Summary
Elevance Health, Inc. (then known as WellPoint, Inc.) filed this 8-K on June 26, 2013, to announce a change in its financial reporting segments. This change is driven by a realignment of its organizational structure and will be effective for the second quarter ending June 30, 2013. The company is moving from its previous segment structure to three new reportable segments: Commercial and Specialty Business, Government Business, and Other. This realignment is purely a reclassification of how results are reported and does not impact the company's overall net income or earnings per share.
Key Highlights
- 1WellPoint, Inc. is changing its reportable financial segments.
- 2The new segment structure will consist of three categories: Commercial and Specialty Business, Government Business, and Other.
- 3This change reflects a realignment of the company's organizational structure.
- 4The new segment reporting will be effective for the second quarter ending June 30, 2013.
- 5The segment realignment impacts the presentation of results but does not affect reported net income or earnings per share.
- 6Historical financial data (2011-2012 and Q1 2013) reflecting the new segments is provided in an accompanying press release (Exhibit 99.1).
Frequently Asked Questions
The primary purpose of this 8-K filing is to announce WellPoint, Inc.'s (now Elevance Health, Inc.) change in its financial reporting segments due to an organizational realignment. This change affects how the company presents its financial results by segment, effective from the second quarter of 2013.
WellPoint will transition to three new reportable segments: Commercial and Specialty Business, Government Business, and Other. The previous segment structure is being replaced to better reflect the company's current organizational setup.
No, the company explicitly states that this change in reportable segments affects only the manner in which results are reported. It has no impact on the reported net income or earnings per share for any period.
Accompanying this 8-K filing as Exhibit 99.1 is a press release containing unaudited historical financial results for fiscal years 2011 and 2012, as well as quarterly data for fiscal year 2012 and the first quarter of 2013, revised to reflect the new segment reporting structure.