Company: ELV
Filing Date: 2025-06-24
Form Type: 11-K
Source: 0001156039-25-000104
Chunk: 7

Company: Elevance Health, Inc.
Filing Date: 2025-06-24
Form: 11-K
Chunk 7
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 deduction or remitted directly to Fidelity.

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#### Elevance Health 401(k) Plan

### Notes to Financial Statements (continued)

#### Forfeitures
Forfeited nonvested account balances totaled $506,167 and $344,785 as of December 31, 2024 and 2023, respectively. Forfeitures may be used to offset employer contributions or to pay certain administrative expenses. During the year ended December 31, 2024, forfeitures of $10,940,639 were used to offset employer contributions and forfeitures of $203,029 were used to pay administrative expenses.

#### Plan Termination
Although it has not expressed any intent to do so, the Plan Sponsor has the right to terminate the Plan subject to the terms of the Plan and the provisions of ERISA. In the event the Plan is terminated, each participant’s account shall be non-forfeitable with respect to both the participant’s and the Plan Sponsor’s contributions. The Plan Sponsor has the right to amend the Plan or to suspend matching contributions to the Plan at any time, either permanently or temporarily, for any length of time.

#### 2. Significant Accounting Policies

#### Basis of Presentation
The accompanying financial statements of the Plan have been prepared on the accrual basis of accounting and are in conformity with U.S. generally accepted accounting principles (“GAAP”).

#### Use of Estimates
The preparation of financial statements in accordance with GAAP requires the use of estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates.

#### Investment Valuation and Income Recognition
The Master Trust's investments are stated at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 4, "Fair Value Measurements", for further discussion.

The Plan's interest in the net investment income of the Master Trust consists of the Plan's allocation of realized gains and losses on investments that were sold during the period, unrealized appreciation and depreciation of the underlying investments held at year end, and net investment income/loss based upon the total of each Plan participant's share of the Trust.

Purchases and sales of securities are recorded on a trade-date basis and interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.

Investment securities are exposed to various risks, such as interest rate, market,