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Schedule II-Condensed Financial Information Of Registrant
 12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
Schedule II-Condensed Financial Information Of Registrant
Elevance Health, Inc. (Parent Company Only)
Balance Sheets
(In millions, except share data)December 31,
2022		December 31,
2021
Assets
Current assets:
Cash and cash equivalents$942 $630 
Fixed maturity securities (amortized cost of $175 and $512; allowance for credit losses of $0 and $1)
163 515 
Equity securities104 49 
Other receivables55 40 
Net due from subsidiaries— 446 
Other current assets721 655 
Total current assets1,985 2,335 
Other invested assets783 808 
Property and equipment, net187 207 
Deferred tax assets, net313 77 
Investments in subsidiaries59,042 56,375 
Other noncurrent assets240 265 
Total assets$62,550 $60,067 
Liabilities and shareholders’ equity
Liabilities
Current liabilities:
Accounts payable and accrued expenses$894 $559 
Net due to subsidiaries789 — 
Current portion of long-term debt1,500 1,599 
Other current liabilities361 344 
Total current liabilities3,544 2,502 
Long-term debt, less current portion22,324 21,132 
Other noncurrent liabilities375 373 
Total liabilities26,243 24,007 
Commitments and contingencies—Note 5
Shareholders’ equity
Preferred stock, without par value, shares authorized - 100,000,000; shares issued and outstanding - none
— — 
Common stock, par value $0.01, shares authorized - 900,000,000; shares issued and outstanding - 237,958,067 and 241,770,746
2 2 
Additional paid-in capital9,084 9,148 
Retained earnings29,724 27,088 
Accumulated other comprehensive (loss) income(2,503)(178)
Total shareholders’ equity36,307 36,060 
Total liabilities and shareholders’ equity$62,550 $60,067 
 
Elevance Health, Inc. (Parent Company Only)
Statements of Income
Years ended December 31
(In millions)202220212020
Revenues
Net investment income$4 $6 $65 
Net gains on financial instruments2 6 28 
Administrative fees and other revenue7 24 22 
Total revenues13 36 115 
Expenses
General and administrative expense188 119 169 
Interest expense845 794 779 
Loss on extinguishment of debt— 21 36 
Total expenses1,033 934 984 
Loss before income tax credits and equity in net income of subsidiaries(1,020)(898)(869)
Income tax credits(461)(244)(386)
Equity in net income of subsidiaries6,584 6,758 5,055 
Shareholders’ net income$6,025 $6,104 $4,572 
Elevance Health, Inc. (Parent Company Only)
Statements of Comprehensive Income
Years ended December 31
(in millions)202220212020
Shareholders' net income$6,025 $6,104 $4,572 
Other comprehensive (loss) income, net of tax:
Change in net unrealized gains/losses on investments
(2,249)(455)428 
Change in non-credit component of impairment losses on investments(3)2 — 
Change in net unrealized gains/losses on cash flow hedges10 11 12 
Change in net periodic pension and postretirement costs(70)123 (1)
Foreign currency translation adjustments(13)(9)7 
Other comprehensive (loss) income(2,325)(328)446 
Total shareholders’ comprehensive income$3,700 $5,776 $5,018 
 
Elevance Health, Inc. (Parent Company Only)
Statements of Cash Flows
Years ended December 31
(In millions)202220212020
Net cash provided by operating activities$1,447 $2,038 $4,810 
Investing activities
Purchases of investments(367)(2,059)(2,729)
Proceeds from sales, maturities, calls and redemptions of investments618 2,449 2,593 
Repayment (issuance) of note to subsidiary1,500 (1,500)— 
Capitalization of subsidiaries(411)(807)(2,460)
Changes in securities lending collateral36 173 (234)
Purchases of property and equipment, net of sales(47)(77)(107)
Other, net— — 11 
Net cash provided by (used in) investing activities1,329 (1,821)(2,926)
Financing activities
Net (repayments of) proceeds from commercial paper borrowings(300)50 (150)
Proceeds from long-term borrowings3,071 3,462 2,484 
Repayments of long-term borrowings(1,899)(1,068)(1,932)
Changes in securities lending payable(36)(173)234 
Repurchase and retirement of common stock(2,316)(1,900)(2,700)
Cash dividends(1,290)(1,158)(1,000)
Proceeds from issuance of common stock under employee stock plans182 203 176 
Taxes paid through withholding of common stock under employee stock plans(93)(102)(128)
Other, net217 399 14 
Net cash used in financing activities(2,464)(287)(3,002)
Change in cash and cash equivalents312 (70)(1,118)
Cash and cash equivalents at beginning of year630 700 1,818 
Cash and cash equivalents at end of year$942 $630 $700 
1. Basis of Presentation and Significant Accounting Policies
In the parent company only financial statements of Elevance Health, Inc. (“Elevance Health”), Elevance Health’s investment in subsidiaries is stated at cost plus equity in undistributed earnings of the subsidiaries. Elevance Health’s share of net income of its unconsolidated subsidiaries is included in income using the equity method of accounting.
Certain amounts presented in the parent company only financial statements are eliminated in the consolidated financial statements of Elevance Health.
Elevance Health’s parent company only financial statements should be read in conjunction with Elevance Health’s audited consolidated financial statements and the accompanying notes included in Part II, Item 8 of this Annual Report on Form 10-K.
2. Subsidiary Transactions
Dividends from Subsidiaries
Elevance Health received cash dividends from subsidiaries of $3,097, $3,134 and $3,618 during 2022, 2021 and 2020, respectively.
Dividends to Subsidiaries
Certain subsidiaries of Elevance Health own shares of Elevance Health common stock. Elevance Health paid cash dividends to subsidiaries related to these shares of common stock in the amount of $61, $54 and $46 during 2022, 2021 and 2020, respectively.
Investments in Subsidiaries
Capital contributions to subsidiaries were $411, $3,271 and $2,460 during 2022, 2021 and 2020, respectively.
Amounts Due From and To Subsidiaries
At December 31, 2022 and 2021, Elevance Health reported amounts due (to) from subsidiaries of $(789) and $446, respectively. The amounts due (to) and from subsidiaries primarily include amounts for allocated administrative expenses or daily cash management activities. These items are routinely settled, and as such, are classified as current liabilities or assets.
In June 2021 Elevance Health entered into a short-term loan agreement with a subsidiary for the amount of $1,500, which is also included in amounts due from subsidiaries at December 31, 2021. This loan was repaid in February 2022.
Guarantees on Behalf of Subsidiaries
Elevance Health guarantees contractual or financial obligations or solvency requirements for certain of its subsidiaries. These guarantees approximated $550 at December 31, 2022. There were no payments made on these guarantees in 2022.
3. Derivative Financial Instruments
The information regarding derivative financial instruments contained in Note 6, “Derivative Financial Instruments,” of the Notes to Consolidated Financial Statements of Elevance Health and its subsidiaries, included in Part II, Item 8 of this Annual Report on Form 10-K, is incorporated herein by reference.
4. Long-Term Debt
The information regarding long-term debt contained in Note 13, “Debt,” of the Notes to Consolidated Financial Statements of Elevance Health and its subsidiaries, included in Part II, Item 8 of this Annual Report on Form 10-K, is incorporated herein by reference.
5. Commitments and Contingencies
The information regarding commitments and contingencies contained in Note 14, “Commitments and Contingencies,” of the Notes to Consolidated Financial Statements of Elevance Health and its subsidiaries, included in Part II, Item 8 of this Annual Report on Form 10-K, is incorporated herein by reference.
6. Capital Stock
The information regarding capital stock contained in Note 15, “Capital Stock,” of the Notes to Consolidated Financial Statements of Elevance Health and its subsidiaries, included in Part II, Item 8 of this Annual Report on Form 10-K, is incorporated herein by reference.