Elevance Health, Inc.ELV

Elevance Health, Inc. Goodwill & Intangibles Disclosure

10-KFiled Feb 6, 20263 min read
Goodwill and Other Intangible Assets
A summary of the change in the carrying amount of goodwill for our segments (see Note 20, “Segment Information”) for 2025 and 2024 is as follows:
Health BenefitsCarelonRxCarelon ServicesTotal
Balance as of January 1, 2024$22,104 $957 $2,256 $25,317 
Acquisitions and adjustments460 958 1,542 2,960 
Balance as of December 31, 202422,564 1,915 3,798 28,277 
Acquisitions and adjustments(112)(17)196 67 
Balance as of December 31, 2025$22,452 $1,898 $3,994 $28,344 
Accumulated impairment as of December 31, 2025$— $— $— $— 
As required by FASB guidance, we completed annual impairment tests of existing goodwill and other intangible assets with indefinite lives during 2025, 2024 and 2023. We perform these annual impairment tests during the fourth quarter. FASB guidance also requires interim impairment testing to be performed when potential impairment indicators exist. These tests involve the use of estimates related to the estimated fair value of goodwill and intangible assets with indefinite lives and require a significant degree of management judgment and the use of subjective assumptions. Qualitative testing procedures include assessing our financial performance, macroeconomic conditions, industry and market considerations, various asset specific factors and entity specific events. For quantitative testing, the fair values are estimated using the projected income and market valuation approaches, incorporating Level III internal estimates for inputs, including, but not limited to, revenue projections, income projections, cash flows and discount rates. 
We did not incur any impairment losses in 2025 or 2023, as the estimated fair values of our reporting units were substantially in excess of their carrying values.
In 2024, we incurred goodwill impairment losses of $106 in our Carelon Services reporting segment specific to the fair valuation of the CMSI assets included in assets and liabilities held for sale, which were contributed to Mosaic Health as of
January 1, 2025 as discussed in Note 5, “Investments.” Otherwise, the estimated fair values of our reporting units were substantially in excess of their carrying values.
The components of other intangible assets as of December 31, 2025 and 2024 are as follows:
 20252024
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Intangible assets with finite lives:
Customer relationships$5,522 $(2,894)$2,628 $7,866 $(4,233)$3,633 
Provider and hospital relationships312 (182)130 377 (165)212 
Other395 (110)285 423 (67)356 
Total6,229 (3,186)3,043 8,666 (4,465)4,201 
Intangible assets with indefinite lives:
Blue Cross and Blue Shield and other trademarks5,991 — 5,991 5,991 — 5,991 
State Medicaid licenses2,166 — 2,166 1,902 — 1,902 
Total8,157 — 8,157 7,893 — 7,893 
Other intangible assets$14,386 $(3,186)$11,200 $16,559 $(4,465)$12,094 
Intangible assets with finite lives, along with the related accumulated amortization, are removed from the table above at the end of the fiscal year in which they become fully amortized. Fully amortized finite-lived intangibles with a gross carrying amount and accumulated amortization of $1,906 and $27 were retired in 2025 and 2024, respectively. Measurement period adjustments to the gross carrying amount of finite-lived intangible assets during the year ending December 31, 2025 associated with our acquisition of Carebridge were $(690).
As of December 31, 2025, the estimated amortization expense for each of the five succeeding years is as follows: 2026, $436; 2027, $387; 2028, $337; 2029, $298; and 2030, $263.

Historical Timeline

Fiscal YearFiled
2025Feb 6, 2026Showing above
2024Feb 20, 2025
2023Feb 21, 2024
2022Feb 15, 2023
2021Feb 16, 2022
2020Feb 18, 2021
2019Feb 19, 2020
2018Feb 20, 2019
2017Feb 21, 2018
2016Feb 22, 2017
2015Feb 19, 2016

About Goodwill & Intangibles Disclosures

Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.

Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.

Other Available Disclosures

Income TaxesRevenueEarnings Per ShareFair ValuePP&ELeasesSegmentsDebtCommitmentsNew StandardsPay vs Performance