Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Humana Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

US$ in millions

	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Benefits payable	11,125)	11,446)	11,729)	10,241)	10,196)	10,304)	10,018)	9,264)	9,237)	9,650)	9,378)	8,289)	8,758)	8,485)	8,651)	8,143)	8,208)	7,980)	7,090)	6,004)	6,220)	5,842)	6,024)
Trade accounts payable and accrued expenses	5,915)	6,527)	6,504)	6,569)	7,600)	8,118)	7,431)	5,238)	6,766)	5,787)	5,859)	4,509)	4,957)	4,898)	4,777)	4,013)	4,472)	6,175)	5,399)	3,754)	3,640)	3,832)	3,719)
Book overdraft	356)	355)	333)	353)	246)	457)	406)	298)	237)	391)	317)	326)	240)	236)	343)	320)	214)	310)	169)	225)	273)	204)	154)
Unearned revenues	195)	313)	301)	266)	7,536)	7,378)	7,220)	286)	6,012)	264)	288)	254)	277)	323)	325)	318)	287)	266)	274)	247)	274)	312)	312)
Short-term debt	1,136)	1,149)	822)	1,443)	2,245)	2,022)	1,867)	2,092)	2,799)	1,541)	1,690)	1,953)	795)	1,109)	1,204)	600)	1,724)	1,724)	1,898)	699)	699)	1,349)	1,718)
Current liabilities held-for-sale	—)	—)	—)	—)	—)	—)	—)	—)	—)	206)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Current liabilities	18,727)	19,790)	19,689)	18,872)	27,823)	28,279)	26,942)	17,178)	25,051)	17,839)	17,532)	15,331)	15,027)	15,051)	15,300)	13,394)	14,905)	16,455)	14,830)	10,929)	11,106)	11,539)	11,927)
Long-term debt	11,886)	11,746)	12,390)	10,213)	9,483)	9,722)	9,743)	9,034)	7,798)	11,290)	11,285)	10,541)	11,466)	6,063)	6,062)	6,060)	6,059)	6,058)	6,057)	4,967)	5,365)	4,377)	4,376)
Other long-term liabilities	1,770)	1,829)	1,826)	1,662)	1,595)	1,563)	1,457)	1,473)	1,599)	1,907)	2,149)	2,383)	2,545)	2,113)	1,863)	1,787)	1,745)	1,526)	1,391)	1,141)	1,108)	1,125)	1,205)
Long-term liabilities held-for-sale	—)	—)	—)	—)	—)	—)	—)	—)	—)	274)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Long-term liabilities	13,656)	13,575)	14,216)	11,875)	11,078)	11,285)	11,200)	10,507)	9,397)	13,471)	13,434)	12,924)	14,011)	8,176)	7,925)	7,847)	7,804)	7,584)	7,448)	6,108)	6,473)	5,502)	5,581)
Total liabilities	32,383)	33,365)	33,905)	30,747)	38,901)	39,564)	38,142)	27,685)	34,448)	31,310)	30,966)	28,255)	29,038)	23,227)	23,225)	21,241)	22,709)	24,039)	22,278)	17,037)	17,579)	17,041)	17,508)
Preferred stock, $1 par; none issued	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Common stock, $0.16 2/3 par	33)	33)	33)	33)	33)	33)	33)	33)	33)	33)	33)	33)	33)	33)	33)	33)	33)	33)	33)	33)	33)	33)	33)
Capital in excess of par value	3,471)	3,420)	3,369)	3,346)	3,362)	3,313)	3,262)	3,246)	3,234)	3,153)	3,103)	3,082)	3,064)	3,018)	2,712)	2,705)	2,940)	2,898)	2,857)	2,820)	2,608)	2,763)	2,722)
Retained earnings	29,118)	28,745)	28,173)	27,540)	28,191)	27,468)	26,619)	25,492)	25,606)	24,511)	23,915)	23,086)	23,191)	21,751)	21,252)	20,517)	20,872)	19,616)	17,871)	17,483)	17,045)	16,429)	15,563)
Accumulated other comprehensive income (loss)	(653)	(1,122)	(1,086)	(999)	(1,503)	(1,226)	(1,113)	(1,304)	(1,467)	(1,051)	(572)	42)	145)	216)	108)	391)	370)	317)	48)	156)	177)	112)	(10)
Treasury stock, at cost	(14,404)	(14,405)	(14,359)	(13,658)	(13,134)	(12,754)	(12,224)	(12,156)	(11,152)	(11,156)	(11,160)	(10,163)	(10,173)	(10,175)	(9,915)	(9,918)	(8,447)	(8,448)	(8,454)	(8,455)	(8,262)	(7,465)	(7,467)
Stockholders’ equity	17,565)	16,671)	16,130)	16,262)	16,949)	16,834)	16,577)	15,311)	16,254)	15,490)	15,319)	16,080)	16,260)	14,843)	14,190)	13,728)	15,768)	14,416)	12,355)	12,037)	11,601)	11,872)	10,841)
Noncontrolling interests	59)	57)	56)	56)	55)	57)	57)	59)	63)	20)	23)	23)	22)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Total equity	17,624)	16,728)	16,186)	16,318)	17,004)	16,891)	16,634)	15,370)	16,317)	15,510)	15,342)	16,103)	16,282)	14,843)	14,190)	13,728)	15,768)	14,416)	12,355)	12,037)	11,601)	11,872)	10,841)
Total liabilities and equity	50,007)	50,093)	50,091)	47,065)	55,905)	56,455)	54,776)	43,055)	50,765)	46,820)	46,308)	44,358)	45,320)	38,070)	37,415)	34,969)	38,477)	38,455)	34,633)	29,074)	29,180)	28,913)	28,349)

Benefits Payable: The benefits payable exhibit a generally increasing trend over the analyzed periods, rising from 6,024 million USD at the beginning of 2019 to 11,125 million USD by the third quarter of 2024. Noticeable jumps are observed around the early 2020 period and maintain at higher levels thereafter, indicating potentially increased obligations or claims during and post the onset of 2020.
Trade Accounts Payable and Accrued Expenses: These liabilities experienced a substantial rise in early 2020, peaking at 6,175 million USD in June 2020, from a range around 3,700 million USD in 2019. Following this peak, values fluctuate but remain elevated relative to the 2019 baseline, suggesting increased operational or procurement activities.
Book Overdraft: The book overdraft shows irregular fluctuations with several peaks such as 457 million USD in June 2023 and lows around 154 million USD in March 2019. The pattern suggests episodic short-term liquidity stress or managed cash flow variations without a clear sustained upward or downward trend.
Unearned Revenues: Unearned revenue remains relatively low and stable through most periods, except for significant spikes at March and December 2022 where values dramatically rise to 6,012 and 7,220 million USD respectively. Such spikes could reflect changes in revenue recognition timing or advance payments, followed by a sharp return to much lower levels in subsequent quarters.
Short-term Debt: Short-term debt generally fluctuates without a consistent trend, peaking notably at 2,799 million USD in September 2022. The amount swings between roughly 600 million and 2,200 million USD, reflecting varying short-term financing strategies or refinancing activities within the company.
Current Liabilities Held-for-Sale: Data is sparse but shows a value of 206 million USD in September 2022, indicating a portion of current liabilities being classified as held-for-sale at this time, which may relate to assets or business units planned for divestiture.
Current Liabilities: Current liabilities increase considerably from 11,927 million USD in March 2019 to a peak of 27,823 million USD in December 2023, with marked spikes occurring throughout 2022 and 2023. This rise suggests escalating short-term obligations or operational expenditures needing prompt settlement within one year.
Long-term Debt: Long-term debt more than doubles during the period, starting around 4,376 million USD in March 2019 and peaking at 12,390 million USD in June 2024. Notable increments happen around late 2021 and mid-2024, indicating increased long-term borrowing potentially for capital investments or refinancing previous obligations.
Other Long-term Liabilities: There is a gradual increase in other long-term liabilities from approximately 1,205 million USD in early 2019, reaching around 1,829 million USD by mid-2024, indicating additional long-term obligations increasing moderately over time.
Long-term Liabilities Held-for-Sale: A value of 274 million USD is noted in September 2022, reflecting some long-term liabilities associated with assets or entities categorized as held-for-sale, aligning with current liabilities held-for-sale in the same period.
Long-term Liabilities: The aggregated long-term liabilities increase substantially from around 5,581 million USD in early 2019 to a peak over 14,216 million USD in June 2024, with significant increases during late 2021 through mid-2024, corresponding with the observed growth in long-term debt and other liabilities.
Total Liabilities: Total liabilities follow an upward trajectory from 17,508 million USD in March 2019 to a high near 39,901 million USD in December 2023. After peaking, liabilities show some reduction but remain significantly above early period levels, indicating overall expansion in obligations.
Common Stock and Capital in Excess of Par Value: The common stock remains constant at 33 million USD throughout the entire period. Capital in excess of par value increases gradually from 2,722 million USD to 3,471 million USD, reflecting modest equity infusion or retained capital adjustments.
Retained Earnings: Retained earnings show a consistent upward trend from 15,563 million USD at the start of 2019 to 29,118 million USD by September 2024, signaling sustained profitability and earnings retention over the analyzed periods.
Accumulated Other Comprehensive Income (Loss): This item fluctuates with both gains and losses but trends toward increasing deficit territory in recent years, with values declining from positive amounts in 2019 to a low near -1,503 million USD by September 2023 before partially recovering to about -653 million USD in September 2024, indicative of adverse valuation adjustments or foreign currency effects.
Treasury Stock, at Cost: The cost of treasury stock increased substantially over time, from -7,467 million USD in early 2019 to over -14,404 million USD in September 2024, indicating continued share repurchases or holdings of company stock, which reduces shareholders' equity.
Stockholders' Equity and Total Equity: Stockholders' equity fluctuates moderately, increasing from 10,841 million USD in March 2019 to a peak slightly above 17,565 million USD in September 2024, though with some interim declines. Total equity follows a similar pattern, reflecting minor contributions from noncontrolling interests. The overall growth suggests a strengthening equity base despite significant treasury stock accumulation.
Total Liabilities and Equity: The sum of total liabilities and equity rises from 28,349 million USD in March 2019 to approximately 50,007 million USD by September 2024. This significant growth shows expansion in the company's balance sheet size, driven by increases in liabilities and equity alike, with notable surges in the post-2020 period.

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Humana Inc. (NYSE:HUM)

Balance Sheet: Liabilities and Stockholders’ Equity Quarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data