$ELV
Elevance Health, Inc.

2023 Q3 Form 10-Q Financial Statement

#000115603923000088 Filed on July 19, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $42.85B $43.67B
YoY Change 7.29% 13.05%
Cost Of Revenue $4.648B $4.327B
YoY Change 35.23% 40.99%
Gross Profit $38.20B $39.35B
YoY Change 4.65% 10.63%
Gross Profit Margin 89.15% 90.09%
Selling, General & Admin $5.470B $4.818B
YoY Change 21.18% 12.86%
% of Gross Profit 14.32% 12.25%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $426.0M $433.0M
YoY Change 89.33% 10.18%
% of Gross Profit 1.12% 1.1%
Operating Expenses $5.470B $40.97B
YoY Change 21.18% 859.71%
Operating Profit $1.756B $2.628B
YoY Change -22.64% 11.03%
Interest Expense $259.0M -$261.0M
YoY Change 21.6% -225.48%
% of Operating Profit 14.75% -9.93%
Other Income/Expense, Net
YoY Change
Pretax Income $1.654B $2.441B
YoY Change -22.93% 13.91%
Income Tax $354.0M $585.0M
% Of Pretax Income 21.4% 23.97%
Net Earnings $1.289B $1.853B
YoY Change -20.33% 12.1%
Net Earnings / Revenue 3.01% 4.24%
Basic Earnings Per Share $5.48 $7.83
Diluted Earnings Per Share $5.45 $7.79
COMMON SHARES
Basic Shares Outstanding 235.6M shares 237.1M shares
Diluted Shares Outstanding 236.5M shares 237.8M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $38.73B $38.01B
YoY Change 12.59% 17.97%
Cash & Equivalents $10.92B $9.991B
Short-Term Investments $27.81B $28.02B
Other Short-Term Assets $5.358B $4.936B
YoY Change -2.51% -12.81%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $61.19B $59.74B
YoY Change 10.04% 11.35%
LONG-TERM ASSETS
Property, Plant & Equipment $4.248B $5.152B
YoY Change 1.22% 25.97%
Goodwill $25.29B $25.27B
YoY Change 3.73% 3.72%
Intangibles $10.49B $10.70B
YoY Change -0.43% -0.55%
Long-Term Investments $34.91B $35.06B
YoY Change 5.26% 5.17%
Other Assets $2.329B $2.133B
YoY Change 7.28% 6.54%
Total Long-Term Assets $49.29B $49.43B
YoY Change 3.94% 4.67%
TOTAL ASSETS
Total Short-Term Assets $61.19B $59.74B
Total Long-Term Assets $49.29B $49.43B
Total Assets $110.5B $109.2B
YoY Change 7.23% 8.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.983B $5.033B
YoY Change 20.55% -13.97%
Accrued Expenses $867.0M $895.0M
YoY Change -5.86% -2.51%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $265.0M
YoY Change -100.0% 51.43%
Long-Term Debt Due $799.0M $0.00
YoY Change -64.47% -100.0%
Total Short-Term Liabilities $43.34B $6.193B
YoY Change 4.97% -84.24%
LONG-TERM LIABILITIES
Long-Term Debt $24.05B $24.86B
YoY Change 13.11% 17.45%
Other Long-Term Liabilities $1.971B $10.58B
YoY Change 10.23% 524.44%
Total Long-Term Liabilities $26.02B $35.44B
YoY Change 12.89% 55.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $43.34B $6.193B
Total Long-Term Liabilities $26.02B $35.44B
Total Liabilities $71.94B $70.96B
YoY Change 7.4% 9.16%
SHAREHOLDERS EQUITY
Retained Earnings $32.10B $31.61B
YoY Change 8.44% 9.65%
Common Stock $2.000M $2.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $38.42B $38.21B
YoY Change
Total Liabilities & Shareholders Equity $110.5B $109.2B
YoY Change 7.23% 8.22%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $1.289B $1.853B
YoY Change -20.33% 12.1%
Depreciation, Depletion And Amortization $426.0M $433.0M
YoY Change 89.33% 10.18%
Cash From Operating Activities $2.613B $1.950B
YoY Change -46.93% -20.47%
INVESTING ACTIVITIES
Capital Expenditures $319.0M $350.0M
YoY Change -204.59% -218.64%
Acquisitions
YoY Change
Other Investing Activities -$368.0M -$322.0M
YoY Change -60.93% -81.38%
Cash From Investing Activities -$687.0M -$672.0M
YoY Change -44.91% -66.8%
FINANCING ACTIVITIES
Cash Dividend Paid $348.0M $350.0M
YoY Change 13.73% 13.27%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -994.0M -1.430B
YoY Change -20.8% 1025.98%
NET CHANGE
Cash From Operating Activities 2.613B 1.950B
Cash From Investing Activities -687.0M -672.0M
Cash From Financing Activities -994.0M -1.430B
Net Change In Cash 932.0M -152.0M
YoY Change -61.52% -150.5%
FREE CASH FLOW
Cash From Operating Activities $2.613B $1.950B
Capital Expenditures $319.0M $350.0M
Free Cash Flow $2.294B $1.600B
YoY Change -56.13% -41.75%

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Organization<div style="margin-bottom:9pt;margin-top:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">References to the terms “we,” “our,” “us” or “Elevance Health” used throughout these Notes to Consolidated Financial Statements refer to Elevance Health, Inc., an Indiana corporation, and unless the context otherwise requires, its direct and indirect subsidiaries. References to the “states” include the District of Columbia and Puerto Rico unless the context otherwise requires.</span></div><div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Elevance Health is a health company with the purpose of improving the health of humanity. We are one of the largest health insurers in the United States in terms of medical membership, serving approximately 48 million medical members through our affiliated health plans as of June 30, 2023. We offer a broad spectrum of network-based managed care risk-based plans to Individual, Employer Group, Medicaid and Medicare markets. In addition, we provide a broad array of managed care services to fee-based customers, including claims processing, stop loss insurance, provider network access, medical management, care management, wellness programs, actuarial services and other administrative services. We provide services to the federal government in connection with our Federal Health Products &amp; Services business, which administers the Federal Employees Health Benefits (“FEHB”) Program. We provide an array of specialty services both to customers of our subsidiary health plans and also unaffiliated health plans, including pharmacy services and dental, vision, life, disability and supplemental health insurance benefits, as well as integrated health services. </span></div><div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We are an independent licensee of the Blue Cross and Blue Shield Association (“BCBSA”), an association of independent health benefit plans. We serve our members as the Blue Cross licensee for California and as the Blue Cross and Blue Shield (“BCBS”) licensee for Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri (with the exception of 30 counties in the Kansas City area), Nevada, New Hampshire, New York (in the New York City metropolitan area and upstate New York), Ohio, Virginia (excluding the Northern Virginia suburbs of Washington, D.C.) and Wisconsin. In a majority of these service areas, we do business as Anthem Blue Cross, Anthem Blue Cross and Blue Shield, and Empire Blue Cross Blue Shield or Empire Blue Cross. We also serve members in numerous states as Amerigroup, Freedom Health, HealthLink, HealthSun, MMM, Optimum HealthCare, Simply Healthcare, UniCare and/or Wellpoint. We also conduct business through arrangements with other BCBS licensees as well as other strategic partners. We are licensed to conduct insurance operations in all 50 states, the District of Columbia and Puerto Rico through our subsidiaries. Through various subsidiaries, we also offer pharmacy services as CarelonRx and other healthcare-related services as Carelon Services, Aspire Health, Carelon Behavioral Health and CareMore. </span></div><div style="margin-bottom:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As we announced in 2022, over the next several years we are organizing our brand portfolio into the following core go-to-market brands:</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:5.5pt">Anthem Blue Cross/Anthem Blue Cross and Blue Shield — represents our existing Anthem-branded and affiliated Blue Cross and/or Blue Shield licensed plans; and</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:5.5pt">Wellpoint — we are uniting select non-BCBSA licensed Medicare, Medicaid and commercial plans under the Wellpoint name; and</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:5.5pt">Carelon — this brand brings together our healthcare-related brands and capabilities, including our CarelonRx and Carelon Services businesses, under a single brand name. </span></div><div style="margin-bottom:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our branding strategy reflects the evolution of our business from a traditional health insurance company to a lifetime, trusted health partner. Given this evolution, we reviewed and modified how we manage our business, monitor our performance and allocate our resources, and made changes to our reportable segments beginning in the first quarter of 2023. The results of our operations are now reported in the following four reportable segments: Health Benefits (aggregates our previously reported Commercial &amp; Specialty Business and Government Business segments), CarelonRx, Carelon Services (previously included in our Other segment) and Corporate &amp; Other (our businesses that do not individually meet the quantitative thresholds for an operating segment, as well as corporate expenses not allocated to our other reportable </span></div>segments). In 2022, we managed and presented our operations through the following four reportable segments: Commercial &amp; Specialty Business, Government Business, CarelonRx and Other. Previously reported information in this Form 10-Q has been reclassified to conform to the new presentation. For additional discussion regarding our segments, including the changes made, see Note 14 “Segment Information.”
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
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CY2022Q4 us-gaap Notes Payable
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CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
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CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Income Tax Expense Benefit
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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CY2023Q2 us-gaap Income Taxes Receivable
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CY2022Q4 us-gaap Income Taxes Receivable
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us-gaap Schedule Of Liability For Unpaid Claims And Claims Adjustment Expense
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<div style="margin-bottom:3pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A reconciliation of the beginning and ending balances for medical claims payable for the six months ended June 30, 2023 and 2022 is as follows:</span></div><div style="margin-bottom:9pt;margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:73.602%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.544%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.804%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.544%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.806%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Gross medical claims payable, beginning of period</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15,348 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13,282 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Ceded medical claims payable, beginning of period</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(6)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(21)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net medical claims payable, beginning of period</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15,342 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13,261 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Business combinations and purchase adjustments</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">133 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net incurred medical claims:</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Current period</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">61,290 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">55,737 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Prior periods redundancies</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,112)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(972)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total net incurred medical claims</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">60,178 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">54,765 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net payments attributable to:</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Current period medical claims</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">48,217 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">42,882 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Prior periods medical claims</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,409 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,401 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total net payments</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">59,626 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">53,283 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net medical claims payable, end of period</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15,894 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14,876 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Ceded medical claims payable, end of period</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Gross medical claims payable, end of period</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15,902 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14,889 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>
CY2022Q4 elv Short Duration Contract Liability For Claims Adjustment Expense
ShortDurationContractLiabilityForClaimsAdjustmentExpense
15348000000 usd
CY2021Q4 elv Short Duration Contract Liability For Claims Adjustment Expense
ShortDurationContractLiabilityForClaimsAdjustmentExpense
13282000000 usd
CY2022Q4 us-gaap Reinsurance Recoverable For Unpaid Claims And Claims Adjustments
ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments
6000000 usd
CY2021Q4 us-gaap Reinsurance Recoverable For Unpaid Claims And Claims Adjustments
ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments
21000000 usd
CY2022Q4 elv Shortdurationcontractliabilityforunpaidclaimsandadjustmentexpense Net
ShortdurationcontractliabilityforunpaidclaimsandadjustmentexpenseNet
15342000000 usd
CY2021Q4 elv Shortdurationcontractliabilityforunpaidclaimsandadjustmentexpense Net
ShortdurationcontractliabilityforunpaidclaimsandadjustmentexpenseNet
13261000000 usd
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Business Acquisitions
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseBusinessAcquisitions
0 usd
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Business Acquisitions
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseBusinessAcquisitions
133000000 usd
us-gaap Supplemental Information For Property Casualty Insurance Underwriters Current Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersCurrentYearClaimsAndClaimsAdjustmentExpense
61290000000 usd
us-gaap Supplemental Information For Property Casualty Insurance Underwriters Current Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersCurrentYearClaimsAndClaimsAdjustmentExpense
55737000000 usd
us-gaap Supplemental Information For Property Casualty Insurance Underwriters Prior Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersPriorYearClaimsAndClaimsAdjustmentExpense
1112000000 usd
us-gaap Supplemental Information For Property Casualty Insurance Underwriters Prior Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersPriorYearClaimsAndClaimsAdjustmentExpense
972000000 usd
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1
60178000000 usd
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1
54765000000 usd
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Current Year1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidCurrentYear1
48217000000 usd
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Current Year1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidCurrentYear1
42882000000 usd
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Prior Years1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears1
11409000000 usd
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Prior Years1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears1
10401000000 usd
us-gaap Payments For Losses And Loss Adjustment Expense
PaymentsForLossesAndLossAdjustmentExpense
59626000000 usd
us-gaap Payments For Losses And Loss Adjustment Expense
PaymentsForLossesAndLossAdjustmentExpense
53283000000 usd
CY2023Q2 elv Shortdurationcontractliabilityforunpaidclaimsandadjustmentexpense Net
ShortdurationcontractliabilityforunpaidclaimsandadjustmentexpenseNet
15894000000 usd
CY2022Q2 elv Shortdurationcontractliabilityforunpaidclaimsandadjustmentexpense Net
ShortdurationcontractliabilityforunpaidclaimsandadjustmentexpenseNet
14876000000 usd
CY2023Q2 us-gaap Reinsurance Recoverable For Unpaid Claims And Claims Adjustments
ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments
8000000 usd
CY2022Q2 us-gaap Reinsurance Recoverable For Unpaid Claims And Claims Adjustments
ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments
13000000 usd
CY2023Q2 elv Short Duration Contract Liability For Claims Adjustment Expense
ShortDurationContractLiabilityForClaimsAdjustmentExpense
15902000000 usd
CY2022Q2 elv Short Duration Contract Liability For Claims Adjustment Expense
ShortDurationContractLiabilityForClaimsAdjustmentExpense
14889000000 usd
CY2023Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1
29683000000 usd
CY2023Q2 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1
30495000000 usd
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1
60178000000 usd
CY2023Q1 us-gaap Supplementary Insurance Information Other Operating Expense
SupplementaryInsuranceInformationOtherOperatingExpense
1103000000 usd
CY2023Q2 us-gaap Supplementary Insurance Information Other Operating Expense
SupplementaryInsuranceInformationOtherOperatingExpense
1109000000 usd
us-gaap Supplementary Insurance Information Other Operating Expense
SupplementaryInsuranceInformationOtherOperatingExpense
2212000000 usd
CY2023Q1 us-gaap Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
30786000000 usd
CY2023Q2 us-gaap Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
31604000000 usd
us-gaap Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
62390000000 usd
CY2022Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1
27131000000 usd
CY2022Q2 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1
27634000000 usd
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1
54765000000 usd
CY2022Q1 us-gaap Supplementary Insurance Information Other Operating Expense
SupplementaryInsuranceInformationOtherOperatingExpense
1100000000 usd
CY2022Q2 us-gaap Supplementary Insurance Information Other Operating Expense
SupplementaryInsuranceInformationOtherOperatingExpense
1161000000 usd
us-gaap Supplementary Insurance Information Other Operating Expense
SupplementaryInsuranceInformationOtherOperatingExpense
2261000000 usd
CY2022Q1 us-gaap Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
28231000000 usd
CY2022Q2 us-gaap Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
28795000000 usd
us-gaap Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
57026000000 usd
CY2023Q2 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
15894000000 usd
CY2022Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
15342000000 usd
CY2023Q2 us-gaap Reinsurance Recoverable For Unpaid Claims And Claims Adjustments
ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments
8000000 usd
CY2022Q4 us-gaap Reinsurance Recoverable For Unpaid Claims And Claims Adjustments
ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments
6000000 usd
CY2023Q2 us-gaap Shortduration Insurance Contracts Liability For Unpaid Claims And Claim Adjustment Expense Other Reconciling Item
ShortdurationInsuranceContractsLiabilityForUnpaidClaimsAndClaimAdjustmentExpenseOtherReconcilingItem
263000000 usd
CY2022Q4 us-gaap Shortduration Insurance Contracts Liability For Unpaid Claims And Claim Adjustment Expense Other Reconciling Item
ShortdurationInsuranceContractsLiabilityForUnpaidClaimsAndClaimAdjustmentExpenseOtherReconcilingItem
248000000 usd
CY2023Q2 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
16165000000 usd
CY2022Q4 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
15596000000 usd
CY2023Q2 elv Gross Premium Tax Rate
GrossPremiumTaxRate
0.0235
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2800000 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
293.28
us-gaap Long Term Purchase Commitment Amount
LongTermPurchaseCommitmentAmount
621000000 usd
CY2023Q1 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2023-01-24
CY2023Q1 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2023-03-10
CY2023Q1 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2023-03-24
CY2023Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
1.48
CY2023Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
351000000 usd
CY2023Q2 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2023-04-18
CY2023Q2 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2023-06-09
CY2023Q2 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2023-06-23
CY2023Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
1.48
CY2023Q2 us-gaap Payments Of Dividends
PaymentsOfDividends
350000000 usd
CY2022Q1 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2022-01-25
CY2022Q1 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2022-03-10
CY2022Q1 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2022-03-25
CY2022Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
1.28
CY2022Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
309000000 usd
CY2022Q2 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2022-04-19
CY2022Q2 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2022-06-10
CY2022Q2 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2022-06-24
CY2022Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
1.28
CY2022Q2 us-gaap Payments Of Dividends
PaymentsOfDividends
309000000 usd
CY2021Q1 elv Increase In Stock Repurchase Program Authorization
IncreaseInStockRepurchaseProgramAuthorization
5000000000 usd
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
2700000 shares
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
2500000 shares
elv Stock Repurchased And Retired During Period Average Price
StockRepurchasedAndRetiredDuringPeriodAveragePrice
466.62
elv Stock Repurchased And Retired During Period Average Price
StockRepurchasedAndRetiredDuringPeriodAveragePrice
471.72
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
1268000000 usd
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
1169000000 usd
CY2023Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
5608000000 usd
CY2022Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
3022000000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
600000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
469.05
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
200000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
268.35
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
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