Company: ELV
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001156039-25-000010
Chunk: 179

Company: Elevance Health, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 179
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(6)Subtotal hedging6,797 8 (156)Non-hedging instrumentsInterest rate swaps5 — — Options2,453 Other liabilities— (1,415)Futures/Forwards124 Equity securities/other assets3 — Subtotal non-hedging2,582 Subtotal non-hedging3 (1,415)Total derivatives$9,379 Total derivatives11 (1,571)Amounts netted(6)6 Net derivatives$5 $(1,565)December 31, 2023Hedging instrumentsInterest rate swaps - fixed to floating$1,475 Other assets/other liabilities$15 $(52)Non-hedging instrumentsDerivatives embedded in convertible securities15 Fixed maturity securities1 — Interest rate swaps5 — — Options161 Other liabilities— (85)Collars19 Equity securities14 (3)Futures/Forwards151 Equity securities/other assets7 — Subtotal non-hedging351 Subtotal non-hedging22 (88)Total derivatives$1,826 Total derivatives37 (140)Amounts netted(15)15 Net derivatives$22 $(125)

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

Fair Value HedgesWe 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. A summary of our outstanding fair value hedges at December 31, 2024 and 2023 is as follows:Type of Fair Value HedgesYearEnteredIntoOutstanding Notional AmountInterest RateReceivedExpiration Date20242023Interest rate swap2024$200 $— 5.500 %April 15, 2032Interest rate swap20241,000 — 4.750 August 15, 2032Interest rate swap2024600 — 5.150 December 15, 2028Interest rate swap20241,000 — 5.375 December 15, 2033Interest rate swap2024750 — 4.750 August 15, 2029Interest rate swap2024750 — 4.