Company: HUM
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0000049071-25-000007
Chunk: 41

Company: HUMANA INC
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 41
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31, 2023, respectively. The weighted average discount rate is 4.6% and 3.9% at December 31, 2024 and December 31, 2023, respectively. For the years ended December 31, 2024, 2023 and 2022, cash paid for amounts included in the measurement of lease liabilities included within our operating cash flows was $143 million, $166 million and $191 million, respectively.

94

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

Maturity of Lease LiabilitiesDecember 31, 2024For the years ended December 31,(in millions)2025$147 2026125 2027103 202878 202940 After 202969 Total lease payments562 Less: Interest40 Present value of lease liabilities$522 As most of our leases do not provide an implicit rate, we use our incremental borrowing rate, as adjusted for collateralized borrowings, based on the information available at date of adoption or commencement date in determining the present value of lease payments.

11. BENEFITS PAYABLE

On a consolidated basis, which represents our Insurance segment net of eliminations, activity in benefits payable was as follows for the years ended December 31, 2024, 2023 and 2022:202420232022 (in millions)Balances at January 1$10,241 $9,264 $8,289 Acquisitions— 62 — Incurred related to:Current year101,365 89,266 76,105 Prior years(701)(872)(415)Total incurred100,664 88,394 75,690 Paid related to:Current year(91,281)(79,545)(67,287)Prior years(9,184)(7,934)(7,428)Total paid(100,465)(87,479)(74,715)Balances at December 31$10,440 $10,241 $9,264 The total estimate of benefits payable for claims incurred but not reported, or IBNR, is included within the net incurred claims amounts. At December 31, 2024 and 2023, benefits payable included IBNR of approximately $7.3 billion and $6.6 billion, primarily associated with claims incurred in each respective year. The cumulative number of reported claims as