Company: ELV
Filing Date: 2025-04-22
Form Type: 10-Q
Source: 0001156039-25-000057
Chunk: 26

Company: Elevance Health, Inc.
Filing Date: 2025-04-22
Form: 10-Q
Item: Item 8
Chunk 26
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 value of the loaned securities at each of March 31, 2025 and December 31, 2024.We recognize the collateral as an asset under the caption “Other current assets” in our consolidated balance sheets, and we recognize a corresponding liability for the obligation to return the collateral to the borrower under the caption “Other current liabilities.” The securities on loan are reported in the applicable investment category on our consolidated balance sheets.At March 31, 2025 and December 31, 2024, the remaining contractual maturities of our securities lending transactions included overnight and continuous transactions of cash for $2,402 and $2,115, respectively, United States Government securities for $194 and $176, respectively, and residential mortgage-backed securities for $0 and $14, respectively.

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6.    Derivative Financial Instruments

We use derivative financial instruments to manage interest rate and foreign exchange risk and credit exposure. We primarily invest in the following types of derivative financial instruments: interest rate swaps, futures, forward contracts, put and call options, collars, swaptions, embedded derivatives and warrants. We also enter into master netting agreements, which reduce credit risk by permitting net settlement of transactions. At March 31, 2025 and December 31, 2024, we had posted collateral of $14 and $142, respectively, related to our derivative financial instruments.We have entered into various interest rate swap contracts to convert a portion of our interest rate exposure on our long-term debt from fixed rates to floating rates. The floating rates payable on all of our fair value hedges are benchmarked to the Secured Overnight Financing Rate (“SOFR”). Any amounts recognized for changes in fair value of these derivatives are included in the captions “Other current assets,” “Other noncurrent assets,” “Other current liabilities” or “Other noncurrent liabilities” in our consolidated balance sheets, as applicable. The unrecognized loss for all expired and terminated cash flow hedges included in accumulated other comprehensive loss, net of tax, was $199 and $201 at March 31, 2025 and December 31, 2024, respectively.During the three months ended March 31, 2025, we recognized net gains of $1 and net losses of $(3), respectively, on non-hedging derivatives. During the three months ended March 31, 2024, we recognized net gains of $11 and net losses of $(6) on non-hedging derivatives, respectively.In connection with our equity investment