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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 10/20/11 Humana Inc 8-K:8,9 10/20/11 106:13M Donnelley … Solutions/FA |
Document/Exhibit Description Pages Size 1: 8-K Current Report HTML 47K 2: EX-23 Consent of Independent Registered Public HTML 31K Accounting Firm 3: EX-99.1 Item 1. Business With Retrospective Application of HTML 209K Segments 4: EX-99.2 Item 6. Selected Financial Data HTML 92K 5: EX-99.3 Item 7. Management's Discussion and Analysis HTML 598K 6: EX-99.4 Item 8. Financial Statements and Supplementary HTML 828K Data 23: R1 Document And Entity Information HTML 43K 92: R2 Consolidated Balance Sheets HTML 164K 15: R3 Consolidated Balance Sheets (Parenthetical) HTML 53K 16: R4 Consolidated Statements Of Income HTML 95K 79: R5 Consolidated Statements Of Stockholders' Equity HTML 119K 45: R6 Consolidated Statements Of Stockholders' Equity HTML 38K (Parenthetical) 85: R7 Consolidated Statements Of Cash Flows HTML 189K 34: R8 Reporting Entity HTML 37K 47: R9 Summary Of Significant Accounting Policies HTML 88K 54: R10 Acquisitions HTML 57K 71: R11 Investment Securities HTML 144K 28: R12 Fair Value HTML 116K 43: R13 Medicare Part D HTML 41K 36: R14 Property And Equipment, Net HTML 44K 39: R15 Goodwill And Other Intangible Assets HTML 81K 86: R16 Benefits Payable HTML 59K 33: R17 Income Taxes HTML 86K 65: R18 Debt HTML 50K 37: R19 Derivative Financial Instruments HTML 43K 91: R20 Employee Benefit Plans HTML 81K 73: R21 Earnings Per Common Share Computation HTML 50K 80: R22 Stockholders' Equity HTML 38K 21: R23 Commitments, Guarantees And Contingencies HTML 88K 82: R24 Segment Information HTML 287K 32: R25 Expenses Associated With Long-Duration Insurance HTML 53K Products 25: R26 Reinsurance HTML 45K 29: R27 Quarterly Financial Information HTML 57K 57: R28 Summary Of Significant Accounting Policies HTML 159K (Policy) 78: R29 Acquisitions (Tables) HTML 43K 64: R30 Investment Securities (Tables) HTML 137K 49: R31 Fair Value (Tables) HTML 109K 42: R32 Medicare Part D (Tables) HTML 40K 62: R33 Property And Equipment, Net (Tables) HTML 43K 90: R34 Goodwill And Other Intangible Assets (Tables) HTML 81K 35: R35 Benefits Payable (Tables) HTML 56K 94: R36 Income Taxes (Tables) HTML 79K 106: R37 Debt (Tables) HTML 41K 31: R38 Employee Benefit Plans (Tables) HTML 69K 76: R39 Earnings Per Common Share Computation (Tables) HTML 46K 48: R40 Commitments, Guarantees And Contingencies (Tables) HTML 55K 63: R41 Segment Information (Tables) HTML 271K 56: R42 Expenses Associated With Long-Duration Insurance HTML 43K Products (Tables) 30: R43 Reinsurance (Tables) HTML 35K 81: R44 Quarterly Financial Information (Tables) HTML 52K 103: R45 Reporting Entity (Narrative) (Details) HTML 43K 104: R46 Summary Of Significant Accounting Policies HTML 40K (Narrative) (Details) 26: R47 Acquisitions (Narrative) (Details) HTML 64K 24: R48 Acquisitions (Fair Values Of Assets Acquired And HTML 64K Liabilities Assumed At The Date Of The Acquisition) (Details) 100: R49 Investment Securities (Narrative) (Details) HTML 42K 14: R50 Investment Securities (Investment Securities HTML 55K Classified As Current And Long-Term) (Details) 52: R51 Investment Securities (Gross Unrealized Losses And HTML 68K Fair Values Aggregated By Investment Category And Length Of Time In Continuous Unrealized Loss Position) (Details) 44: R52 Investment Securities (Detail Of Realized Gains HTML 40K (Losses) Related To Investment Securities And Included With Investment Income) (Details) 18: R53 Investment Securities (Contractual Maturities Of HTML 76K Debt Securities Available For Sale) (Details) 105: R54 Fair Value (Narrative) (Details) HTML 38K 87: R55 Fair Value (Financial Assets Measured At Fair HTML 69K Value On A Recurring Basis) (Details) 66: R56 Fair Value (Changes In Fair Value Of Assets HTML 50K Measured Using Significant Unobservable Inputs) (Details) 101: R57 Medicare Part D (Balance Sheet Accounts Associated HTML 38K With Medicare Part D) (Details) 50: R58 Property And Equipment, Net (Narrative) (Details) HTML 38K 88: R59 Property And Equipment, Net (Property And HTML 53K Equipment) (Details) 51: R60 Goodwill And Other Intangible Assets (Narrative) HTML 35K (Details) 70: R61 Goodwill And Other Intangible Assets (Changes In HTML 48K Carrying Amount Of Goodwill By Reportable Segment) (Details) 61: R62 Goodwill And Other Intangible Assets (Detail Of HTML 47K Intangible Assets Classified As Other Long-Term Assets) (Details) 75: R63 Goodwill And Other Intangible Assets (Estimate Of HTML 44K Amortization Expense) (Details) 53: R64 Benefits Payable (Narrative) (Details) HTML 33K 74: R65 Benefits Payable (Activity In Benefits Payable) HTML 57K (Details) 58: R66 Benefits Payable (Benefit Expenses Excluded From HTML 37K Activity In Benefits Payable) (Details) 102: R67 Income Taxes (Narrative) (Details) HTML 44K 84: R68 Income Taxes (Elements That Comprise Provision For HTML 57K Income Taxes) (Details) 89: R69 Income Taxes (Reconciliation Of Provision For HTML 52K Income Taxes And The Amount Computed Using The Federal Statutory Rate) (Details) 77: R70 Income Taxes (Principal Components Of Net Deferred HTML 99K Tax Balances) (Details) 17: R71 Debt (Narrative) (Details) HTML 92K 83: R72 Debt (Carrying Value Of Long-Term Debt Of HTML 53K Outstanding) (Details) 38: R73 Derivative Financial Instruments (Narrative) HTML 34K (Details) 68: R74 Employee Benefit Plans (Narrative) (Details) HTML 99K 98: R75 Employee Benefit Plans (Stock-Based Compensation HTML 44K Expense) (Details) 55: R76 Employee Benefit Plans (Weighted-Average Fair HTML 48K Value Of Stock Options) (Details) 27: R77 Employee Benefit Plans (Activity For Option Plans) HTML 70K (Details) 60: R78 Employee Benefit Plans (Weighted-Average Grant HTML 64K Date Fair Value Of Restricted Stock Awards) (Details) 95: R79 Earnings Per Common Share Computation (Narrative) HTML 37K (Details) 22: R80 Earnings Per Common Share Computation (Detail HTML 69K Supporting The Computation Of Basic And Diluted Earnings Per Common Share) (Details) 67: R81 Stockholders' Equity (Narrative) (Details) HTML 57K 13: R82 Commitments, Guarantees And Contingencies HTML 44K (Narrative) (Details) 46: R83 Commitments, Guarantees And Contingencies (Rent HTML 37K Expense And Sublease Rental Income Associated With Operating Leases) (Details) 19: R84 Commitments, Guarantees And Contingencies (Future HTML 89K Annual Minimum Payments Due) (Details) 41: R85 Segment Information (Narrative) (Details) HTML 39K 72: R86 Segment Information (Segment Results) (Details) HTML 197K 59: R87 Expenses Associated With Long-Duration Insurance HTML 62K Products (Narrative) (Details) 40: R88 Expenses Associated With Long-Duration Insurance HTML 47K Products (Schedule Of Deferred Acquisition Cost And Future Policy Benefits Payable With Our Long-Duration Insurance Products) (Details) 20: R89 Reinsurance (Narrative) (Details) HTML 46K 69: R90 Reinsurance (Balance And Financial Rating Related HTML 33K To Reinsurers) (Details) 96: R91 Quarterly Financial Information (Schedule HTML 68K Summarizing Quarterly Operation Results) (Details) 97: XML IDEA XML File -- Filing Summary XML 170K 99: EXCEL IDEA Workbook of Financial Reports (.xls) XLS 2.25M 7: EX-101.INS XBRL Instance -- hum-20111031 XML 3.67M 9: EX-101.CAL XBRL Calculations -- hum-20111031_cal XML 270K 10: EX-101.DEF XBRL Definitions -- hum-20111031_def XML 542K 11: EX-101.LAB XBRL Labels -- hum-20111031_lab XML 1.54M 12: EX-101.PRE XBRL Presentations -- hum-20111031_pre XML 1.12M 8: EX-101.SCH XBRL Schema -- hum-20111031 XSD 258K 93: ZIP XBRL Zipped Folder -- 0001193125-11-276080-xbrl Zip 243K
Item 6. Selected Financial Data |
Exhibit 99.2
Explanatory Note
During the first quarter of 2011, Humana Inc. realigned its business segments to reflect its evolving business model. As a result, Humana reassessed and changed its operating and reportable segments effective with the filing of its Quarterly Report on Form 10-Q for the three months ended March 31, 2011. The Company currently manages and reports its operating results using the following segments: Retail, Employer Group, and Health and Well-Being Services. The Company also discloses results for Other Businesses. This Exhibit 99.2 has been revised from the “Item 6. Selected Financial Data” to Humana’s Annual Report on Form 10-K for the year ended December 31, 2010 (the “2010 Form 10-K”) to reflect retrospective application of the new segments and reclassified historical results to conform to the new presentation.
Material revisions to the 2010 Form 10-K resulting from the Company’s new business segment reporting are highlighted in blue font. It is important to note, however, that other disclosures originally included in the 2010 Form 10-K, unrelated to the Company’s new business segment reporting, have been repeated in this Exhibit 99.2 without updates that may have been made to those disclosures in subsequent filings with the SEC. The non-updated disclosures, made as of February 17, 2011, appear in black font. For updated disclosures to these sections, you should read this Exhibit 99.2 together with the Company’s SEC filings made after February 17, 2011, including Humana’s Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2011 and June 30, 2011.
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ITEM 6. | SELECTED FINANCIAL DATA WITH RETROSPECTIVE APPLICATION OF SEGMENTS |
2010 (a) | 2009 | 2008 (b) | 2007 (c) | 2006 (d) | ||||||||||||||||
(in thousands, except per common share results, membership and ratios) | ||||||||||||||||||||
Summary of Operating Results: |
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Revenues: |
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Premiums |
$ | 32,712,323 | $ | 29,926,751 | $ | 28,064,844 | $ | 24,434,347 | $ | 20,729,182 | ||||||||||
Services |
555,180 | 519,507 | 468,239 | 404,636 | 343,930 | |||||||||||||||
Investment income |
329,332 | 296,317 | 220,215 | 314,239 | 291,880 | |||||||||||||||
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Total revenues |
33,596,835 | 30,742,575 | 28,753,298 | 25,153,222 | 21,364,992 | |||||||||||||||
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Operating expenses: |
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Benefits |
27,117,069 | 24,783,576 | 23,730,106 | 20,246,162 | 17,425,589 | |||||||||||||||
Operating costs |
4,380,319 | 4,013,984 | 3,739,655 | 3,372,415 | 2,972,289 | |||||||||||||||
Depreciation and amortization |
244,825 | 237,412 | 210,400 | 176,467 | 141,888 | |||||||||||||||
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Total operating expenses |
31,742,213 | 29,034,972 | 27,680,161 | 23,795,044 | 20,539,766 | |||||||||||||||
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Income from operations |
1,854,622 | 1,707,603 | 1,073,137 | 1,358,178 | 825,226 | |||||||||||||||
Interest expense |
105,060 | 105,843 | 80,289 | 68,878 | 63,141 | |||||||||||||||
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Income before income taxes |
1,749,562 | 1,601,760 | 992,848 | 1,289,300 | 762,085 | |||||||||||||||
Provision for income taxes |
650,172 | 562,085 | 345,694 | 455,616 | 274,662 | |||||||||||||||
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Net income |
$ | 1,099,390 | $ | 1,039,675 | $ | 647,154 | $ | 833,684 | $ | 487,423 | ||||||||||
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Basic earnings per common share |
$ | 6.55 | $ | 6.21 | $ | 3.87 | $ | 5.00 | $ | 2.97 | ||||||||||
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Diluted earnings per common share |
$ | 6.47 | $ | 6.15 | $ | 3.83 | $ | 4.91 | $ | 2.90 | ||||||||||
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Financial Position: |
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Cash and investments |
$ | 10,045,576 | $ | 9,110,738 | $ | 7,185,865 | $ | 6,690,820 | $ | 5,347,454 | ||||||||||
Total assets |
16,103,253 | 14,153,494 | 13,041,760 | 12,879,074 | 10,098,486 | |||||||||||||||
Benefits payable |
3,469,306 | 3,222,574 | 3,205,579 | 2,696,833 | 2,410,407 | |||||||||||||||
Debt |
1,668,849 | 1,678,166 | 1,937,032 | 1,687,823 | 1,269,100 | |||||||||||||||
Stockholders’ equity |
6,924,056 | 5,776,003 | 4,457,190 | 4,028,937 | 3,053,886 | |||||||||||||||
Key Financial Indicators: |
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Benefit ratio |
82.9 | % | 82.8 | % | 84.6 | % | 82.9 | % | 84.1 | % | ||||||||||
Operating cost ratio |
13.2 | % | 13.2 | % | 13.1 | % | 13.6 | % | 14.1 | % | ||||||||||
Medical Membership by Segment: |
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Retail segment: |
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Medical membership |
3,542,200 | 3,729,400 | 4,764,900 | 4,780,200 | 4,703,100 | |||||||||||||||
Specialty membership |
510,000 | 297,300 | 324,600 | 299,400 | 116,500 | |||||||||||||||
Employer Group segment: |
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Medical membership |
3,009,500 | 3,117,800 | 3,358,400 | 3,256,400 | 3,119,900 | |||||||||||||||
Specialty membership |
6,517,500 | 6,761,900 | 6,244,100 | 6,305,200 | 1,786,300 | |||||||||||||||
Other Businesses: |
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Medical membership |
3,734,900 | 3,486,800 | 3,488,900 | 3,470,100 | 3,449,100 | |||||||||||||||
Consolidated: |
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Total medical membership |
10,286,600 | 10,334,000 | 11,612,200 | 11,506,700 | 11,272,100 | |||||||||||||||
Total specialty membership |
7,027,500 | 7,059,200 | 6,568,700 | 6,604,600 | 1,902,800 |
(a) | Includes the acquired operations of Concentra Inc. from December 21, 2010. Also includes the benefit of $231.2 million ($146.5 million after tax, or $0.86 per diluted common share) of prior year favorable reserve releases not in the ordinary course of business, as well as an expense of $147.5 million ($93.4 million after tax, or $0.55 per diluted common share) for the write-down of deferred acquisition costs associated with our individual major medical policies and an expense of $138.9 million ($88.0 million after tax, or $0.52 per diluted common share) associated with reserve strengthening for our closed block of long-term care policies acquired in connection with the 2007 acquisition of KMG America Corporation. |
(b) | Includes the acquired operations of UnitedHealth Group’s Las Vegas, Nevada individual SecureHorizons Medicare Advantage HMO business from April 30, 2008, the acquired operations of OSF Health Plans, Inc. from May 22, 2008, the acquired operations of Metcare Health Plans, Inc. from August 29, 2008, and the acquired operations of PHP Companies, Inc. (d/b/a Cariten Healthcare) from October 31, 2008. |
(c) | Includes the acquired operations of DefenseWeb Technologies, Inc. from March 1, 2007, the acquired operations of CompBenefits Corporation from October 1, 2007, and the acquired operations of KMG America Corporation from November 30, 2007. Also includes the benefit of $68.9 million ($43.0 million after tax, or $0.25 per diluted share) related to our 2006 Medicare Part D reconciliation with CMS and the settlement of some TRICARE contractual provisions related to prior years. |
(d) | Includes the acquired operations of CHA Service Company from May 1, 2006. |
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This ‘8-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
Filed on / For Period end: | 10/20/11 | |||
6/30/11 | 10-Q | |||
3/31/11 | 10-Q | |||
2/17/11 | 10-K, 4, 8-K | |||
12/31/10 | 10-K, ARS | |||
12/21/10 | 8-K | |||
10/31/08 | ||||
8/29/08 | ||||
5/22/08 | 8-K | |||
4/30/08 | ||||
11/30/07 | 8-K | |||
10/1/07 | 4 | |||
3/1/07 | ||||
5/1/06 | 4, 8-K | |||
List all Filings |