HUM Humana Inc

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☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE     SECURITIES EXCHANGE ACT OF 1934

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE     SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

(Exact name of registrant as specified in its charter)

Delaware						61-0647538
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

Title of each class			Trading Symbol			Name of each exchange on which registered
Common stock, $0.16 2/3 par value			HUM			New York Stock Exchange

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

Class of Common Stock			Outstanding at March 31, 2023
$0.16 2/3 par value			124,944,994 shares

						Page
Part I: Financial Information
Item 1.			Financial Statements
			Condensed Consolidated Balance Sheets (Unaudited) at March 31, 2023 and December 31, 2022			3
			Condensed Consolidated Statements of Income (Unaudited) for the three months ended March 31, 2023 and 2022			4
			Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the three months ended March 31, 2023 and 2022			5
			Condensed Consolidated Statements of Stockholders' Equity (Unaudited) for the three months ended March 31, 2023 and 2022			6
			Condensed Consolidated Statements of Cash Flows (Unaudited) for the three months ended March 31, 2023 and 2022			7
			Notes to Condensed Consolidated Financial Statements (Unaudited)			9
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			33
Item 3.			Quantitative and Qualitative Disclosures about Market Risk			49
Item 4.			Controls and Procedures			49
Part II: Other Information
Item 1.			Legal Proceedings			50
Item 1A.			Risk Factors			50
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			50
Item 3.			Defaults Upon Senior Securities			50
Item 4.			Mine Safety Disclosures			50
Item 5.			Other Information			50
Item 6.			Exhibits			51
			Signatures			52
			Certifications

(Unaudited)

			March 31, 2023						December 31, 2022
			(in millions, except share amounts)
ASSETS
Current assets:
Cash and cash equivalents			$	13,735					$	5,061
Investment securities			14,932						13,881
Receivables, net of allowances of $69 in 2023     and $70 in 2022			3,107						1,674
Other current assets			5,758						5,567
Total current assets			37,532						26,183
Property and equipment, net			3,234						3,221
Long-term investment securities			371						380
Equity method investments			739						749
Goodwill			9,320						9,142
Other long-term assets			3,580						3,380
Total assets			$	54,776					$	43,055
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Benefits payable			$	10,018					$	9,264
Trade accounts payable and accrued expenses			7,431						5,238
Book overdraft			406						298
Unearned revenues			7,220						286
Short-term debt			1,867						2,092
Total current liabilities			26,942						17,178
Long-term debt			9,743						9,034
Other long-term liabilities			1,457						1,473
Total liabilities			38,142						27,685
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 March 31, 2023 and December 31, 2022			33						33
Capital in excess of par value			3,262						3,246
Retained earnings			26,619						25,492
Accumulated other comprehensive loss			(1,113)						(1,304)
Treasury stock, at cost, 73,721,604 shares at March 31, 2023 and     73,691,955 shares at December 31, 2022			(12,224)						(12,156)
Total stockholders' equity			16,577						15,311
Noncontrolling interests			57						59
Total equity			16,634						15,370
Total liabilities and equity			$	54,776					$	43,055

			Three months ended March 31,
			2023						2022
			(in millions, except per share results)
Revenues:
Premiums			$	25,550					$	22,703
Services			999						1,264
Investment income			193						3
Total revenues			26,742						23,970
Operating expenses:
Benefits			21,858						19,625
Operating costs			2,979						2,886
Depreciation and amortization			186						170
Total operating expenses			25,023						22,681
Income from operations			1,719						1,289
Interest expense			113						90
Other income, net			(8)						(21)
Income before income taxes and equity in net losses			1,614						1,220
Provision for income taxes			359						286
Equity in net losses			(17)						(4)
Net income			$	1,238					$	930
Net loss attributable to noncontrolling interests			1						—
Net income attributable to Humana			$	1,239					$	930
Basic earnings per common share			$	9.91					$	7.32
Diluted earnings per common share			$	9.87					$	7.29

			Three months ended March 31,
			2023						2022
			(in millions)
Net income attributable to Humana			$	1,239					$	930
Other comprehensive income (loss):
Change in gross unrealized investment gains (losses)			188						(769)
Effect of income taxes			(43)						176
Total change in unrealized investment gains (losses), net of tax			145						(593)
Reclassification adjustment for net realized losses (gains)			61						(27)
Effect of income taxes			(15)						6
Total reclassification adjustment, net of tax			46						(21)
Other comprehensive income (loss), net of tax			191						(614)
Comprehensive income attributable to Humana			$	1,430					$	316

			Common Stock												Capital In Excess of Par Value						Retained Earnings						Accumulated Other Comprehensive Income (loss)						Treasury Stock						Total Stockholders' Equity						Noncontrolling Interests						Total Equity
			Issued Shares						Amount
			(dollars in millions, share amounts in thousands)
Three months ended March 31, 2023
Balances, December 31, 2022			198,667						$	33					$	3,246					$	25,492					$	(1,304)					$	(12,156)					$	15,311					$	59					$	15,370
Net income																					1,239																		1,239						(1)						1,238
Distribution from noncontrolling interest holders, net																																													4						4
Acquisition																																													(5)						(5)
Other comprehensive income																											191												191												191
Common stock repurchases															—																		(94)						(94)												(94)
Dividends and dividend    equivalents															—						(112)																		(112)												(112)
Stock-based compensation															38																								38												38
Restricted stock unit vesting			—						—						(24)																		24						—												—
Stock option exercises			—						—						2																		2						4												4
Balances, March 31, 2023			198,667						$	33					$	3,262					$	26,619					$	(1,113)					$	(12,224)					$	16,577					$	57					$	16,634
Three months ended March 31, 2022
Balances, December 31, 2021			198,649						$	33					$	3,082					$	23,086					$	42					$	(10,163)					$	16,080					$	23					$	16,103
Net income																					930																		930						—						930
Other comprehensive loss																											(614)												(614)												(614)
Common stock repurchases															—																		(1,024)						(1,024)												(1,024)
Dividends and dividend    equivalents															—						(101)																		(101)												(101)
Stock-based compensation															43																								43												43
Restricted stock unit vesting			—						—						(24)																		24						—												—
Stock option exercises			—						—						2																		3						5												5
Balances, March 31, 2022			198,649						$	33					$	3,103					$	23,915					$	(572)					$	(11,160)					$	15,319					$	23					$	15,342

			For the three months ended March 31,
			2023						2022
			(in millions)
Cash flows from operating activities
Net income			$	1,238					$	930
Adjustments to reconcile net income to net cash provided by     operating activities:
Loss on investment securities, net			60						76
Equity in net losses			17						4
Stock-based compensation			38						43
Depreciation			200						181
Amortization			18						24
Changes in operating assets and liabilities, net of effect of     businesses acquired and disposed:
Receivables			(1,433)						(1,360)
Other assets			(907)						(628)
Benefits payable			754						1,089
Other liabilities			(238)						(103)
Unearned revenues			6,934						34
Other			6						12
Net cash provided by operating activities			6,687						302
Cash flows from investing activities
Acquisitions, net of cash and cash equivalents acquired			(73)						(74)
Purchases of property and equipment, net			(223)						(295)
Purchases of investment securities			(1,313)						(2,161)
Proceeds from maturities of investment securities			267						588
Proceeds from sales of investment securities			50						1,294
Net cash used in investing activities			(1,292)						(648)
Cash flows from financing activities
Receipts from contract deposits, net			2,997						2,475
Proceeds from issuance of senior notes, net			1,215						744
Repayments of senior notes			(60)						—
Repayments from issuance of commercial paper, net			(177)						(265)
Repayment of term loan			(500)						—
Debt issue costs			(4)						(1)
Change in book overdraft			108						(9)
Common stock repurchases			(94)						(1,024)
Dividends paid			(100)						(91)
Other			(106)						(13)
Net cash provided by financing activities			3,279						1,816
Increase in cash and cash equivalents			8,674						1,470
Cash and cash equivalents at beginning of period			5,061						3,394
Cash and cash equivalents at end of period			$	13,735					$	4,864

			For the three months ended March 31,
			2023						2022
			(in millions)
Supplemental cash flow disclosures:
Interest payments			$	97					$	67
Income tax payments (refund), net			$	6					$	(20)
Details of businesses acquired in purchase transactions:
Fair value of assets acquired, net of cash and cash equivalents acquired			$	73					$	84
Less: Fair value of liabilities assumed			(5)						(10)
Less: Noncontrolling interests acquired			5						—
Cash paid for acquired businesses, net of cash and cash equivalents acquired			$	73					$	74

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

Value Creation Initiatives

During 2022, in order to create capacity to fund growth and investment in our Medicare Advantage business and further expansion of our healthcare services capabilities in 2023, we committed to drive additional value for the enterprise through cost saving, productivity initiatives, and value acceleration from previous investments. As a result of these initiatives, we recorded charges of $473 million for the year-ended December 31, 2022. These charges primarily relate to $248 million in asset impairments, including software and abandonment, and $116 million of severance charges in connection with workforce optimization. The remainder of the charges primarily relate to external consulting fees. These charges were recorded at the corporate level and not allocated to the segments. We did not record any charges in the first quarter of 2022, with no recurring charges in 2023.

COVID-19

The emergence and spread of the novel coronavirus, or COVID-19, beginning in the first quarter of 2020 has impacted our business. During periods of increased incidences of COVID-19, a reduction in non-COVID-19 hospital admissions for non-emergent and elective medical care have resulted in lower overall healthcare system utilization. At the same time, COVID-19 treatment and testing costs increased utilization. During 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 is set to expire 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 March 31, 2023, accounts receivable related to services were $246 million. For the three months ended March 31, 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 March 31, 2023.

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 represent 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.

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 $237 million. For the three months ended March 31, 2022, the accompanying condensed consolidated statement of income includes revenues related to Gentiva Hospice of $382 million and pretax earnings of $62 million.

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.

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

			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
			(in millions)
March 31, 2023
U.S. Treasury and other U.S. government     corporations and agencies:
U.S. Treasury and agency obligations			$	1,394					$	9					$	(47)					$	1,356
Mortgage-backed securities			3,919						7						(423)						3,503
Tax-exempt municipal securities			762						1						(27)						736
Mortgage-backed securities:
Residential			470						—						(73)						397
Commercial			1,562						—						(149)						1,413
Asset-backed securities			1,915						2						(64)						1,853
Corporate debt securities			6,725						16						(696)						6,045
Total debt securities			$	16,747					$	35					$	(1,479)					15,303
Common stock																					—
Total investment securities																					$	15,303
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						0						(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 March 31, 2023 with amortized cost and fair value of approximately $281 million and $286 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 March 31, 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)
March 31, 2023
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations			$	290					$	(2)					$	396					$	(45)					$	686					$	(47)
Mortgage-backed securities			867						(17)						2,123						(406)						2,990						(423)
Tax-exempt municipal securities			343						(5)						314						(22)						657						(27)
Mortgage-backed securities:
Residential			25						(2)						369						(71)						394						(73)
Commercial			119						(4)						1,275						(145)						1,394						(149)
Asset-backed securities			583						(21)						971						(43)						1,554						(64)
Corporate debt securities			1,453						(47)						3,634						(649)						5,087						(696)
Total debt securities			$	3,680					$	(98)					$	9,082					$	(1,381)					$	12,762					$	(1,479)
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 March 31, 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 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 1,550 positions out of a total of approximately 1,950 positions at March 31, 2023. All issuers of debt securities we own that were trading at an unrealized loss at March 31, 2023 remain current on all contractual payments. After taking into account these and

The detail of (losses) gains related to investment securities and included within investment income was as follows for the three months ended March 31, 2023 and 2022:

			Three months ended March 31,
			2023						2022
			(in millions)
Gross gains on investment securities			$	—					$	33
Gross losses on investment securities			(61)						(1)
Gross gains on equity securities			1						—
Gross losses on equity securities			—						(108)
Net recognized losses on investment securities			$	(60)					$	(76)

The gains and losses related to equity securities for the three months ended March 31, 2023 and 2022 was as follows:

			Three months ended March 31,
			2023						2022
			(in millions)
Net gains (losses) recognized on equity securities during the period			$	1					$	(108)
Less: Net gains (losses) recognized on equity securities sold during the period			1						(59)
Unrealized losses recognized on equity securities still held at the end of the period			$	—					$	(49)

The contractual maturities of debt securities available for sale at March 31, 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			$	500					$	495
Due after one year through five years			4,116						3,941
Due after five years through ten years			3,014						2,650
Due after ten years			1,251						1,051
Mortgage and asset-backed securities			7,866						7,166
Total debt securities			$	16,747					$	15,303

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.

Financial Assets

The following table summarizes our fair value measurements at March 31, 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)
March 31, 2023
Cash equivalents			$	13,613					$	13,613					$	—					$	—
Debt securities:
U.S. Treasury and other U.S. government     corporations and agencies:
U.S. Treasury and agency obligations			1,356						—						1,356						—
Mortgage-backed securities			3,503						—						3,503						—
Tax-exempt municipal securities			736						—						736						—
Mortgage-backed securities:
Residential			397						—						397						—
Commercial			1,413						—						1,413						—
Asset-backed securities			1,853						—						1,853						—
Corporate debt securities			6,045						—						5,946						99
Total debt securities			15,303						—						15,204						99
Common stock			—						—						—						—
Total invested assets			$	28,916					$	13,613					$	15,204					$	99
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 $99 million at March 31, 2023, or 0.3% of our total invested assets. During the year ended March 31, 2023, the changes in the fair value of the assets measured using significant unobservable inputs (Level 3) were comprised of the following:

			For the three months ended March 31, 2023			For the three months ended March 31, 2022
			Private Placements
			(in millions)
Beginning balance at January 1			$	101		$	68
Total gains or losses:
Unrealized in other comprehensive income			1			(4)
Purchases			1			17
Sales			—			(1)
Transfer out			(4)			—
Balance at March 31			$	99		$	80

Financial Liabilities

Our debt is recorded at carrying value in our consolidated balance sheets. The carrying value of our senior notes debt outstanding, net of unamortized debt issuance costs, was $11.2 billion at March 31, 2023 and $10.0 billion at December 31, 2022. The fair value of our senior notes debt was $10.9 billion at March 31, 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 $426 million at March 31, 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 $318 million and $8 million, respectively, at March 31, 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 significant unobservable inputs utilized in these Level 3 fair value measurements (and selected values) include the enterprise value, annualized volatility and credit spread. Enterprise value was derived from a discounted cash flow model, which utilized significant unobservable inputs for long-term revenue, to measure underlying cash flows, weighted average cost of capital and long term growth rate. The table below presents the assumptions used for each reporting period.

			March 31, 2023			December 31, 2022
Annualized volatility			16.7% - 19.3%			16.7% - 20.8%
Credit spread			1.2% - 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.

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.

			March 31, 2023												December 31, 2022
			Risk Corridor Settlement						CMS Subsidies/ Discounts						Risk Corridor Settlement						CMS Subsidies/ Discounts
			(in millions)
Other current assets			$	86					$	239					$	240					$	696
Trade accounts payable and accrued expenses			(147)						(3,805)						(166)						(1,236)
Net current (liability) asset			(61)						(3,566)						74						(540)
Other long-term assets			307						—						19						—
Other long-term liabilities			(93)						—						(78)						—
Net long-term asset (liability)			214						—						(59)						—
Total net asset (liability)			$	153					$	(3,566)					$	15					$	(540)

Changes in the carrying amount of goodwill for our reportable segments for the three months ended March 31, 2023 were as follows:

			Insurance						CenterWell																		Total
			(in millions)
Balance at January 1, 2023			$	2,472					$	6,670																	$	9,142
Acquisitions			106						72																		178
Balance at March 31, 2023			$	2,578					$	6,742																	$	9,320

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

									March 31, 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						286						—						286						286						—						286
Customer contracts/     relationships			9.3 years						932						685						247						929						673						256
Trade names and     technology			6.8 years						134						101						33						142						107						35
Provider contracts			11.6 years						73						63						10						73						63						10
Noncompetes and     other			8.4 years						84						38						46						86						40						46
Total other intangible     assets			9.1 years						$	2,641					$	887					$	1,754					$	2,648					$	883					$	1,765

    For the three months ended March 31, 2023 and 2022, amortization expense for other intangible assets was approximately $18 million. The following table presents our estimate of amortization expense remaining for 2023 and each of the five next succeeding years at March 31, 2023:

			(in millions)
For the years ending December 31,
2023			$	47
2024			56
2025			54
2026			41
2027			32
2028			27

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.

On a consolidated basis, which represents our Insurance segment net of eliminations, activity in benefits payable was as follows for the three months ended March 31, 2023 and 2022:

						For the three months ended March 31,
						2023						2022
						(in millions)
Balances, beginning of period						$	9,264					$	8,289
Incurred related to:
Current year						22,380						19,985
Prior years						(522)						(360)
Total incurred						21,858						19,625
Paid related to:
Current year						(14,203)						(12,284)
Prior years						(6,901)						(6,252)
Total paid						(21,104)						(18,536)
Balances, end of period						$	10,018					$	9,378

The total estimate of benefits payable for claims incurred but not reported, or IBNR, is included within the net incurred claims amounts. At March 31, 2023, benefits payable included IBNR of approximately $6.3 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).

Detail supporting the computation of basic and diluted earnings per common share was as follows for the three months ended March 31, 2023 and 2022:

			Three months ended March 31,
			2023						2022
			(dollars in millions, except per common share results; number of shares in thousands)
Net income available for common stockholders			$	1,239					$	930
Weighted average outstanding shares of common stock     used to compute basic earnings per common share			125,005						126,938
Dilutive effect of:
Employee stock options			34						40
Restricted stock			525						496
Shares used to compute diluted earnings per common share			125,564						127,474
Basic earnings per common share			$	9.91					$	7.32
Diluted earnings per common share			$	9.87					$	7.29
Number of antidilutive stock options and restricted stock     excluded from computation			538						626

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.

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

$

0.7900

$

98