Company: ELV
Filing Date: 2025-04-22
Form Type: 10-Q
Source: 0001156039-25-000057
Chunk: 31

Company: Elevance Health, Inc.
Filing Date: 2025-04-22
Form: 10-Q
Item: Item 8
Chunk 31
---
 balance sheets for cash, premium receivables, self-funded receivables, other receivables, unearned income, accounts payable and accrued expenses, and certain other current liabilities approximate fair value because of the short-term nature of these items. These assets and liabilities are not listed in the table below.See Note 7, “Fair Value,” to our audited consolidated financial statements as of and for the year ended December 31, 2024 included in Part II, Item 8 of our 2024 Annual Report on Form 10-K for details on the methods and assumptions used to estimate the fair value for each class of financial instruments that are recorded at their carrying value in our consolidated balance sheets.

-21-

A summary of the estimated fair values by level for each class of financial instruments that is recorded at its carrying value on our consolidated balance sheets at March 31, 2025 and December 31, 2024 is as follows: CarryingValueEstimated Fair Value Level ILevel IILevel IIITotalMarch 31, 2025Assets:Other invested assets$657 $— $— $634 $634 Liabilities:Debt:Short-term borrowings250 — 250 — 250 Notes29,753 — 27,586 — 27,586 Options1,726 — — 1,726 1,726 December 31, 2024Assets:Other invested assets$642 $— $— $610 $610 Liabilities:Debt:Short-term borrowings365 — 365 — 365 Notes30,867 — 28,460 — 28,460 Options1,415 — — 1,873 1,873 

8.     Income Taxes

During the three months ended March 31, 2025 and 2024, we recognized income tax expense of $613 and $690, respectively, which represent effective income tax rates of 21.9% and 23.5%, respectively. The decrease in our effective income tax rate from the three months ended March 31, 2024 was primarily due to favorable resolutions of uncertain tax positions and certain investment credits.We recognized income taxes receivable of $63 and $213 as an asset under the caption “Other current assets” and income taxes payable of $267 and $75 as a liability under the caption “Other current liabilities