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SCHEDULE I - PARENT COMPANY FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract]  
SCHEDULE I - PARENT COMPANY FINANCIAL INFORMATION
SCHEDULE I—PARENT COMPANY FINANCIAL INFORMATION
CONDENSED BALANCE SHEETS
 December 31,
 20212020
 (in millions, except share
amounts)
ASSETS
Current assets:
Cash and cash equivalents$906 $436 
Investment securities428 336 
Receivable from operating subsidiaries1,316 1,187 
Other current assets545 763 
Total current assets3,195 2,722 
Property and equipment, net2,223 1,774 
Investments in subsidiaries26,885 17,005 
Equity method investment52 1,147 
Long-term investment securities207 836 
Other long-term assets407 686 
Total assets$32,969 $24,170 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Payable to operating subsidiaries$2,056 $1,342 
Current portion of notes payable to operating subsidiaries36 36 
Book overdraft68 120 
Short-term debt1,953 600 
Other current liabilities1,460 1,438 
Total current liabilities5,573 3,536 
Long-term debt10,541 6,060 
Other long-term liabilities775 846 
Total liabilities16,889 10,442 
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $1 par; 10,000,000 shares authorized; none issued
— — 
Common stock, $0.16 2/3 par; 300,000,000 shares authorized;
    198,648,742 shares issued at December 31, 2021 and December 31, 2020
33 33 
Capital in excess of par value3,082 2,705 
Retained earnings23,086 20,517 
Accumulated other comprehensive income (loss)42 391 
Treasury stock, at cost, 69,846,758 shares at December 31, 2021
     and 69,787,914 shares at December 31, 2020
(10,163)(9,918)
Total stockholders’ equity16,080 13,728 
Total liabilities and stockholders’ equity$32,969 $24,170 
See accompanying notes to the parent company financial statements.
SCHEDULE I—PARENT COMPANY FINANCIAL INFORMATION
CONDENSED STATEMENTS OF INCOME
 
 For the year ended December 31,
 202120202019
 (in millions)
Revenues:
Management fees charged to operating subsidiaries$1,633 $2,216 $1,789 
Investment and other (loss) income, net(266)763 28 
1,367 2,979 1,817 
Expenses:
Operating costs1,404 2,204 1,577 
Depreciation488 397 387 
Interest313 283 242 
2,205 2,884 2,206 
Other (income) expense, net(672)60 (506)
(Loss) income before income taxes and equity in net earnings of subsidiaries(166)35 117 
(Benefit) provision for income taxes(259)18 27 
Income before equity in net earnings of subsidiaries93 17 90 
Equity in net earnings of subsidiaries2,761 3,269 2,603 
Equity in net earnings of Kindred at Home79 81 14 
Net income$2,933 $3,367 $2,707 
See accompanying notes to the parent company financial statements.
SCHEDULE I—PARENT COMPANY FINANCIAL INFORMATION
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
 For the year ended December 31,
 202120202019
 (in millions)
Net income attributable to Humana$2,933 $3,367 $2,707 
Other comprehensive income (loss):
Change in gross unrealized investment (losses) gains(356)393 450 
Effect of income taxes81 (89)(105)
Total change in unrealized investment
    (losses) gains, net of tax		(275)304 345 
Reclassification adjustment for net realized
 gains included in investment income 		(103)(90)(34)
Effect of income taxes23 20 8 
Total reclassification adjustment, net of tax(80)(70)(26)
Other comprehensive (loss) income, net of tax(355)234 319 
Comprehensive income (loss) attributable to our equity method
  investment in Kindred at Home		6 1 (4)
Comprehensive income$2,584 $3,602 $3,022 
See accompanying notes to the parent company financial statements.
SCHEDULE I—PARENT COMPANY FINANCIAL INFORMATION
CONDENSED STATEMENTS OF CASH FLOWS
 For the year ended December 31,
 202120202019
 (in millions)
Net cash provided by operating activities$2,853 $2,531 $3,529 
Cash flows from investing activities:
Acquisitions, net of cash acquired(4,187)(709)— 
Capital contributions to operating subsidiaries(2,580)(538)(423)
Purchases of investment securities(200)(460)(204)
Proceeds from sale of investment securities71 13 15 
Maturities of investment securities122 411 134 
Purchases of property and equipment, net(958)(785)(585)
Net cash used in investing activities(7,732)(2,068)(1,063)
Cash flows from financing activities:
Proceeds from issuance of senior notes, net2,953 1,088 987 
Repayment of senior notes— (400)(400)
Proceeds (repayments) from issuance of commercial paper, net352 295 (360)
Proceeds from term loan2,500 1,000 — 
Repayment of term loan— (1,000)(650)
Change in book overdraft(52)80 2 
Common stock repurchases(79)(1,820)(1,070)
Dividends paid(354)(323)(291)
Proceeds from stock option exercises and other29 47 57 
Net cash provided by (used in) financing activities5,349 (1,033)(1,725)
Increase (decrease) in cash and cash equivalents470 (570)741 
Cash and cash equivalents at beginning of year436 1,006 265 
Cash and cash equivalents at end of year$906 $436 $1,006 
See accompanying notes to the parent company financial statements.
SCHEDULE I—PARENT COMPANY FINANCIAL INFORMATION
NOTES TO CONDENSED FINANCIAL STATEMENTS
BASIS OF PRESENTATIONParent company financial information has been derived from our consolidated financial statements and excludes the accounts of all operating subsidiaries. This information should be read in conjunction with our consolidated financial statements.TRANSACTIONS WITH SUBSIDIARIES
Management Fee
Through intercompany service agreements approved, if required, by state regulatory authorities, Humana Inc., our parent company, charges a management fee for reimbursement of certain centralized services provided to its subsidiaries including information systems, disbursement, investment and cash administration, marketing, legal, finance, and medical and executive management oversight.
Dividends
Cash dividends received from subsidiaries and included as a component of net cash provided by operating activities were $1.6 billion in 2021, $1.3 billion in 2020, and $1.8 billion in 2019.
Guarantee
Through indemnity agreements approved by state regulatory authorities, certain of our regulated subsidiaries generally are guaranteed by our parent company in the event of insolvency for: (1) member coverage for which premium payment has been made prior to insolvency; (2) benefits for members then hospitalized until discharged; and (3) payment to providers for services rendered prior to insolvency. Our parent has also guaranteed the obligations of our military services subsidiaries and funding to maintain required statutory capital levels of certain other regulated subsidiaries.
REGULATORY REQUIREMENTS
Certain of our subsidiaries operate in states that regulate the payment of dividends, loans, or other cash transfers to Humana Inc., our parent company, and require minimum levels of equity as well as limit investments to approved securities. The amount of dividends that may be paid to Humana Inc. by these subsidiaries, without prior approval by state regulatory authorities, or ordinary dividends, is limited based on the entity’s level of statutory income and statutory capital and surplus. If the dividend, together with other dividends paid within the preceding twelve months, exceeds a specified statutory limit or is paid from sources other than earned surplus, it is generally considered an extraordinary dividend requiring prior regulatory approval. In most states, prior notification is provided before paying a dividend even if approval is not required.
Although minimum required levels of equity are largely based on premium volume, product mix, and the quality of assets held, minimum requirements vary significantly at the state level. Our state regulated insurance subsidiaries had aggregate statutory capital and surplus of approximately $9.6 billion and $9.4 billion as of December 31, 2021 and 2020, respectively, which exceeded aggregate minimum regulatory requirements of $7.6 billion and $7.0 billion, respectively. The amount of ordinary dividends that may be paid to our parent company in 2022 is approximately $1.5 billion in the aggregate. The amount, timing and mix of ordinary and extraordinary dividend payments will vary due to state regulatory requirements, the level of excess statutory capital and surplus and expected future surplus requirements related to, for example, premium volume and product mix. Actual dividends that were paid to our parent company were approximately $1.6 billion in 2021, $1.3 billion in 2020, and $1.8 billion in 2019.
Our use of operating cash flows derived from our non-insurance subsidiaries, such as in our Healthcare Services segment, is generally not restricted by state departments of insurance (or comparable state regulators).ACQUISITIONSRefer to Note 3 of the notes to consolidated financial statements in this Annual Report on Form 10-K for a description of certain acquisitions. During 2021, 2020 and 2019, we funded certain non-regulated subsidiary acquisitions with contributions from Humana Inc., our parent company, included in capital contributions in the condensed statement of cash flows.INCOME TAXESRefer to Note 12 of the notes to consolidated financial statements included in this Annual Report on Form 10-K for a description of income taxes.DEBTRefer to Note 13 of the notes to consolidated financial statements included in this Annual Report on Form 10-K for a description of debt.STOCKHOLDERS' EQUITYRefer to Note 16 of the notes to consolidated financial statements included in this Annual Report on Form 10-K for a description of stockholders’ equity, including stock repurchases and stockholder dividends.