0000049071-23-000064 | 10-Q | XBRL Viewer

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ACQUISITIONS AND DIVESTITURES	9 Months Ended
ACQUISITIONS AND DIVESTITURES	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS AND DIVESTITURES	ACQUISITIONS AND DIVESTITURES On August 11, 2022, we completed the sale of a 60% interest in Gentiva (formerly Kindred) Hospice to Clayton, Dubilier & Rice, or CD&R, for cash proceeds of approximately $2.7 billion, net of cash disposed, including debt repayments from Gentiva Hospice to Humana of $1.9 billion. In connection with the sale we recognized a pre-tax gain, net of transaction costs, of $240 million. For the three and nine months ended September 30, 2022, the accompanying condensed consolidated statement of income includes revenues related to Gentiva Hospice of $177 million and $958 million, respectively, and pretax earnings of $24 million and $150 million, respectively. During 2023 and 2022, we acquired various health and wellness related businesses which, individually or in the aggregate, have not had a material impact on our results of operations, financial condition, or cash flows. The results of operations and financial condition of these businesses acquired in 2023 and 2022 have been included in our condensed consolidated statements of income and condensed consolidated balance sheets from the respective acquisition dates. Acquisition-related costs recognized in 2023 and 2022 were not material to our results of operations. For asset acquisitions, the goodwill acquired is partially amortizable as deductible expenses for tax purposes. The pro forma financial information assuming the acquisitions had occurred as of the beginning of the calendar year prior to the year of acquisition, as well as the revenues and earnings generated during the year of acquisition, were not material for disclosure purposes.

DEBT - Senior Notes (Details) - USD ($)	1 Months Ended		9 Months Ended
DEBT - Senior Notes (Details) - USD ($)	Aug. 31, 2023	Mar. 31, 2023	Sep. 30, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Proceeds from issuance of senior notes, net			$ 1,215,000,000	$ 744,000,000
5.70 Percent Senior Notes Due March 2026 and 5.50 Percent Senior Notes Due March 2053 \| Senior Notes
Debt Instrument [Line Items]
Proceeds from issuance of senior notes, net		$ 1,200,000,000
$500 million, 5.700% due March 13, 2026 \| Senior Notes
Debt Instrument [Line Items]
Aggregate principal		$ 500,000,000	$ 500,000,000
Stated interest rate (percent)		5.70%	5.70%
$750 million, 5.500% due March 15, 2053 \| Senior Notes
Debt Instrument [Line Items]
Aggregate principal		$ 750,000,000	$ 750,000,000
Stated interest rate (percent)		5.50%	5.50%
Aggregate carrying value adjustment			$ 5,000,000
Delayed Draw Term Loan \| Term Loan
Debt Instrument [Line Items]
Aggregate principal		$ 500,000,000
Repurchase Plan, August 2023 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, repurchased face amount			213,000,000
Debt instrument, repurchase amount			196,000,000
$750 million, 1.350% due February 3, 2027 \| Senior Notes
Debt Instrument [Line Items]
Aggregate principal	$ 750,000,000		$ 750,000,000
Stated interest rate (percent)	1.35%		1.35%
$600 million, 3.950% due March 15, 2027 \| Senior Notes
Debt Instrument [Line Items]
Aggregate principal	$ 600,000,000		$ 600,000,000
Stated interest rate (percent)	3.95%		3.95%
$750 million, 3.700% due March 23, 2029 \| Senior Notes
Debt Instrument [Line Items]
Aggregate principal	$ 750,000,000		$ 750,000,000
Stated interest rate (percent)	3.70%		3.70%
$500 million, 3.125% due August 15, 2029 \| Senior Notes
Debt Instrument [Line Items]
Aggregate principal	$ 500,000,000		$ 500,000,000
Stated interest rate (percent)	3.125%		3.125%
Repurchase Plan, March 2023 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, repurchased face amount			$ 361,000,000
Debt instrument, repurchase amount			358,000,000
$1.5 billion, 0.650% due August 3, 2023 \| Senior Notes
Debt Instrument [Line Items]
Aggregate principal		$ 1,500,000,000	$ 1,500,000,000
Stated interest rate (percent)		0.65%	0.65%
Repayment of remaining principal	$ 1,200,000,000
$600 million, 3.850% due October 1, 2024 \| Senior Notes
Debt Instrument [Line Items]
Aggregate principal		$ 600,000,000	$ 600,000,000
Stated interest rate (percent)		3.85%	3.85%
5.88 Percent Senior Notes Due 2023 \| Senior Notes
Debt Instrument [Line Items]
Aggregate principal			$ 750,000,000
Stated interest rate (percent)			5.875%
Aggregate carrying value adjustment			$ 26,000,000

MEDICARE PART D (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Other current assets	$ 6,136	$ 5,567
Trade accounts payable and accrued expenses	(7,600)	(5,238)
Other long-term assets	3,638	3,380
Other long-term liabilities	(1,595)	(1,473)
Risk Corridor Settlement
Segment Reporting Information [Line Items]
Other current assets	131	240
Trade accounts payable and accrued expenses	(150)	(166)
Net current (liability) asset	(19)	74
Other long-term assets	235	19
Other long-term liabilities	(123)	(78)
Net long-term asset (liability)	112	(59)
Total net asset (liability)	93	15
CMS Subsidies/ Discounts
Segment Reporting Information [Line Items]
Other current assets	517	696
Trade accounts payable and accrued expenses	(3,566)	(1,236)
Net current (liability) asset	(3,049)	(540)
Other long-term assets	0	0
Other long-term liabilities	0	0
Net long-term asset (liability)	0	0
Total net asset (liability)	$ (3,049)	$ (540)

INVESTMENT SECURITIES - Securities Classified as Current and Long-Term (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Investment Securities, Available-for-sale Amortized Cost to Fair Value
Amortized Cost	$ 17,466	$ 15,946
Gross Unrealized Gains	14	9
Gross Unrealized Losses	(1,965)	(1,701)
Fair Value	15,515	14,254
Common stock	0	7
Total investment securities	15,515	14,261
U.S. Treasury and agency obligations
Investment Securities, Available-for-sale Amortized Cost to Fair Value
Amortized Cost	2,043	1,093
Gross Unrealized Gains	0	1
Gross Unrealized Losses	(105)	(55)
Fair Value	1,938	1,039
Mortgage-backed securities
Investment Securities, Available-for-sale Amortized Cost to Fair Value
Amortized Cost	3,890	3,697
Gross Unrealized Gains	0	4
Gross Unrealized Losses	(637)	(471)
Fair Value	3,253	3,230
Tax-exempt municipal securities
Investment Securities, Available-for-sale Amortized Cost to Fair Value
Amortized Cost	848	765
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(50)	(37)
Fair Value	798	728
Residential
Investment Securities, Available-for-sale Amortized Cost to Fair Value
Amortized Cost	497	477
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(85)	(76)
Fair Value	412	401
Commercial
Investment Securities, Available-for-sale Amortized Cost to Fair Value
Amortized Cost	1,475	1,554
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(155)	(155)
Fair Value	1,320	1,399
Asset-backed securities
Investment Securities, Available-for-sale Amortized Cost to Fair Value
Amortized Cost	1,849	1,809
Gross Unrealized Gains	0	1
Gross Unrealized Losses	(65)	(79)
Fair Value	1,784	1,731
Corporate debt securities
Investment Securities, Available-for-sale Amortized Cost to Fair Value
Amortized Cost	6,864	6,551
Gross Unrealized Gains	14	3
Gross Unrealized Losses	(868)	(828)
Fair Value	$ 6,010	$ 5,726

FAIR VALUE

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE

Financial Assets

The following table summarizes our fair value measurements at September 30, 2023 and December 31, 2022, 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)
September 30, 2023
Cash equivalents	$	15,035	$	15,035	$	—	$	—
Debt securities:
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations	1,938		—		1,938		—
Mortgage-backed securities	3,253		—		3,253		—
Tax-exempt municipal securities	798		—		798		—
Mortgage-backed securities:
Residential	412		—		412		—
Commercial	1,320		—		1,320		—
Asset-backed securities	1,784		—		1,784		—
Corporate debt securities	6,010		—		5,905		105
Total debt securities	15,515		—		15,410		105

Total invested assets	$	30,550	$	15,035	$	15,410	$	105

December 31, 2022
Cash equivalents	$	4,832	$	4,832	$	—	$	—
Debt securities:
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations	1,039		—		1,039		—
Mortgage-backed securities	3,230		—		3,230		—
Tax-exempt municipal securities	728		—		728		—
Mortgage-backed securities:
Residential	401		—		401		—
Commercial	1,399		—		1,399		—
Asset-backed securities	1,731		—		1,731		—
Corporate debt securities	5,726		—		5,625		101
Total debt securities	14,254		—		14,153		101
Common stock	7		7		—		—
Total invested assets	$	19,093	$	4,839	$	14,153	$	101

Our Level 3 assets had a fair value of $105 million at September 30, 2023, or 0.3% of our total invested assets. During the nine months ended September 30, 2023 and 2022, the changes in the fair value of the assets measured using significant unobservable inputs (Level 3) were comprised of the following:


	For the nine months ended September 30, 2023		For the nine months ended September 30, 2022
	Private Placements
	(in millions)
Beginning balance at January 1	$	101	$	68
Total gains or losses:
Realized in earnings	—		—
Unrealized in other comprehensive income	(1)		—
Purchases	13		(12)
Sales	—		44
Maturities	(4)		—
Transfer out	(4)
Balance at September 30	$	105	$	100

Interest Rate Swaps

During the third quarter of 2023, we entered into interest-rate swap agreements with major financial institutions to convert our interest-rate exposure on our $750 million of 5.875% senior notes and our $750 million of 5.500% senior notes from fixed rates to variable rates to align interest costs more closely with floating interest rates received on our cash equivalents and investment securities. Our swap agreements, which are considered derivative instruments, exchange the fixed interest rate under our 5.875% and 5.500% senior notes for a variable interest rate based on SOFR. Interest rate swaps with notional amounts of $650 million, maturing September 1, 2032, and $250 million, maturing March 15, 2033, were outstanding on our 5.875% and 5.500% senior notes, respectively, at September 30, 2023. These swap agreements were qualified and designated as a fair value hedge. The swap liability, included within other long-term liabilities on our condensed consolidated balance sheet, was not material at September 30, 2023. We include the gain or loss on the swap agreements in interest expense on our condensed consolidated income statement, the same line item as the offsetting loss or gain on the related senior notes. The gain or loss due to hedge ineffectiveness was not material for the three and nine months ended September 30, 2023.

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 $9.5 billion at September 30, 2023 and $10.0 billion at December 31, 2022. The fair value of our senior notes debt was $8.7 billion at September 30, 2023 and $9.4 billion at December 31, 2022. 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 commercial paper borrowings were $2.2 billion at September 30, 2023. The term loans and commercial paper borrowings were $1.1 billion at December 31, 2022.

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.

The put and call options fair values associated with our Primary Care Organization strategic partnership with Welsh, Carson, Anderson & Stowe, or 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 using a Monte

Carlo simulation. The put and call options fair values, derived from the Monte Carlo simulation, were $410 million and $12 million, respectively, at September 30, 2023. The put and call options fair values, derived from the Monte Carlo simulation, were $267 million and $10 million, respectively, at December 31, 2022. The put liability and call asset are included within other long-term liabilities and other long-term assets, respectively, within our condensed consolidated balance sheets.

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.


	September 30, 2023		December 31, 2022
Annualized volatility	16.6% - 19.6%		16.7% - 20.8%
Credit spread	0.9% - 1.4%		1.3% - 1.5%
Revenue exit multiple	1.5x - 2.5x		1.5x - 2.5x
Weighted average cost of capital	12.0% - 13.0%		11.5% - 12.5%
Long term growth rate	3.0	%	3.0	%

The assumptions used for annualized volatility, credit spread and weighted average cost of capital reflect the lowest and highest values where they differ significantly across the series of put and call options due to their expected exercise dates.

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, we acquired various health and wellness related businesses during 2023. 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.

As disclosed in Note 3, we completed the sale of Gentiva Hospice on August 11, 2022. The carrying value of the assets and liabilities of Gentiva Hospice disposed approximates fair value. The amount of goodwill included in the carrying value is based on the relative fair value of the Home Solutions reporting unit included within the CenterWell segment.

Other than the assets and liabilities acquired during 2023, there were no other material assets or liabilities measured at fair value on a recurring or nonrecurring basis during 2023.

For additional information regarding our fair value measurements, refer to Note 2 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2022 Form 10-K.

- Definition

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

INCOME TAXES (Details)	3 Months Ended		9 Months Ended
INCOME TAXES (Details)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Aug. 11, 2022
Income Tax Examination [Line Items]
Effective income tax rate (percent)	23.50%	8.20%	23.10%	22.50%
Dispositions \| Gentiva Hospice
Income Tax Examination [Line Items]
Equity interest sold					60.00%

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	9 Months Ended
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	Sep. 30, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTSIn November 2020, the FASB issued Accounting Standards Update No. 2020-11, Financial Services—Insurance (Topic 944): Effective Date and Early Application (“ASU 2020-11”). The amendments in ASU 2020-11 make changes to the effective date and early application of Accounting Standards Update No. 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (“ASU 2018-12”), which was issued in November 2018. The amendments in ASU 2020-11 have extended the original effective date by one year, and now the amendments are required for our interim and annual reporting periods beginning after December 15, 2022. The new guidance relates to accounting for long-duration contracts of insurers which revises key elements of the measurement models and disclosure requirements for long-duration contracts issued by insurers, including the amortization of deferred contract acquisition costs and the measurement of liabilities for future policy benefits using current, rather than locked-in, assumptions. The new guidance, limited to our Medicare Supplement product which represents less than 1% of consolidated premiums and services revenue, became effective for us beginning January 1, 2023 and 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. The adoption of the new standard in 2023 did not have a material impact on our consolidated results of operations, financial position or 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.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483194/926-20-65-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483194/926-20-65-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483194/926-20-65-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480530/250-10-S99-6

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 250
-Publisher FASB
-URI https://asc.fasb.org//250/tableOfContent

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(1)
-SubTopic 20
-Topic 310
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(2)
-SubTopic 20
-Topic 310
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

+ Details

INVESTMENT SECURITIES - Gross Unrealized Losses and Fair Values of Securities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Fair Value
Less than 12 months	$ 4,212	$ 4,419
12 months or more	10,836	8,962
Total	15,048	13,381
Gross Unrealized Losses
Less than 12 months	(165)	(270)
12 months or more	(1,800)	(1,431)
Total	(1,965)	(1,701)
U.S. Treasury and agency obligations
Fair Value
Less than 12 months	1,483	512
12 months or more	407	397
Total	1,890	909
Gross Unrealized Losses
Less than 12 months	(51)	(5)
12 months or more	(54)	(50)
Total	(105)	(55)
Mortgage-backed securities
Fair Value
Less than 12 months	1,084	1,231
12 months or more	2,169	1,683
Total	3,253	2,914
Gross Unrealized Losses
Less than 12 months	(66)	(104)
12 months or more	(571)	(367)
Total	(637)	(471)
Tax-exempt municipal securities
Fair Value
Less than 12 months	278	64
12 months or more	515	615
Total	793	679
Gross Unrealized Losses
Less than 12 months	(6)	(2)
12 months or more	(44)	(36)
Total	(50)	(38)
Residential
Fair Value
Less than 12 months	48	124
12 months or more	363	274
Total	411	398
Gross Unrealized Losses
Less than 12 months	(1)	(16)
12 months or more	(84)	(60)
Total	(85)	(76)
Commercial
Fair Value
Less than 12 months	15	243
12 months or more	1,304	1,157
Total	1,319	1,400
Gross Unrealized Losses
Less than 12 months	0	(13)
12 months or more	(155)	(142)
Total	(155)	(155)
Asset-backed securities
Fair Value
Less than 12 months	343	620
12 months or more	1,430	1,011
Total	1,773	1,631
Gross Unrealized Losses
Less than 12 months	(6)	(32)
12 months or more	(59)	(46)
Total	(65)	(78)
Corporate debt securities
Fair Value
Less than 12 months	961	1,625
12 months or more	4,648	3,825
Total	5,609	5,450
Gross Unrealized Losses
Less than 12 months	(35)	(98)
12 months or more	(833)	(730)
Total	$ (868)	$ (828)

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Millions	Total	Total Stockholders' Equity	Common Stock	Capital In Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive (Loss) income	Treasury Stock	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2021			198,649
Beginning balance at Dec. 31, 2021	$ 16,103	$ 16,080	$ 33	$ 3,082	$ 23,086	$ 42	$ (10,163)	$ 23
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,820	2,821			2,821			(1)
Distribution from (to) noncontrolling interest holders, net	(1)							(1)
Sale of Gentiva Hospice	(11)							(11)
Acquisition	53							53
Other comprehensive loss	(1,509)	(1,509)				(1,509)
Common stock repurchases	(1,032)	(1,032)					(1,032)
Dividends and dividend equivalents	(301)	(301)			(301)
Stock-based compensation	173	173		173
Restricted stock unit vesting (in shares)			18
Restricted stock unit vesting	0			(31)			31
Stock option exercises	22	22		10			12
Ending balance (in shares) at Sep. 30, 2022			198,667
Ending balance at Sep. 30, 2022	16,317	16,254	$ 33	3,234	25,606	(1,467)	(11,152)	63
Beginning balance (in shares) at Jun. 30, 2022			198,667
Beginning balance at Jun. 30, 2022	15,510	15,490	$ 33	3,153	24,511	(1,051)	(11,156)	20
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,193	1,195			1,195			(2)
Distribution from (to) noncontrolling interest holders, net	3							3
Sale of Gentiva Hospice	(11)							(11)
Acquisition	53							53
Other comprehensive loss	(416)	(416)				(416)
Common stock repurchases	(4)	(4)					(4)
Dividends and dividend equivalents	(100)	(100)			(100)
Stock-based compensation	80	80		80
Restricted stock unit vesting	0			(3)			3
Stock option exercises	9	9		4			5
Ending balance (in shares) at Sep. 30, 2022			198,667
Ending balance at Sep. 30, 2022	16,317	16,254	$ 33	3,234	25,606	(1,467)	(11,152)	63
Beginning balance (in shares) at Dec. 31, 2022			198,667
Beginning balance at Dec. 31, 2022	15,370	15,311	$ 33	3,246	25,492	(1,304)	(12,156)	59
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,024	3,030			3,030			(6)
Distribution from (to) noncontrolling interest holders, net	7							7
Acquisition	(5)							(5)
Other comprehensive loss	(199)	(199)				(199)
Common stock repurchases	(1,011)	(1,011)					(1,011)
Dividends and dividend equivalents	(331)	(331)			(331)
Stock-based compensation	142	142		142
Restricted stock unit vesting (in shares)			23
Restricted stock unit vesting	0			(30)			30
Stock option exercises	7	7		4			3
Ending balance (in shares) at Sep. 30, 2023			198,690
Ending balance at Sep. 30, 2023	17,004	16,949	$ 33	3,362	28,191	(1,503)	(13,134)	55
Beginning balance (in shares) at Jun. 30, 2023			198,690
Beginning balance at Jun. 30, 2023	16,891	16,834	$ 33	3,313	27,468	(1,226)	(12,754)	57
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	830	832			832			(2)
Other comprehensive loss	(277)	(277)				(277)
Common stock repurchases	(383)	(383)					(383)
Dividends and dividend equivalents	(109)	(109)			(109)
Stock-based compensation	53	53		53
Restricted stock unit vesting	0			(3)			3
Stock option exercises	(1)	(1)		(1)
Ending balance (in shares) at Sep. 30, 2023			198,690
Ending balance at Sep. 30, 2023	$ 17,004	$ 16,949	$ 33	$ 3,362	$ 28,191	$ (1,503)	$ (13,134)	$ 55

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($)	Oct. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Feb. 15, 2023
Equity, Class of Treasury Stock [Line Items]
Stock repurchases (in shares)					0
Stock repurchases		$ 383,000,000	$ 4,000,000	$ 1,011,000,000	$ 1,032,000,000
Common shares acquired in connection with employee stock plans (in shares)				60,000.00	70,000.00
Common shares acquired in connection with employee stock plans, amount				$ 31,000,000	$ 32,000,000
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Dividends declared (in dollars per share)	$ 0.885
Remaining authorized amount	$ 1,900,000,000
2021 Share Repurchase Authorization
Equity, Class of Treasury Stock [Line Items]
Share repurchase authorization						$ 3,000,000,000
Remaining authorized amount						1,000,000,000
2023 Share Repurchase Authorization
Equity, Class of Treasury Stock [Line Items]
Share repurchase authorization						$ 3,000,000,000
Stock repurchases (in shares)				2,000,000
Stock repurchases				$ 980,000,000
Stock repurchase average price (in dollars per share)				$ 478.20

INVESTMENT SECURITIES

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

INVESTMENT SECURITIES

Investment securities classified as current and long-term were as follows at September 30, 2023 and December 31, 2022, respectively:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in millions)
September 30, 2023
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations	$	2,043	$	—	$	(105)	$	1,938
Mortgage-backed securities	3,890		—		(637)		3,253
Tax-exempt municipal securities	848		—		(50)		798
Mortgage-backed securities:
Residential	497		—		(85)		412
Commercial	1,475		—		(155)		1,320
Asset-backed securities	1,849		—		(65)		1,784
Corporate debt securities	6,864		14		(868)		6,010
Total debt securities	$	17,466	$	14	$	(1,965)	15,515
Common stock							—
Total investment securities							$	15,515

December 31, 2022
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations	$	1,093	$	1	$	(55)	$	1,039
Mortgage-backed securities	3,697		4		(471)		3,230
Tax-exempt municipal securities	765		—		(37)		728
Mortgage-backed securities:
Residential	477		—		(76)		401
Commercial	1,554		—		(155)		1,399
Asset-backed securities	1,809		1		(79)		1,731
Corporate debt securities	6,551		3		(828)		5,726
Total debt securities	$	15,946	$	9	$	(1,701)	14,254
Common stock							7
Total investment securities							$	14,261

We held certain corporate debt securities of Gentiva Hospice at September 30, 2023 with amortized cost and fair value of approximately $281 million and $295 million, respectively.

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 September 30, 2023 and December 31, 2022, 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)
September 30, 2023
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations	$	1,483	$	(51)	$	407	$	(54)	$	1,890	$	(105)
Mortgage-backed securities	1,084		(66)		2,169		(571)		3,253		(637)
Tax-exempt municipal securities	278		(6)		515		(44)		793		(50)
Mortgage-backed securities:
Residential	48		(1)		363		(84)		411		(85)
Commercial	15		—		1,304		(155)		1,319		(155)
Asset-backed securities	343		(6)		1,430		(59)		1,773		(65)
Corporate debt securities	961		(35)		4,648		(833)		5,609		(868)
Total debt securities	$	4,212	$	(165)	$	10,836	$	(1,800)	$	15,048	$	(1,965)

December 31, 2022
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations	$	512	$	(5)	$	397	$	(50)	$	909	$	(55)
Mortgage-backed securities	1,231		(104)		1,683		(367)		2,914		(471)
Tax-exempt municipal securities	64		(2)		615		(36)		679		(38)
Mortgage-backed securities:
Residential	124		(16)		274		(60)		398		(76)
Commercial	243		(13)		1,157		(142)		1,400		(155)
Asset-backed securities	620		(32)		1,011		(46)		1,631		(78)
Corporate debt securities	1,625		(98)		3,825		(730)		5,450		(828)
Total debt securities	$	4,419	$	(270)	$	8,962	$	(1,431)	$	13,381	$	(1,701)

Approximately 98% 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 September 30, 2023. 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 approximately 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 1,790 positions out of a total of approximately 2,070 positions at September 30, 2023. All issuers of debt securities we own that were trading at an unrealized loss at September 30, 2023 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 September 30, 2023, 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 and nine months ended September 30, 2023 or 2022.

The detail of gains (losses) related to investment securities and included within investment income was as follows for the three and nine months ended September 30, 2023 and 2022:


	Three months ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(in millions)				(in millions)
Gross gains on investment securities	$	—	$	2	$	15	$	41
Gross losses on investment securities	(4)		(52)		(65)		(58)
Gross gains on equity securities	—		51		1		51
Gross losses on equity securities	—		—		—		(170)
Net recognized (losses) gains on investment securities	$	(4)	$	1	$	(49)	$	(136)

The gains and losses related to equity securities for the three and nine months ended September 30, 2023 and 2022 was as follows:


	Three months ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(in millions)				(in millions)
Net gains (losses) recognized on equity securities during the period	$	—	$	51	$	1	$	(119)
Less: Net gains (losses) recognized on equity securities sold during the period	—		47		—		(105)
Unrealized gains (losses) recognized on equity securities still held at the end of the period	$	—	$	4	$	1	$	(14)

The contractual maturities of debt securities available for sale at September 30, 2023, 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	$	659	$	654
Due after one year through five years	4,850		4,565
Due after five years through ten years	3,017		2,573
Due after ten years	1,229		954
Mortgage and asset-backed securities	7,711		6,769
Total debt securities	$	17,466	$	15,515

For additional information regarding our investment securities, refer to Note 2 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2022 Form 10-K.

MEDICARE PART D

9 Months Ended

Sep. 30, 2023

Insurance [Abstract]

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. The accompanying condensed consolidated balance sheets include the following amounts associated with Medicare Part D at September 30, 2023 and December 31, 2022. 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. For additional information regarding our prescription drug benefits coverage in accordance with Medicare Part D, refer to Note 2 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2022 Form 10-K.


	September 30, 2023				December 31, 2022
	Risk Corridor Settlement		CMS Subsidies/ Discounts		Risk Corridor Settlement		CMS Subsidies/ Discounts
	(in millions)
Other current assets	$	131	$	517	$	240	$	696
Trade accounts payable and accrued expenses	(150)		(3,566)		(166)		(1,236)
Net current (liability) asset	(19)		(3,049)		74		(540)
Other long-term assets	235		—		19		—
Other long-term liabilities	(123)		—		(78)		—
Net long-term asset (liability)	112		—		(59)		—
Total net asset (liability)	$	93	$	(3,049)	$	15	$	(540)

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Receivables, net of allowances	$ 73	$ 70
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)	198,690,082	198,666,598
Treasury stock, shares (in shares)	75,579,362	73,691,955

EARNINGS PER COMMON SHARE COMPUTATION (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Details Supporting Computation of Earnings Per Share

Detail supporting the computation of basic and diluted earnings per common share was as follows for the three and nine months ended September 30, 2023 and 2022:


	Three months ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(dollars in millions, except per common share results; number of shares in thousands)
Net income available for common stockholders	$	832	$	1,195	$	3,030	$	2,821
Weighted average outstanding shares of common stock used to compute basic earnings per common share	123,426		126,572		124,335		126,678
Dilutive effect of:
Employee stock options	26		61		31		50
Restricted stock	531		723		519		577
Shares used to compute diluted earnings per common share	123,983		127,356		124,885		127,305
Basic earnings per common share	$	6.74	$	9.45	$	24.37	$	22.27
Diluted earnings per common share	$	6.71	$	9.39	$	24.26	$	22.16
Number of antidilutive stock options and restricted stock excluded from computation	137		78		251		267

SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Results

Our segment results were as follows for the three and nine months ended September 30, 2023 and 2022:



	Insurance		CenterWell		Eliminations/ Corporate		Consolidated
Three months ended September 30, 2023	(in millions)
External revenues
Premiums:
Individual Medicare Advantage	$	19,637	$	—	$	—	$	19,637
Group Medicare Advantage	1,695		—		—		1,695
Medicare stand-alone PDP	493		—		—		493
Total Medicare	21,825		—		—		21,825
Commercial fully-insured	842		—		—		842
Specialty benefits	252		—		—		252
Medicare Supplement	185		—		—		185
State-based contracts and other	1,995		—		—		1,995
Total premiums	25,099		—		—		25,099
Services revenue:


Home solutions	—		342		—		342
Primary care	—		214		—		214
Commercial ASO	55		—		—		55
Military and other	202		—		—		202
Pharmacy solutions	—		203		—		203
Total services revenue	257		759		—		1,016
Total external revenues	25,356		759		—		26,115
Intersegment revenues
Services	1		1,307		(1,308)		—
Products	—		2,594		(2,594)		—
Total intersegment revenues	1		3,901		(3,902)		—
Investment income	154		—		154		308
Total revenues	25,511		4,660		(3,748)		26,423
Operating expenses:
Benefits	21,976		—		(231)		21,745
Operating costs	2,634		4,207		(3,570)		3,271

Depreciation and amortization	179		53		(31)		201
Total operating expenses	24,789		4,260		(3,832)		25,217
Income from operations	722		400		84		1,206

Interest expense	—		1		113		114
Other income, net	—		—		(6)		(6)
Income (loss) before income taxes and equity in net earnings	722		399		(23)		1,098
Equity in net losses	—		(12)		—		(12)
Segment earnings (loss)	$	722	$	387	$	(23)	$	1,086
Net loss (income) attributable to noncontrolling interests	3		(1)		—		2
Segment earnings (loss) attributable to Humana	$	725	$	386	$	(23)	$	1,088



	Insurance		CenterWell		Eliminations/ Corporate		Consolidated
Three months ended September 30, 2022	(in millions)
External revenues
Premiums:
Individual Medicare Advantage	$	16,007	$	—	$	—	$	16,007
Group Medicare Advantage	1,792		—		—		1,792
Medicare stand-alone PDP	534		—		—		534
Total Medicare	18,333		—		—		18,333
Commercial fully-insured	1,075		—		—		1,075
Specialty benefits	262		—		—		262
Medicare Supplement	188		—		—		188
State-based contracts and other	1,610		—		—		1,610
Total premiums	21,468		—		—		21,468
Services revenue:


Home solutions	—		519		—		519
Primary care	—		159		—		159
Commercial ASO	73		—		—		73
Military and other	137		—		—		137
Pharmacy solutions	—		271		—		271
Total services revenue	210		949		—		1,159
Total external revenues	21,678		949		—		22,627
Intersegment revenues
Services	14		863		(877)		—
Products	—		2,459		(2,459)		—
Total intersegment revenues	14		3,322		(3,336)		—
Investment income	51		3		118		172
Total revenues	21,743		4,274		(3,218)		22,799
Operating expenses:
Benefits	18,413		—		(29)		18,384
Operating costs	2,294		3,929		(3,162)		3,061

Depreciation and amortization	163		45		(26)		182
Total operating expenses	20,870		3,974		(3,217)		21,627
Income (loss) from operations	873		300		(1)		1,172
Gain on sale of Gentiva Hospice	—		(240)		—		(240)
Interest expense	—		—		102		102
Other expense, net	—		—		13		13
Income (loss) before income taxes and equity in net earnings	873		540		(116)		1,297
Equity in net earnings (losses)	8		(5)		—		3
Segment earnings (loss)	$	881	$	535	$	(116)	$	1,300
Net loss attributable to noncontrolling interests	2		—		—		2
Segment earnings (loss) attributable to Humana	$	883	$	535	$	(116)	$	1,302


	Insurance		CenterWell		Eliminations/ Corporate		Consolidated
Nine months ended September 30, 2023	(in millions)
External revenues
Premiums:
Individual Medicare Advantage	$	59,195	$	—	$	—	$	59,195
Group Medicare Advantage	5,192		—		—		5,192
Medicare stand-alone PDP	1,677		—		—		1,677
Total Medicare	66,064		—		—		66,064
Commercial fully-insured	2,810		—		—		2,810
Specialty benefits	758		—		—		758
Medicare Supplement	546		—		—		546
State-based contracts and other	5,966		—		—		5,966
Total premiums	76,144		—		—		76,144
Services revenue:


Home solutions	—		997		—		997
Primary care	—		605		—		605
Commercial ASO	190		—		—		190
Military and other	540		—		—		540
Pharmacy solutions	—		661		—		661
Total services revenue	730		2,263		—		2,993
Total external revenues	76,874		2,263		—		79,137
Intersegment revenues
Services	30		3,584		(3,614)		—
Products	—		7,848		(7,848)		—
Total intersegment revenues	30		11,432		(11,462)		—
Investment income	385		—		390		775
Total revenues	77,289		13,695		(11,072)		79,912
Operating expenses:
Benefits	66,096		—		(484)		65,612
Operating costs	7,597		12,526		(10,762)		9,361

Depreciation and amortization	516		152		(90)		578
Total operating expenses	74,209		12,678		(11,336)		75,551
Income from operations	3,080		1,017		264		4,361

Interest expense	—		2		345		347
Other expense, net	—		—		40		40
Income (loss) before income taxes and equity in net losses	3,080		1,015		(121)		3,974
Equity in net losses	(2)		(37)		—		(39)
Segment earnings (loss)	$	3,078	$	978	$	(121)	$	3,935
Net loss (income) attributable to noncontrolling interests	7		(1)		—		6
Segment earnings (loss) attributable to Humana	$	3,085	$	977	$	(121)	$	3,941


	Insurance		CenterWell		Eliminations/ Corporate		Consolidated
Nine months ended September 30, 2022	(in millions)
External Revenues
Premiums:
Individual Medicare Advantage	$	49,751	$	—	$	—	$	49,751
Group Medicare Advantage	5,524		—		—		5,524
Medicare stand-alone PDP	1,779		—		—		1,779
Total Medicare	57,054		—		—		57,054
Commercial fully-insured	3,324		—		—		3,324
Specialty benefits	784		—		—		784
Medicare Supplement	555		—		—		555
State-based contracts and other	4,720		—		—		4,720
Total premiums	66,437		—		—		66,437
Services revenue:


Home solutions	—		1,997		—		1,997
Primary care	—		409		—		409
Commercial ASO	225		—		—		225
Military and other	395		—		—		395
Pharmacy solutions	—		746		—		746
Total services revenue	620		3,152		—		3,772
Total external revenues	67,057		3,152		—		70,209
Intersegment revenues
Services	42		2,614		(2,656)		—
Products	—		7,394		(7,394)		—
Total intersegment revenues	42		10,008		(10,050)		—
Investment income	143		6		73		222
Total revenues	67,242		13,166		(9,977)		70,431
Operating expenses:
Benefits	57,311		—		(203)		57,108
Operating costs	6,486		12,002		(9,368)		9,120

Depreciation and amortization	469		136		(78)		527
Total operating expenses	64,266		12,138		(9,649)		66,755
Income (loss) from operations	2,976		1,028		(328)		3,676
Gain on sale of Gentiva Hospice	—		(240)		—		(240)
Interest expense	—		—		293		293
Other income, net	—		—		(16)		(16)
Income (loss) before income taxes and equity in net losses	2,976		1,268		(605)		3,639
Equity in net earnings (losses)	16		(15)		—		1
Segment earnings (loss)	$	2,992	$	1,253	$	(605)	$	3,640
Net loss (income) attributable to noncontrolling interests	2		(1)		—		1
Segment earnings (loss) attributable to Humana	$	2,994	$	1,252	$	(605)	$	3,641

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net income	$ 3,024	$ 2,820
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of Gentiva Hospice	0	(240)
Loss on investment securities, net	49	136
Equity in net losses (earnings)	39	(1)
Stock-based compensation	142	173
Depreciation	628	555
Amortization	51	73
Impairment of property and equipment	31	144
Deferred income taxes	0	(33)
Changes in operating assets and liabilities, net of effect of businesses acquired and disposed:
Receivables	(126)	11
Other assets	(935)	(465)
Benefits payable	870	948
Other liabilities	39	(195)
Unearned revenues	7,250	5,758
Other	53	30
Net cash provided by operating activities	11,115	9,714
Cash flows from investing activities
Proceeds from sale of Gentiva Hospice, net	0	2,708
Acquisitions, net of cash and cash equivalents acquired	(223)	(293)
Purchases of property and equipment, net	(721)	(862)
Purchases of investment securities	(3,366)	(4,740)
Proceeds from maturities of investment securities	885	1,214
Proceeds from sales of investment securities	815	1,979
Net cash (used in) provided by investing activities	(2,610)	6
Cash flows from financing activities
Receipts from contract deposits, net	2,481	3,787
Proceeds from issuance of senior notes, net	1,215	744
Repayments of senior notes	(1,719)	0
Proceeds from issuance (repayments) of commercial paper, net	1,618	(660)
Repayment of term loan	(500)	(2,000)
Debt issue costs	(4)	(2)
Change in book overdraft	(52)	(89)
Common stock repurchases	(1,002)	(1,032)
Dividends paid	(320)	(291)
Other	(135)	(13)
Net cash provided by financing activities	1,582	444
Increase in cash and cash equivalents	10,087	10,164
Cash and cash equivalents at beginning of period	5,061	3,394
Cash and cash equivalents at end of period	15,148	13,558
Supplemental cash flow disclosures:
Interest payments	317	256
Income tax payments, net	957	751
Details of businesses acquired in purchase transactions:
Fair value of assets acquired, net of cash and cash equivalents acquired	454	411
Less: Fair value of liabilities assumed	(236)	(65)
Less: Noncontrolling interests acquired	5	(53)
Cash paid for acquired businesses, net of cash and cash equivalents acquired	$ 223	$ 293

EARNINGS PER COMMON SHARE COMPUTATION

9 Months Ended

Sep. 30, 2023

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 and nine months ended September 30, 2023 and 2022:


	Three months ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(dollars in millions, except per common share results; number of shares in thousands)
Net income available for common stockholders	$	832	$	1,195	$	3,030	$	2,821
Weighted average outstanding shares of common stock used to compute basic earnings per common share	123,426		126,572		124,335		126,678
Dilutive effect of:
Employee stock options	26		61		31		50
Restricted stock	531		723		519		577
Shares used to compute diluted earnings per common share	123,983		127,356		124,885		127,305
Basic earnings per common share	$	6.74	$	9.45	$	24.37	$	22.27
Diluted earnings per common share	$	6.71	$	9.39	$	24.26	$	22.16
Number of antidilutive stock options and restricted stock excluded from computation	137		78		251		267

For additional information regarding earnings per common share, refer to Note 2 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2022 Form 10-K.

STOCKHOLDERS' EQUITY (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Schedule of Details of Dividend Payments

The following table provides details of dividend payments, excluding dividend equivalent rights for unvested stock awards, during 2023 under our Board approved quarterly cash dividend policy:


Record Date	Payment Date	Amount per Share		Total Amount
				(in millions)






12/30/2022	1/27/2023	$	0.7875	$	98
03/31/2023	04/28/2023	$	0.8850	$	111
06/30/2023	07/28/2023	$	0.8850	$	110
9/29/2023	10/27/2023	$	0.8850	$	109

BASIS OF PRESENTATION AND SIGNIFICANT EVENTS (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2022
Services
Receivables and Other [Line Items]
Accounts receivable	$ 322
Value Creation Initiatives
Receivables and Other [Line Items]
Restructuring and impairment charge		$ 82	$ 285
Assets held for abandonment	$ 52	4	144
Severance costs		$ 44	$ 65

Cover	9 Months Ended
Cover	Sep. 30, 2023 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	1-5975
Entity Registrant Name	HUMANA INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-0647538
Entity Address, Address Line One	500 West Main Street
Entity Address, City or Town	Louisville
Entity Address, State or Province	KY
Entity Address, Postal Zip Code	40202
City Area Code	502
Local Phone Number	580-1000
Title of 12(b) Security	Common stock, $0.16 2/3 par value
Trading Symbol	HUM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	123,110,720
Entity Central Index Key	0000049071
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

INVESTMENT SECURITIES - Narrative (Details) $ in Millions	9 Months Ended
INVESTMENT SECURITIES - Narrative (Details) $ in Millions	Sep. 30, 2023 USD ($) position	Dec. 31, 2022 USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Book value	$ 17,466	$ 15,946
Fair value	$ 15,515	$ 14,254
Maximum individual state general bond obligation as a percentage of total debt securities (percent)	1.00%
Securities in unrealized loss positions, number of positions \| position	1,790
Securities, number of positions \| position	2,070
Standard & Poor's, AA Rating
Financing Receivable, Credit Quality Indicator [Line Items]
Percentage of debt securities considered to be of investment-grade (percent)	98.00%
Dispositions \| Gentiva Hospice
Financing Receivable, Credit Quality Indicator [Line Items]
Book value	$ 281
Fair value	$ 295

STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Dividends

The following table provides details of dividend payments, excluding dividend equivalent rights for unvested stock awards, during 2023 under our Board approved quarterly cash dividend policy:


Record Date	Payment Date	Amount per Share		Total Amount
				(in millions)






12/30/2022	1/27/2023	$	0.7875	$	98
03/31/2023	04/28/2023	$	0.8850	$	111
06/30/2023	07/28/2023	$	0.8850	$	110
9/29/2023	10/27/2023	$	0.8850	$	109

In October 2023, the Board declared a cash dividend of $0.885 per share payable on January 26, 2024 to stockholders of record as of the close of business on December 29, 2023. Declaration and payment of future quarterly dividends are 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 15, 2023, the Board of Directors replaced the previous share repurchase authorization of up to $3 billion (of which approximately $1 billion 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 15, 2026. During the nine months ended September 30, 2023, we repurchased 2.0 million shares in open market transactions for $980 million at an average price of $478.20 under the current share repurchase authorization. During the nine months ended September 30, 2022, we did not repurchase shares in open market transactions.

Our remaining repurchase authorization was $1.9 billion as of October 31, 2023.

In connection with employee stock plans, we acquired 0.06 million common shares for $31 million and 0.07 million common shares for $32 million during the nine months ended September 30, 2023 and 2022, respectively.

For additional information regarding our stockholders' equity, refer to Note 16 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2022 Form 10-K.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

COMMITMENTS, GUARANTEES AND CONTINGENCIES (Details)	1 Months Ended	9 Months Ended
COMMITMENTS, GUARANTEES AND CONTINGENCIES (Details)	Dec. 31, 2022 state beneficiary option_period	Sep. 30, 2023 state beneficiary
T2017 East Region
Loss Contingencies [Line Items]
Number of states comprising TRICARE beneficiaries \| state		32
Number of TRICARE beneficiaries \| beneficiary		6,000,000
T-5, Effective 2024
Loss Contingencies [Line Items]
Number of TRICARE managed care support contract beneficiaries \| beneficiary	4,600,000
Number of states comprising of TRICARE managed care support contract beneficiaries \| state	24
Contract base term	1 year
Annual option periods \| option_period	8
Contract term with exercises	9 years
Medicare
Loss Contingencies [Line Items]
Percentage of premiums and services revenue		83.00%
Medicaid
Loss Contingencies [Line Items]
Percentage of premiums and services revenue		7.00%
Military services \| T2017 East Region
Loss Contingencies [Line Items]
Percentage of premiums and services revenue		1.00%

DEBT

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

DEBT

The carrying value of debt outstanding, net of unamortized debt issuance costs, was as follows at September 30, 2023 and December 31, 2022:


	September 30, 2023		December 31, 2022
	(in millions)
Short-term debt:
Commercial paper	$	2,245	$	595

Senior notes:
$1.5 billion, 0.650% due August 3, 2023	—		1,497
Total senior notes	—		1,497
Total short-term debt	$	2,245	$	2,092
Long-term debt:
Senior notes:
$600 million, 3.850% due October 1, 2024	$	572	$	599
$600 million, 4.500% due April 1, 2025	598		597
$500 million, 5.700% due March 13, 2026	497		—
$750 million, 1.350% due February 3, 2027	688		745
$600 million, 3.950% due March 15, 2027	537		597
$500 million, 5.750% due March 1, 2028	495		494
$750 million, 3.700% due March 23, 2029	689		743
$500 million, 3.125% due August 15, 2029	458		496
$500 million, 4.875% due April 1, 2030	496		495
$750 million, 2.150% due February 3, 2032	743		743
$750 million, 5.875% due March 1, 2033	715		739
$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		396
$500 million, 3.950% due August 15, 2049	493		493
$750 million, 5.500% due March 15, 2053	709		—
Total senior notes	9,483		8,534
Term loans:
Delayed draw term loan, due May 28, 2024	—		500
Total term loans	—		500
Total long-term debt	$	9,483	$	9,034

Senior Notes

In March 2023, we issued $500 million of 5.700% unsecured senior notes due March 13, 2026 and $750 million of 5.500% unsecured senior notes due March 15, 2053. Our net proceeds, reduced for the underwriters' discounts and commissions paid, were $1.2 billion. We used the net proceeds to repay outstanding amounts under our $500 million Delayed Draw Term Loan. The remaining net proceeds will be used for general corporate purposes, which include the repayment of existing indebtedness, including borrowings under our commercial paper program.

In August 2023, we entered into a Rule 10b5-1 Repurchase Plan to repurchase a portion of our $750 million aggregate principal amount of 1.350% senior notes maturing in February 2027, our $600 million aggregate principal amount of 3.950% senior notes maturing in March 2027, our $750 million aggregate principal amount of 3.700%

senior notes maturing in March 2029, and our $500 million aggregate principal amount of 3.125% senior notes maturing in August 2029 during the period beginning on August 7, 2023 and ending on November 15, 2023. For the three months ended September 30, 2023, we repurchased $213 million principal amount of these senior notes for approximately $196 million cash.

In March 2023, we entered into a Rule 10b5-1 Repurchase Plan to repurchase a portion of our $1.5 billion aggregate principal amount of 0.650% senior notes maturing in August 2023 and our $600 million aggregate principal amount of 3.850% senior notes maturing in October 2024 during the period beginning on March 13, 2023 and ending on July 21, 2023. For the nine months ended September 30, 2023, we repurchased $361 million principal amount of these senior notes for approximately $358 million cash. In August 2023, we repaid the remaining $1.2 billion aggregate principal amount of our 0.650% senior notes due on their maturity date of August 3, 2023.

During the third quarter of 2023, we entered into interest rate swap agreements to exchange the fixed interest rate under our 5.875% and 5.500% senior notes for a variable interest rate based on SOFR, as further described in Note 5. As a result, the carrying value of these senior notes has been adjusted to reflect changes in value caused by an increase or decrease in interest rates. The cumulative, aggregate adjustment to the carrying value of the 5.875% and 5.500% senior notes was $26 million and $5 million, respectively, at September 30, 2023.

For additional information regarding our Senior Notes, refer to Note 13 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2022 Form 10-K.

Revolving Credit Agreements

In June 2023, we entered into an amended and restated 5-year, $2.5 billion unsecured revolving credit agreement (replacing the 5-year, $2.5 billion unsecured revolving credit agreement entered in June 2021) and entered into a 364-day $1.5 billion unsecured revolving credit agreement (replacing the 364-day $1.5 billion unsecured revolving credit agreement entered in June 2022, which expired in accordance with its terms).

Under the 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 Term SOFR 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 Term SOFR, at our option.

The SOFR spread, currently 103.5 basis points under the 5-year revolving credit agreement and 105.5 basis points under the 364-day revolving credit agreement, varies depending on our credit ratings ranging from 92.0 to 130.0 basis points under the 5-year revolving credit agreement and from 94.0 to 135.0 basis points under the 364-day revolving credit agreement. We also pay an annual facility fee regardless of utilization. This facility fee, currently 9.0 basis points, under the 5-year revolving credit agreement and 7.0 basis points under the 364-day revolving agreement, varies depending on our credit ratings ranging from 8.0 to 20.0 basis points under the 5-year revolving credit agreement and from 6.0 to 15.0 basis points under the 364-day revolving credit agreement.

Our 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 41.1% as measured in accordance with the revolving credit agreements as of September 30, 2023.

At September 30, 2023, we had no borrowings and approximately $18 million of letters of credit outstanding under the revolving credit agreements. Accordingly, as of September 30, 2023, we had $2.482 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.

For additional information regarding our Revolving Credit Agreements, refer to Note 13 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2022 Form 10-K.

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. 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 nine months ended September 30, 2023 was $2.3 billion, with $2.2 billion outstanding at September 30, 2023 compared to $0.6 billion outstanding at December 31, 2022. The outstanding commercial paper at September 30, 2023 had a weighted average annual interest rate of 5.58%.

For additional information regarding our Commercial Paper refer to Note 13 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2022 Form 10-K.

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 September 30, 2023 we had no outstanding short-term FHLB borrowings.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1B
-Subparagraph (i)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1I
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

DEBT (Tables)

9 Months Ended

Sep. 30, 2023

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 September 30, 2023 and December 31, 2022:


	September 30, 2023		December 31, 2022
	(in millions)
Short-term debt:
Commercial paper	$	2,245	$	595

Senior notes:
$1.5 billion, 0.650% due August 3, 2023	—		1,497
Total senior notes	—		1,497
Total short-term debt	$	2,245	$	2,092
Long-term debt:
Senior notes:
$600 million, 3.850% due October 1, 2024	$	572	$	599
$600 million, 4.500% due April 1, 2025	598		597
$500 million, 5.700% due March 13, 2026	497		—
$750 million, 1.350% due February 3, 2027	688		745
$600 million, 3.950% due March 15, 2027	537		597
$500 million, 5.750% due March 1, 2028	495		494
$750 million, 3.700% due March 23, 2029	689		743
$500 million, 3.125% due August 15, 2029	458		496
$500 million, 4.875% due April 1, 2030	496		495
$750 million, 2.150% due February 3, 2032	743		743
$750 million, 5.875% due March 1, 2033	715		739
$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		396
$500 million, 3.950% due August 15, 2049	493		493
$750 million, 5.500% due March 15, 2053	709		—
Total senior notes	9,483		8,534
Term loans:
Delayed draw term loan, due May 28, 2024	—		500
Total term loans	—		500
Total long-term debt	$	9,483	$	9,034

INVESTMENT SECURITIES (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Investment Securities Classified as Current and Long-Term

Investment securities classified as current and long-term were as follows at September 30, 2023 and December 31, 2022, respectively:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in millions)
September 30, 2023
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations	$	2,043	$	—	$	(105)	$	1,938
Mortgage-backed securities	3,890		—		(637)		3,253
Tax-exempt municipal securities	848		—		(50)		798
Mortgage-backed securities:
Residential	497		—		(85)		412
Commercial	1,475		—		(155)		1,320
Asset-backed securities	1,849		—		(65)		1,784
Corporate debt securities	6,864		14		(868)		6,010
Total debt securities	$	17,466	$	14	$	(1,965)	15,515
Common stock							—
Total investment securities							$	15,515

December 31, 2022
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations	$	1,093	$	1	$	(55)	$	1,039
Mortgage-backed securities	3,697		4		(471)		3,230
Tax-exempt municipal securities	765		—		(37)		728
Mortgage-backed securities:
Residential	477		—		(76)		401
Commercial	1,554		—		(155)		1,399
Asset-backed securities	1,809		1		(79)		1,731
Corporate debt securities	6,551		3		(828)		5,726
Total debt securities	$	15,946	$	9	$	(1,701)	14,254
Common stock							7
Total investment securities							$	14,261

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)
September 30, 2023
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations	$	1,483	$	(51)	$	407	$	(54)	$	1,890	$	(105)
Mortgage-backed securities	1,084		(66)		2,169		(571)		3,253		(637)
Tax-exempt municipal securities	278		(6)		515		(44)		793		(50)
Mortgage-backed securities:
Residential	48		(1)		363		(84)		411		(85)
Commercial	15		—		1,304		(155)		1,319		(155)
Asset-backed securities	343		(6)		1,430		(59)		1,773		(65)
Corporate debt securities	961		(35)		4,648		(833)		5,609		(868)
Total debt securities	$	4,212	$	(165)	$	10,836	$	(1,800)	$	15,048	$	(1,965)

December 31, 2022
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations	$	512	$	(5)	$	397	$	(50)	$	909	$	(55)
Mortgage-backed securities	1,231		(104)		1,683		(367)		2,914		(471)
Tax-exempt municipal securities	64		(2)		615		(36)		679		(38)
Mortgage-backed securities:
Residential	124		(16)		274		(60)		398		(76)
Commercial	243		(13)		1,157		(142)		1,400		(155)
Asset-backed securities	620		(32)		1,011		(46)		1,631		(78)
Corporate debt securities	1,625		(98)		3,825		(730)		5,450		(828)
Total debt securities	$	4,419	$	(270)	$	8,962	$	(1,431)	$	13,381	$	(1,701)

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

The detail of gains (losses) related to investment securities and included within investment income was as follows for the three and nine months ended September 30, 2023 and 2022:


	Three months ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(in millions)				(in millions)
Gross gains on investment securities	$	—	$	2	$	15	$	41
Gross losses on investment securities	(4)		(52)		(65)		(58)
Gross gains on equity securities	—		51		1		51
Gross losses on equity securities	—		—		—		(170)
Net recognized (losses) gains on investment securities	$	(4)	$	1	$	(49)	$	(136)

Schedule of Gain (Loss) on Equity Securities

The gains and losses related to equity securities for the three and nine months ended September 30, 2023 and 2022 was as follows:


	Three months ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(in millions)				(in millions)
Net gains (losses) recognized on equity securities during the period	$	—	$	51	$	1	$	(119)
Less: Net gains (losses) recognized on equity securities sold during the period	—		47		—		(105)
Unrealized gains (losses) recognized on equity securities still held at the end of the period	$	—	$	4	$	1	$	(14)

Schedule of Contractual Maturity of Debt Securities Available for Sale


	Amortized Cost		Fair Value
	(in millions)
Due within one year	$	659	$	654
Due after one year through five years	4,850		4,565
Due after five years through ten years	3,017		2,573
Due after ten years	1,229		954
Mortgage and asset-backed securities	7,711		6,769
Total debt securities	$	17,466	$	15,515

FAIR VALUE (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value on Recurring Basis

The following table summarizes our fair value measurements at September 30, 2023 and December 31, 2022, 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)
September 30, 2023
Cash equivalents	$	15,035	$	15,035	$	—	$	—
Debt securities:
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations	1,938		—		1,938		—
Mortgage-backed securities	3,253		—		3,253		—
Tax-exempt municipal securities	798		—		798		—
Mortgage-backed securities:
Residential	412		—		412		—
Commercial	1,320		—		1,320		—
Asset-backed securities	1,784		—		1,784		—
Corporate debt securities	6,010		—		5,905		105
Total debt securities	15,515		—		15,410		105

Total invested assets	$	30,550	$	15,035	$	15,410	$	105

December 31, 2022
Cash equivalents	$	4,832	$	4,832	$	—	$	—
Debt securities:
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations	1,039		—		1,039		—
Mortgage-backed securities	3,230		—		3,230		—
Tax-exempt municipal securities	728		—		728		—
Mortgage-backed securities:
Residential	401		—		401		—
Commercial	1,399		—		1,399		—
Asset-backed securities	1,731		—		1,731		—
Corporate debt securities	5,726		—		5,625		101
Total debt securities	14,254		—		14,153		101
Common stock	7		7		—		—
Total invested assets	$	19,093	$	4,839	$	14,153	$	101

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

During the nine months ended September 30, 2023 and 2022, the changes in the fair value of the assets measured using significant unobservable inputs (Level 3) were comprised of the following:


	For the nine months ended September 30, 2023		For the nine months ended September 30, 2022
	Private Placements
	(in millions)
Beginning balance at January 1	$	101	$	68
Total gains or losses:
Realized in earnings	—		—
Unrealized in other comprehensive income	(1)		—
Purchases	13		(12)
Sales	—		44
Maturities	(4)		—
Transfer out	(4)
Balance at September 30	$	105	$	100

Schedule of Assumptions Used For Inputs In Fair Value Measurement

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


	September 30, 2023		December 31, 2022
Annualized volatility	16.6% - 19.6%		16.7% - 20.8%
Credit spread	0.9% - 1.4%		1.3% - 1.5%
Revenue exit multiple	1.5x - 2.5x		1.5x - 2.5x
Weighted average cost of capital	12.0% - 13.0%		11.5% - 12.5%
Long term growth rate	3.0	%	3.0	%

BENEFITS PAYABLE

9 Months Ended

Sep. 30, 2023

Insurance [Abstract]

BENEFITS PAYABLE

On a consolidated basis, which represents our Insurance segment net of eliminations, activity in benefits payable was as follows for the nine months ended September 30, 2023 and 2022:


	For the nine months ended September 30,
	2023		2022
	(in millions)
Balances, beginning of period	$	9,264	$	8,289
Acquisitions	62		—
Incurred related to:
Current year	66,370		57,512
Prior years	(758)		(404)
Total incurred	65,612		57,108
Paid related to:
Current year	(56,700)		(48,835)
Prior years	(8,042)		(7,325)
Total paid	(64,742)		(56,160)
Balances, end of period	$	10,196	$	9,237

The total estimate of benefits payable for claims incurred but not reported, or IBNR, is included within the net incurred claims amounts. At September 30, 2023, benefits payable included IBNR of approximately $6.4 billion, primarily associated with claims incurred in 2023.

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. For additional information regarding our benefits payable and benefits expense recognition, refer to Note 2 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2022 Form 10-K.

BASIS OF PRESENTATION AND SIGNIFICANT EVENTS	9 Months Ended
BASIS OF PRESENTATION AND SIGNIFICANT EVENTS	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT EVENTS	BASIS OF PRESENTATION AND SIGNIFICANT EVENTS The accompanying unaudited condensed consolidated financial statements are presented in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the disclosures normally required by accounting principles generally accepted in the United States of America, or GAAP, or those normally made in an Annual Report on Form 10-K. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. For further information, the reader of this Form 10-Q should refer to our Form 10-K for the year ended December 31, 2022, that was filed with the Securities and Exchange Commission, or the SEC, on February 16, 2023. We refer to this Form 10-K as the “2022 Form 10-K” in this document. References throughout this document to “we,” “us,” “our,” “Company,” and “Humana” mean Humana Inc. and its subsidiaries. The preparation of our condensed consolidated financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. The areas involving the most significant use of estimates are the estimation of benefits payable, the impact of risk adjustment provisions related to our Medicare contracts, the valuation and related impairment recognition of investment securities, and the valuation and related impairment recognition of long-lived assets, including goodwill and indefinite-lived intangible assets. These estimates are based on knowledge of current events and anticipated future events, and accordingly, actual results may ultimately differ materially from those estimates. For additional information regarding accounting policies considered in preparing our consolidated financial statements, refer to Note 2 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2022 Form 10-K. The financial information has been prepared in accordance with our customary accounting practices and has not been audited. In our opinion, the information presented reflects all adjustments necessary for a fair statement of interim results. All such adjustments are of a normal and recurring nature. Employer Group Commercial Medical Products Business Exit In February 2023, we announced our planned exit from the Employer Group Commercial Medical Products business, which includes all fully insured, self-funded and Federal Employee Health Benefit medical plans, as well as associated wellness and rewards programs. No other Humana health plan offerings are materially affected. Following a strategic review, we determined the Employer Group Commercial Medical Products business was no longer positioned to sustainably meet the needs of commercial members over the long term or support our long-term strategic plans. The exit from this line of business will be phased over the 18 to 24 months following our February 2023 announcement. Value Creation Initiatives During 2022, in order to create capacity to fund growth and investment in our Medicare Advantage business and further expansion of our healthcare services capabilities beginning in 2023, we committed to drive additional value for the enterprise through cost saving, productivity initiatives, and value acceleration from previous investments. As a result of these initiatives, during the three and nine months ended September 30, 2022, we recorded charges of $82 million and $285 million, respectively. For the three and nine months ended September 30, 2022, these charges primarily relate to $4 million and $144 million, respectively, in asset impairments, including software and abandonment, and $44 million and $65 million, respectively, of severance charges in connection with workforce optimization. The remainder of the charges primarily relate to external consulting fees. During the three months ended September 30, 2023, we recorded charges of $52 million primarily in asset impairments relating to software and abandonment. In connection with these initiatives, we expect to incur additional charges through the end of 2024. These charges are recorded at the corporate level and not allocated to the segments. COVID-19 The emergence and spread of the novel coronavirus, or COVID-19, beginning in the first quarter of 2020 has impacted our business. Initially during periods of increased incidences of COVID-19, a reduction in non-COVID-19 hospital admissions for non-emergent and elective medical care have resulted in lower overall healthcare system utilization. At the same time, COVID-19 treatment and testing costs increased utilization. During 2022, we experienced lower overall utilization of the healthcare system than anticipated, as the reduction in COVID-19 utilization following the increased incidence associated with the Omicron variant outpaced the increase in non-COVID-19 utilization. The significant disruption in utilization during 2020 also impacted our ability to implement clinical initiatives to manage health care costs and chronic conditions of our members, and appropriately document their risk profiles, and, as such, significantly affected our 2021 revenue under the risk adjustment payment model for Medicare Advantage plans. Finally, changes in utilization patterns and actions taken in 2021 as a result of the COVID-19 pandemic, including the suspension of certain financial recovery programs for a period of time and shifting the timing of claim payments and provider capitation surplus payments, impacted our claim reserve development and operating cash flows for 2021. The COVID-19 National Emergency declared in 2020 was terminated on April 10, 2023 and the Public Health Emergency expired on May 11, 2023. Revenue Recognition Our revenues include premiums and services revenue. Services revenue includes administrative service fees that are recorded based upon established per member per month rates and the number of members for the month and are recognized as services are provided for the month. Additionally, services revenue includes net patient services revenue that are recorded based upon established billing rates, less allowances for contractual adjustments, and are recognized as services are provided. For additional information regarding our revenues, refer to Note 2 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2022 Form 10-K. For additional information regarding disaggregation of revenue by segment and type, refer to Note 14 to the unaudited Condensed Consolidated Financial Statements included in Part I, Item 1, "Financial Statements" of this Form 10-Q. At September 30, 2023, accounts receivable related to services were $322 million. For the three and nine months ended September 30, 2023, we had no material bad-debt expense and there were no material contract assets, contract liabilities or deferred contract costs recorded on the condensed consolidated balance sheet at September 30, 2023. For the three and nine months ended September 30, 2023, services revenue recognized from performance obligations related to prior periods, such as due to changes in transaction price, was not material. Further, services revenue expected to be recognized in any future year related to remaining performance obligations was not material.

GOODWILL AND OTHER INTANGIBLE ASSETS - Amortization and Estimated Future Amortization Expense (Details) $ in Millions	Sep. 30, 2023 USD ($)
For the years ending December 31,
2023	$ 15
2024	60
2025	58
2026	44
2027	34
2028	$ 29

INVESTMENT SECURITIES - Gains (Losses) Within Investment Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Gross gains on investment securities	$ 0	$ 2	$ 15	$ 41
Gross losses on investment securities	(4)	(52)	(65)	(58)
Gross gains on equity securities	0	51	1	51
Gross losses on equity securities	0	0	0	(170)
Net recognized (losses) gains on investment securities	$ (4)	$ 1	$ (49)	$ (136)

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill by Segments (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Goodwill
Goodwill, beginning balance	$ 9,142
Acquisitions	398
Goodwill, ending balance	9,540
Insurance
Goodwill
Goodwill, beginning balance	2,472
Acquisitions	191
Goodwill, ending balance	2,663
CenterWell
Goodwill
Goodwill, beginning balance	6,670
Acquisitions	207
Goodwill, ending balance	$ 6,877

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

GOODWILL AND OTHER INTANGIBLE ASSETS - Other Intangible Assets Subject to Amortization (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Other intangible assets:
Weighted average life (in years)	9 years 2 months 12 days
Total other intangible assets, cost	$ 2,685	$ 2,648
Amortizable intangible assets, accumulated amortization	920	883
Total other intangible assets, net	1,765	1,765
Certificates of need
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	1,132	1,132
Medicare licenses
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 302	286
Customer contracts/ relationships
Other intangible assets:
Weighted average life (in years)	9 years 4 months 24 days
Amortizable intangible assets, cost	$ 955	929
Amortizable intangible assets, accumulated amortization	708	673
Amortizable intangible assets, net	$ 247	256
Trade names and technology
Other intangible assets:
Weighted average life (in years)	6 years 8 months 12 days
Amortizable intangible assets, cost	$ 139	142
Amortizable intangible assets, accumulated amortization	106	107
Amortizable intangible assets, net	$ 33	35
Provider contracts
Other intangible assets:
Weighted average life (in years)	11 years 7 months 6 days
Amortizable intangible assets, cost	$ 73	73
Amortizable intangible assets, accumulated amortization	64	63
Amortizable intangible assets, net	$ 9	10
Noncompetes and other
Other intangible assets:
Weighted average life (in years)	8 years 4 months 24 days
Amortizable intangible assets, cost	$ 84	86
Amortizable intangible assets, accumulated amortization	42	40
Amortizable intangible assets, net	$ 42	$ 46

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 15,148	$ 5,061
Investment securities	15,145	13,881
Receivables, net of allowances of $73 in 2023 and $70 in 2022	1,824	1,674
Other current assets	6,136	5,567
Total current assets	38,253	26,183
Property and equipment, net	3,342	3,221
Long-term investment securities	370	380
Equity method investments	762	749
Goodwill	9,540	9,142
Other long-term assets	3,638	3,380
Total assets	55,905	43,055
Current liabilities:
Benefits payable	10,196	9,264
Trade accounts payable and accrued expenses	7,600	5,238
Book overdraft	246	298
Unearned revenues	7,536	286
Short-term debt	2,245	2,092
Total current liabilities	27,823	17,178
Long-term debt	9,483	9,034
Other long-term liabilities	1,595	1,473
Total liabilities	38,901	27,685
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; 198,690,082 shares issued at September 30, 2023 and 198,666,598 shares issued at December 31, 2022	33	33
Capital in excess of par value	3,362	3,246
Retained earnings	28,191	25,492
Accumulated other comprehensive loss	(1,503)	(1,304)
Treasury stock, at cost, 75,579,362 shares at September 30, 2023 and 73,691,955 shares at December 31, 2022	(13,134)	(12,156)
Total stockholders' equity	16,949	15,311
Noncontrolling interests	55	59
Total equity	17,004	15,370
Total liabilities and equity	$ 55,905	$ 43,055

INVESTMENT SECURITIES - Contractual Maturities of Debt Securities Available for Sale (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Amortized Cost
Due within one year	$ 659
Due after one year through five years	4,850
Due after five years through ten years	3,017
Due after ten years	1,229
Mortgage and asset-backed securities	7,711
Amortized Cost	17,466	$ 15,946
Fair Value
Due within one year	654
Due after one year through five years	4,565
Due after five years through ten years	2,573
Due after ten years	954
Mortgage and asset-backed securities	6,769
Fair Value	$ 15,515	$ 14,254

SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

SEGMENT INFORMATION

During December 2022, we realigned our businesses into two distinct segments: Insurance and CenterWell. The Insurance segment includes the businesses that were previously included in the Retail and Group and Specialty segments, as well as the Pharmacy Benefit Manager, or PBM, business which was previously included in the Healthcare Services segment. The CenterWell segment (formerly Healthcare Services) represents our payor-agnostic healthcare services offerings, including pharmacy dispensing services, primary care, and home services. In addition to the new segment classifications being utilized to assess performance and allocate resources, we believe this simpler structure will create greater collaboration across the Insurance and CenterWell businesses and will accelerate work that is underway to centralize and integrate operations within the organization. Prior period segment financial information has been recast to conform to the 2023 presentation.

Our two reportable segments, Insurance and CenterWell, 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 Insurance segment consists of Medicare benefits, marketed to individuals or directly via group Medicare accounts, as well as 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, dual eligible demonstration, and Long-Term Support Services benefits, which we refer to collectively as our state-based contracts. This segment also includes products consisting 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. In addition, our Insurance segment includes our Military business, primarily our T-2017 East Region contract, as well as the operations of our PBM business.

The CenterWell segment includes our pharmacy, primary care, and home solutions operations. The segment also includes our strategic partnerships with WCAS to develop and operate senior-focused, payor-agnostic, primary care centers, as well as our minority ownership interest in hospice operations. Services offered by this segment are designed to enhance the overall healthcare experience. These services may lead to lower utilization associated with improved member health and/or lower drug costs.

Our CenterWell intersegment revenues primarily relate to the operations of CenterWell Pharmacy (our mail- order pharmacy business), CenterWell Specialty Pharmacy, and retail pharmacies jointly located within CenterWell Senior Primary Care clinics.

In addition, our CenterWell intersegment revenues include revenues earned by certain owned providers derived from certain value-based arrangements with our health plans. Under these value-based arrangements, our owned providers enter into agreements with our health plans to stand ready to deliver, integrate, direct and control the administration and management of certain health care services for our members. In exchange, the owned provider receives a premium that is typically paid on a per-member per-month basis. These value-based arrangements represent a single performance obligation where revenues are recognized in the period in which we are obligated to provide integrated health care services to our members. Fee-for-service revenue is recognized at agreed upon rates, net of contractual allowances, as the performance obligation is completed on the date of service.

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 $5.7 billion and $5.4 billion for the three months ended September 30, 2023 and 2022, respectively. For the nine months ended September 30, 2023 and 2022 these amounts were $14.7 billion and $14.2 billion, respectively. In addition, depreciation and amortization expense associated with certain businesses delivering benefits to our members, primarily associated with our primary care and pharmacy operations, are included with benefits expense. The amount of this expense was $35 million and $30 million for the three months ended September 30, 2023 and 2022, respectively, and $102 million and $89 million for the nine months ended September 30, 2023 and 2022, respectively.

Other than those described previously, the accounting policies of each segment are the same. For additional information regarding our accounting policies refer to Note 2 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2022 Form 10-K. Transactions between reportable segments primarily consist of sales of products and services rendered by our CenterWell segment, primarily pharmacy, primary care, and home services, to our Insurance 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 and nine months ended September 30, 2023 and 2022:



	Insurance		CenterWell		Eliminations/ Corporate		Consolidated
Three months ended September 30, 2023	(in millions)
External revenues
Premiums:
Individual Medicare Advantage	$	19,637	$	—	$	—	$	19,637
Group Medicare Advantage	1,695		—		—		1,695
Medicare stand-alone PDP	493		—		—		493
Total Medicare	21,825		—		—		21,825
Commercial fully-insured	842		—		—		842
Specialty benefits	252		—		—		252
Medicare Supplement	185		—		—		185
State-based contracts and other	1,995		—		—		1,995
Total premiums	25,099		—		—		25,099
Services revenue:


Home solutions	—		342		—		342
Primary care	—		214		—		214
Commercial ASO	55		—		—		55
Military and other	202		—		—		202
Pharmacy solutions	—		203		—		203
Total services revenue	257		759		—		1,016
Total external revenues	25,356		759		—		26,115
Intersegment revenues
Services	1		1,307		(1,308)		—
Products	—		2,594		(2,594)		—
Total intersegment revenues	1		3,901		(3,902)		—
Investment income	154		—		154		308
Total revenues	25,511		4,660		(3,748)		26,423
Operating expenses:
Benefits	21,976		—		(231)		21,745
Operating costs	2,634		4,207		(3,570)		3,271

Depreciation and amortization	179		53		(31)		201
Total operating expenses	24,789		4,260		(3,832)		25,217
Income from operations	722		400		84		1,206

Interest expense	—		1		113		114
Other income, net	—		—		(6)		(6)
Income (loss) before income taxes and equity in net earnings	722		399		(23)		1,098
Equity in net losses	—		(12)		—		(12)
Segment earnings (loss)	$	722	$	387	$	(23)	$	1,086
Net loss (income) attributable to noncontrolling interests	3		(1)		—		2
Segment earnings (loss) attributable to Humana	$	725	$	386	$	(23)	$	1,088



	Insurance		CenterWell		Eliminations/ Corporate		Consolidated
Three months ended September 30, 2022	(in millions)
External revenues
Premiums:
Individual Medicare Advantage	$	16,007	$	—	$	—	$	16,007
Group Medicare Advantage	1,792		—		—		1,792
Medicare stand-alone PDP	534		—		—		534
Total Medicare	18,333		—		—		18,333
Commercial fully-insured	1,075		—		—		1,075
Specialty benefits	262		—		—		262
Medicare Supplement	188		—		—		188
State-based contracts and other	1,610		—		—		1,610
Total premiums	21,468		—		—		21,468
Services revenue:


Home solutions	—		519		—		519
Primary care	—		159		—		159
Commercial ASO	73		—		—		73
Military and other	137		—		—		137
Pharmacy solutions	—		271		—		271
Total services revenue	210		949		—		1,159
Total external revenues	21,678		949		—		22,627
Intersegment revenues
Services	14		863		(877)		—
Products	—		2,459		(2,459)		—
Total intersegment revenues	14		3,322		(3,336)		—
Investment income	51		3		118		172
Total revenues	21,743		4,274		(3,218)		22,799
Operating expenses:
Benefits	18,413		—		(29)		18,384
Operating costs	2,294		3,929		(3,162)		3,061

Depreciation and amortization	163		45		(26)		182
Total operating expenses	20,870		3,974		(3,217)		21,627
Income (loss) from operations	873		300		(1)		1,172
Gain on sale of Gentiva Hospice	—		(240)		—		(240)
Interest expense	—		—		102		102
Other expense, net	—		—		13		13
Income (loss) before income taxes and equity in net earnings	873		540		(116)		1,297
Equity in net earnings (losses)	8		(5)		—		3
Segment earnings (loss)	$	881	$	535	$	(116)	$	1,300
Net loss attributable to noncontrolling interests	2		—		—		2
Segment earnings (loss) attributable to Humana	$	883	$	535	$	(116)	$	1,302


	Insurance		CenterWell		Eliminations/ Corporate		Consolidated
Nine months ended September 30, 2023	(in millions)
External revenues
Premiums:
Individual Medicare Advantage	$	59,195	$	—	$	—	$	59,195
Group Medicare Advantage	5,192		—		—		5,192
Medicare stand-alone PDP	1,677		—		—		1,677
Total Medicare	66,064		—		—		66,064
Commercial fully-insured	2,810		—		—		2,810
Specialty benefits	758		—		—		758
Medicare Supplement	546		—		—		546
State-based contracts and other	5,966		—		—		5,966
Total premiums	76,144		—		—		76,144
Services revenue:


Home solutions	—		997		—		997
Primary care	—		605		—		605
Commercial ASO	190		—		—		190
Military and other	540		—		—		540
Pharmacy solutions	—		661		—		661
Total services revenue	730		2,263		—		2,993
Total external revenues	76,874		2,263		—		79,137
Intersegment revenues
Services	30		3,584		(3,614)		—
Products	—		7,848		(7,848)		—
Total intersegment revenues	30		11,432		(11,462)		—
Investment income	385		—		390		775
Total revenues	77,289		13,695		(11,072)		79,912
Operating expenses:
Benefits	66,096		—		(484)		65,612
Operating costs	7,597		12,526		(10,762)		9,361

Depreciation and amortization	516		152		(90)		578
Total operating expenses	74,209		12,678		(11,336)		75,551
Income from operations	3,080		1,017		264		4,361

Interest expense	—		2		345		347
Other expense, net	—		—		40		40
Income (loss) before income taxes and equity in net losses	3,080		1,015		(121)		3,974
Equity in net losses	(2)		(37)		—		(39)
Segment earnings (loss)	$	3,078	$	978	$	(121)	$	3,935
Net loss (income) attributable to noncontrolling interests	7		(1)		—		6
Segment earnings (loss) attributable to Humana	$	3,085	$	977	$	(121)	$	3,941


	Insurance		CenterWell		Eliminations/ Corporate		Consolidated
Nine months ended September 30, 2022	(in millions)
External Revenues
Premiums:
Individual Medicare Advantage	$	49,751	$	—	$	—	$	49,751
Group Medicare Advantage	5,524		—		—		5,524
Medicare stand-alone PDP	1,779		—		—		1,779
Total Medicare	57,054		—		—		57,054
Commercial fully-insured	3,324		—		—		3,324
Specialty benefits	784		—		—		784
Medicare Supplement	555		—		—		555
State-based contracts and other	4,720		—		—		4,720
Total premiums	66,437		—		—		66,437
Services revenue:


Home solutions	—		1,997		—		1,997
Primary care	—		409		—		409
Commercial ASO	225		—		—		225
Military and other	395		—		—		395
Pharmacy solutions	—		746		—		746
Total services revenue	620		3,152		—		3,772
Total external revenues	67,057		3,152		—		70,209
Intersegment revenues
Services	42		2,614		(2,656)		—
Products	—		7,394		(7,394)		—
Total intersegment revenues	42		10,008		(10,050)		—
Investment income	143		6		73		222
Total revenues	67,242		13,166		(9,977)		70,431
Operating expenses:
Benefits	57,311		—		(203)		57,108
Operating costs	6,486		12,002		(9,368)		9,120

Depreciation and amortization	469		136		(78)		527
Total operating expenses	64,266		12,138		(9,649)		66,755
Income (loss) from operations	2,976		1,028		(328)		3,676
Gain on sale of Gentiva Hospice	—		(240)		—		(240)
Interest expense	—		—		293		293
Other income, net	—		—		(16)		(16)
Income (loss) before income taxes and equity in net losses	2,976		1,268		(605)		3,639
Equity in net earnings (losses)	16		(15)		—		1
Segment earnings (loss)	$	2,992	$	1,253	$	(605)	$	3,640
Net loss (income) attributable to noncontrolling interests	2		(1)		—		1
Segment earnings (loss) attributable to Humana	$	2,994	$	1,252	$	(605)	$	3,641

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

SEGMENT INFORMATION - Segment Results (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Premiums	$ 25,099	$ 21,468	$ 76,144	$ 66,437
Services revenue	1,016	1,159	2,993	3,772
Total revenues	26,423	22,799	79,912	70,431
Investment income	308	172	775	222
Benefits	21,745	18,384	65,612	57,108
Operating costs	3,271	3,061	9,361	9,120
Depreciation and amortization	201	182	578	527
Total operating expenses	25,217	21,627	75,551	66,755
Income (loss) from operations	1,206	1,172	4,361	3,676
Gain on sale of Gentiva Hospice	0	(240)	0	(240)
Interest expense	114	102	347	293
Other expense (income), net	(6)	13	40	(16)
Income (loss) before income taxes and equity in net losses	1,098	1,297	3,974	3,639
Equity in net earnings (losses)	(12)	3	(39)	1
Segment earnings (loss)	1,086	1,300	3,935	3,640
Net loss (income) attributable to noncontrolling interests	2	2	6	1
Segment earnings (loss) attributable to Humana	1,088	1,302	3,941	3,641
Products
Segment Reporting Information [Line Items]
Premiums	25,099	21,468	76,144	66,437
Products \| Total Medicare
Segment Reporting Information [Line Items]
Premiums	21,825	18,333	66,064	57,054
Products \| Individual Medicare Advantage
Segment Reporting Information [Line Items]
Premiums	19,637	16,007	59,195	49,751
Products \| Group Medicare Advantage
Segment Reporting Information [Line Items]
Premiums	1,695	1,792	5,192	5,524
Products \| Medicare stand-alone PDP
Segment Reporting Information [Line Items]
Premiums	493	534	1,677	1,779
Products \| Commercial fully-insured
Segment Reporting Information [Line Items]
Premiums	842	1,075	2,810	3,324
Products \| Specialty benefits
Segment Reporting Information [Line Items]
Premiums	252	262	758	784
Products \| Medicare Supplement
Segment Reporting Information [Line Items]
Premiums	185	188	546	555
Products \| State-based contracts and other
Segment Reporting Information [Line Items]
Premiums	1,995	1,610	5,966	4,720
Services
Segment Reporting Information [Line Items]
Services revenue	1,016	1,159	2,993	3,772
Services \| Home solutions
Segment Reporting Information [Line Items]
Services revenue	342	519	997	1,997
Services \| Primary care
Segment Reporting Information [Line Items]
Services revenue	214	159	605	409
Services \| Commercial ASO
Segment Reporting Information [Line Items]
Services revenue	55	73	190	225
Services \| Military and other
Segment Reporting Information [Line Items]
Services revenue	202	137	540	395
Services \| Pharmacy solutions
Segment Reporting Information [Line Items]
Services revenue	203	271	661	746
Total external revenues
Segment Reporting Information [Line Items]
Total revenues	26,115	22,627	79,137	70,209
Operating segments \| Insurance
Segment Reporting Information [Line Items]
Total revenues	25,511	21,743	77,289	67,242
Investment income	154	51	385	143
Benefits	21,976	18,413	66,096	57,311
Operating costs	2,634	2,294	7,597	6,486
Depreciation and amortization	179	163	516	469
Total operating expenses	24,789	20,870	74,209	64,266
Income (loss) from operations	722	873	3,080	2,976
Gain on sale of Gentiva Hospice		0		0
Interest expense	0	0	0	0
Other expense (income), net	0	0	0	0
Income (loss) before income taxes and equity in net losses	722	873	3,080	2,976
Equity in net earnings (losses)	0	8	(2)	16
Segment earnings (loss)	722	881	3,078	2,992
Net loss (income) attributable to noncontrolling interests	3	2	7	2
Segment earnings (loss) attributable to Humana	725	883	3,085	2,994
Operating segments \| Insurance \| Products
Segment Reporting Information [Line Items]
Premiums	25,099	21,468	76,144	66,437
Operating segments \| Insurance \| Products \| Total Medicare
Segment Reporting Information [Line Items]
Premiums	21,825	18,333	66,064	57,054
Operating segments \| Insurance \| Products \| Individual Medicare Advantage
Segment Reporting Information [Line Items]
Premiums	19,637	16,007	59,195	49,751
Operating segments \| Insurance \| Products \| Group Medicare Advantage
Segment Reporting Information [Line Items]
Premiums	1,695	1,792	5,192	5,524
Operating segments \| Insurance \| Products \| Medicare stand-alone PDP
Segment Reporting Information [Line Items]
Premiums	493	534	1,677	1,779
Operating segments \| Insurance \| Products \| Commercial fully-insured
Segment Reporting Information [Line Items]
Premiums	842	1,075	2,810	3,324
Operating segments \| Insurance \| Products \| Specialty benefits
Segment Reporting Information [Line Items]
Premiums	252	262	758	784
Operating segments \| Insurance \| Products \| Medicare Supplement
Segment Reporting Information [Line Items]
Premiums	185	188	546	555
Operating segments \| Insurance \| Products \| State-based contracts and other
Segment Reporting Information [Line Items]
Premiums	1,995	1,610	5,966	4,720
Operating segments \| Insurance \| Services
Segment Reporting Information [Line Items]
Services revenue	257	210	730	620
Operating segments \| Insurance \| Services \| Home solutions
Segment Reporting Information [Line Items]
Services revenue	0	0	0	0
Operating segments \| Insurance \| Services \| Primary care
Segment Reporting Information [Line Items]
Services revenue	0	0	0	0
Operating segments \| Insurance \| Services \| Commercial ASO
Segment Reporting Information [Line Items]
Services revenue	55	73	190	225
Operating segments \| Insurance \| Services \| Military and other
Segment Reporting Information [Line Items]
Services revenue	202	137	540	395
Operating segments \| Insurance \| Services \| Pharmacy solutions
Segment Reporting Information [Line Items]
Services revenue	0	0	0	0
Operating segments \| Insurance \| Total external revenues
Segment Reporting Information [Line Items]
Total revenues	25,356	21,678	76,874	67,057
Operating segments \| CenterWell
Segment Reporting Information [Line Items]
Total revenues	4,660	4,274	13,695	13,166
Investment income	0	3	0	6
Benefits	0	0	0	0
Operating costs	4,207	3,929	12,526	12,002
Depreciation and amortization	53	45	152	136
Total operating expenses	4,260	3,974	12,678	12,138
Income (loss) from operations	400	300	1,017	1,028
Gain on sale of Gentiva Hospice		(240)		(240)
Interest expense	1	0	2	0
Other expense (income), net	0	0	0	0
Income (loss) before income taxes and equity in net losses	399	540	1,015	1,268
Equity in net earnings (losses)	(12)	(5)	(37)	(15)
Segment earnings (loss)	387	535	978	1,253
Net loss (income) attributable to noncontrolling interests	(1)	0	(1)	(1)
Segment earnings (loss) attributable to Humana	386	535	977	1,252
Operating segments \| CenterWell \| Products
Segment Reporting Information [Line Items]
Premiums	0	0	0	0
Operating segments \| CenterWell \| Products \| Total Medicare
Segment Reporting Information [Line Items]
Premiums	0	0	0	0
Operating segments \| CenterWell \| Products \| Individual Medicare Advantage
Segment Reporting Information [Line Items]
Premiums	0	0	0	0
Operating segments \| CenterWell \| Products \| Group Medicare Advantage
Segment Reporting Information [Line Items]
Premiums	0	0	0	0
Operating segments \| CenterWell \| Products \| Medicare stand-alone PDP
Segment Reporting Information [Line Items]
Premiums	0	0	0	0
Operating segments \| CenterWell \| Products \| Commercial fully-insured
Segment Reporting Information [Line Items]
Premiums	0	0	0	0
Operating segments \| CenterWell \| Products \| Specialty benefits
Segment Reporting Information [Line Items]
Premiums	0	0	0	0
Operating segments \| CenterWell \| Products \| Medicare Supplement
Segment Reporting Information [Line Items]
Premiums	0	0	0	0
Operating segments \| CenterWell \| Products \| State-based contracts and other
Segment Reporting Information [Line Items]
Premiums	0	0	0	0
Operating segments \| CenterWell \| Services
Segment Reporting Information [Line Items]
Services revenue	759	949	2,263	3,152
Operating segments \| CenterWell \| Services \| Home solutions
Segment Reporting Information [Line Items]
Services revenue	342	519	997	1,997
Operating segments \| CenterWell \| Services \| Primary care
Segment Reporting Information [Line Items]
Services revenue	214	159	605	409
Operating segments \| CenterWell \| Services \| Commercial ASO
Segment Reporting Information [Line Items]
Services revenue	0	0	0	0
Operating segments \| CenterWell \| Services \| Military and other
Segment Reporting Information [Line Items]
Services revenue	0	0	0	0
Operating segments \| CenterWell \| Services \| Pharmacy solutions
Segment Reporting Information [Line Items]
Services revenue	203	271	661	746
Operating segments \| CenterWell \| Total external revenues
Segment Reporting Information [Line Items]
Total revenues	759	949	2,263	3,152
Eliminations/ Corporate
Segment Reporting Information [Line Items]
Total revenues	(3,748)	(3,218)	(11,072)	(9,977)
Investment income	154	118	390	73
Benefits	(231)	(29)	(484)	(203)
Operating costs	(3,570)	(3,162)	(10,762)	(9,368)
Depreciation and amortization	(31)	(26)	(90)	(78)
Total operating expenses	(3,832)	(3,217)	(11,336)	(9,649)
Income (loss) from operations	84	(1)	264	(328)
Gain on sale of Gentiva Hospice		0		0
Interest expense	113	102	345	293
Other expense (income), net	(6)	13	40	(16)
Income (loss) before income taxes and equity in net losses	(23)	(116)	(121)	(605)
Equity in net earnings (losses)	0	0	0	0
Segment earnings (loss)	(23)	(116)	(121)	(605)
Net loss (income) attributable to noncontrolling interests	0	0	0	0
Segment earnings (loss) attributable to Humana	(23)	(116)	(121)	(605)
Eliminations/ Corporate \| Insurance
Segment Reporting Information [Line Items]
Total revenues	1	14	30	42
Eliminations/ Corporate \| Insurance \| Products
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Eliminations/ Corporate \| Insurance \| Services
Segment Reporting Information [Line Items]
Total revenues	1	14	30	42
Eliminations/ Corporate \| CenterWell
Segment Reporting Information [Line Items]
Total revenues	3,901	3,322	11,432	10,008
Eliminations/ Corporate \| CenterWell \| Products
Segment Reporting Information [Line Items]
Total revenues	2,594	2,459	7,848	7,394
Eliminations/ Corporate \| CenterWell \| Services
Segment Reporting Information [Line Items]
Total revenues	1,307	863	3,584	2,614
Intersegment Eliminations
Segment Reporting Information [Line Items]
Total revenues	(3,902)	(3,336)	(11,462)	(10,050)
Intersegment Eliminations \| Products
Segment Reporting Information [Line Items]
Total revenues	(2,594)	(2,459)	(7,848)	(7,394)
Intersegment Eliminations \| Services
Segment Reporting Information [Line Items]
Total revenues	$ (1,308)	$ (877)	$ (3,614)	$ (2,656)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income attributable to Humana	$ 832	$ 1,195	$ 3,030	$ 2,821
Other comprehensive income (loss):
Change in gross unrealized investment losses	(365)	(590)	(314)	(1,982)
Effect of income taxes	85	135	73	455
Total change in unrealized investment losses, net of tax	(280)	(455)	(241)	(1,527)
Reclassification adjustment for net realized losses	3	50	56	23
Effect of income taxes	0	(11)	(14)	(5)
Total reclassification adjustment, net of tax	3	39	42	18
Other comprehensive loss, net of tax	(277)	(416)	(199)	(1,509)
Comprehensive income attributable to Humana	$ 555	$ 779	$ 2,831	$ 1,312

COMMITMENTS, GUARANTEES AND CONTINGENCIES	9 Months Ended
COMMITMENTS, GUARANTEES AND CONTINGENCIES	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS, GUARANTEES AND CONTINGENCIES	COMMITMENTS, GUARANTEES AND CONTINGENCIES Government Contracts Our Medicare products, which accounted for approximately 83% of our total premiums and services revenue for the nine months ended September 30, 2023, 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 2023, and all of our product offerings filed with CMS for 2023 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 account for certain demographic characteristics and health status of our enrolled members. 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, collected from providers, to calculate the health status-related risk-adjusted premium payment to MA plans, which CMS further adjusts for coding pattern differences between the health plans and the government fee-for-service, or FFS, 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 health status-adjusted 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. CMS and the Office of the Inspector General of Health and Human Services, or HHS-OIG, perform audits of various companies’ risk adjustment diagnosis data submissions. 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 that influence the calculation of health status-related premium payments to MA plans. In 2012, CMS released an MA contract-level RADV methodology that would extrapolate the results of each CMS RADV audit sample to the audited MA contract’s entire health status-related risk adjusted premium amount for the year under audit. In doing so, CMS recognized “that the documentation standard used in RADV audits to determine a contract’s payment error (medical records) is different from the documentation standard used to develop the Part C risk-adjustment model (FFS claims).” To correct for this difference, CMS stated that it would apply a “Fee-for-Service Adjuster (FFS Adjuster)” as “an offset to the preliminary recovery amount.” This adjuster would be “calculated by CMS based on a RADV-like review of records submitted to support FFS claims data.” CMS stated that this methodology would apply to audits beginning with PY 2011. Humana relied on CMS’s 2012 guidance in submitting MA bids to CMS. Humana also launched a “Self-Audits” program in 2013 that applied CMS’s 2012 RADV audit methodology and included an estimated FFS Adjuster. Humana completed Self-Audits for PYs 2011-2016 and reported results to CMS. In October 2018, however, CMS issued a proposed rule announcing possible changes to the RADV audit methodology, including elimination of the FFS Adjuster. CMS proposed applying its revised methodology, including extrapolated recoveries without application of a FFS Adjuster, to RADV audits dating back to PY 2011. On January 30, 2023, CMS published a final rule related to the RADV audit methodology (Final RADV Rule). The Final RADV Rule confirmed CMS’s decision to eliminate the FFS Adjuster. The Final RADV Rule states CMS’s intention to extrapolate results from CMS and HHS-OIG RADV audits beginning with PY 2018, rather than PY 2011 as proposed. However, CMS’s Final RADV Rule does not adopt a specific sampling, extrapolation or audit methodology. CMS instead stated its general plan to rely on “any statistically valid method . . . that is determined to be well-suited to a particular audit.” We believe that the Final RADV Rule fails to address adequately the statutory requirement of actuarial equivalence and violates the Administrative Procedure Act (“APA”). CMS failed to meet its legal obligations in the federal rulemaking process to give a reasoned justification for the rule or provide a meaningful opportunity for public comment. They also chose to apply the rule retroactively rather than prospectively, as required by law. Humana’s actuarially certified bids through PY 2023 preserved Humana’s position that CMS should apply an FFS Adjuster in any RADV audit that CMS intends to extrapolate. We expect CMS to apply the Final RADV Rule, including the first application of extrapolated audit results to determine audit settlements without a FFS Adjuster, to CMS and HHS-OIG RADV audits conducted for PY 2018 and subsequent years. The Final RADV Rule, including the lack of a FFS Adjuster, 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. On September 1, 2023, Humana Inc. and Humana Benefit Plan of Texas, Inc. filed suit against the United States Department of Health and Human Services, and Xavier Becerra in his official capacity as Secretary, in the United States District Court, Northern District of Texas, Fort Worth Division seeking a determination that the Final RADV Rule violates the APA and should be set aside. We remain committed to working alongside CMS to promote the integrity of the MA program as well as affordability and cost certainty for our members. It is critical that MA plans are paid accurately and that payment model principles, including the application of a FFS Adjuster, 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 7% of our total premiums and services revenue for the nine months ended September 30, 2023 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 September 30, 2023, our Military business, which accounted for approximately 1% of our total premiums and services revenue for the nine months ended September 30, 2023, primarily consisted of the TRICARE T2017 East Region contract. The T2017 East Region contract comprises 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, which was originally set to expire on December 31, 2022, was subsequently extended by the DoD and is currently scheduled to expire on December 31, 2023, unless further extended. In December 2022, we were awarded the next generation of TRICARE Managed Care Support Contracts, or T-5, for the TRICARE East Region by the Defense Health Agency of the DoD. The contract is expected to go into effect in 2024. Until then the T2017 contract remains in place. Under the terms of the award, our service area covers approximately 4.6 million beneficiaries in a region consisting of 24 states and Washington, D.C. The length of the contract is one base year with eight annual option periods, which, if all options are exercised, would result in a total contract length of nine years. 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 cooperated with the Department of Justice, and we have not heard from the Department of Justice on this matter since 2020. 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., currently pending in United States District Court, Western District of Kentucky, Louisville 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 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. As of September 30, 2023, we have accrued certain anticipated expenses in connection with this matter. On September 1, 2023, Humana Inc. and Humana Benefit Plan of Texas, Inc. filed suit against the United States Department of Health and Human Services, and Xavier Becerra in his official capacity as Secretary, in the United States District Court, Northern District of Texas, Fort Worth Division seeking a determination that the Final RADV Rule violates the APA and should be set aside. There is no assurance that we will prevail in the lawsuit. See “Government Contracts” in this footnote to the unaudited Consolidated Financial Statements of this Form 10-Q for additional information regarding this matter. 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, sales practices, and provision of care by our healthcare services businesses, 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.

SEGMENT INFORMATION - Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
SEGMENT INFORMATION - Narrative (Details) $ in Millions	Dec. 31, 2022 segment	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) segment	Sep. 30, 2022 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment	2			2
Member co-share amounts and government subsidies		$ 5,700	$ 5,400	$ 14,700	$ 14,200
Depreciation and amortization classified as benefit expense		$ 35	$ 30	$ 102	$ 89

GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization	$ 17	$ 25	$ 51	$ 61

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income attributable to Humana	$ 832	$ 1,195	$ 3,030	$ 2,821

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
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+ Details

BENEFITS PAYABLE (Tables)

9 Months Ended

Sep. 30, 2023

Insurance [Abstract]

Schedule of Activity in Benefits Payable

On a consolidated basis, which represents our Insurance segment net of eliminations, activity in benefits payable was as follows for the nine months ended September 30, 2023 and 2022:


	For the nine months ended September 30,
	2023		2022
	(in millions)
Balances, beginning of period	$	9,264	$	8,289
Acquisitions	62		—
Incurred related to:
Current year	66,370		57,512
Prior years	(758)		(404)
Total incurred	65,612		57,108
Paid related to:
Current year	(56,700)		(48,835)
Prior years	(8,042)		(7,325)
Total paid	(64,742)		(56,160)
Balances, end of period	$	10,196	$	9,237

DEBT - Revolving Credit Agreements (Details) - USD ($)	1 Months Ended			9 Months Ended
DEBT - Revolving Credit Agreements (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2023
Term Loan
Line of Credit Facility [Line Items]
Actual debt to capitalization percentage				41.10%
Revolving credit facility
Line of Credit Facility [Line Items]
Debt to capitalization percentage, maximum				60.00%
Outstanding borrowings				$ 0
Uncommitted incremental loan facility				$ 750,000,000
Revolving credit facility \| 5-year unsecured revolving credit agreement June 2023
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)				0.09%
Remaining borrowing capacity				$ 2,482,000,000
Revolving credit facility \| 5-year unsecured revolving credit agreement June 2023 \| Minimum
Line of Credit Facility [Line Items]
Facility fee (percent)				0.08%
Revolving credit facility \| 5-year unsecured revolving credit agreement June 2023 \| Maximum
Line of Credit Facility [Line Items]
Facility fee (percent)				0.20%
Revolving credit facility \| 5-year unsecured revolving credit agreement June 2023 \| SOFR
Line of Credit Facility [Line Items]
Basis points spread on variable rate (percent)				1.035%
Revolving credit facility \| 5-year unsecured revolving credit agreement June 2023 \| SOFR \| Minimum
Line of Credit Facility [Line Items]
Basis points spread on variable rate (percent)				0.92%
Revolving credit facility \| 5-year unsecured revolving credit agreement June 2023 \| SOFR \| Maximum
Line of Credit Facility [Line Items]
Basis points spread on variable rate (percent)				1.30%
Revolving credit facility \| 5-year unsecured revolving credit agreement June 2021
Line of Credit Facility [Line Items]
Debt instrument term (in years)			5 years
Maximum borrowing capacity			$ 2,500,000,000
Revolving credit facility \| 364-day unsecured revolving credit agreement June 2023
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)				0.07%
Remaining borrowing capacity				$ 1,500,000,000
Revolving credit facility \| 364-day unsecured revolving credit agreement June 2023 \| Minimum
Line of Credit Facility [Line Items]
Facility fee (percent)				0.06%
Revolving credit facility \| 364-day unsecured revolving credit agreement June 2023 \| Maximum
Line of Credit Facility [Line Items]
Facility fee (percent)				0.15%
Revolving credit facility \| 364-day unsecured revolving credit agreement June 2023 \| SOFR
Line of Credit Facility [Line Items]
Basis points spread on variable rate (percent)				1.055%
Revolving credit facility \| 364-day unsecured revolving credit agreement June 2023 \| SOFR \| Minimum
Line of Credit Facility [Line Items]
Basis points spread on variable rate (percent)				0.94%
Revolving credit facility \| 364-day unsecured revolving credit agreement June 2023 \| SOFR \| Maximum
Line of Credit Facility [Line Items]
Basis points spread on variable rate (percent)				1.35%
Revolving credit facility \| 364-day unsecured revolving credit agreement June 2022
Line of Credit Facility [Line Items]
Debt instrument term (in years)		364 days
Maximum borrowing capacity		$ 1,500,000,000
Letter of credit
Line of Credit Facility [Line Items]
Outstanding borrowings				$ 18,000,000

DEBT - Debt Outstanding (Details) - USD ($)	Sep. 30, 2023	Aug. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total short-term debt	$ 2,245,000,000			$ 2,092,000,000
Total long-term debt	9,483,000,000			9,034,000,000
Senior Notes
Debt Instrument [Line Items]
Total senior notes	0			1,497,000,000
Total long-term debt	9,483,000,000			8,534,000,000
Senior Notes \| $1.5 billion, 0.650% due August 3, 2023
Debt Instrument [Line Items]
Aggregate principal	$ 1,500,000,000		$ 1,500,000,000
Stated interest rate (percent)	0.65%		0.65%
Total senior notes	$ 0			1,497,000,000
Senior Notes \| $600 million, 3.850% due October 1, 2024
Debt Instrument [Line Items]
Aggregate principal	$ 600,000,000		$ 600,000,000
Stated interest rate (percent)	3.85%		3.85%
Total long-term debt	$ 572,000,000			599,000,000
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	$ 598,000,000			597,000,000
Senior Notes \| $500 million, 5.700% due March 13, 2026
Debt Instrument [Line Items]
Aggregate principal	$ 500,000,000		$ 500,000,000
Stated interest rate (percent)	5.70%		5.70%
Total long-term debt	$ 497,000,000			0
Senior Notes \| $750 million, 1.350% due February 3, 2027
Debt Instrument [Line Items]
Aggregate principal	$ 750,000,000	$ 750,000,000
Stated interest rate (percent)	1.35%	1.35%
Total long-term debt	$ 688,000,000			745,000,000
Senior Notes \| $600 million, 3.950% due March 15, 2027
Debt Instrument [Line Items]
Aggregate principal	$ 600,000,000	$ 600,000,000
Stated interest rate (percent)	3.95%	3.95%
Total long-term debt	$ 537,000,000			597,000,000
Senior Notes \| $500 million, 5.750% due March 1, 2028
Debt Instrument [Line Items]
Aggregate principal	$ 500,000,000
Stated interest rate (percent)	5.75%
Total long-term debt	$ 495,000,000			494,000,000
Senior Notes \| $750 million, 3.700% due March 23, 2029
Debt Instrument [Line Items]
Aggregate principal	$ 750,000,000	$ 750,000,000
Stated interest rate (percent)	3.70%	3.70%
Total long-term debt	$ 689,000,000			743,000,000
Senior Notes \| $500 million, 3.125% due August 15, 2029
Debt Instrument [Line Items]
Aggregate principal	$ 500,000,000	$ 500,000,000
Stated interest rate (percent)	3.125%	3.125%
Total long-term debt	$ 458,000,000			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	$ 496,000,000			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	$ 743,000,000			743,000,000
Senior Notes \| $750 million, 5.875% due March 1, 2033
Debt Instrument [Line Items]
Aggregate principal	$ 750,000,000
Stated interest rate (percent)	5.875%
Total long-term debt	$ 715,000,000			739,000,000
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			396,000,000
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
Senior Notes \| $750 million, 5.500% due March 15, 2053
Debt Instrument [Line Items]
Aggregate principal	$ 750,000,000		$ 750,000,000
Stated interest rate (percent)	5.50%		5.50%
Total long-term debt	$ 709,000,000			0
Term Loan
Debt Instrument [Line Items]
Total long-term debt	0			500,000,000
Term Loan \| Delayed draw term loan, due May 28, 2024
Debt Instrument [Line Items]
Total long-term debt	0			500,000,000
Commercial paper
Debt Instrument [Line Items]
Short-term debt	$ 2,245,000,000			$ 595,000,000

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The effective income tax rate was 23.5% and 23.1% for the three and nine months ended September 30, 2023, respectively, and 8.2% and 22.5% for the three and nine months ended September 30, 2022, respectively. The year-over-year increase in the effective income tax rate is primarily due to the August 2022 disposition of our 60% interest in Gentiva Hospice, which resulted in an increase to our tax basis in both the shares sold and the shares retained, thereby reducing the effective income tax rate for the three and nine months ended September 30, 2022. For additional information regarding income taxes, refer to Note 2 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2022 Form 10-K.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

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+ Details

MEDICARE PART D (Tables)

9 Months Ended

Sep. 30, 2023

Insurance [Abstract]

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 September 30, 2023 and December 31, 2022. 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. For additional information regarding our prescription drug benefits coverage in accordance with Medicare Part D, refer to Note 2 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2022 Form 10-K.


	September 30, 2023				December 31, 2022
	Risk Corridor Settlement		CMS Subsidies/ Discounts		Risk Corridor Settlement		CMS Subsidies/ Discounts
	(in millions)
Other current assets	$	131	$	517	$	240	$	696
Trade accounts payable and accrued expenses	(150)		(3,566)		(166)		(1,236)
Net current (liability) asset	(19)		(3,049)		74		(540)
Other long-term assets	235		—		19		—
Other long-term liabilities	(123)		—		(78)		—
Net long-term asset (liability)	112		—		(59)		—
Total net asset (liability)	$	93	$	(3,049)	$	15	$	(540)

FAIR VALUE - Significant Unobservable Inputs (Level 3) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance at January 1	$ 101	$ 68
Total gains or losses:
Realized in earnings	0	0
Unrealized in other comprehensive income	(1)	0
Purchases	13	(12)
Sales	0	44
Maturities	(4)	0
Transfer out	(4)
Balance at September 30	$ 105	$ 100

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Amount of Goodwill By Reportable Segments

Changes in the carrying amount of goodwill for our reportable segments for the nine months ended September 30, 2023 were as follows:


	Insurance		CenterWell		Total
	(in millions)
Balance at January 1, 2023	$	2,472	$	6,670	$	9,142
Acquisitions	191		207		398


Balance at September 30, 2023	$	2,663	$	6,877	$	9,540

Schedule of Other Intangible Assets, Indefinite-Lived

The following table presents details of our other intangible assets included in other long-term assets in the accompanying condensed consolidated balance sheets at September 30, 2023 and December 31, 2022:


		September 30, 2023						December 31, 2022
	Weighted Average Life	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
		($ in millions)
Other intangible assets:
Certificates of need	Indefinite	$	1,132	$	—	$	1,132	$	1,132	$	—	$	1,132
Medicare licenses	Indefinite	302		—		302		286		—		286
Customer contracts/ relationships	9.4 years	955		708		247		929		673		256
Trade names and technology	6.7 years	139		106		33		142		107		35
Provider contracts	11.6 years	73		64		9		73		63		10
Noncompetes and other	8.4 years	84		42		42		86		40		46

Total other intangible assets	9.2 years	$	2,685	$	920	$	1,765	$	2,648	$	883	$	1,765

Schedule of Other Intangible Assets, Amortizable


		September 30, 2023						December 31, 2022
	Weighted Average Life	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
		($ in millions)
Other intangible assets:
Certificates of need	Indefinite	$	1,132	$	—	$	1,132	$	1,132	$	—	$	1,132
Medicare licenses	Indefinite	302		—		302		286		—		286
Customer contracts/ relationships	9.4 years	955		708		247		929		673		256
Trade names and technology	6.7 years	139		106		33		142		107		35
Provider contracts	11.6 years	73		64		9		73		63		10
Noncompetes and other	8.4 years	84		42		42		86		40		46

Total other intangible assets	9.2 years	$	2,685	$	920	$	1,765	$	2,648	$	883	$	1,765

Schedule of Estimated Amortization Expense

The following table presents our estimate of amortization expense remaining for 2023 and each of the next five succeeding years at September 30, 2023:


	(in millions)
For the years ending December 31,
2023	$	15
2024	60
2025	58
2026	44
2027	34
2028	29

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

EARNINGS PER COMMON SHARE COMPUTATION (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income available for common stockholders	$ 832	$ 1,195	$ 3,030	$ 2,821
Weighted average outstanding shares of common stock used to compute basic earnings per common share (in shares)	123,426	126,572	124,335	126,678
Shares used to compute diluted earnings per common share (in shares)	123,983	127,356	124,885	127,305
Basic earnings per common share (in dollars per share)	$ 6.74	$ 9.45	$ 24.37	$ 22.27
Diluted earnings per common share (in dollars per share)	$ 6.71	$ 9.39	$ 24.26	$ 22.16
Number of antidilutive stock options and restricted stock excluded from computation (in shares)	137	78	251	267
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)	26	61	31	50
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)	531	723	519	577

ACQUISITIONS AND DIVESTITURES (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - Gentiva Hospice - USD ($) $ in Millions		3 Months Ended	9 Months Ended
	Aug. 11, 2022	Sep. 30, 2022	Sep. 30, 2022
Business Acquisition [Line Items]
Equity interest sold	60.00%
Consideration to be received	$ 2,700
Pre-tax gain, net of transaction costs	240
Revenue		$ 177	$ 958
Pretax earnings		$ 24	$ 150
Term Loan Due October 2023 \| Term Loan
Business Acquisition [Line Items]
Repayment of debt	$ 1,900

DEBT - Commercial Paper and Other Short-term Borrowings (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Commercial paper
Short-term Debt [Line Items]
Maximum amount outstanding during period	$ 2,300,000,000
Short-term debt outstanding	$ 2,245,000,000	$ 595,000,000
Weighted average annual interest rate (percent)	5.58%
FHLB borrowings
Short-term Debt [Line Items]
Short-term debt outstanding	$ 0

STOCKHOLDERS' EQUITY - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions	Oct. 27, 2023	Jul. 28, 2023	Apr. 28, 2023	Jan. 27, 2023
Equity, Class of Treasury Stock [Line Items]
Amount per Share (in dollars per share)		$ 0.8850	$ 0.8850	$ 0.7875
Total Amount		$ 110	$ 111	$ 98
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Amount per Share (in dollars per share)	$ 0.8850
Total Amount	$ 109

FAIR VALUE - Narrative (Details) - USD ($)	9 Months Ended
FAIR VALUE - Narrative (Details) - USD ($)	Sep. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 105,000,000		$ 101,000,000	$ 100,000,000	$ 68,000,000
Put option
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of financial liability	410,000,000		267,000,000
Call option
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of financial asset	12,000,000		10,000,000
Term Loan And Commercial Paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term debt	2,200,000,000		1,100,000,000
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt outstanding	9,500,000,000		10,000,000,000
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt outstanding	8,700,000,000		$ 9,400,000,000
Interest Rate Swap Maturing 2032 \| Interest rate swaps
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative, Notional Amount	650,000,000
Interest Rate Swap Maturing 2033 \| Interest rate swaps
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative, Notional Amount	250,000,000
5.88 Percent Senior Notes Due 2023 \| Senior notes:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Aggregate principal	$ 750,000,000
Stated interest rate (percent)	5.875%
$750 million, 5.500% due March 15, 2053 \| Senior notes:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Aggregate principal	$ 750,000,000	$ 750,000,000
Stated interest rate (percent)	5.50%	5.50%
$750 million, 5.500% due March 15, 2053 \| Senior notes: \| SOFR
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate (percent)	5.50%
Unobservable Inputs (Level 3) \| Investments \| Fair Value Risk
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Concentration risk (percent)	0.30%

BASIS OF PRESENTATION AND SIGNIFICANT EVENTS (Policies)	9 Months Ended
BASIS OF PRESENTATION AND SIGNIFICANT EVENTS (Policies)	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements are presented in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the disclosures normally required by accounting principles generally accepted in the United States of America, or GAAP, or those normally made in an Annual Report on Form 10-K. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. For further information, the reader of this Form 10-Q should refer to our Form 10-K for the year ended December 31, 2022, that was filed with the Securities and Exchange Commission, or the SEC, on February 16, 2023. We refer to this Form 10-K as the “2022 Form 10-K” in this document. References throughout this document to “we,” “us,” “our,” “Company,” and “Humana” mean Humana Inc. and its subsidiaries. The preparation of our condensed consolidated financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. The areas involving the most significant use of estimates are the estimation of benefits payable, the impact of risk adjustment provisions related to our Medicare contracts, the valuation and related impairment recognition of investment securities, and the valuation and related impairment recognition of long-lived assets, including goodwill and indefinite-lived intangible assets. These estimates are based on knowledge of current events and anticipated future events, and accordingly, actual results may ultimately differ materially from those estimates. For additional information regarding accounting policies considered in preparing our consolidated financial statements, refer to Note 2 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2022 Form 10-K. The financial information has been prepared in accordance with our customary accounting practices and has not been audited. In our opinion, the information presented reflects all adjustments necessary for a fair statement of interim results. All such adjustments are of a normal and recurring nature. Employer Group Commercial Medical Products Business Exit In February 2023, we announced our planned exit from the Employer Group Commercial Medical Products business, which includes all fully insured, self-funded and Federal Employee Health Benefit medical plans, as well as associated wellness and rewards programs. No other Humana health plan offerings are materially affected. Following a strategic review, we determined the Employer Group Commercial Medical Products business was no longer positioned to sustainably meet the needs of commercial members over the long term or support our long-term strategic plans. The exit from this line of business will be phased over the 18 to 24 months following our February 2023 announcement. Value Creation Initiatives During 2022, in order to create capacity to fund growth and investment in our Medicare Advantage business and further expansion of our healthcare services capabilities beginning in 2023, we committed to drive additional value for the enterprise through cost saving, productivity initiatives, and value acceleration from previous investments. As a result of these initiatives, during the three and nine months ended September 30, 2022, we recorded charges of $82 million and $285 million, respectively. For the three and nine months ended September 30, 2022, these charges primarily relate to $4 million and $144 million, respectively, in asset impairments, including software and abandonment, and $44 million and $65 million, respectively, of severance charges in connection with workforce optimization. The remainder of the charges primarily relate to external consulting fees. During the three months ended September 30, 2023, we recorded charges of $52 million primarily in asset impairments relating to software and abandonment. In connection with these initiatives, we expect to incur additional charges through the end of 2024. These charges are recorded at the corporate level and not allocated to the segments.
Revenue Recognition	Revenue Recognition Our revenues include premiums and services revenue. Services revenue includes administrative service fees that are recorded based upon established per member per month rates and the number of members for the month and are recognized as services are provided for the month. Additionally, services revenue includes net patient services revenue that are recorded based upon established billing rates, less allowances for contractual adjustments, and are recognized as services are provided. For additional information regarding our revenues, refer to Note 2 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2022 Form 10-K. For additional information regarding disaggregation of revenue by segment and type, refer to Note 14 to the unaudited Condensed Consolidated Financial Statements included in Part I, Item 1, "Financial Statements" of this Form 10-Q.
Recently Issued Accounting Pronouncements	In November 2020, the FASB issued Accounting Standards Update No. 2020-11, Financial Services—Insurance (Topic 944): Effective Date and Early Application (“ASU 2020-11”). The amendments in ASU 2020-11 make changes to the effective date and early application of Accounting Standards Update No. 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (“ASU 2018-12”), which was issued in November 2018. The amendments in ASU 2020-11 have extended the original effective date by one year, and now the amendments are required for our interim and annual reporting periods beginning after December 15, 2022. The new guidance relates to accounting for long-duration contracts of insurers which revises key elements of the measurement models and disclosure requirements for long-duration contracts issued by insurers, including the amortization of deferred contract acquisition costs and the measurement of liabilities for future policy benefits using current, rather than locked-in, assumptions. The new guidance, limited to our Medicare Supplement product which represents less than 1% of consolidated premiums and services revenue, became effective for us beginning January 1, 2023 and 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. The adoption of the new standard in 2023 did not have a material impact on our consolidated results of operations, financial position or 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.

FAIR VALUE - Put and Call Options Measured at Fair Value (Details) - Options - Level 3 fair value measurement	Sep. 30, 2023	Dec. 31, 2022
Annualized volatility \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant unobservable inputs	0.166	0.167
Annualized volatility \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant unobservable inputs	0.196	0.208
Credit spread \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant unobservable inputs	0.009	0.013
Credit spread \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant unobservable inputs	0.014	0.015
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 \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant unobservable inputs	0.120	0.115
Weighted average cost of capital \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant unobservable inputs	0.130	0.125
Long term growth rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant unobservable inputs	0.030	0.030

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Health Care [Member]	Health Care [Member]	Health Care [Member]	Health Care [Member]
Revenues:
Premiums	$ 25,099	$ 21,468	$ 76,144	$ 66,437
Services	1,016	1,159	2,993	3,772
Investment income	308	172	775	222
Total revenues	26,423	22,799	79,912	70,431
Operating expenses:
Benefits	21,745	18,384	65,612	57,108
Operating costs	3,271	3,061	9,361	9,120
Depreciation and amortization	201	182	578	527
Total operating expenses	25,217	21,627	75,551	66,755
Income (loss) from operations	1,206	1,172	4,361	3,676
Gain on sale of Gentiva Hospice	0	(240)	0	(240)
Interest expense	114	102	347	293
Other (income) expense, net	(6)	13	40	(16)
Income (loss) before income taxes and equity in net losses	1,098	1,297	3,974	3,639
Provision for income taxes	256	107	911	820
Equity in net (losses) earnings	(12)	3	(39)	1
Net income	830	1,193	3,024	2,820
Net loss attributable to noncontrolling interests	2	2	6	1
Net income attributable to Humana	$ 832	$ 1,195	$ 3,030	$ 2,821
Basic earnings per common share (in dollars per share)	$ 6.74	$ 9.45	$ 24.37	$ 22.27
Diluted earnings per common share (in dollars per share)	$ 6.71	$ 9.39	$ 24.26	$ 22.16

INVESTMENT SECURITIES - Gains and Losses Related to Equity Securities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Net gains (losses) recognized on equity securities during the period	$ 0	$ 51	$ 1	$ (119)
Less: Net gains (losses) recognized on equity securities sold during the period	0	47	0	(105)
Unrealized gains (losses) recognized on equity securities still held at the end of the period	$ 0	$ 4	$ 1	$ (14)

GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

Changes in the carrying amount of goodwill for our reportable segments for the nine months ended September 30, 2023 were as follows:


	Insurance		CenterWell		Total
	(in millions)
Balance at January 1, 2023	$	2,472	$	6,670	$	9,142
Acquisitions	191		207		398


Balance at September 30, 2023	$	2,663	$	6,877	$	9,540


		September 30, 2023						December 31, 2022
	Weighted Average Life	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
		($ in millions)
Other intangible assets:
Certificates of need	Indefinite	$	1,132	$	—	$	1,132	$	1,132	$	—	$	1,132
Medicare licenses	Indefinite	302		—		302		286		—		286
Customer contracts/ relationships	9.4 years	955		708		247		929		673		256
Trade names and technology	6.7 years	139		106		33		142		107		35
Provider contracts	11.6 years	73		64		9		73		63		10
Noncompetes and other	8.4 years	84		42		42		86		40		46

Total other intangible assets	9.2 years	$	2,685	$	920	$	1,765	$	2,648	$	883	$	1,765

For the three months ended September 30, 2023 and 2022, amortization expense for other intangible assets was approximately $17 million and $25 million, respectively. For the nine months ended September 30, 2023 and 2022, amortization expense for other intangible assets was approximately $51 million and $61 million, respectively. The following table presents our estimate of amortization expense remaining for 2023 and each of the next five succeeding years at September 30, 2023:


	(in millions)
For the years ending December 31,
2023	$	15
2024	60
2025	58
2026	44
2027	34
2028	29

For additional information regarding our goodwill and intangible assets, refer to Note 2 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2022 Form 10-K.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Details)	9 Months Ended
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Details)	Sep. 30, 2023
Product Concentration Risk \| Revenue Benchmark \| Medicare Supplement
Concentration Risk [Line Items]
Concentration risk, less than (percent)	1.00%

BENEFITS PAYABLE - Activity in Benefits Payable (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balances, beginning of period	$ 9,264	$ 8,289
Acquisitions	62	0
Incurred related to:
Current year	66,370	57,512
Prior years	(758)	(404)
Total incurred	65,612	57,108
Paid related to:
Current year	(56,700)	(48,835)
Prior years	(8,042)	(7,325)
Total paid	(64,742)	(56,160)
Balances, end of period	10,196	$ 9,237
Total IBNR included in benefits payable	$ 6,400

FAIR VALUE - Financial Assets Measured on Recurring Basis (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	$ 15,515	$ 14,254
Common stock	0	7
U.S. Treasury and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	1,938	1,039
Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	3,253	3,230
Tax-exempt municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	798	728
Residential
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	412	401
Commercial
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	1,320	1,399
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	1,784	1,731
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	6,010	5,726
Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	15,035	4,832
Total debt securities	15,515	14,254
Common stock		7
Total invested assets	30,550	19,093
Recurring Basis \| U.S. Treasury and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	1,938	1,039
Recurring Basis \| Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	3,253	3,230
Recurring Basis \| Tax-exempt municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	798	728
Recurring Basis \| Residential
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	412	401
Recurring Basis \| Commercial
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	1,320	1,399
Recurring Basis \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	1,784	1,731
Recurring Basis \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	6,010	5,726
Recurring Basis \| Quoted Prices in Active Markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	15,035	4,832
Total debt securities	0	0
Common stock		7
Total invested assets	15,035	4,839
Recurring Basis \| Quoted Prices in Active Markets (Level 1) \| U.S. Treasury and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	0	0
Recurring Basis \| Quoted Prices in Active Markets (Level 1) \| Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	0	0
Recurring Basis \| Quoted Prices in Active Markets (Level 1) \| Tax-exempt municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	0	0
Recurring Basis \| Quoted Prices in Active Markets (Level 1) \| Residential
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	0	0
Recurring Basis \| Quoted Prices in Active Markets (Level 1) \| Commercial
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	0	0
Recurring Basis \| Quoted Prices in Active Markets (Level 1) \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	0	0
Recurring Basis \| Quoted Prices in Active Markets (Level 1) \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	0	0
Recurring Basis \| Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Total debt securities	15,410	14,153
Common stock		0
Total invested assets	15,410	14,153
Recurring Basis \| Other Observable Inputs (Level 2) \| U.S. Treasury and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	1,938	1,039
Recurring Basis \| Other Observable Inputs (Level 2) \| Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	3,253	3,230
Recurring Basis \| Other Observable Inputs (Level 2) \| Tax-exempt municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	798	728
Recurring Basis \| Other Observable Inputs (Level 2) \| Residential
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	412	401
Recurring Basis \| Other Observable Inputs (Level 2) \| Commercial
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	1,320	1,399
Recurring Basis \| Other Observable Inputs (Level 2) \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	1,784	1,731
Recurring Basis \| Other Observable Inputs (Level 2) \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	5,905	5,625
Recurring Basis \| Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Total debt securities	105	101
Common stock		0
Total invested assets	105	101
Recurring Basis \| Unobservable Inputs (Level 3) \| U.S. Treasury and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	0	0
Recurring Basis \| Unobservable Inputs (Level 3) \| Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	0	0
Recurring Basis \| Unobservable Inputs (Level 3) \| Tax-exempt municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	0	0
Recurring Basis \| Unobservable Inputs (Level 3) \| Residential
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	0	0
Recurring Basis \| Unobservable Inputs (Level 3) \| Commercial
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	0	0
Recurring Basis \| Unobservable Inputs (Level 3) \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	0	0
Recurring Basis \| Unobservable Inputs (Level 3) \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities	$ 105	$ 101