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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
    
FORM 10-Q

(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021
or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to_________

Commission File Number: 001-01011

cvs-20210930_g1.jpg
CVS HEALTH CORPORATION
(Exact name of registrant as specified in its charter)
Delaware05-0494040
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
One CVS Drive,Woonsocket, Rhode Island02895
 (Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code:     
(401)765-1500
Former name, former address and former fiscal year, if changed since last report:
N/A
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareCVSNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of October 27, 2021, the registrant had 1,320,058,657 shares of common stock issued and outstanding.







Part I.Financial Information

Item 1.Financial Statements

Index to Condensed Consolidated Financial Statements
Page
Condensed Consolidated Statements of Operations (Unaudited) for the three and nine months ended September 30, 2021 and 2020
Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the three and nine months ended September 30, 2021 and 2020
Condensed Consolidated Balance Sheets (Unaudited) as of September 30, 2021 and December 31, 2020
Condensed Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2021 and 2020
Condensed Consolidated Statements of Shareholders’ Equity (Unaudited) for the three months ended September 30, 2021 and 2020, the three months ended June 30, 2021 and 2020 and the three months ended March 31, 2021 and 2020
Notes to Condensed Consolidated Financial Statements (Unaudited)
Report of Independent Registered Public Accounting Firm


1

CVS Health Corporation
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
In millions, except per share amounts2021202020212020
Revenues:
Products$51,853 $47,738 $149,765 $141,096 
Premiums18,984 17,182 56,927 51,749 
Services2,711 1,932 7,983 5,757 
Net investment income246 204 832 550 
Total revenues73,794 67,056 215,507 199,152 
Operating costs:
Cost of products sold45,011 40,940 129,425 121,529 
Benefit costs16,081 14,396 47,686 40,534 
Goodwill impairment431  431  
Operating expenses9,210 8,471 27,001 25,702 
Total operating costs70,733 63,807 204,543 187,765 
Operating income3,061 3,249 10,964 11,387 
Interest expense602 731 1,895 2,229 
Loss on early extinguishment of debt363 766 363 766 
Other income(49)(54)(144)(153)
Income before income tax provision2,145 1,806 8,850 8,545 
Income tax provision558 587 2,248 2,328 
Net income 1,587 1,219 6,602 6,217 
Net (income) loss attributable to noncontrolling interests11 5 2 (11)
Net income attributable to CVS Health$1,598 $1,224 $6,604 $6,206 
Net income per share attributable to CVS Health:
Basic$1.21 $0.93 $5.01 $4.74 
Diluted$1.20 $0.93 $4.98 $4.72 
Weighted average shares outstanding:
Basic1,321 1,310 1,318 1,308 
Diluted1,329 1,315 1,326 1,314 
Dividends declared per share$0.50 $0.50 $1.50 $1.50 

See accompanying notes to condensed consolidated financial statements (unaudited).
2

CVS Health Corporation
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
In millions2021202020212020
Net income $1,587 $1,219 $6,602 $6,217 
Other comprehensive income (loss), net of tax:
Net unrealized investment gains (losses)(73)44 (310)257 
Foreign currency translation adjustments(5)1 (6)(5)
Net cash flow hedges(15)(3)(22)(15)
Pension and other postretirement benefits  1 (1)
Other comprehensive income (loss)(93)42 (337)236 
Comprehensive income1,494 1,261 6,265 6,453 
Comprehensive (income) loss attributable to noncontrolling interests11 5 2 (11)
Comprehensive income attributable to CVS Health$1,505 $1,266 $6,267 $6,442 

See accompanying notes to condensed consolidated financial statements (unaudited).
3

CVS Health Corporation
Condensed Consolidated Balance Sheets
(Unaudited)
In millions, except per share amountsSeptember 30,
2021
December 31,
2020
Assets: 
Cash and cash equivalents$9,826 $7,854 
Investments3,015 3,000 
Accounts receivable, net25,283 21,742 
Inventories17,399 18,496 
Other current assets5,319 5,277 
Total current assets60,842 56,369 
Long-term investments22,370 20,812 
Property and equipment, net12,771 12,606 
Operating lease right-of-use assets20,462 20,729 
Goodwill79,121 79,552 
Intangible assets, net29,545 31,142 
Separate accounts assets5,086 4,881 
Other assets4,694 4,624 
Total assets$234,891 $230,715 
Liabilities:
Accounts payable$12,696 $11,138 
Pharmacy claims and discounts payable17,895 15,795 
Health care costs payable 8,877 7,936 
Policyholders’ funds4,444 4,270 
Accrued expenses16,140 14,243 
Other insurance liabilities1,287 1,557 
Current portion of operating lease liabilities1,809 1,638 
Current portion of long-term debt1,561 5,440 
Total current liabilities64,709 62,017 
Long-term operating lease liabilities18,456 18,757 
Long-term debt56,832 59,207 
Deferred income taxes6,329 6,794 
Separate accounts liabilities5,086 4,881 
Other long-term insurance liabilities6,551 7,007 
Other long-term liabilities2,310 2,351 
Total liabilities160,273 161,014 
Shareholders’ equity:
Preferred stock, par value $0.01: 0.1 shares authorized; none issued or outstanding
  
Common stock, par value $0.01: 3,200 shares authorized; 1,743 shares issued and 1,321 shares outstanding at September 30, 2021 and 1,733 shares issued and 1,310 shares outstanding at December 31, 2020 and capital surplus
47,133 46,513 
Treasury stock, at cost: 422 shares at September 30, 2021 and 423 shares at December 31, 2020
(28,166)(28,178)
Retained earnings54,264 49,640 
Accumulated other comprehensive income1,077 1,414 
Total CVS Health shareholders’ equity74,308 69,389 
Noncontrolling interests310 312 
Total shareholders’ equity74,618 69,701 
Total liabilities and shareholders’ equity$234,891 $230,715 

See accompanying notes to condensed consolidated financial statements (unaudited).
4

CVS Health Corporation
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended
September 30,
In millions20212020
Cash flows from operating activities:
Cash receipts from customers$209,104 $195,554 
Cash paid for inventory and prescriptions dispensed by retail network pharmacies(122,129)(116,590)
Insurance benefits paid (46,965)(40,221)
Cash paid to other suppliers and employees(21,840)(22,185)
Interest and investment income received582 622 
Interest paid(2,095)(2,517)
Income taxes paid(2,397)(2,365)
Net cash provided by operating activities14,260 12,298 
Cash flows from investing activities:
Proceeds from sales and maturities of investments5,559 3,790 
Purchases of investments(7,417)(6,377)
Purchases of property and equipment(1,923)(1,724)
Acquisitions (net of cash acquired)(135)(828)
Proceeds from sale of subsidiary 834 
Other95 5 
Net cash used in investing activities(3,821)(4,300)
Cash flows from financing activities:
Proceeds from issuance of long-term debt987 7,919 
Repayments of long-term debt(7,823)(10,493)
Derivative settlements (7)
Dividends paid(1,965)(1,980)
Proceeds from exercise of stock options440 249 
Payments for taxes related to net share settlement of equity awards(161)(75)
Other(3)(33)
Net cash used in financing activities(8,525)(4,420)
Net increase in cash, cash equivalents and restricted cash1,914 3,578 
Cash, cash equivalents and restricted cash at the beginning of the period8,130 5,954 
Cash, cash equivalents and restricted cash at the end of the period$10,044 $9,532 

5

CVS Health Corporation
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended
September 30,
In millions20212020
Reconciliation of net income to net cash provided by operating activities:
Net income $6,602 $6,217 
Adjustments required to reconcile net income to net cash provided by operating activities:
Depreciation and amortization3,397 3,302 
Goodwill impairment431  
Stock-based compensation346 288 
Gain on sale of subsidiary (271)
Loss on early extinguishment of debt363 766 
Deferred income taxes and other noncash items(645)(25)
Change in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable, net(3,504)(3,564)
Inventories1,097 45 
Other assets(32)(211)
Accounts payable and pharmacy claims and discounts payable3,973 3,495 
Health care costs payable and other insurance liabilities348 (474)
Other liabilities1,884 2,730 
Net cash provided by operating activities$14,260 $12,298 

See accompanying notes to condensed consolidated financial statements (unaudited).

6

CVS Health Corporation
Condensed Consolidated Statements of Shareholders’ Equity
(Unaudited)
Attributable to CVS Health
Number of shares
outstanding
Common
Stock and
Capital
Surplus (2)
Treasury
Stock (1)
Retained
Earnings
Accumulated
Other
Comprehensive
Income
Total
CVS Health
Shareholders’
 Equity
Noncontrolling
Interests
Total
Shareholders’
Equity
Common
Shares
Treasury
Shares (1)
In millions
Balance at December 31, 20201,733 (423)$46,513 $(28,178)$49,640 $1,414 $69,389 $312 $69,701 
Net income— — — — 2,223 — 2,223 1 2,224 
Other comprehensive loss— — — — — (392)(392)— (392)
Stock option activity, stock awards and other2 — 214 — — — 214 — 214 
ESPP issuances, net of purchase of treasury shares— 1 — 76 — — 76 — 76 
Common stock dividends— — — — (660)— (660)— (660)
Other increases in noncontrolling interests— — — — — — — 1 1 
Balance at March 31, 20211,735 (422)46,727 (28,102)51,203 1,022 70,850 314 71,164 
Net income— — — — 2,783 — 2,783 8 2,791 
Other comprehensive income— — — — — 148 148 — 148 
Stock option activity, stock awards and other7 — 268 — — — 268 — 268 
Purchase of treasury shares, net of ESPP issuances— (2)— (150)— — (150)— (150)
Common stock dividends— — — — (655)— (655)— (655)
Other decreases in noncontrolling interests— — — — — — — (1)(1)
Balance at June 30, 20211,742 (424)46,995 (28,252)53,331 1,170 73,244 321 73,565 
Net income— — — — 1,598 — 1,598 (11)1,587 
Other comprehensive loss (Note 8)— — — — — (93)(93)— (93)
Stock option activity, stock awards and other1 — 138 — — — 138 — 138 
ESPP issuances, net of purchase of treasury shares— 2 — 86 — — 86 — 86 
Common stock dividends— — — — (665)— (665)— (665)
Balance at September 30, 20211,743 (422)$47,133 $(28,166)$54,264 $1,077 $74,308 $310 $74,618 
_____________________________________________
(1)Treasury shares include 1 million shares held in trust and treasury stock includes $29 million related to shares held in trust as of September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020.
(2)Common stock and capital surplus includes the par value of common stock of $17 million as of September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020.




7

Attributable to CVS Health
Number of shares
outstanding
Common
Stock and
Capital
Surplus (2)
Treasury
Stock (1)
Retained
Earnings
Accumulated
Other
Comprehensive
Income
Total
CVS Health
Shareholders’
 Equity
Noncontrolling
Interests
Total
Shareholders’
Equity
Common
Shares
Treasury
Shares (1)
In millions
Balance at December 31, 20191,727 (425)$45,972 $(28,235)$45,108 $1,019 $63,864 $306 $64,170 
Adoption of new accounting standard (3)
— — — — (3)— (3)— (3)
Net income— — — — 2,007 — 2,007 5 2,012 
Other comprehensive loss— — — — — (332)(332)— (332)
Stock option activity, stock awards and other2 — 208 — — — 208 — 208 
ESPP issuances, net of purchase of treasury shares— 1