Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Elevance Health Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income	5,971)	5,991)	6,019)	6,095)	4,572)
Net (gains) losses on financial instruments	445)	694)	550)	(318)	(182)
Gain on sale of business	(201)	—)	—)	—)	—)
Equity in net (earnings) losses of other invested assets	(1)	33)	(293)	(562)	(51)
Depreciation and amortization	1,393)	1,745)	1,675)	1,302)	1,154)
Deferred income taxes	(374)	(602)	(76)	326)	(540)
Impairment of property, equipment and right-of-use assets	103)	446)	7)	73)	198)
Share-based compensation	191)	289)	264)	255)	283)
Receivables, net	(683)	(1,762)	(2,510)	(2,138)	(256)
Other invested assets	(78)	(79)	11)	(70)	(32)
Other assets	824)	(675)	120)	37)	(283)
Policy liabilities	(1,840)	147)	2,254)	2,597)	3,528)
Unearned income	(113)	290)	(42)	(113)	202)
Accounts payable and other liabilities	(272)	1,640)	824)	719)	1,978)
Income taxes	404)	(103)	(338)	140)	72)
Other, net	39)	7)	(66)	21)	45)
Changes in operating assets and liabilities	(1,719)	(535)	253)	1,193)	5,254)
Adjustments to reconcile net income to net cash provided by operating activities	(163)	2,070)	2,380)	2,269)	6,116)
Net cash provided by operating activities	5,808)	8,061)	8,399)	8,364)	10,688)
Purchases of investments	(17,986)	(16,236)	(24,946)	(18,669)	(19,492)
Proceeds from sale of investments	16,547)	10,596)	11,988)	10,269)	11,318)
Maturities, calls and redemptions from investments	2,025)	2,940)	10,620)	4,344)	4,741)
Changes in securities lending collateral	73)	78)	(301)	(956)	(849)
Purchases of subsidiaries, net of cash acquired	(4,809)	(1,552)	(649)	(3,476)	(1,976)
Proceeds from sales of subsidiaries, net of cash sold	363)	—)	—)	—)	—)
Purchases of property and equipment	(1,256)	(1,296)	(1,152)	(1,087)	(1,021)
Other, net	(124)	(102)	(120)	(63)	(45)
Net cash used in investing activities	(5,167)	(5,572)	(4,560)	(9,638)	(7,324)
Proceeds from long-term borrowings	7,710)	2,574)	3,071)	3,462)	2,484)
Repayments of long-term borrowings	(1,650)	(1,909)	(1,899)	(1,068)	(1,932)
Proceeds from short-term borrowings	275)	225)	1,365)	1,375)	970)
Repayments of short-term borrowings	(135)	(265)	(1,675)	(1,050)	(1,820)
Changes in securities lending payable	(75)	(77)	302)	956)	849)
Changes in bank overdrafts	(638)	114)	933)	(376)	486)
Repurchase and retirement of common stock	(2,900)	(2,676)	(2,316)	(1,900)	(2,700)
Cash dividends	(1,508)	(1,395)	(1,229)	(1,104)	(954)
Proceeds from issuance of common stock under employee stock plans	221)	152)	182)	203)	176)
Taxes paid through withholding of common stock under employee stock plans	(109)	(99)	(93)	(102)	(128)
Other, net	2)	7)	41)	27)	2)
Net cash provided by (used in) financing activities	1,193)	(3,349)	(1,318)	423)	(2,567)
Effect of foreign exchange rates on cash and cash equivalents	(6)	(1)	(14)	(10)	7)
Change in cash and cash equivalents	1,828)	(861)	2,507)	(861)	804)
Cash and cash equivalents at beginning of year	6,526)	7,387)	4,880)	5,741)	4,937)
Cash and cash equivalents included in assets held for sale at end of year	(66)	—)	—)	—)	—)
Cash and cash equivalents at end of year	8,288)	6,526)	7,387)	4,880)	5,741)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

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Cash flow statement item	Description	The company
Net cash provided by operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	Elevance Health Inc. net cash provided by operating activities decreased from 2022 to 2023 and from 2023 to 2024.
Net cash used in investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	Elevance Health Inc. net cash used in investing activities decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.
Net cash provided by (used in) financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	Elevance Health Inc. net cash provided by (used in) financing activities decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Elevance Health Inc. (NYSE:ELV)

Cash Flow Statement