Company: ELV
Filing Date: 2025-07-17
Form Type: 10-Q
Source: 0001156039-25-000114
Chunk: 31

Company: Elevance Health, Inc.
Filing Date: 2025-07-17
Form: 10-Q
Item: Item 8
Chunk 31
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, 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.

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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 June 30, 2025 and December 31, 2024 is as follows: CarryingValueEstimated Fair Value Level ILevel IILevel IIITotalJune 30, 2025Assets:Other invested assets$651 $— $— $627 $627 Liabilities:Debt:Short-term borrowings360 — 360 — 360 Notes29,826 — 27,746 — 27,746 Options1,726 — — 1,820 1,820 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 June 30, 2025 and 2024, we recognized income tax expense of $548 and $685, respectively, which represent effective income tax rates of 23.9% and 22.9%, respectively. During the six months ended June 30, 2025 and 2024, we recognized income tax expense of $1,161 and 1,375, respectively, which represent effective income tax rates of 22.8% and 23.2%, respectively. The increase in our effective income tax rate from the three months ended June 30, 2024 was primarily due to non-recurrence of a favorable resolution of an uncertain tax position recognized during the three months ended June 30, 2024. The decrease in our effective income tax rate from the six months ended June 30, 2024 was primarily due to the impact of certain investment credits, partially offset by the non-recurrence of a favorable resolution of an uncertain tax position recognized during the prior period.We recognized income taxes receivable of