10-Q 1 cvs-20230930.htm 10-Q cvs-20230930
000006480312/312023Q3falsehttp://fasb.org/us-gaap/2023#ProductMemberhttp://fasb.org/us-gaap/2023#ProductMemberhttp://fasb.org/us-gaap/2023#ProductMemberhttp://fasb.org/us-gaap/2023#ProductMemberhttp://fasb.org/us-gaap/2023#AccountingStandardsUpdate201812Memberhttp://fasb.org/us-gaap/2023#LongTermDebtAndCapitalLeaseObligationshttp://fasb.org/us-gaap/2023#LongTermDebtAndCapitalLeaseObligations00000648032023-01-012023-09-3000000648032023-10-25xbrli:shares0000064803us-gaap:ProductMember2023-07-012023-09-30iso4217:USD0000064803us-gaap:ProductMember2022-07-012022-09-300000064803us-gaap:ProductMember2023-01-012023-09-300000064803us-gaap:ProductMember2022-01-012022-09-3000000648032023-07-012023-09-3000000648032022-07-012022-09-3000000648032022-01-012022-09-300000064803us-gaap:ServiceMember2023-07-012023-09-300000064803us-gaap:ServiceMember2022-07-012022-09-300000064803us-gaap:ServiceMember2023-01-012023-09-300000064803us-gaap:ServiceMember2022-01-012022-09-30iso4217:USDxbrli:shares00000648032023-09-3000000648032022-12-3100000648032021-12-3100000648032022-09-300000064803us-gaap:CommonStockMember2022-12-310000064803us-gaap:TreasuryStockCommonMember2022-12-310000064803us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2022-12-310000064803us-gaap:RetainedEarningsMember2022-12-310000064803us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000064803us-gaap:ParentMember2022-12-310000064803us-gaap:NoncontrollingInterestMember2022-12-310000064803us-gaap:RetainedEarningsMember2023-01-012023-03-310000064803us-gaap:ParentMember2023-01-012023-03-310000064803us-gaap:NoncontrollingInterestMember2023-01-012023-03-3100000648032023-01-012023-03-310000064803us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000064803us-gaap:CommonStockMember2023-01-012023-03-310000064803us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2023-01-012023-03-310000064803us-gaap:TreasuryStockCommonMember2023-01-012023-03-310000064803us-gaap:CommonStockMember2023-03-310000064803us-gaap:TreasuryStockCommonMember2023-03-310000064803us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2023-03-310000064803us-gaap:RetainedEarningsMember2023-03-310000064803us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310000064803us-gaap:ParentMember2023-03-310000064803us-gaap:NoncontrollingInterestMember2023-03-3100000648032023-03-310000064803us-gaap:RetainedEarningsMember2023-04-012023-06-300000064803us-gaap:ParentMember2023-04-012023-06-300000064803us-gaap:NoncontrollingInterestMember2023-04-012023-06-3000000648032023-04-012023-06-300000064803us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-06-300000064803us-gaap:CommonStockMember2023-04-012023-06-300000064803us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2023-04-012023-06-300000064803us-gaap:TreasuryStockCommonMember2023-04-012023-06-300000064803us-gaap:CommonStockMember2023-06-300000064803us-gaap:TreasuryStockCommonMember2023-06-300000064803us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2023-06-300000064803us-gaap:RetainedEarningsMember2023-06-300000064803us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300000064803us-gaap:ParentMember2023-06-300000064803us-gaap:NoncontrollingInterestMember2023-06-3000000648032023-06-300000064803us-gaap:RetainedEarningsMember2023-07-012023-09-300000064803us-gaap:ParentMember2023-07-012023-09-300000064803us-gaap:NoncontrollingInterestMember2023-07-012023-09-300000064803us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300000064803us-gaap:CommonStockMember2023-07-012023-09-300000064803us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2023-07-012023-09-300000064803us-gaap:TreasuryStockCommonMember2023-07-012023-09-300000064803us-gaap:CommonStockMember2023-09-300000064803us-gaap:TreasuryStockCommonMember2023-09-300000064803us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2023-09-300000064803us-gaap:RetainedEarningsMember2023-09-300000064803us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300000064803us-gaap:ParentMember2023-09-300000064803us-gaap:NoncontrollingInterestMember2023-09-300000064803us-gaap:CommonStockMember2021-12-310000064803us-gaap:TreasuryStockCommonMember2021-12-310000064803us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2021-12-310000064803us-gaap:RetainedEarningsMember2021-12-310000064803us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000064803us-gaap:ParentMember2021-12-310000064803us-gaap:NoncontrollingInterestMember2021-12-3100000648032021-01-012021-12-310000064803srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberus-gaap:RetainedEarningsMember2021-12-310000064803srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000064803us-gaap:ParentMembersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2021-12-310000064803srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2021-12-310000064803us-gaap:RetainedEarningsMember2022-01-012022-03-310000064803us-gaap:ParentMember2022-01-012022-03-310000064803us-gaap:NoncontrollingInterestMember2022-01-012022-03-3100000648032022-01-012022-03-310000064803us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310000064803us-gaap:CommonStockMember2022-01-012022-03-310000064803us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2022-01-012022-03-310000064803us-gaap:TreasuryStockCommonMember2022-01-012022-03-310000064803us-gaap:CommonStockMember2022-03-310000064803us-gaap:TreasuryStockCommonMember2022-03-310000064803us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2022-03-310000064803us-gaap:RetainedEarningsMember2022-03-310000064803us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310000064803us-gaap:ParentMember2022-03-310000064803us-gaap:NoncontrollingInterestMember2022-03-3100000648032022-03-310000064803us-gaap:RetainedEarningsMember2022-04-012022-06-300000064803us-gaap:ParentMember2022-04-012022-06-300000064803us-gaap:NoncontrollingInterestMember2022-04-012022-06-3000000648032022-04-012022-06-300000064803us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300000064803us-gaap:CommonStockMember2022-04-012022-06-300000064803us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2022-04-012022-06-300000064803us-gaap:TreasuryStockCommonMember2022-04-012022-06-300000064803us-gaap:CommonStockMember2022-06-300000064803us-gaap:TreasuryStockCommonMember2022-06-300000064803us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2022-06-300000064803us-gaap:RetainedEarningsMember2022-06-300000064803us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300000064803us-gaap:ParentMember2022-06-300000064803us-gaap:NoncontrollingInterestMember2022-06-3000000648032022-06-300000064803us-gaap:RetainedEarningsMember2022-07-012022-09-300000064803us-gaap:ParentMember2022-07-012022-09-300000064803us-gaap:NoncontrollingInterestMember2022-07-012022-09-300000064803us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300000064803us-gaap:CommonStockMember2022-07-012022-09-300000064803us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2022-07-012022-09-300000064803us-gaap:TreasuryStockCommonMember2022-07-012022-09-300000064803us-gaap:CommonStockMember2022-09-300000064803us-gaap:TreasuryStockCommonMember2022-09-300000064803us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2022-09-300000064803us-gaap:RetainedEarningsMember2022-09-300000064803us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300000064803us-gaap:ParentMember2022-09-300000064803us-gaap:NoncontrollingInterestMember2022-09-300000064803cvs:PharmacyAndConsumerHealthSegmentMember2023-09-30cvs:store0000064803cvs:HealthServicesSegmentMember2023-09-30cvs:cliniccvs:primaryCareMedicalCliniccvs:peoplecvs:patient0000064803cvs:HealthCareBenefitsSegmentMember2023-09-30cvs:Segment0000064803cvs:HealthCareBenefitsSegmentMember2023-01-012023-09-30cvs:state0000064803cvs:HealthCareBenefitsSegmentMember2023-01-012023-01-310000064803srt:ScenarioForecastMembercvs:HealthCareBenefitsSegmentMember2024-01-012024-01-310000064803us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2022-12-3100000648032023-01-012023-01-010000064803cvs:OtherInsuranceLiabilitiesMember2023-09-300000064803cvs:OtherLongTermInsuranceLiabilitiesMember2023-09-300000064803cvs:OtherInsuranceLiabilitiesMember2022-12-310000064803cvs:OtherLongTermInsuranceLiabilitiesMember2022-12-310000064803cvs:PharmacyRevenueMemberus-gaap:OperatingSegmentsMembercvs:HealthCareBenefitsSegmentMember2023-07-012023-09-300000064803cvs:HealthServicesSegmentMembercvs:PharmacyRevenueMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300000064803cvs:PharmacyAndConsumerHealthSegmentMembercvs:PharmacyRevenueMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300000064803cvs:CorporateAndReconcilingItemsMembercvs:CorporateAndOtherSegmentMembercvs:PharmacyRevenueMember2023-07-012023-09-300000064803us-gaap:IntersegmentEliminationMembercvs:PharmacyRevenueMember2023-07-012023-09-300000064803cvs:PharmacyRevenueMember2023-07-012023-09-300000064803cvs:FrontStoreRevenueMemberus-gaap:OperatingSegmentsMembercvs:HealthCareBenefitsSegmentMember2023-07-012023-09-300000064803cvs:FrontStoreRevenueMembercvs:HealthServicesSegmentMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300000064803cvs:FrontStoreRevenueMembercvs:PharmacyAndConsumerHealthSegmentMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300000064803cvs:CorporateAndReconcilingItemsMembercvs:CorporateAndOtherSegmentMembercvs:FrontStoreRevenueMember2023-07-012023-09-300000064803us-gaap:IntersegmentEliminationMembercvs:FrontStoreRevenueMember2023-07-012023-09-300000064803cvs:FrontStoreRevenueMember2023-07-012023-09-300000064803cvs:PremiumsMemberus-gaap:OperatingSegmentsMembercvs:HealthCareBenefitsSegmentMember2023-07-012023-09-300000064803cvs:PremiumsMembercvs:HealthServicesSegmentMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300000064803cvs:PremiumsMembercvs:PharmacyAndConsumerHealthSegmentMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300000064803cvs:PremiumsMembercvs:CorporateAndReconcilingItemsMembercvs:CorporateAndOtherSegmentMember2023-07-012023-09-300000064803cvs:PremiumsMemberus-gaap:IntersegmentEliminationMember2023-07-012023-09-300000064803cvs:PremiumsMember2023-07-012023-09-300000064803us-gaap:OperatingSegmentsMembercvs:HealthCareBenefitsSegmentMember2023-07-012023-09-300000064803cvs:HealthServicesSegmentMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300000064803cvs:PharmacyAndConsumerHealthSegmentMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300000064803cvs:CorporateAndReconcilingItemsMembercvs:CorporateAndOtherSegmentMember2023-07-012023-09-300000064803us-gaap:IntersegmentEliminationMember2023-07-012023-09-300000064803us-gaap:ProductAndServiceOtherMemberus-gaap:OperatingSegmentsMembercvs:HealthCareBenefitsSegmentMember2023-07-012023-09-300000064803us-gaap:ProductAndServiceOtherMembercvs:HealthServicesSegmentMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300000064803us-gaap:ProductAndServiceOtherMembercvs:PharmacyAndConsumerHealthSegmentMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300000064803cvs:CorporateAndReconcilingItemsMembercvs:CorporateAndOtherSegmentMemberus-gaap:ProductAndServiceOtherMember2023-07-012023-09-300000064803us-gaap:IntersegmentEliminationMemberus-gaap:ProductAndServiceOtherMember2023-07-012023-09-300000064803us-gaap:ProductAndServiceOtherMember2023-07-012023-09-300000064803us-gaap:SalesChannelThroughIntermediaryMembercvs:HealthServicesSegmentMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300000064803cvs:HealthServicesSegmentMemberus-gaap:OperatingSegmentsMemberus-gaap:SalesChannelDirectlyToConsumerMember2023-07-012023-09-300000064803cvs:HealthServicesSegmentMemberus-gaap:OperatingSegmentsMembercvs:SalesChannelOtherMember2023-07-012023-09-300000064803cvs:PharmacyRevenueMemberus-gaap:OperatingSegmentsMembercvs:HealthCareBenefitsSegmentMember2022-07-012022-09-300000064803cvs:HealthServicesSegmentMembercvs:PharmacyRevenueMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300000064803cvs:PharmacyAndConsumerHealthSegmentMembercvs:PharmacyRevenueMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300000064803cvs:CorporateAndReconcilingItemsMembercvs:CorporateAndOtherSegmentMembercvs:PharmacyRevenueMember2022-07-012022-09-300000064803us-gaap:IntersegmentEliminationMembercvs:PharmacyRevenueMember2022-07-012022-09-300000064803cvs:PharmacyRevenueMember2022-07-012022-09-300000064803cvs:FrontStoreRevenueMemberus-gaap:OperatingSegmentsMembercvs:HealthCareBenefitsSegmentMember2022-07-012022-09-300000064803cvs:FrontStoreRevenueMembercvs:HealthServicesSegmentMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300000064803cvs:FrontStoreRevenueMembercvs:PharmacyAndConsumerHealthSegmentMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300000064803cvs:CorporateAndReconcilingItemsMembercvs:CorporateAndOtherSegmentMembercvs:FrontStoreRevenueMember2022-07-012022-09-300000064803us-gaap:IntersegmentEliminationMembercvs:FrontStoreRevenueMember2022-07-012022-09-300000064803cvs:FrontStoreRevenueMember2022-07-012022-09-300000064803cvs:PremiumsMemberus-gaap:OperatingSegmentsMembercvs:HealthCareBenefitsSegmentMember2022-07-012022-09-300000064803cvs:PremiumsMembercvs:HealthServicesSegmentMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300000064803cvs:PremiumsMembercvs:PharmacyAndConsumerHealthSegmentMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300000064803cvs:PremiumsMembercvs:CorporateAndReconcilingItemsMembercvs:CorporateAndOtherSegmentMember2022-07-012022-09-300000064803cvs:PremiumsMemberus-gaap:IntersegmentEliminationMember2022-07-012022-09-300000064803cvs:PremiumsMember2022-07-012022-09-300000064803us-gaap:OperatingSegmentsMembercvs:HealthCareBenefitsSegmentMember2022-07-012022-09-300000064803cvs:HealthServicesSegmentMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300000064803cvs:PharmacyAndConsumerHealthSegmentMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300000064803cvs:CorporateAndReconcilingItemsMembercvs:CorporateAndOtherSegmentMember2022-07-012022-09-300000064803us-gaap:IntersegmentEliminationMember2022-07-012022-09-300000064803us-gaap:ProductAndServiceOtherMemberus-gaap:OperatingSegmentsMembercvs:HealthCareBenefitsSegmentMember2022-07-012022-09-300000064803us-gaap:ProductAndServiceOtherMembercvs:HealthServicesSegmentMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300000064803us-gaap:ProductAndServiceOtherMembercvs:PharmacyAndConsumerHealthSegmentMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300000064803cvs:CorporateAndReconcilingItemsMembercvs:CorporateAndOtherSegmentMemberus-gaap:ProductAndServiceOtherMember2022-07-012022-09-300000064803us-gaap:IntersegmentEliminationMemberus-gaap:ProductAndServiceOtherMember2022-07-012022-09-300000064803us-gaap:ProductAndServiceOtherMember2022-07-012022-09-300000064803us-gaap:SalesChannelThroughIntermediaryMembercvs:HealthServicesSegmentMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300000064803cvs:HealthServicesSegmentMemberus-gaap:OperatingSegmentsMemberus-gaap:SalesChannelDirectlyToConsumerMember2022-07-012022-09-300000064803cvs:HealthServicesSegmentMemberus-gaap:OperatingSegmentsMembercvs:SalesChannelOtherMember2022-07-012022-09-300000064803cvs:PharmacyRevenueMemberus-gaap:OperatingSegmentsMembercvs:HealthCareBenefitsSegmentMember2023-01-012023-09-300000064803cvs:HealthServicesSegmentMembercvs:PharmacyRevenueMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300000064803cvs:PharmacyAndConsumerHealthSegmentMembercvs:PharmacyRevenueMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300000064803cvs:CorporateAndReconcilingItemsMembercvs:CorporateAndOtherSegmentMembercvs:PharmacyRevenueMember2023-01-012023-09-300000064803us-gaap:IntersegmentEliminationMembercvs:PharmacyRevenueMember2023-01-012023-09-300000064803cvs:PharmacyRevenueMember2023-01-012023-09-300000064803cvs:FrontStoreRevenueMemberus-gaap:OperatingSegmentsMembercvs:HealthCareBenefitsSegmentMember2023-01-012023-09-300000064803cvs:FrontStoreRevenueMembercvs:HealthServicesSegmentMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300000064803cvs:FrontStoreRevenueMembercvs:PharmacyAndConsumerHealthSegmentMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300000064803cvs:CorporateAndReconcilingItemsMembercvs:CorporateAndOtherSegmentMembercvs:FrontStoreRevenueMember2023-01-012023-09-300000064803us-gaap:IntersegmentEliminationMembercvs:FrontStoreRevenueMember2023-01-012023-09-300000064803cvs:FrontStoreRevenueMember2023-01-012023-09-300000064803cvs:PremiumsMemberus-gaap:OperatingSegmentsMembercvs:HealthCareBenefitsSegmentMember2023-01-012023-09-300000064803cvs:PremiumsMembercvs:HealthServicesSegmentMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300000064803cvs:PremiumsMembercvs:PharmacyAndConsumerHealthSegmentMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300000064803cvs:PremiumsMembercvs:CorporateAndReconcilingItemsMembercvs:CorporateAndOtherSegmentMember2023-01-012023-09-300000064803cvs:PremiumsMemberus-gaap:IntersegmentEliminationMember2023-01-012023-09-300000064803cvs:PremiumsMember2023-01-012023-09-300000064803us-gaap:OperatingSegmentsMembercvs:HealthCareBenefitsSegmentMember2023-01-012023-09-300000064803cvs:HealthServicesSegmentMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300000064803cvs:PharmacyAndConsumerHealthSegmentMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300000064803cvs:CorporateAndReconcilingItemsMembercvs:CorporateAndOtherSegmentMember2023-01-012023-09-300000064803us-gaap:IntersegmentEliminationMember2023-01-012023-09-300000064803us-gaap:ProductAndServiceOtherMemberus-gaap:OperatingSegmentsMembercvs:HealthCareBenefitsSegmentMember2023-01-012023-09-300000064803us-gaap:ProductAndServiceOtherMembercvs:HealthServicesSegmentMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300000064803us-gaap:ProductAndServiceOtherMembercvs:PharmacyAndConsumerHealthSegmentMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300000064803cvs:CorporateAndReconcilingItemsMembercvs:CorporateAndOtherSegmentMemberus-gaap:ProductAndServiceOtherMember2023-01-012023-09-300000064803us-gaap:IntersegmentEliminationMemberus-gaap:ProductAndServiceOtherMember2023-01-012023-09-300000064803us-gaap:ProductAndServiceOtherMember2023-01-012023-09-300000064803us-gaap:SalesChannelThroughIntermediaryMembercvs:HealthServicesSegmentMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300000064803cvs:HealthServicesSegmentMemberus-gaap:OperatingSegmentsMemberus-gaap:SalesChannelDirectlyToConsumerMember2023-01-012023-09-300000064803cvs:HealthServicesSegmentMemberus-gaap:OperatingSegmentsMembercvs:SalesChannelOtherMember2023-01-012023-09-300000064803cvs:PharmacyRevenueMemberus-gaap:OperatingSegmentsMembercvs:HealthCareBenefitsSegmentMember2022-01-012022-09-300000064803cvs:HealthServicesSegmentMembercvs:PharmacyRevenueMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300000064803cvs:PharmacyAndConsumerHealthSegmentMembercvs:PharmacyRevenueMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300000064803cvs:CorporateAndReconcilingItemsMembercvs:CorporateAndOtherSegmentMembercvs:PharmacyRevenueMember2022-01-012022-09-300000064803us-gaap:IntersegmentEliminationMembercvs:PharmacyRevenueMember2022-01-012022-09-300000064803cvs:PharmacyRevenueMember2022-01-012022-09-300000064803cvs:FrontStoreRevenueMemberus-gaap:OperatingSegmentsMembercvs:HealthCareBenefitsSegmentMember2022-01-012022-09-300000064803cvs:FrontStoreRevenueMembercvs:HealthServicesSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300000064803cvs:FrontStoreRevenueMembercvs:PharmacyAndConsumerHealthSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300000064803cvs:CorporateAndReconcilingItemsMembercvs:CorporateAndOtherSegmentMembercvs:FrontStoreRevenueMember2022-01-012022-09-300000064803us-gaap:IntersegmentEliminationMembercvs:FrontStoreRevenueMember2022-01-012022-09-300000064803cvs:FrontStoreRevenueMember2022-01-012022-09-300000064803cvs:PremiumsMemberus-gaap:OperatingSegmentsMembercvs:HealthCareBenefitsSegmentMember2022-01-012022-09-300000064803cvs:PremiumsMembercvs:HealthServicesSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300000064803cvs:PremiumsMembercvs:PharmacyAndConsumerHealthSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300000064803cvs:PremiumsMembercvs:CorporateAndReconcilingItemsMembercvs:CorporateAndOtherSegmentMember2022-01-012022-09-300000064803cvs:PremiumsMemberus-gaap:IntersegmentEliminationMember2022-01-012022-09-300000064803cvs:PremiumsMember2022-01-012022-09-300000064803us-gaap:OperatingSegmentsMembercvs:HealthCareBenefitsSegmentMember2022-01-012022-09-300000064803cvs:HealthServicesSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300000064803cvs:PharmacyAndConsumerHealthSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300000064803cvs:CorporateAndReconcilingItemsMembercvs:CorporateAndOtherSegmentMember2022-01-012022-09-300000064803us-gaap:IntersegmentEliminationMember2022-01-012022-09-300000064803us-gaap:ProductAndServiceOtherMemberus-gaap:OperatingSegmentsMembercvs:HealthCareBenefitsSegmentMember2022-01-012022-09-300000064803us-gaap:ProductAndServiceOtherMembercvs:HealthServicesSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300000064803us-gaap:ProductAndServiceOtherMembercvs:PharmacyAndConsumerHealthSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300000064803cvs:CorporateAndReconcilingItemsMembercvs:CorporateAndOtherSegmentMemberus-gaap:ProductAndServiceOtherMember2022-01-012022-09-300000064803us-gaap:IntersegmentEliminationMemberus-gaap:ProductAndServiceOtherMember2022-01-012022-09-300000064803us-gaap:ProductAndServiceOtherMember2022-01-012022-09-300000064803us-gaap:SalesChannelThroughIntermediaryMembercvs:HealthServicesSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300000064803cvs:HealthServicesSegmentMemberus-gaap:OperatingSegmentsMemberus-gaap:SalesChannelDirectlyToConsumerMember2022-01-012022-09-300000064803cvs:HealthServicesSegmentMemberus-gaap:OperatingSegmentsMembercvs:SalesChannelOtherMember2022-01-012022-09-300000064803cvs:ClientHealthInformationNetworkServicesFeesExpensedMember2023-07-012023-09-300000064803cvs:ClientHealthInformationNetworkServicesFeesExpensedMember2022-07-012022-09-300000064803cvs:ClientHealthInformationNetworkServicesFeesExpensedMember2023-01-012023-09-300000064803cvs:ClientHealthInformationNetworkServicesFeesExpensedMember2022-01-012022-09-300000064803cvs:PharmaceuticalInventoryPurchasesPaymentsReceivedMember2023-07-012023-09-300000064803cvs:PharmaceuticalInventoryPurchasesPaymentsReceivedMember2022-07-012022-09-300000064803cvs:PharmaceuticalInventoryPurchasesPaymentsReceivedMember2023-01-012023-09-300000064803cvs:PharmaceuticalInventoryPurchasesPaymentsReceivedMember2022-01-012022-09-300000064803srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberus-gaap:AccountingStandardsUpdate201812Member2021-01-010000064803srt:ScenarioPreviouslyReportedMembercvs:LargeCasePensionsMember2020-12-310000064803cvs:LongTermCareMembersrt:ScenarioPreviouslyReportedMember2020-12-310000064803us-gaap:ProductAndServiceOtherMembersrt:ScenarioPreviouslyReportedMember2020-12-310000064803cvs:EffectOfApplicationOfAccountingStandardsUpdate201812AdjustmentsForChangeInDiscountRateAssumptionsMembercvs:LargeCasePensionsMember2020-12-310000064803cvs:EffectOfApplicationOfAccountingStandardsUpdate201812AdjustmentsForChangeInDiscountRateAssumptionsMembercvs:LongTermCareMember2020-12-310000064803cvs:EffectOfApplicationOfAccountingStandardsUpdate201812AdjustmentsForChangeInDiscountRateAssumptionsMemberus-gaap:ProductAndServiceOtherMember2020-12-310000064803cvs:EffectOfApplicationOfAccountingStandardsUpdate201812AdjustmentsForRemovalOfShadowAdjustmentsInAccumulatedOtherComprehensiveIncomeMembercvs:LargeCasePensionsMember2020-12-310000064803cvs:EffectOfApplicationOfAccountingStandardsUpdate201812AdjustmentsForRemovalOfShadowAdjustmentsInAccumulatedOtherComprehensiveIncomeMembercvs:LongTermCareMember2020-12-310000064803cvs:EffectOfApplicationOfAccountingStandardsUpdate201812AdjustmentsForRemovalOfShadowAdjustmentsInAccumulatedOtherComprehensiveIncomeMemberus-gaap:ProductAndServiceOtherMember2020-12-310000064803cvs:LargeCasePensionsMember2020-12-310000064803cvs:LongTermCareMember2020-12-310000064803us-gaap:ProductAndServiceOtherMember2020-12-310000064803srt:ScenarioPreviouslyReportedMember2022-07-012022-09-300000064803srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2022-07-012022-09-300000064803srt:ScenarioPreviouslyReportedMember2022-01-012022-09-300000064803srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2022-01-012022-09-300000064803srt:ScenarioPreviouslyReportedMember2022-12-310000064803srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2022-12-310000064803cvs:OakStreetHealthIncMember2023-05-02xbrli:pure00000648032023-05-012023-05-010000064803cvs:OakStreetHealthIncMember2023-05-022023-05-020000064803cvs:PreCombinationServicesMembercvs:OakStreetHealthIncMember2023-05-022023-05-020000064803cvs:PostCombinationServicesMembercvs:OakStreetHealthIncMember2023-05-022023-05-020000064803cvs:OakStreetHealthIncMembercvs:HealthServicesSegmentMember2023-05-020000064803cvs:PharmacyAndConsumerHealthSegmentMembercvs:OakStreetHealthIncMember2023-05-020000064803cvs:OakStreetHealthIncMembercvs:HealthCareBenefitsSegmentMember2023-05-020000064803us-gaap:CustomerRelationshipsMembercvs:OakStreetHealthIncMember2023-05-020000064803us-gaap:CustomerRelationshipsMembercvs:OakStreetHealthIncMember2023-05-022023-05-020000064803us-gaap:TechnologyBasedIntangibleAssetsMembercvs:OakStreetHealthIncMember2023-05-020000064803us-gaap:TechnologyBasedIntangibleAssetsMembercvs:OakStreetHealthIncMember2023-05-022023-05-020000064803cvs:OakStreetHealthIncMemberus-gaap:TrademarksMember2023-05-020000064803cvs:OakStreetHealthIncMemberus-gaap:TrademarksMember2023-05-022023-05-020000064803cvs:OakStreetHealthIncMember2023-05-022023-09-300000064803cvs:OakStreetHealthIncMember2023-01-012023-09-300000064803cvs:SignifyHealthIncMember2023-03-2900000648032023-02-012023-02-280000064803cvs:SignifyHealthIncMember2023-03-292023-03-290000064803cvs:PreCombinationServicesMembercvs:SignifyHealthIncMember2023-03-292023-03-290000064803cvs:PostCombinationServicesMembercvs:SignifyHealthIncMember2023-03-292023-03-290000064803cvs:SignifyHealthIncMembercvs:HealthServicesSegmentMember2023-03-290000064803cvs:SignifyHealthIncMembercvs:HealthCareBenefitsSegmentMember2023-03-290000064803cvs:SignifyHealthIncMembercvs:PharmacyAndConsumerHealthSegmentMember2023-03-290000064803cvs:SignifyHealthIncMemberus-gaap:CustomerRelationshipsMember2023-03-290000064803cvs:SignifyHealthIncMemberus-gaap:CustomerRelationshipsMember2023-03-292023-03-290000064803us-gaap:TechnologyBasedIntangibleAssetsMembercvs:SignifyHealthIncMember2023-03-290000064803us-gaap:TechnologyBasedIntangibleAssetsMembercvs:SignifyHealthIncMember2023-03-292023-03-290000064803cvs:SignifyHealthIncMemberus-gaap:TrademarksMember2023-03-290000064803cvs:SignifyHealthIncMemberus-gaap:TrademarksMember2023-03-292023-03-290000064803cvs:SignifyHealthIncMember2023-03-292023-09-300000064803cvs:SignifyHealthIncMember2023-01-012023-09-300000064803us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMembercvs:PharmacyAndConsumerHealthSegmentMembercvs:OmnicareLongTermCareBusinessMember2022-01-012022-12-310000064803us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMembercvs:PharmacyAndConsumerHealthSegmentMembercvs:OmnicareLongTermCareBusinessMember2023-01-012023-03-310000064803cvs:DebtAndEquitySecuritiesAvailableForSaleMember2023-09-300000064803cvs:DebtAndEquitySecuritiesAvailableForSaleMember2022-12-310000064803cvs:MortgageLoansMember2023-09-300000064803cvs:MortgageLoansMember2022-12-310000064803us-gaap:OtherInvestmentsMember2023-09-300000064803us-gaap:OtherInvestmentsMember2022-12-310000064803us-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-09-300000064803us-gaap:USStatesAndPoliticalSubdivisionsMember2023-09-300000064803us-gaap:DomesticCorporateDebtSecuritiesMember2023-09-300000064803us-gaap:ForeignCorporateDebtSecuritiesMember2023-09-300000064803us-gaap:ResidentialMortgageBackedSecuritiesMember2023-09-300000064803us-gaap:CommercialMortgageBackedSecuritiesMember2023-09-300000064803cvs:OtherAssetBackedSecuritiesMember2023-09-300000064803us-gaap:RedeemablePreferredStockMember2023-09-300000064803us-gaap:USGovernmentAgenciesDebtSecuritiesMember2022-12-310000064803us-gaap:USStatesAndPoliticalSubdivisionsMember2022-12-310000064803us-gaap:DomesticCorporateDebtSecuritiesMember2022-12-310000064803us-gaap:ForeignCorporateDebtSecuritiesMember2022-12-310000064803us-gaap:ResidentialMortgageBackedSecuritiesMember2022-12-310000064803us-gaap:CommercialMortgageBackedSecuritiesMember2022-12-310000064803cvs:OtherAssetBackedSecuritiesMember2022-12-310000064803us-gaap:RedeemablePreferredStockMember2022-12-310000064803cvs:SupportingExperienceRatedProductsMember2023-09-300000064803cvs:SupportingExperienceRatedProductsMember2022-12-31cvs:security0000064803cvs:SupportingRemainingProductsMember2023-09-300000064803cvs:SupportingExperienceRatedProductsMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-09-300000064803us-gaap:ResidentialMortgageBackedSecuritiesMembercvs:SupportingRemainingProductsMember2023-09-300000064803cvs:SupportingExperienceRatedProductsMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-09-300000064803cvs:SupportingRemainingProductsMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-09-300000064803cvs:SupportingExperienceRatedProductsMembercvs:OtherAssetBackedSecuritiesMember2023-09-300000064803cvs:SupportingRemainingProductsMembercvs:OtherAssetBackedSecuritiesMember2023-09-300000064803us-gaap:CommercialRealEstateMember2023-07-012023-09-300000064803us-gaap:CommercialRealEstateMember2022-07-012022-09-300000064803us-gaap:CommercialRealEstateMember2023-01-012023-09-300000064803us-gaap:CommercialRealEstateMember2022-01-012022-09-300000064803us-gaap:CommercialRealEstateMembercvs:YearOfOriginationPeriodOneMembercvs:Category1Member2023-09-300000064803cvs:YearOfOriginationPeriodTwoMemberus-gaap:CommercialRealEstateMembercvs:Category1Member2023-09-300000064803us-gaap:CommercialRealEstateMembercvs:Category1Membercvs:YearOfOriginationPeriodThreeMember2023-09-300000064803cvs:YearOfOriginationPeriodFourMemberus-gaap:CommercialRealEstateMembercvs:Category1Member2023-09-300000064803us-gaap:CommercialRealEstateMembercvs:Category1Membercvs:YearOfOriginationPeriodFiveMember2023-09-300000064803us-gaap:CommercialRealEstateMembercvs:YearOfOriginationPriorToPeriodFiveMembercvs:Category1Member2023-09-300000064803us-gaap:CommercialRealEstateMembercvs:Category1Member2023-09-300000064803us-gaap:CommercialRealEstateMembercvs:YearOfOriginationPeriodOneMembercvs:Category2To4Member2023-09-300000064803cvs:YearOfOriginationPeriodTwoMemberus-gaap:CommercialRealEstateMembercvs:Category2To4Member2023-09-300000064803us-gaap:CommercialRealEstateMembercvs:Category2To4Membercvs:YearOfOriginationPeriodThreeMember2023-09-300000064803cvs:YearOfOriginationPeriodFourMemberus-gaap:CommercialRealEstateMembercvs:Category2To4Member2023-09-300000064803us-gaap:CommercialRealEstateMembercvs:Category2To4Membercvs:YearOfOriginationPeriodFiveMember2023-09-300000064803us-gaap:CommercialRealEstateMembercvs:YearOfOriginationPriorToPeriodFiveMembercvs:Category2To4Member2023-09-300000064803us-gaap:CommercialRealEstateMembercvs:Category2To4Member2023-09-300000064803us-gaap:CommercialRealEstateMembercvs:YearOfOriginationPeriodOneMembercvs:Categories5and6Member2023-09-300000064803cvs:YearOfOriginationPeriodTwoMemberus-gaap:CommercialRealEstateMembercvs:Categories5and6Member2023-09-300000064803us-gaap:CommercialRealEstateMembercvs:Categories5and6Membercvs:YearOfOriginationPeriodThreeMember2023-09-300000064803cvs:YearOfOriginationPeriodFourMemberus-gaap:CommercialRealEstateMembercvs:Categories5and6Member2023-09-300000064803us-gaap:CommercialRealEstateMembercvs:Categories5and6Membercvs:YearOfOriginationPeriodFiveMember2023-09-300000064803us-gaap:CommercialRealEstateMembercvs:Categories5and6Membercvs:YearOfOriginationPriorToPeriodFiveMember2023-09-300000064803us-gaap:CommercialRealEstateMembercvs:Categories5and6Member2023-09-300000064803cvs:Category7Memberus-gaap:CommercialRealEstateMembercvs:YearOfOriginationPeriodOneMember2023-09-300000064803cvs:YearOfOriginationPeriodTwoMembercvs:Category7Memberus-gaap:CommercialRealEstateMember2023-09-300000064803cvs:Category7Memberus-gaap:CommercialRealEstateMembercvs:YearOfOriginationPeriodThreeMember2023-09-300000064803cvs:Category7Membercvs:YearOfOriginationPeriodFourMemberus-gaap:CommercialRealEstateMember2023-09-300000064803cvs:Category7Memberus-gaap:CommercialRealEstateMembercvs:YearOfOriginationPeriodFiveMember2023-09-300000064803cvs:Category7Memberus-gaap:CommercialRealEstateMembercvs:YearOfOriginationPriorToPeriodFiveMember2023-09-300000064803cvs:Category7Memberus-gaap:CommercialRealEstateMember2023-09-300000064803us-gaap:CommercialRealEstateMembercvs:YearOfOriginationPeriodOneMember2023-09-300000064803cvs:YearOfOriginationPeriodTwoMemberus-gaap:CommercialRealEstateMember2023-09-300000064803us-gaap:CommercialRealEstateMembercvs:YearOfOriginationPeriodThreeMember2023-09-300000064803cvs:YearOfOriginationPeriodFourMemberus-gaap:CommercialRealEstateMember2023-09-300000064803us-gaap:CommercialRealEstateMembercvs:YearOfOriginationPeriodFiveMember2023-09-300000064803us-gaap:CommercialRealEstateMembercvs:YearOfOriginationPriorToPeriodFiveMember2023-09-300000064803us-gaap:CommercialRealEstateMember2023-09-300000064803cvs:YearOfOriginationPeriodTwoMemberus-gaap:CommercialRealEstateMembercvs:Category1Member2022-12-310000064803us-gaap:CommercialRealEstateMembercvs:Category1Membercvs:YearOfOriginationPeriodThreeMember2022-12-310000064803cvs:YearOfOriginationPeriodFourMemberus-gaap:CommercialRealEstateMembercvs:Category1Member2022-12-310000064803us-gaap:CommercialRealEstateMembercvs:Category1Membercvs:YearOfOriginationPeriodFiveMember2022-12-310000064803us-gaap:CommercialRealEstateMembercvs:YearOfOriginationPriorToPeriodFiveMembercvs:Category1Member2022-12-310000064803us-gaap:CommercialRealEstateMembercvs:Category1Member2022-12-310000064803cvs:YearOfOriginationPeriodTwoMemberus-gaap:CommercialRealEstateMembercvs:Category2To4Member2022-12-310000064803us-gaap:CommercialRealEstateMembercvs:Category2To4Membercvs:YearOfOriginationPeriodThreeMember2022-12-310000064803cvs:YearOfOriginationPeriodFourMemberus-gaap:CommercialRealEstateMembercvs:Category2To4Member2022-12-310000064803us-gaap:CommercialRealEstateMembercvs:Category2To4Membercvs:YearOfOriginationPeriodFiveMember2022-12-310000064803us-gaap:CommercialRealEstateMembercvs:YearOfOriginationPriorToPeriodFiveMembercvs:Category2To4Member2022-12-310000064803us-gaap:CommercialRealEstateMembercvs:Category2To4Member2022-12-310000064803cvs:YearOfOriginationPeriodTwoMemberus-gaap:CommercialRealEstateMembercvs:Categories5and6Member2022-12-310000064803us-gaap:CommercialRealEstateMembercvs:Categories5and6Membercvs:YearOfOriginationPeriodThreeMember2022-12-310000064803cvs:YearOfOriginationPeriodFourMemberus-gaap:CommercialRealEstateMembercvs:Categories5and6Member2022-12-310000064803us-gaap:CommercialRealEstateMembercvs:Categories5and6Membercvs:YearOfOriginationPeriodFiveMember2022-12-310000064803us-gaap:CommercialRealEstateMembercvs:Categories5and6Membercvs:YearOfOriginationPriorToPeriodFiveMember2022-12-310000064803us-gaap:CommercialRealEstateMembercvs:Categories5and6Member2022-12-310000064803cvs:YearOfOriginationPeriodTwoMembercvs:Category7Memberus-gaap:CommercialRealEstateMember2022-12-310000064803cvs:Category7Memberus-gaap:CommercialRealEstateMembercvs:YearOfOriginationPeriodThreeMember2022-12-310000064803cvs:Category7Membercvs:YearOfOriginationPeriodFourMemberus-gaap:CommercialRealEstateMember2022-12-310000064803cvs:Category7Memberus-gaap:CommercialRealEstateMembercvs:YearOfOriginationPeriodFiveMember2022-12-310000064803cvs:Category7Memberus-gaap:CommercialRealEstateMembercvs:YearOfOriginationPriorToPeriodFiveMember2022-12-310000064803cvs:Category7Memberus-gaap:CommercialRealEstateMember2022-12-310000064803cvs:YearOfOriginationPeriodTwoMemberus-gaap:CommercialRealEstateMember2022-12-310000064803us-gaap:CommercialRealEstateMembercvs:YearOfOriginationPeriodThreeMember2022-12-310000064803cvs:YearOfOriginationPeriodFourMemberus-gaap:CommercialRealEstateMember2022-12-310000064803us-gaap:CommercialRealEstateMembercvs:YearOfOriginationPeriodFiveMember2022-12-310000064803us-gaap:CommercialRealEstateMembercvs:YearOfOriginationPriorToPeriodFiveMember2022-12-310000064803us-gaap:CommercialRealEstateMember2022-12-310000064803us-gaap:DebtSecuritiesMember2023-07-012023-09-300000064803us-gaap:DebtSecuritiesMember2022-07-012022-09-300000064803us-gaap:DebtSecuritiesMember2023-01-012023-09-300000064803us-gaap:DebtSecuritiesMember2022-01-012022-09-300000064803cvs:MortgageLoansMember2023-07-012023-09-300000064803cvs:MortgageLoansMember2022-07-012022-09-300000064803cvs:MortgageLoansMember2023-01-012023-09-300000064803cvs:MortgageLoansMember2022-01-012022-09-300000064803us-gaap:OtherInvestmentsMember2023-07-012023-09-300000064803us-gaap:OtherInvestmentsMember2022-07-012022-09-300000064803us-gaap:OtherInvestmentsMember2023-01-012023-09-300000064803us-gaap:OtherInvestmentsMember2022-01-012022-09-300000064803cvs:SupportingExperienceRatedProductsMember2023-07-012023-09-300000064803cvs:SupportingExperienceRatedProductsMember2023-01-012023-09-300000064803cvs:SupportingExperienceRatedProductsMember2022-07-012022-09-300000064803cvs:SupportingExperienceRatedProductsMember2022-01-012022-09-300000064803us-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803us-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-09-300000064803us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-09-300000064803us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-09-300000064803us-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-09-300000064803us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-09-300000064803us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-09-300000064803us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-09-300000064803us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803cvs:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803cvs:OtherAssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-09-300000064803us-gaap:FairValueInputsLevel3Membercvs:OtherAssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803cvs:OtherAssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803us-gaap:RedeemablePreferredStockMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803us-gaap:RedeemablePreferredStockMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-09-300000064803us-gaap:RedeemablePreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803us-gaap:RedeemablePreferredStockMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310000064803us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310000064803us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310000064803us-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310000064803us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310000064803us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310000064803us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310000064803us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803cvs:OtherAssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803cvs:OtherAssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310000064803us-gaap:FairValueInputsLevel3Membercvs:OtherAssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803cvs:OtherAssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803us-gaap:RedeemablePreferredStockMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803us-gaap:RedeemablePreferredStockMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310000064803us-gaap:RedeemablePreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803us-gaap:RedeemablePreferredStockMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-09-300000064803us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2023-09-300000064803us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2023-09-300000064803us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2023-09-300000064803us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-09-300000064803us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310000064803us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2022-12-310000064803us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310000064803us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2022-12-310000064803us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2022-12-310000064803us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310000064803us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-09-300000064803us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310000064803us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803us-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-09-300000064803us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803us-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803us-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310000064803us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803us-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803cvs:CommonAndCollectiveTrustsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803cvs:CommonAndCollectiveTrustsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-09-300000064803us-gaap:FairValueInputsLevel3Membercvs:CommonAndCollectiveTrustsMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803cvs:CommonAndCollectiveTrustsMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803cvs:CommonAndCollectiveTrustsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803cvs:CommonAndCollectiveTrustsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310000064803us-gaap:FairValueInputsLevel3Membercvs:CommonAndCollectiveTrustsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803cvs:CommonAndCollectiveTrustsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803cvs:OtherReceivablesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803cvs:OtherPayablesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803us-gaap:HealthInsuranceProductLineMember2022-12-310000064803us-gaap:HealthInsuranceProductLineMember2021-12-310000064803us-gaap:HealthInsuranceProductLineMember2023-01-012023-09-300000064803us-gaap:HealthInsuranceProductLineMember2022-01-012022-09-300000064803us-gaap:HealthInsuranceProductLineMember2023-09-300000064803us-gaap:HealthInsuranceProductLineMember2022-09-300000064803cvs:HealthCareBenefitsSegmentMember2022-01-012022-09-300000064803cvs:CorporateOtherMember2023-01-012023-09-300000064803cvs:CorporateOtherMember2022-01-012022-09-300000064803cvs:LongTermCareMember2022-12-310000064803cvs:LongTermCareMember2023-01-012023-09-300000064803cvs:LongTermCareMember2023-09-300000064803cvs:LargeCasePensionsMember2022-12-310000064803cvs:LargeCasePensionsMember2023-01-012023-09-300000064803cvs:LargeCasePensionsMember2023-09-300000064803cvs:LongTermCareMember2021-12-310000064803cvs:LongTermCareMember2022-01-012022-09-300000064803cvs:LongTermCareMember2022-09-300000064803cvs:LargeCasePensionsMember2021-12-310000064803cvs:LargeCasePensionsMember2022-01-012022-09-300000064803cvs:LargeCasePensionsMember2022-09-300000064803us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeparateAccountCashAndCashEquivalentsMember2023-09-300000064803us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeparateAccountCashAndCashEquivalentsMember2022-12-310000064803us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:SeparateAccountDebtSecurityMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:SeparateAccountDebtSecurityMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:SeparateAccountDebtSecurityMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:SeparateAccountDebtSecurityMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:SeparateAccountDebtSecurityMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:SeparateAccountDebtSecurityMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:SeparateAccountDebtSecurityMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:SeparateAccountDebtSecurityMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803us-gaap:SeparateAccountMortgageBackedSecurityMemberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803us-gaap:SeparateAccountMortgageBackedSecurityMemberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803us-gaap:SeparateAccountMortgageBackedSecurityMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803us-gaap:SeparateAccountMortgageBackedSecurityMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803cvs:SeparateAccountOtherAssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803cvs:SeparateAccountOtherAssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803us-gaap:SeparateAccountDebtSecurityMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000064803us-gaap:SeparateAccountDebtSecurityMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000064803us-gaap:FairValueMeasurementsRecurringMembercvs:CommonAndCollectiveTrustsMember2023-09-300000064803us-gaap:FairValueMeasurementsRecurringMembercvs:CommonAndCollectiveTrustsMember2022-12-310000064803cvs:SeniorNotes2.8DueJune2023Memberus-gaap:SeniorNotesMember2023-09-300000064803cvs:SeniorNotes2.8DueJune2023Memberus-gaap:SeniorNotesMember2022-12-310000064803us-gaap:SeniorNotesMembercvs:SeniorNotes4DueDecember2023Member2023-09-300000064803us-gaap:SeniorNotesMembercvs:SeniorNotes4DueDecember2023Member2022-12-310000064803cvs:SeniorNotes3.375DueAugust2024Memberus-gaap:SeniorNotesMember2023-09-300000064803cvs:SeniorNotes3.375DueAugust2024Memberus-gaap:SeniorNotesMember2022-12-310000064803us-gaap:SeniorNotesMembercvs:SeniorNotes2.625DueAugust2024Member2023-09-300000064803us-gaap:SeniorNotesMembercvs:SeniorNotes2.625DueAugust2024Member2022-12-310000064803cvs:SeniorNotes3.5DueNovember2024Memberus-gaap:SeniorNotesMember2023-09-300000064803cvs:SeniorNotes3.5DueNovember2024Memberus-gaap:SeniorNotesMember2022-12-310000064803cvs:SeniorNotes5DueDecember2024Memberus-gaap:SeniorNotesMember2023-09-300000064803cvs:SeniorNotes5DueDecember2024Memberus-gaap:SeniorNotesMember2022-12-310000064803cvs:SeniorNotes4.1DueMarch2025Memberus-gaap:SeniorNotesMember2023-09-300000064803cvs:SeniorNotes4.1DueMarch2025Memberus-gaap:SeniorNotesMember2022-12-310000064803cvs:SeniorNotes3.875DueJuly2025Memberus-gaap:SeniorNotesMember2023-09-300000064803cvs:SeniorNotes3.875DueJuly2025Memberus-gaap:SeniorNotesMember2022-12-310000064803cvs:SeniorNotes50DueFebruary2026Memberus-gaap:SeniorNotesMember2023-09-300000064803cvs:SeniorNotes50DueFebruary2026Memberus-gaap:SeniorNotesMember2022-12-310000064803us-gaap:ConvertibleDebtMembercvs:ConvertibleSeniorNotesDueMarch2026Member2023-09-300000064803us-gaap:ConvertibleDebtMembercvs:ConvertibleSeniorNotesDueMarch2026Member2022-12-310000064803us-gaap:SeniorNotesMembercvs:SeniorNotes2.875DueJune2026Member2023-09-300000064803us-gaap:SeniorNotesMembercvs:SeniorNotes2.875DueJune2026Member2022-12-310000064803us-gaap:SeniorNotesMembercvs:SeniorNotes3DueAugust2026Member2023-09-300000064803us-gaap:SeniorNotesMembercvs:SeniorNotes3DueAugust2026Member2022-12-310000064803us-gaap:SeniorNotesMembercvs:SeniorNotes3.625DueApril2027Member2023-09-300000064803us-gaap:SeniorNotesMembercvs:SeniorNotes3.625DueApril2027Member2022-12-310000064803cvs:SeniorNotes6.25DueJune2027Memberus-gaap:SeniorNotesMember2023-09-300000064803cvs:SeniorNotes6.25DueJune2027Memberus-gaap:SeniorNotesMember2022-12-310000064803us-gaap:SeniorNotesMembercvs:SeniorNotes13DueAugust2027Member2023-09-300000064803us-gaap:SeniorNotesMembercvs:SeniorNotes13DueAugust2027Member2022-12-310000064803us-gaap:SeniorNotesMembercvs:SeniorNotes4.3DueMarch2028Member2023-09-300000064803us-gaap:SeniorNotesMembercvs:SeniorNotes4.3DueMarch2028Member2022-12-310000064803cvs:SeniorNotes5DueJanuary2029Memberus-gaap:SeniorNotesMember2023-09-300000064803cvs:SeniorNotes5DueJanuary2029Memberus-gaap:SeniorNotesMember2022-12-310000064803us-gaap:SeniorNotesMembercvs:SeniorNotes3.25DueAugust2029Member2023-09-300000064803us-gaap:SeniorNotesMembercvs:SeniorNotes3.25DueAugust2029Member2022-12-310000064803cvs:SeniorNotes5125DueFebruary2030Memberus-gaap:SeniorNotesMember2023-09-300000064803cvs:SeniorNotes5125DueFebruary2030Memberus-gaap:SeniorNotesMember2022-12-310000064803us-gaap:SeniorNotesMembercvs:SeniorNotes3.75DueApril2030Member2023-09-300000064803us-gaap:SeniorNotesMembercvs:SeniorNotes3.75DueApril2030Member2022-12-310000064803us-gaap:SeniorNotesMembercvs:SeniorNotes175DueAugust2030Member2023-09-300000064803us-gaap:SeniorNotesMembercvs:SeniorNotes175DueAugust2030Member2022-12-310000064803us-gaap:SeniorNotesMembercvs:SeniorNotes525DueJanuary2031Member2023-09-300000064803us-gaap:SeniorNotesMembercvs:SeniorNotes525DueJanuary2031Member2022-12-310000064803us-gaap:SeniorNotesMembercvs:SeniorNotes1875DueFebruary2031Member2023-09-300000064803us-gaap:SeniorNotesMembercvs:SeniorNotes1875DueFebruary2031Member2022-12-310000064803us-gaap:SeniorNotesMembercvs:SeniorNotes2125PercentDueSeptember2031Member2023-09-300000064803us-gaap:SeniorNotesMembercvs:SeniorNotes2125PercentDueSeptember2031Member2022-12-310000064803cvs:SeniorNotes525DueFebruary2033Memberus-gaap:SeniorNotesMember2023-09-300000064803cvs:SeniorNotes525DueFebruary2033Memberus-gaap:SeniorNotesMember2022-12-310000064803us-gaap:SeniorNotesMembercvs:SeniorNotes53DueJune2033Member2023-09-300000064803us-gaap:SeniorNotesMembercvs:SeniorNotes53DueJune2033Member2022-12-310000064803us-gaap:SeniorNotesMembercvs:SeniorNotes4.875DueJuly2035Member2023-09-300000064803us-gaap:SeniorNotesMembercvs:SeniorNotes4.875DueJuly2035Member2022-12-310000064803us-gaap:SeniorNotesMembercvs:SeniorNotes6.625DueJune2036Member2023-09-300000064803us-gaap:SeniorNotesMembercvs:SeniorNotes6.625DueJune2036Member2022-12-310000064803cvs:SeniorNotes6.75DueDecember2037Memberus-gaap:SeniorNotesMember2023-09-300000064803cvs:SeniorNotes6.75DueDecember2037Memberus-gaap:SeniorNotesMember2022-12-310000064803us-gaap:SeniorNotesMembercvs:SeniorNotes4.78DueMarch2038Member2023-09-300000064803us-gaap:SeniorNotesMembercvs:SeniorNotes4.78DueMarch2038Member2022-12-310000064803cvs:SeniorNotes6.125DueSeptember2039Memberus-gaap:SeniorNotesMember2023-09-300000064803cvs:SeniorNotes6.125DueSeptember2039Memberus-gaap:SeniorNotesMember2022-12-310000064803cvs:SeniorNotes4.125DueApril2040Memberus-gaap:SeniorNotesMember2023-09-300000064803cvs:SeniorNotes4.125DueApril2040Memberus-gaap:SeniorNotesMember2022-12-310000064803cvs:SeniorNotes27DueAugust2040Memberus-gaap:SeniorNotesMember2023-09-300000064803cvs:SeniorNotes27DueAugust2040Memberus-gaap:SeniorNotesMember2022-12-310000064803us-gaap:SeniorNotesMembercvs:SeniorNotes5.75DueMay2041Member2023-09-300000064803us-gaap:SeniorNotesMembercvs:SeniorNotes5.75DueMay2041Member2022-12-310000064803us-gaap:SeniorNotesMembercvs:SeniorNotes4.5DueMay2042Member2023-09-300000064803us-gaap:SeniorNotesMembercvs:SeniorNotes4.5DueMay2042Member2022-12-310000064803us-gaap:SeniorNotesMembercvs:SeniorNotes4.125DueNovember2042Member2023-09-300000064803us-gaap:SeniorNotesMembercvs:SeniorNotes4.125DueNovember2042Member2022-12-310000064803us-gaap:SeniorNotesMembercvs:SeniorNotes5.3DueDecember2043Member2023-09-300000064803us-gaap:SeniorNotesMembercvs:SeniorNotes5.3DueDecember2043Member2022-12-310000064803us-gaap:SeniorNotesMembercvs:SeniorNotes4.75DueMarch2044Member2023-09-300000064803us-gaap:SeniorNotesMembercvs:SeniorNotes4.75DueMarch2044Member2022-12-310000064803cvs:SeniorNotes5.125DueJuly2045Memberus-gaap:SeniorNotesMember2023-09-300000064803cvs:SeniorNotes5.125DueJuly2045Memberus-gaap:SeniorNotesMember2022-12-310000064803us-gaap:SeniorNotesMembercvs:SeniorNotes3.875DueAugust2047Member2023-09-300000064803us-gaap:SeniorNotesMembercvs:SeniorNotes3.875DueAugust2047Member2022-12-310000064803us-gaap:SeniorNotesMembercvs:SeniorNotes5.05DueMarch2048Member2023-09-300000064803us-gaap:SeniorNotesMembercvs:SeniorNotes5.05DueMarch2048Member2022-12-310000064803cvs:SeniorNotes4.25DueApril2050Memberus-gaap:SeniorNotesMember2023-09-300000064803cvs:SeniorNotes4.25DueApril2050Memberus-gaap:SeniorNotesMember2022-12-310000064803us-gaap:SeniorNotesMembercvs:SeniorNotes5625DueFebruary2053Member2023-09-300000064803us-gaap:SeniorNotesMembercvs:SeniorNotes5625DueFebruary2053Member2022-12-310000064803cvs:SeniorNotes5875DueJune2053Memberus-gaap:SeniorNotesMember2023-09-300000064803cvs:SeniorNotes5875DueJune2053Memberus-gaap:SeniorNotesMember2022-12-310000064803us-gaap:SeniorNotesMembercvs:SeniorNotes6DueJune2063Member2023-09-300000064803us-gaap:SeniorNotesMembercvs:SeniorNotes6DueJune2063Member2022-12-310000064803us-gaap:OtherDebtSecuritiesMember2023-09-300000064803us-gaap:OtherDebtSecuritiesMember2022-12-310000064803cvs:SeniorNotes5DueDecember2024Memberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberus-gaap:SeniorNotesMember2022-12-310000064803cvs:TermLoanAgreement364DayMemberus-gaap:LoansPayableMember2023-05-012023-05-010000064803cvs:TermLoanAgreement364DayMemberus-gaap:LoansPayableMember2023-05-010000064803cvs:TermLoanAgreement364DayMemberus-gaap:LoansPayableMember2023-05-022023-05-020000064803cvs:TermLoanAgreement364DayMemberus-gaap:LoansPayableMember2023-05-020000064803cvs:SeniorNotes5DueJanuary2029Memberus-gaap:SeniorNotesMember2023-06-020000064803us-gaap:SeniorNotesMembercvs:SeniorNotes525DueJanuary2031Member2023-06-020000064803us-gaap:SeniorNotesMembercvs:SeniorNotes53DueJune2033Member2023-06-020000064803cvs:SeniorNotes5875DueJune2053Memberus-gaap:SeniorNotesMember2023-06-020000064803us-gaap:SeniorNotesMembercvs:SeniorNotes6DueJune2063Member2023-06-0200000648032023-06-022023-06-020000064803cvs:SeniorNotes50DueFebruary2026Memberus-gaap:SeniorNotesMember2023-02-210000064803cvs:SeniorNotes5125DueFebruary2030Memberus-gaap:SeniorNotesMember2023-02-210000064803cvs:SeniorNotes525DueFebruary2033Memberus-gaap:SeniorNotesMember2023-02-210000064803us-gaap:SeniorNotesMembercvs:SeniorNotes5625DueFebruary2053Member2023-02-2100000648032023-02-212023-02-210000064803us-gaap:ConvertibleDebtMembercvs:ConvertibleSeniorNotesDueMarch2026Membercvs:OakStreetHealthIncMember2023-05-010000064803us-gaap:ConvertibleDebtMembercvs:ConvertibleSeniorNotesDueMarch2026Member2023-05-022023-05-020000064803us-gaap:ConvertibleDebtMembercvs:ConvertibleSeniorNotesDueMarch2026Member2023-07-212023-07-210000064803cvs:A2022RepurchaseProgramMember2022-11-170000064803cvs:A2022RepurchaseProgramMember2023-09-300000064803cvs:A2021RepurchaseProgramMember2021-12-090000064803cvs:A2021RepurchaseProgramMember2023-09-300000064803cvs:A2021RepurchaseProgramMember2023-01-012023-09-300000064803cvs:A2021RepurchaseProgramMember2022-01-012022-09-300000064803cvs:A2021RepurchaseProgramMembercvs:CitibankNAMember2023-01-040000064803cvs:A2021RepurchaseProgramMembercvs:CitibankNAMember2023-01-042023-01-040000064803us-gaap:ForwardContractsMembercvs:A2021RepurchaseProgramMembercvs:CitibankNAMember2023-01-040000064803cvs:A2021RepurchaseProgramMembercvs:CitibankNAMember2023-02-280000064803cvs:BarclaysBankMembercvs:A2021RepurchaseProgramMember2022-01-040000064803cvs:BarclaysBankMembercvs:A2021RepurchaseProgramMember2022-01-042022-01-040000064803us-gaap:ForwardContractsMembercvs:BarclaysBankMembercvs:A2021RepurchaseProgramMember2022-01-040000064803cvs:BarclaysBankMembercvs:A2021RepurchaseProgramMember2022-02-280000064803us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2023-06-300000064803us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2022-06-300000064803us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2022-12-310000064803us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2021-12-310000064803srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberus-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2023-06-300000064803srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberus-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2022-06-300000064803srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberus-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2022-12-310000064803srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberus-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2021-12-310000064803us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2023-07-012023-09-300000064803us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2022-07-012022-09-300000064803us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2023-01-012023-09-300000064803us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2022-01-012022-09-300000064803us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2023-09-300000064803us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2022-09-300000064803cvs:AOCIChangeInDiscountRateOnInsuranceReservesMember2023-06-300000064803cvs:AOCIChangeInDiscountRateOnInsuranceReservesMember2022-06-300000064803cvs:AOCIChangeInDiscountRateOnInsuranceReservesMember2022-12-310000064803cvs:AOCIChangeInDiscountRateOnInsuranceReservesMember2021-12-310000064803cvs:AOCIChangeInDiscountRateOnInsuranceReservesMembersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2023-06-300000064803cvs:AOCIChangeInDiscountRateOnInsuranceReservesMembersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2022-06-300000064803cvs:AOCIChangeInDiscountRateOnInsuranceReservesMembersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2022-12-310000064803cvs:AOCIChangeInDiscountRateOnInsuranceReservesMembersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2021-12-310000064803cvs:AOCIChangeInDiscountRateOnInsuranceReservesMember2023-07-012023-09-300000064803cvs:AOCIChangeInDiscountRateOnInsuranceReservesMember2022-07-012022-09-300000064803cvs:AOCIChangeInDiscountRateOnInsuranceReservesMember2023-01-012023-09-300000064803cvs:AOCIChangeInDiscountRateOnInsuranceReservesMember2022-01-012022-09-300000064803cvs:AOCIChangeInDiscountRateOnInsuranceReservesMember2023-09-300000064803cvs:AOCIChangeInDiscountRateOnInsuranceReservesMember2022-09-300000064803us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2023-06-300000064803us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-06-300000064803us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-12-310000064803us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-12-310000064803us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2023-07-012023-09-300000064803us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-07-012022-09-300000064803us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2023-01-012023-09-300000064803us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-01-012022-09-300000064803us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2023-09-300000064803us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-09-300000064803us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2023-06-300000064803us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2022-06-300000064803us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2022-12-310000064803us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2021-12-310000064803us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2023-07-012023-09-300000064803us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2022-07-012022-09-300000064803us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2023-01-012023-09-300000064803us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2022-01-012022-09-300000064803us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2023-09-300000064803us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2022-09-300000064803us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetGainLossIncludingPortionAttributableToNoncontrollingInterestMember2023-06-300000064803us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetGainLossIncludingPortionAttributableToNoncontrollingInterestMember2022-06-300000064803us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetGainLossIncludingPortionAttributableToNoncontrollingInterestMember2022-12-310000064803us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetGainLossIncludingPortionAttributableToNoncontrollingInterestMember2021-12-310000064803us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetGainLossIncludingPortionAttributableToNoncontrollingInterestMember2023-07-012023-09-300000064803us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetGainLossIncludingPortionAttributableToNoncontrollingInterestMember2022-07-012022-09-300000064803us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetGainLossIncludingPortionAttributableToNoncontrollingInterestMember2023-01-012023-09-300000064803us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetGainLossIncludingPortionAttributableToNoncontrollingInterestMember2022-01-012022-09-300000064803us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetGainLossIncludingPortionAttributableToNoncontrollingInterestMember2023-09-300000064803us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetGainLossIncludingPortionAttributableToNoncontrollingInterestMember2022-09-300000064803us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2023-06-300000064803us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2022-06-300000064803us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2022-12-310000064803us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2021-12-310000064803us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMembersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2023-06-300000064803us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMembersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2022-06-300000064803us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMembersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2022-12-310000064803us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMembersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2021-12-310000064803us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2023-09-300000064803us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2022-09-300000064803cvs:StockOptionsAndStockAppreciationRightsMember2023-07-012023-09-300000064803cvs:StockOptionsAndStockAppreciationRightsMember2023-01-012023-09-300000064803cvs:StockOptionsAndStockAppreciationRightsMember2022-07-012022-09-300000064803cvs:StockOptionsAndStockAppreciationRightsMember2022-01-012022-09-300000064803cvs:RestrictedStockUnitsRSUsAndPerformanceStockUnitsPSUsMember2023-07-012023-09-300000064803cvs:RestrictedStockUnitsRSUsAndPerformanceStockUnitsPSUsMember2022-07-012022-09-300000064803cvs:RestrictedStockUnitsRSUsAndPerformanceStockUnitsPSUsMember2023-01-012023-09-300000064803cvs:RestrictedStockUnitsRSUsAndPerformanceStockUnitsPSUsMember2022-01-012022-09-30cvs:lease0000064803cvs:SettlementFrameworkMember2022-12-012022-12-310000064803cvs:SettlementFrameworkMember2022-12-310000064803cvs:SettlementFrameworkAndOtherOpioidRelatedClaimsMember2022-01-012022-12-310000064803cvs:SettlementFrameworkMember2023-06-300000064803cvs:SettlementFrameworkMembercvs:TribalEntitiesMember2022-12-012022-12-310000064803cvs:SettlementFrameworkMembercvs:TribalEntitiesMember2022-12-310000064803cvs:FederalCourtInOhioJudgmentMemberus-gaap:PendingLitigationMember2022-08-012022-08-310000064803cvs:FederalCourtInOhioJudgmentMemberus-gaap:PendingLitigationMember2022-08-310000064803srt:ScenarioPreviouslyReportedMemberus-gaap:OperatingSegmentsMembercvs:HealthCareBenefitsSegmentMember2022-07-012022-09-300000064803srt:ScenarioPreviouslyReportedMembercvs:HealthServicesSegmentMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300000064803srt:ScenarioPreviouslyReportedMembercvs:PharmacyAndConsumerHealthSegmentMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300000064803cvs:CorporateAndReconcilingItemsMembercvs:CorporateAndOtherSegmentMembersrt:ScenarioPreviouslyReportedMember2022-07-012022-09-300000064803us-gaap:IntersegmentEliminationMembersrt:ScenarioPreviouslyReportedMember2022-07-012022-09-300000064803srt:RestatementAdjustmentMemberus-gaap:OperatingSegmentsMembercvs:HealthCareBenefitsSegmentMember2022-07-012022-09-300000064803srt:RestatementAdjustmentMembercvs:HealthServicesSegmentMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300000064803srt:RestatementAdjustmentMembercvs:PharmacyAndConsumerHealthSegmentMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300000064803srt:RestatementAdjustmentMembercvs:CorporateAndReconcilingItemsMembercvs:CorporateAndOtherSegmentMember2022-07-012022-09-300000064803srt:RestatementAdjustmentMemberus-gaap:IntersegmentEliminationMember2022-07-012022-09-300000064803srt:RestatementAdjustmentMember2022-07-012022-09-300000064803srt:ScenarioPreviouslyReportedMemberus-gaap:OperatingSegmentsMembercvs:HealthCareBenefitsSegmentMember2022-01-012022-09-300000064803srt:ScenarioPreviouslyReportedMembercvs:HealthServicesSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300000064803srt:ScenarioPreviouslyReportedMembercvs:PharmacyAndConsumerHealthSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300000064803cvs:CorporateAndReconcilingItemsMembercvs:CorporateAndOtherSegmentMembersrt:ScenarioPreviouslyReportedMember2022-01-012022-09-300000064803us-gaap:IntersegmentEliminationMembersrt:ScenarioPreviouslyReportedMember2022-01-012022-09-300000064803srt:RestatementAdjustmentMemberus-gaap:OperatingSegmentsMembercvs:HealthCareBenefitsSegmentMember2022-01-012022-09-300000064803srt:RestatementAdjustmentMembercvs:HealthServicesSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300000064803srt:RestatementAdjustmentMembercvs:PharmacyAndConsumerHealthSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300000064803srt:RestatementAdjustmentMembercvs:CorporateAndReconcilingItemsMembercvs:CorporateAndOtherSegmentMember2022-01-012022-09-300000064803srt:RestatementAdjustmentMemberus-gaap:IntersegmentEliminationMember2022-01-012022-09-300000064803srt:RestatementAdjustmentMember2022-01-012022-09-300000064803us-gaap:IntersegmentEliminationMembercvs:HealthCareBenefitsSegmentMember2023-07-012023-09-300000064803us-gaap:IntersegmentEliminationMembercvs:HealthServicesSegmentMember2023-07-012023-09-300000064803us-gaap:IntersegmentEliminationMembercvs:PharmacyAndConsumerHealthSegmentMember2023-07-012023-09-300000064803us-gaap:IntersegmentEliminationMembercvs:HealthCareBenefitsSegmentMember2022-07-012022-09-300000064803us-gaap:IntersegmentEliminationMembercvs:HealthServicesSegmentMember2022-07-012022-09-300000064803us-gaap:IntersegmentEliminationMembercvs:PharmacyAndConsumerHealthSegmentMember2022-07-012022-09-300000064803us-gaap:IntersegmentEliminationMembercvs:HealthCareBenefitsSegmentMember2023-01-012023-09-300000064803us-gaap:IntersegmentEliminationMembercvs:HealthServicesSegmentMember2023-01-012023-09-300000064803us-gaap:IntersegmentEliminationMembercvs:PharmacyAndConsumerHealthSegmentMember2023-01-012023-09-300000064803us-gaap:IntersegmentEliminationMembercvs:HealthCareBenefitsSegmentMember2022-01-012022-09-300000064803us-gaap:IntersegmentEliminationMembercvs:HealthServicesSegmentMember2022-01-012022-09-300000064803us-gaap:IntersegmentEliminationMembercvs:PharmacyAndConsumerHealthSegmentMember2022-01-012022-09-300000064803cvs:PayflexMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembercvs:HealthCareBenefitsSegmentMember2022-06-012022-06-01

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, 2023
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

cvshealtha39.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 25, 2023, the registrant had 1,286,896,582 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, 2023 and 2022
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) for the three and nine months ended September 30, 2023 and 2022
Condensed Consolidated Balance Sheets (Unaudited) as of September 30, 2023 and December 31, 2022
Condensed Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2023 and 2022
Condensed Consolidated Statements of Shareholders’ Equity (Unaudited) for the three months ended September 30, 2023 and 2022, the three months ended June 30, 2023 and 2022 and the three months ended March 31, 2023 and 2022
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 amounts2023202220232022
Revenues:
Products$61,298 $57,643 $179,984 $166,959 
Premiums24,657 21,003 74,117 63,894 
Services3,532 2,312 8,977 7,253 
Net investment income277 201 885 515 
Total revenues89,764 81,159 263,963 238,621 
Operating costs:
Cost of products sold54,688 50,365 159,679 145,164 
Health care costs21,499 17,401 63,729 52,814 
Restructuring charges11  507  
Opioid litigation charges 5,220  5,704 
Loss on assets held for sale 2,480 349 2,521 
Operating expenses9,876 9,612 29,329 28,123 
Total operating costs86,074 85,078 253,593 234,326 
Operating income (loss)3,690 (3,919)10,370 4,295 
Interest expense693 566 1,968 1,735 
Other income(22)(41)(66)(126)
Income (loss) before income tax provision (benefit)3,019 (4,444)8,468 2,686 
Income tax provision (benefit)754 (1,045)2,147 691 
Net income (loss)2,265 (3,399)6,321 1,995 
Net income attributable to noncontrolling interests(4)(7)(23)(18)
Net income (loss) attributable to CVS Health$2,261 $(3,406)$6,298 $1,977 
Net income (loss) per share attributable to CVS Health:
Basic$1.76 $(2.59)$4.90 $1.51 
Diluted$1.75 $(2.59)$4.88 $1.49 
Weighted average shares outstanding:
Basic1,287 1,315 1,284 1,313 
Diluted1,290 1,315 1,289 1,324 
Dividends declared per share$0.605 $0.55 $1.815 $1.65 
See accompanying notes to condensed consolidated financial statements (unaudited).
2

CVS Health Corporation
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
In millions2023202220232022
Net income (loss)$2,265 $(3,399)$6,321 $1,995 
Other comprehensive income (loss), net of tax:
Net unrealized investment gains (losses)(321)(637)85 (2,634)
Change in discount rate on long-duration insurance reserves181 250 167 929 
Foreign currency translation adjustments(2)(7)(1)(5)
Net cash flow hedges(4)8 9 20 
Pension and other postretirement benefits 1  2 
Other comprehensive income (loss)(146)(385)260 (1,688)
Comprehensive income (loss)2,119 (3,784)6,581 307 
Comprehensive income attributable to noncontrolling interests(4)(7)(23)(18)
Comprehensive income (loss) attributable to CVS Health$2,115 $(3,791)$6,558 $289 

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,
2023
December 31,
2022
Assets: 
Cash and cash equivalents$13,043 $12,945 
Investments3,145 2,778 
Accounts receivable, net32,927 27,276 
Inventories17,954 19,090 
Assets held for sale 908 
Other current assets3,074 2,636 
Total current assets70,143 65,633 
Long-term investments21,667 21,096 
Property and equipment, net13,022 12,873 
Operating lease right-of-use assets17,564 17,872 
Goodwill91,261 78,150 
Intangible assets, net29,624 24,803 
Separate accounts assets3,200 3,228 
Other assets4,825 4,620 
Total assets$251,306 $228,275 
Liabilities:
Accounts payable$14,874 $14,838 
Pharmacy claims and discounts payable21,497 19,423 
Health care costs payable 12,550 10,142 
Policyholders’ funds1,440 1,500 
Accrued expenses22,571 18,745 
Other insurance liabilities4,748 1,089 
Current portion of operating lease liabilities1,741 1,678 
Current portion of long-term debt2,132 1,778 
Liabilities held for sale  228 
Total current liabilities81,553 69,421 
Long-term operating lease liabilities16,441 16,800 
Long-term debt59,782 50,476 
Deferred income taxes4,250 4,016 
Separate accounts liabilities3,200 3,228 
Other long-term insurance liabilities5,333 5,835 
Other long-term liabilities6,237 6,730 
Total liabilities176,796 156,506 
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; 1,767 shares issued and 1,287 shares outstanding at September 30, 2023 and 1,758 shares issued and 1,300 shares outstanding at December 31, 2022 and capital surplus
48,829 48,193 
Treasury stock, at cost: 480 shares at September 30, 2023 and 458 shares at December 31, 2022
(33,831)(31,858)
Retained earnings60,343 56,398 
Accumulated other comprehensive loss(1,004)(1,264)
Total CVS Health shareholders’ equity74,337 71,469 
Noncontrolling interests173 300 
Total shareholders’ equity74,510 71,769 
Total liabilities and shareholders’ equity$251,306 $228,275 

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 millions20232022
Cash flows from operating activities:
Cash receipts from customers$260,300 $235,395 
Cash paid for inventory, prescriptions dispensed and health services rendered(153,051)(138,785)
Insurance benefits paid (61,658)(51,434)
Cash paid to other suppliers and employees(26,038)(22,728)
Interest and investment income received1,174 687 
Interest paid(2,049)(1,936)
Income taxes paid(2,616)(3,070)
Net cash provided by operating activities16,062 18,129 
Cash flows from investing activities:
Proceeds from sales and maturities of investments5,547 5,535 
Purchases of investments(6,625)(6,439)
Purchases of property and equipment(2,120)(2,039)
Acquisitions (net of cash and restricted cash acquired)(16,492)(131)
Proceeds from sale of subsidiaries (net of cash and restricted cash sold of $2,808 in 2022)
 (1,928)
Other43 74 
Net cash used in investing activities(19,647)(4,928)
Cash flows from financing activities:
Proceeds from issuance of short-term loan5,000  
Repayment of short-term loan(5,000) 
Proceeds from issuance of long-term debt10,898  
Repayments of long-term debt(2,734)(4,195)
Repurchase of common stock(2,013)(2,000)
Dividends paid(2,353)(2,188)
Proceeds from exercise of stock options242 510 
Payments for taxes related to net share settlement of equity awards(175)(337)
Other(210)(119)
Net cash provided by (used in) financing activities3,655 (8,329)
Net increase in cash, cash equivalents and restricted cash70 4,872 
Cash, cash equivalents and restricted cash at the beginning of the period13,305 12,691 
Cash, cash equivalents and restricted cash at the end of the period$13,375 $17,563 

5

CVS Health Corporation
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended
September 30,
In millions20232022
Reconciliation of net income to net cash provided by operating activities:
Net income$6,321 $1,995 
Adjustments required to reconcile net income to net cash provided by operating activities:
Depreciation and amortization3,232 3,181 
Loss on assets held for sale 349 2,521 
Stock-based compensation461 341 
Gain on sale of subsidiary (225)
Deferred income taxes and other noncash items(360)(2,213)
Change in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable, net(3,920)(2,009)
Inventories1,305 (415)
Other assets(518)(244)
Accounts payable and pharmacy claims and discounts payable2,466 3,350 
Health care costs payable and other insurance liabilities4,679 4,476 
Other liabilities2,047 7,371 
Net cash provided by operating activities$16,062 $18,129 

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
Loss
Total
CVS Health
Shareholders’
 Equity
Noncontrolling
Interests
Total
Shareholders’
Equity
Common
Shares
Treasury
Shares (1)
In millions
Balance at December 31, 20221,758 (458)$48,193 $(31,858)$56,398 $(1,264)$71,469 $300 $71,769 
Net income— — — — 2,136 — 2,136 6 2,142 
Other comprehensive income— — — — — 389 389 — 389 
Stock option activity, stock awards and other1 — 122 — — — 122 — 122 
Purchase of treasury shares, net of ESPP issuances— (22)(18)(1,944)— — (1,962)— (1,962)
Common stock dividends— — — — (781)— (781)— (781)
Other increases (decreases) in noncontrolling interests— — 9 — — — 9 (108)(99)
Balance at March 31, 20231,759 (480)48,306 (33,802)57,753 $(875)71,382 198 71,580 
Net income— — — — 1,901 — 1,901 13 1,914 
Other comprehensive income— — — — — 17 17 — 17 
Stock option activity, stock awards and other5 — 345 — — — 345 — 345 
Purchase of treasury shares, net of ESPP issuances— (2)2 (131)— — (129)— (129)
Common stock dividends— — — — (786)— (786)— (786)
Acquisition of noncontrolling interests— — — — — — — 66 66 
Other decreases in noncontrolling interests— — (4)— — — (4)(1)(5)
Balance at June 30, 20231,764 (482)48,649 (33,933)58,868 (858)72,726 276 73,002 
Net income— — — — 2,261 — 2,261 4 2,265 
Other comprehensive loss (Note 10)
— — — — — (146)(146)— (146)
Stock option activity, stock awards and other3 — 165 — — — 165 — 165 
ESPP issuances, net of purchase of treasury shares— 2 3 102 — — 105 — 105 
Common stock dividends— — — — (786)— (786)— (786)
Other increases (decreases) in noncontrolling interests— — 12 — — — 12 (107)(95)
Balance at September 30, 20231,767 (480)$48,829 $(33,831)$60,343 $(1,004)$74,337 $173 $74,510 
_____________________________________________
(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, 2023, June 30, 2023, March 31, 2023 and December 31, 2022.
(2)Common stock and capital surplus includes the par value of common stock of $18 million as of September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022.

See accompanying notes to condensed consolidated financial statements (unaudited).
7

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 (Loss)
Total
CVS Health
Shareholders’
 Equity
Noncontrolling
Interests
Total
Shareholders’
Equity
Common
Shares
Treasury
Shares (1)
In millions
Balance at December 31, 20211,744 (422)$47,377 $(28,173)$54,906 $965 $75,075 $306 $75,381 
Adoption of new accounting standard (Note 1) (3)
— — — — 91 (631)(540)— (540)
Net income— — — — 2,354 — 2,354 1 2,355 
Other comprehensive loss— — — — — (763)(763)— (763)
Stock option activity, stock awards and other3 — 300 — — — 300 — 300 
Purchase of treasury shares, net of ESPP issuances— (19)— (1,972)— — (1,972)— (1,972)
Common stock dividends— — — — (730)— (730)— (730)
Other increases in noncontrolling interests— — — — — — — 3 3 
Balance at March 31, 20221,747 (441)47,677 (30,145)56,621 (429)73,724 310 74,034 
Net income— — — — 3,029 — 3,029 10 3,039 
Other comprehensive loss— — — — — (540)(540)— (540)
Stock option activity, stock awards and other8 — 197 — — — 197 — 197 
Purchase of treasury shares, net of ESPP issuances— (2)— (267)— — (267)— (267)
Common stock dividends— — — — (729)— (729)— (729)
Other increases in noncontrolling interests— — — — — — — 2 2 
Balance at June 30, 20221,755 (443)47,874 (30,412)58,921 (969)75,414 322 75,736 
Net income (loss)— — — — (3,406)— (3,406)7 (3,399)
Other comprehensive loss (Note 10)
— — — — — (385)(385)— (385)
Stock option activity, stock awards and other2 — 173 — — — 173 — 173 
ESPP issuances, net of purchase of treasury shares— 1 — 86 — — 86 — 86 
Common stock dividends— — — — (723)— (723)— (723)
Other decreases in noncontrolling interests— — — — — — — (1)(1)
Balance at September 30, 20221,757 (442)$48,047 $(30,326)$54,792 $(1,354)$71,159 $328 $71,487 
_____________________________________________
(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, 2022, June 30, 2022, March 31, 2022 and December 31, 2021.
(2)Common stock and capital surplus includes the par value of common stock of $18 million as of September 30, 2022 and June 30, 2022 and $17 million as of March 31, 2022 and December 31, 2021.
(3)Reflects the adoption of Accounting Standards Update (“ASU”) 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts (Topic 944) during the three months ended March 31, 2023. See Note 1 ‘‘Significant Accounting Policies’’ for additional information.

See accompanying notes to condensed consolidated financial statements (unaudited).
8

Notes to Condensed Consolidated Financial Statements (Unaudited)

1.Significant Accounting Policies

Description of Business 

CVS Health Corporation, together with its subsidiaries (collectively, “CVS Health” or the “Company”), has more than 9,000 retail locations, more than 1,000 walk-in medical clinics, 192 primary care medical clinics, a leading pharmacy benefits manager with approximately 110 million plan members and expanding specialty pharmacy solutions, and a dedicated senior pharmacy care business serving more than one million patients per year. The Company also serves an estimated more than 35 million people through traditional, voluntary and consumer-directed health insurance products and related services, including expanding Medicare Advantage offerings and a leading standalone Medicare Part D prescription drug plan (“PDP”). The Company is a leader in key segments of health care through its foundational businesses and is creating new sources of value by expanding into next generation care delivery and health services, with a goal of improving satisfaction levels for both providers and consumers. The Company believes its integrated health care model increases access to quality care, delivers better health outcomes and lowers overall health care costs.

In August 2023, the Company announced the launch of CordavisTM, a wholly owned subsidiary that will work directly with pharmaceutical manufacturers to commercialize and/or co-produce high quality biosimilar products. Through Cordavis, the Company will help to ensure the consistent long-term supply of FDA approved, affordable biosimilars for the U.S. pharmaceutical market.

In connection with its new operating model adopted in the first quarter of 2023, the Company realigned the composition of its segments to reflect how its Chief Operating Decision Maker (the “CODM”) reviews information and manages the business. As a result of this realignment, the Company formed a new Health Services segment, which in addition to providing a full range of pharmacy benefit management (“PBM”) solutions, also delivers health care services in the Company’s medical clinics, virtually, and in the home, as well as provider enablement solutions. In addition, the Company created a new Pharmacy & Consumer Wellness segment, which includes its retail and long-term care pharmacy operations and related pharmacy services, as well as its retail front store operations. This segment will also provide pharmacy fulfillment services to support the Health Services segment’s specialty and mail order pharmacy offerings. Prior period segment financial information has been recast to conform with the current period presentation.

Following the segment realignment described above, the Company’s four reportable segments are as follows: Health Care Benefits, Health Services, Pharmacy & Consumer Wellness and Corporate/Other, which are described below.

Health Care Benefits Segment
The Health Care Benefits segment operates as one of the nation’s leading diversified health care benefits providers. The Health Care Benefits segment has the information and resources to help members, in consultation with their health care professionals, make more informed decisions about their health care. The Health Care Benefits segment offers a broad range of traditional, voluntary and consumer-directed health insurance products and related services, including medical, pharmacy, dental and behavioral health plans, medical management capabilities, Medicare Advantage and Medicare Supplement plans, PDPs and Medicaid health care management services. The Health Care Benefits segment’s customers include employer groups, individuals, college students, part-time and hourly workers, health plans, health care providers (“providers”), governmental units, government-sponsored plans, labor groups and expatriates. The Company refers to insurance products (where it assumes all or a majority of the risk for medical and dental care costs) as “Insured” and administrative services contract products (where the plan sponsor assumes all or a majority of the risk for medical and dental care costs) as “ASC.” In addition, effective January 2022, the Company entered the individual public health insurance exchanges (“Public Exchanges”) in eight states through which it sells Insured plans directly to individual consumers. The Company entered Public Exchanges in four additional states effective January 2023 and will enter an additional five states effective January 2024.

Health Services Segment
The Health Services segment provides a full range of PBM solutions, delivers health care services in its medical clinics, virtually, and in the home, and offers provider enablement solutions. PBM solutions include plan design offerings and administration, formulary management, retail pharmacy network management services, and specialty and mail order pharmacy services. In addition, the Company provides clinical services, disease management services, medical spend management and pharmacy and/or other administrative services for providers and federal 340B drug pricing program covered entities (“Covered Entities”). The Company operates a group purchasing organization that negotiates pricing for the purchase of pharmaceuticals and rebates with pharmaceutical manufacturers on behalf of its participants and provides various administrative, management and reporting services to pharmaceutical manufacturers. The Health Services segment’s clients are primarily employers,
9


insurance companies, unions, government employee groups, health plans, PDPs, Medicaid managed care plans, the U.S. Centers for Medicare & Medicaid Services (“CMS”), plans offered on Public Exchanges and private health insurance exchanges, other sponsors of health benefit plans throughout the United States and Covered Entities.

Pharmacy & Consumer Wellness Segment
The Pharmacy &