Company: ELV
Filing Date: 2025-07-17
Form Type: 10-Q
Source: 0001156039-25-000114
Chunk: 33

Company: Elevance Health, Inc.
Filing Date: 2025-07-17
Form: 10-Q
Item: Item 8
Chunk 33
---
 $59,078 Performance-based arrangements without medical claims payable2,108 — Total net incurred medical claims70,025 59,078 Quality improvement and other claims expense1,993 2,040 Benefit expense$72,018 $61,118 Net incurred medical claims under certain performance-based risk arrangements that include gain or loss sharing components do not require a medical claim payable liability.The reconciliation of the medical claims payable reflected in the tables above to the consolidated ending balance for medical claims payable included in the consolidated balance sheets, as of June 30, 2025 is as follows:TotalNet medical claims payable, end of period$16,855 Ceded medical claims payable, end of period16 Insurance lines other than short duration284 Gross medical claims payable, end of period$17,155 

10.     Debt

We generally issue senior unsecured notes for long-term borrowing purposes. At June 30, 2025 and December 31, 2024, we had $29,801 and $30,842, respectively, outstanding under these notes.On January 15, 2025, we repaid, at maturity, the $1,250 outstanding balance of our 2.375% unsecured notes. We have an unsecured surplus note with an outstanding principal balance of $25 at both June 30, 2025 and December 31, 2024.We have a senior revolving credit facility (the “5-Year Facility”) with a group of lenders for general corporate purposes. The 5-Year Facility provides credit of up to $4,000 and matures in April 2027. Our ability to borrow under the 5-Year Facility is subject to compliance with certain covenants, including covenants requiring us to maintain a defined debt-to-capital ratio of not more than 60%, subject to increase in certain circumstances set forth in the credit agreement for the 5-Year Facility. As of June 30, 2025, our debt-to-capital ratio, as defined and calculated under the 5-Year Facility, was 40.8%. We do not believe the restrictions contained in our 5-Year Facility covenants materially affect our financial or operating flexibility. As of June 30, 2025, we were in compliance with all of our debt covenants under the 5-Year Facility. There were no amounts outstanding under the 5-Year Facility at any time during the six months ended June 30,