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SCHEDULE I - PARENT COMPANY FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
SCHEDULE I - PARENT COMPANY FINANCIAL INFORMATION
SCHEDULE I—PARENT COMPANY FINANCIAL INFORMATION
CONDENSED BALANCE SHEETS
 December 31,
 20222021
 (in millions, except share
amounts)
ASSETS
Current assets:
  Cash and cash equivalents$614 $906 
  Investment securities320 428 
  Receivable from operating subsidiaries1,807 1,316 
  Other current assets577 545 
     Total current assets3,318 3,195 
Property and equipment, net2,393 2,223 
Investment in subsidiaries27,905 26,885 
Other long-term assets282 666 
     Total assets$33,898 $32,969 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Payable to operating subsidiaries$5,421 $2,056 
Short-term debt2,092 1,953 
Current portion of notes payable to operating subsidiaries36 36 
Book overdraft73 68 
Other current liabilities1,425 1,460 
    Total current liabilities9,047 5,573 
Long-term debt9,034 10,541 
Other long-term liabilities506 775 
     Total liabilities18,587 16,889 
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; 198,666,598 shares issued at December 31, 2022 and 198,648,742 shares issued at December 31, 2021
33 33 
    Capital in excess of par value3,246 3,082 
    Retained earnings25,492 23,086 
Accumulated other comprehensive (loss) income (1,304)42 
Treasury stock, at cost, 73,691,955 shares at December 31, 2022 and 69,846,758 shares at December 31, 2021
(12,156)(10,163)
     Total stockholders' equity15,311 16,080 
     Total liabilities and stockholders' equity$33,898 $32,969 
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,
 202220212020
 (in millions)
Revenues:
Management fees charged to operating subsidiaries$1,554 $1,633 $2,216 
Investment and other (loss) income, net(88)(266)763 
     Total revenues1,466 1,367 2,979 
Expenses:
  Operating costs1,700 1,404 2,204 
  Depreciation581 488 397 
  Interest400 313 283 
     Total expenses2,681 2,205 2,884 
Other (income) expense, net— (672)60 
(Loss) income before income taxes and equity in net earnings of subsidiaries(1,215)(166)35 
(Benefit) provision for income taxes(266)(259)18 
(Loss) income before equity in net earnings of subsidiaries(949)93 17 
Equity in net earnings of subsidiaries3,751 2,761 3,269 
Equity in net earnings of equity method investments— 79 81 
Net income$2,802 $2,933 $3,367 
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,
 202220212020
 (in millions)
Net income attributable to Humana$2,806 $2,933 $3,367 
Other comprehensive income (loss):
Change in gross unrealized investment (losses) gains(1,819)(356)393 
Effect of income taxes418 81 (89)
Total change in unrealized investment
    (losses) gains, net of tax		(1,401)(275)304 
Reclassification adjustment for net realized
 losses (gains) included in investment income 		72 (103)(90)
Effect of income taxes(17)23 20 
Total reclassification adjustment, net of tax55 (80)(70)
Other comprehensive (loss) income, net of tax(1,346)(355)234 
Comprehensive income attributable to equity method
  investments		— 6 1 
Comprehensive income attributable to Humana$1,460 $2,584 $3,602 
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,
 202220212020
 (in millions)
Net cash provided by operating activities$4,868 $2,853 $2,531 
Cash flows from investing activities:
  Acquisitions, net of cash acquired(337)(4,187)(709)
Capital contributions to operating subsidiaries(484)(2,580)(538)
  Purchases of property and equipment, net(931)(958)(785)
Purchases of investment securities(63)(200)(460)
Proceeds from sale of investment securities468 71 13 
Maturities of investment securities30 122 411 
Net cash used in investing activities(1,317)(7,732)(2,068)
Cash flows from financing activities:
Proceeds from issuance of senior notes, net1,976 2,953 1,088 
  Repayments of senior notes(1,000)— (400)
 (Repayments) proceeds from issuance of commercial paper, net(376)352 295 
  Proceeds from issuance of term loan— 2,500 1,000 
Repayment of term loan(2,000)— (1,000)
  Change in book overdraft5 (52)80 
  Common stock repurchases(2,096)(79)(1,820)
  Dividends paid(392)(354)(323)
Proceeds from stock option exercises and other40 29 47 
Net cash (used in) provided by financing activities(3,843)5,349 (1,033)
(Decrease) increase in cash and cash equivalents(292)470 (570)
Cash and cash equivalents at beginning of year906 436 1,006 
Cash and cash equivalents at end of year$614 $906 $436 
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
Services Fee
Through intercompany service agreements approved, if required, by state regulatory authorities, Humana Inc., our parent company, charges a services 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 $1.3 billion in 2022, $1.6 billion in 2021, and $1.3 billion in 2020.
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 $11.3 billion and $9.6 billion as of December 31, 2022 and 2021, respectively, which exceeded aggregate minimum regulatory requirements of $8.4 billion and $7.6 billion, respectively. The amount of ordinary dividends that may be paid to our parent company in 2023 is approximately $1.8 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 $1.3 billion in 2022, $1.6 billion in 2021, and $1.3 billion in 2020.
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 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" of this Form 10-K for a description of certain acquisitions. During 2022, 2021 and 2020, 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 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" of this Form 10-K for a description of income taxes.DEBTRefer to Note 13 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" of this Form 10-K for a description of debt.STOCKHOLDERS' EQUITYRefer to Note 16 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" of this Form 10-K for a description of stockholders’ equity, including stock repurchases and stockholder dividends.