Company: ELV
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001156039-25-000010
Chunk: 192

Company: Elevance Health, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 192
---
 local current tax expense is reported gross of federal benefit in the preceding table, and includes amounts related to audit settlements, uncertain tax positions, state tax credits and true up of prior years’ tax. Such items are included on a net of federal tax basis in multiple lines in the following rate reconciliation table.A reconciliation of income tax expense recorded in the consolidated statements of income and amounts computed at the statutory federal income tax rate for the years ended December 31, 2024, 2023 and 2022 is as follows: 202420232022 AmountPercentAmountPercentAmountPercentAmount at statutory rate$1,660 21.0 %$1,620 21.0 %$1,596 21.0 %State and local income taxes net of federal tax expense/benefit216 2.7 124 1.6 190 2.5 Tax exempt interest and dividends received deduction(12)(0.1)(15)(0.2)(19)(0.3)Change in valuation allowance43 0.6 84 1.1 51 0.7 Other, net26 0.3 (89)(1.2)(106)(1.4)Total income tax expense$1,933 24.5 %$1,724 22.3 %$1,712 22.5 %During the year ended December 31, 2024, we recognized income tax expense of $1,933, or $8.30 per diluted share. The increase in effective income tax rate for 2024 compared to 2023 was primarily due to the impact of geographic changes in the mix of 2024 earnings.During the year ended December 31, 2023, we recognized income tax expense of $1,724, or $7.26 per diluted share. The decrease in effective income tax rate for 2023 compared to 2022 was primarily due to the impact of geographic changes in the mix of 2023 earnings.During the year ended December 31, 2022, we recognized income tax expense of $1,712, or $7.05 per diluted share.The change in the carrying amount of gross unrecognized tax benefits from uncertain tax positions for the years ended December 31, 2024 and 2023 is as follows:20242023Balance at January 1$468 $349 Additions based on:Tax positions related to current year146 19 Tax