Company: HUM
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0000049071-25-000007
Chunk: 49

Company: HUMANA INC
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 49
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100 million from FHLB with certain of our marketable securities as collateral and subsequently repaid the outstanding balance in December 2023. At December 31, 2024 we had no outstanding short-term FHLB borrowings.

14. EMPLOYEE BENEFIT PLANS

Employee Savings PlanWe have defined contribution retirement savings plans covering eligible associates which include matching contributions based on the amount of our associates’ contributions to the plans. The cost of these plans amounted to approximately $293 million in 2024, $278 million in 2023, and $286 million in 2022. The Company’s cash match is invested pursuant to the participant’s contribution direction. Based on the closing price of our common stock of $253.71 on December 31, 2024, approximately 4% of the retirement and savings plan’s assets were invested in our 

101

Humana Inc.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

common stock, or approximately 1.1 million shares, representing approximately 0.9% of the shares outstanding as of December 31, 2024. At December 31, 2024, approximately 5.3 million shares of our common stock were reserved for issuance under our defined contribution retirement savings plans.Stock-Based CompensationWe have plans under which options to purchase our common stock and restricted stock units have been granted to executive officers, directors and key associates. Awards generally require both a change in control and termination of employment within 2 years of the date of the change in control to accelerate the vesting, including those granted to retirement-eligible participants. The terms and vesting schedules for stock-based awards vary by type of grant. Generally, the awards vest upon time-based conditions. We have also granted awards to certain associates that vest upon a combination of time and performance-based conditions. The stock awards of retirement-eligible participants are generally earned ratably over the service period for each tranche. Accordingly, upon retirement the earned portion of the current tranche will continue to vest on the originally scheduled vest date and any remaining unearned portion of the award will be forfeited. Our equity award program includes a retirement provision that generally treats associates with a combination of age and years of services with the Company totaling 65 or greater, with a minimum required age of 55 and a minimum requirement of 5 years of service, as retirement-eligible. Upon exercise, stock-based compensation awards are settled with authorized but unissued company stock or treasury stock. The