Company: ELV
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001156039-25-000010
Chunk: 191

Company: Elevance Health, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 191
---
)

8. Income Taxes

The components of deferred income taxes at December 31, 2024 and 2023 are as follows:20242023Deferred income tax assets:Accrued expenses$826 $595 Bad debt reserves434 415 Insurance reserves192 178 Lease liabilities170 172 Retirement liabilities126 132 Deferred compensation45 44 Federal and state carryforwards428 368 Foreign (including Puerto Rico) carryforwards90 87 Other100 166 Subtotal2,411 2,157 Less: valuation allowance(294)(271)Total deferred income tax assets2,117 1,886 Deferred income tax liabilities:U.S. federal and state intangible assets2,584 2,043 Foreign (including Puerto Rico) intangible assets194 330 Capitalized software513 485 Depreciation and amortization38 81 Investment basis11 11 Retirement assets330 319 Lease right-of-use assets114 110 Prepaid expenses275 249 Total deferred income tax liabilities4,059 3,628 Net deferred income tax liabilities$1,942 $1,742  We recognized $206 and $228 of deferred tax asset under the caption “Other noncurrent assets” at December 31, 2024 and 2023, respectively. We recognized $2,148 and $1,970 of deferred tax liability under the caption “Deferred tax liabilities, net” at December 31, 2024 and 2023, respectively.As of December 31, 2024, we have established U.S. deferred taxes for undistributed earnings from certain non-U.S. subsidiaries, which are included in the Investment basis component above, consistent with prior years.

 -103-

Elevance Health, Inc.Notes to Consolidated Financial Statements (continued)

Significant components of the provision for income taxes for the years ended December 31, 2024, 2023 and 2022 consist of the following:202420232022Current tax expense:Federal$1,753 $1,899 $1,455 Foreign (including Puerto Rico)93 95 98 State and local448 420 244 Total current tax expense2,294 2,414 1,797 Deferred tax benefit(361)(690)(85)Total income tax expense$1,933 $1,724 $1,712 State and