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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Humana Inc | NYSE:HUM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
11.39 | 2.96% | 395.60 | 401.11 | 391.02 | 395.15 | 1,773,672 | 22:57:48 |
x
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ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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A.
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Full Title of Plan: Humana Retirement Savings Plan
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B.
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Name of Issuer of the Securities held Pursuant to the Plan and the Address of its Principal Executive Office:
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Page
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Report of Independent Registered Public Accounting Firm
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Financial Statements
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Statements of Net Assets Available for Benefits,
December 31, 2015 and 2014
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Statements of Changes in Net Assets Available for Benefits,
for the years ended December 31, 2015 and 2014
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Notes to Financial Statements
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|
–
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Supplemental Schedule
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Schedule of Assets (Held at End of Year), December 31, 2015
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Signatures
|
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Exhibit Index
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2015
|
|
2014
|
||||
Assets
|
|
|
|
||||
|
|
|
|
||||
Investments, at fair value
|
$
|
3,090,294,032
|
|
|
$
|
2,857,497,525
|
|
Fully-benefit responsive investment contracts, at contract value
|
247,953,589
|
|
|
253,141,193
|
|
||
Total investments
|
3,338,247,621
|
|
|
3,110,638,718
|
|
||
|
|
|
|
||||
Employer contributions receivable
|
7,141,625
|
|
|
6,512,195
|
|
||
Participant contributions receivable
|
133
|
|
|
100,573
|
|
||
Notes receivable from participants
|
99,583,807
|
|
|
92,608,695
|
|
||
Total receivables
|
106,725,565
|
|
|
99,221,463
|
|
||
|
|
|
|
||||
Total assets
|
3,444,973,186
|
|
|
3,209,860,181
|
|
||
|
|
|
|
||||
Liabilities
|
|
|
|
||||
|
|
|
|
||||
Accrued expenses
|
384,150
|
|
|
422,371
|
|
||
|
|
|
|
||||
Total liabilities
|
384,150
|
|
|
422,371
|
|
||
|
|
|
|
||||
Net assets available for benefits
|
$
|
3,444,589,036
|
|
|
$
|
3,209,437,810
|
|
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
|
2015
|
|
2014
|
||||
Additions to net assets attributed to:
|
|
|
|
||||
Investment income:
|
|
|
|
||||
Net appreciation in fair value of investments
|
$
|
41,199,489
|
|
|
$
|
236,121,035
|
|
Interest and dividend income
|
42,803,045
|
|
|
39,173,489
|
|
||
Total investment income
|
84,002,534
|
|
|
275,294,524
|
|
||
|
|
|
|
||||
Contributions:
|
|
|
|
||||
Participant
|
229,840,560
|
|
|
202,004,206
|
|
||
Employer (net of forfeitures)
|
182,650,528
|
|
|
161,636,327
|
|
||
Total contributions
|
412,491,088
|
|
|
363,640,533
|
|
||
|
|
|
|
||||
Interest on notes receivable from participants
|
3,846,849
|
|
|
3,052,508
|
|
||
Plan transfers, net (Note 8)
|
2,005,501
|
|
|
6,942,581
|
|
||
Total additions
|
502,345,972
|
|
|
648,930,146
|
|
||
|
|
|
|
||||
Deductions from net assets attributed to:
|
|
|
|
||||
Benefits paid to participants
|
264,958,440
|
|
|
221,459,631
|
|
||
Administrative expenses
|
2,236,306
|
|
|
2,635,288
|
|
||
|
|
|
|
||||
Total deductions
|
267,194,746
|
|
|
224,094,919
|
|
||
|
|
|
|
||||
Net increase
|
235,151,226
|
|
|
424,835,227
|
|
||
|
|
|
|
||||
Net assets available for benefits:
|
|
|
|
||||
Beginning of year
|
3,209,437,810
|
|
|
2,784,602,583
|
|
||
|
|
|
|
||||
End of year
|
$
|
3,444,589,036
|
|
|
$
|
3,209,437,810
|
|
1.
|
DESCRIPTION OF THE PLAN
|
2.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
3.
|
STABLE VALUE FUND
|
•
|
The level of market interest rates;
|
•
|
The amount and timing of Participant contributions, transfers, and withdrawals into/out of the Stable Value Fund;
|
•
|
The investment returns generated by the fixed income investments that back the wrapper contract;
|
•
|
The duration of the underlying fixed income investments backing the wrapper contract.
|
2015
|
|
Wrap/GIC Provider Credit Rating
|
|
Contract Value
|
||
Synthetic Guaranteed Investment Contracts:
|
|
|
|
|
||
IGT Jennison AAA Intermediate Fund – Transamerica wrap contract
|
|
AA-/A1
|
|
$
|
61,710,575
|
|
IGT PIMCO AAA or Better Intermediate Fund – Prudential Insurance Company wrap contract
|
|
AA-/A1
|
|
58,070,367
|
|
|
IGT Invesco Short-term Bond Fund – Voya wrap contract
|
|
A/A2
|
|
32,460,803
|
|
|
IGT Invesco Intermediate Government Fund – Voya wrap contract
|
|
A/A2
|
|
26,314,756
|
|
|
IGT Invesco Short-term Bond Fund – RGA Capital Markets wrap contract
|
|
AA-/A1
|
|
59,005,083
|
|
|
IGT Invesco Short-term Bond Fund – Pacific Life Insurance Company wrap contract
|
|
A+/A1
|
|
10,392,005
|
|
|
Total Synthetic Guaranteed Investment Contracts
|
|
|
|
247,953,589
|
|
|
|
|
|
|
|
||
Short-term Investments:
|
|
|
|
|
||
State Street Global Advisors Government Money Market Fund
|
|
|
|
22,322,100
|
|
|
Total
|
|
|
|
$
|
270,275,689
|
|
2014
|
|
Wrap/GIC Provider Credit Rating
|
|
Contract Value
|
||
Synthetic Guaranteed Investment Contracts:
|
|
|
|
|
||
IGT Jennison AAA Intermediate Fund – Transamerica wrap contract
|
|
AA-/A1
|
|
$
|
62,988,784
|
|
IGT PIMCO AAA or Better Intermediate Fund – Prudential Insurance Company wrap contract
|
|
AA-/A1
|
|
59,504,468
|
|
|
IGT Invesco Short-term Bond Fund – Voya wrap contract
|
|
A-/A3
|
|
33,055,240
|
|
|
IGT Invesco Intermediate Government Fund – Voya wrap contract
|
|
A-/A3
|
|
26,876,893
|
|
|
IGT Invesco Short-term Bond Fund – RGA Capital Markets wrap contract
|
|
AA-/A1
|
|
60,091,436
|
|
|
IGT Invesco Short-term Bond Fund – Pacific Life Insurance Company wrap contract
|
|
A+/A1
|
|
10,624,372
|
|
|
Total Synthetic Guaranteed Investment Contracts
|
|
|
|
253,141,193
|
|
|
|
|
|
|
|
||
Short-term Investments:
|
|
|
|
|
||
State Street Global Advisors Government Money Market Fund
|
|
|
|
5,049,747
|
|
|
Total
|
|
|
|
$
|
258,190,940
|
|
4.
|
INVESTMENTS
|
|
|
|
Fair Value Measurements Using
|
||||||||
|
Fair Value
|
|
Quoted Prices in Active Markets for Identical Assets
(Level 1) |
|
Significant Other Observable Inputs
(Level 2) |
|
Significant Unobservable Inputs
(Level 3) |
||||
December 31, 2015
|
|
|
|
|
|
|
|
||||
Mutual Funds:
|
|
|
|
|
|
|
|
||||
Fixed income funds
|
282,360,151
|
|
|
282,360,151
|
|
|
—
|
|
|
—
|
|
Growth funds
|
137,371,108
|
|
|
137,371,108
|
|
|
—
|
|
|
—
|
|
Value funds
|
39,823,472
|
|
|
39,823,472
|
|
|
—
|
|
|
—
|
|
Total Mutual Funds
|
459,554,731
|
|
|
459,554,731
|
|
|
—
|
|
|
—
|
|
Humana Unitized Stock Fund/Humana Common Stock
|
438,044,304
|
|
|
438,044,304
|
|
|
—
|
|
|
—
|
|
Personal Choice Retirement
|
102,659,781
|
|
|
83,144,556
|
|
|
19,515,225
|
|
|
—
|
|
Total Investments in the fair value hierarchy
|
1,000,258,816
|
|
|
980,743,591
|
|
|
19,515,225
|
|
|
—
|
|
Common/Collective Trust Funds
(1)
|
2,059,265,666
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Stable Value Fund/Money Market Fund
(1)
|
22,322,100
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Humana Unitized Stock Fund/ Money Market Fund
(1)
|
8,447,450
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total Investments, at fair value
|
3,090,294,032
|
|
|
980,743,591
|
|
|
19,515,225
|
|
|
—
|
|
|
|
|
Fair Value Measurements Using
|
||||||||||||
|
Fair Value
|
|
Quoted Prices in Active Markets for Identical Assets
(Level 1) |
|
Significant Other Observable Inputs
(Level 2) |
|
Significant Unobservable Inputs
(Level 3) |
||||||||
December 31, 2014
|
|
|
|
|
|
|
|
||||||||
Mutual Funds:
|
|
|
|
|
|
|
|
||||||||
Fixed income funds
|
255,538,945
|
|
|
255,538,945
|
|
|
—
|
|
|
—
|
|
||||
Growth funds
|
144,451,784
|
|
|
144,451,784
|
|
|
—
|
|
|
—
|
|
||||
Value funds
|
34,691,194
|
|
|
34,691,194
|
|
|
—
|
|
|
—
|
|
||||
Total Mutual funds
|
434,681,923
|
|
|
434,681,923
|
|
|
—
|
|
|
—
|
|
||||
Humana Unitized Stock Fund/Humana Common Stock
|
391,631,849
|
|
|
391,631,849
|
|
|
—
|
|
|
—
|
|
||||
Personal Choice Retirement Account:
|
99,418,461
|
|
|
81,355,827
|
|
|
18,062,634
|
|
|
—
|
|
||||
Total Investments in the fair value hierarchy
|
$
|
925,732,233
|
|
|
$
|
907,669,599
|
|
|
$
|
18,062,634
|
|
|
$
|
—
|
|
Common/Collective Trust Funds
(1)
|
1,918,173,806
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Stable Value Fund/Money Market Fund
(1)
|
5,049,747
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Humana Unitized Stock Fund/ Money Market Fund
(1)
|
8,541,739
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total Investments, at fair value
|
$
|
2,857,497,525
|
|
|
$
|
907,669,599
|
|
|
$
|
18,062,634
|
|
|
$
|
—
|
|
(1)
|
Certain investments that are measured at fair value using the net asset value per share (or its equivalent practical expedient) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Net Assets Available for Benefits.
|
5.
|
INCOME TAX STATUS
|
6.
|
RELATED PARTY AND PARTY-IN-INTEREST TRANSACTIONS
|
7.
|
RISKS AND UNCERTAINTIES
|
8.
|
PLAN TRANSFERS
|
Effective Date
|
|
Former Plan Name
|
|
Assets Transferred
|
||
January 14, 2015
|
|
HumanaVitality 401(k) Plan
|
|
$
|
3,226,429
|
|
February 19, 2015
|
|
Concentra Operating Corporation 401(k) and Profit Sharing Plan
|
|
(1,220,928
|
)
|
|
|
|
|
|
$
|
2,005,501
|
|
Effective Date
|
|
Former Plan Name
|
|
Assets Transferred
|
||
January 9, 2014
|
|
DefenseWeb Technologies, Inc. 401(k) Profit Sharing Plan and Trust
|
|
$
|
4,561,606
|
|
February 4, 2014
|
|
SeniorBridge 401(k) Plan
|
|
2,380,975
|
|
|
|
|
|
|
$
|
6,942,581
|
|
9.
|
RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
|
|
December 31,
|
||||||
|
2015
|
|
2014
|
||||
|
|
||||||
Net assets available for benefits per the financial statements
|
$
|
3,444,589,036
|
|
|
$
|
3,209,437,810
|
|
Adjustments from contract value to fair value for fully benefit-responsive investment contracts
|
—
|
|
|
6,206,859
|
|
||
Net assets available for benefits per the Form 5500
|
$
|
3,444,589,036
|
|
|
$
|
3,215,644,669
|
|
|
December 31, 2015
|
||
Net increase in net assets available for benefits per the financial statements
|
$
|
235,151,226
|
|
Adjustments from contract value to fair value for fully benefit-responsive investment contracts
|
(6,206,859
|
)
|
|
Net increase in net assets available for benefits per the Form 5500
|
$
|
228,944,367
|
|
(a)
|
|
(b)
Identity of Issuer, Borrower, Lessor or Similar Party |
|
(c)
Description of investment |
|
(d)
Cost** |
|
Current Value
|
||
|
|
Registered Investment Company (Mutual Funds):
|
|
|
|
|
||||
|
|
Pimco Total Return Fund
|
|
Mutual fund
|
|
—
|
|
$
|
282,360,151
|
|
|
|
Prudential Jennison Small Company Z
|
|
Mutual fund
|
|
—
|
|
137,371,108
|
|
|
|
|
Delaware Small Cap Value Fund I
|
|
Mutual fund
|
|
—
|
|
39,823,472
|
|
|
|
|
Total Mutual Funds
|
|
Mutual fund
|
|
—
|
|
459,554,731
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Common/Collective Trusts:
|
|
|
|
|
||||
|
|
BNY Mellon Broad Market Stock Index
|
|
Common/Collective Trust
|
|
—
|
|
325,617,768
|
|
|
|
|
Artisan International Growth Trust
|
|
Common/Collective Trust
|
|
—
|
|
259,404,850
|
|
|
*
|
|
Schwab Institutional Large Cap Value Trust Fund
|
|
Common/Collective Trust
|
|
—
|
|
227,563,221
|
|
|
|
|
BNY Mellon Small Cap Stock Index
|
|
Common/Collective Trust
|
|
—
|
|
167,181,746
|
|
|
|
|
JP Morgan Chase Bank Large Cap Growth Fund
|
|
Common/Collective Trust
|
|
—
|
|
224,777,032
|
|
|
*
|
|
Schwab Managed Retirement Trust 2010 Fund Class V
|
|
Common/Collective Trust
|
|
—
|
|
28,329,660
|
|
|
*
|
|
Schwab Managed Retirement Trust 2020 Fund Class V
|
|
Common/Collective Trust
|
|
—
|
|
156,936,630
|
|
|
*
|
|
Schwab Managed Retirement Trust 2030 Fund Class V
|
|
Common/Collective Trust
|
|
—
|
|
227,635,219
|
|
|
*
|
|
Schwab Managed Retirement Trust 2040 Fund Class V
|
|
Common/Collective Trust
|
|
—
|
|
261,297,388
|
|
|
*
|
|
Schwab Managed Retirement Trust 2050 Fund Class V
|
|
Common/Collective Trust
|
|
—
|
|
171,380,455
|
|
|
*
|
|
Schwab Managed Retirement Trust Income Fund Class V
|
|
Common/Collective Trust
|
|
—
|
|
9,141,697
|
|
|
|
|
Stable Value Fund:
|
|
|
|
—
|
|
|
||
|
|
IGT Invesco Intermediate Government Fund
|
|
Common/Collective Trust
|
|
—
|
|
26,314,756
|
|
|
|
|
Voya Synthetic GIC Wrap Contract #60398-B
|
|
Insurance Contract
|
|
—
|
|
—
|
|
|
|
|
IGT PIMCO AAA or Better Intermediate Fund
|
|
Common/Collective Trust
|
|
—
|
|
58,070,367
|
|
|
|
|
Prudential Insurance Company Synthetic GIC Wrap Contract #GA-62459
|
|
Insurance Contract
|
|
—
|
|
—
|
|
|
|
|
IGT Jennison AAA Intermediate Fund
|
|
Common/Collective Trust
|
|
—
|
|
61,710,575
|
|
|
|
|
Transamerica Synthetic GIC Wrap Contract #MDA-00640TR
|
|
Insurance Contract
|
|
—
|
|
—
|
|
|
|
|
IGT Invesco Short-term Bond Fund
|
|
Common/Collective Trust
|
|
—
|
|
32,460,803
|
|
|
|
|
Voya Synthetic GIC Wrap Contract #60398-A
|
|
Insurance Contract
|
|
—
|
|
—
|
|
|
|
|
IGT Invesco Short-term Bond Fund
|
|
Common/Collective Trust
|
|
—
|
|
10,392,005
|
|
|
|
|
Pacific Life Insurance Synthetic GIC Wrap Contract #G-26956.01.0001
|
|
Insurance Contract
|
|
—
|
|
—
|
|
|
|
|
IGT Invesco Short-term Bond Fund
|
|
Common/Collective Trust
|
|
—
|
|
59,005,083
|
|
|
|
|
RGA Synthetic GIC Wrap Contract #RGA00029
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Insurance Contract
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—
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—
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Short-term Investment Fund State Street Global Advisors Contract #CSCI
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Money Market Fund
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—
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22,322,100
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Total Stable Value Fund
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—
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270,275,689
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Total Common/Collective Trusts
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—
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2,329,541,355
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Other Investments:
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*
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Humana Unitized Stock Fund:
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Humana Common Stock
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Common Stock
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—
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438,044,304
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State Street Global Advisors Government Money Market Fund
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Money Market Fund
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—
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8,447,450
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Total Humana Unitized Stock Fund
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—
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446,491,754
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*
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Personal Choice Retirement Account - Self-directed Brokerage Account
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Brokerage accounts
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102,659,781
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*
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Notes Receivable from Participants, Interest Rate: 4.25%-9.25%, with Maturity Dates: 2016-2034
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Participant loans
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—
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99,583,807
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Total
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—
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$
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3,437,831,428
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*
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Party-in-interest to the Plan
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**
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Historical cost is not required as all investments are participant-directed
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/s/ BRIAN A. KANE
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Brian A. Kane
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Member, Humana Retirement Plans Committee
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June 23, 2016
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