Company: ELV
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001156039-25-000010
Chunk: 180

Company: Elevance Health, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 180
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950 May 1, 2031Interest rate swap20241,200 — 5.200 August 15, 2034Interest rate swap2023300 300 5.000 April 15, 2032Interest rate swap2023150 150 2.550 September 15, 2030Interest rate swap2023— 500 4.900 February 8, 2026Interest rate swap2023125 125 4.101 September 1, 2027Interest rate swap2023100 100 2.250 November 15, 2029Interest rate swap2022150 150 5.500 April 15, 2032Interest rate swap202275 75 4.101 September 1, 2027Interest rate swap202275 75 2.250 November 15, 2029Total notional amount outstanding$6,475 $1,475 The following amounts were recorded on our consolidated balance sheets related to cumulative basis adjustments for fair value hedges at December 31, 2024 and 2023:Balance Sheet Classification in Which Hedged Item is IncludedCarrying Amount of Hedged LiabilityCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liability2024202320242023Long-term debt$29,218 $23,246 $(142)$(37)Cash Flow HedgesWe have entered into a series of forward starting pay fixed interest rate swaps with the objective of eliminating the variability of cash flows in the interest payments on future financings that were anticipated at the time of entering into the swaps. During 2024 and 2023, swaps in the notional amount of $900 and $550, respectively, were terminated.The unrecognized loss for all expired and terminated cash flow hedges included in accumulated other comprehensive loss, net of tax, was $201 and $211 at December 31, 2024 and 2023, respectively. As of December 31, 2024, the total amount of amortization over the next twelve months for all cash flow hedges is estimated to increase interest expense by approximately $13. No amounts were excluded from effectiveness testing.

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

Non-Hedging DerivativesA summary of the effect of non-hedging derivatives on our consolidated statements of income for the years ended December 31,