3)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL121967933-165497

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (e)(1)
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (e)(2)
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 848
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-URI http://asc.fasb.org/extlink&oid=122150657&loc=SL122150809-237846

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(3)
-URI http://asc.fasb.org/extlink&oid=123459177&loc=SL121830611-158277

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Publisher FASB
-Subparagraph (c)