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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 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
CVS HEALTH CORPORATION
(Exact name of registrant as specified in its charter)
| | | | | | | | |
Delaware | | 05-0494040 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
| | | | | | | | | | | | | | | | | | | | |
| One CVS Drive, | Woonsocket, | Rhode Island | | 02895 |
(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 class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, par value $0.01 per share | CVS | New 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 filer | ☑ | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | Smaller 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.
| | | | | | | | |
TABLE OF CONTENTS | |
| | Page |
Part I | Financial Information | |
| | |
Item 1. | | |
Item 2. | | |
Item 3. | | |
Item 4. | | |
| | |
Part II | Other Information | |
| | |
Item 1. | | |
Item 1A. | | |
Item 2. | | |
Item 3 | | |
Item 4. | | |
Item 5. | | |
Item 6. | | |
| | |
| |
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 | |
CVS Health Corporation
Condensed Consolidated Statements of Operations
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
In millions, except per share amounts | 2023 | | 2022 | | 2023 | | 2022 |
Revenues: | | | | | | | |
Products | $ | 61,298 | | | $ | 57,643 | | | $ | 179,984 | | | $ | 166,959 | |
Premiums | 24,657 | | | 21,003 | | | 74,117 | | | 63,894 | |
Services | 3,532 | | | 2,312 | | | 8,977 | | | 7,253 | |
Net investment income | 277 | | | 201 | | | 885 | | | 515 | |
Total revenues | 89,764 | | | 81,159 | | | 263,963 | | | 238,621 | |
Operating costs: | | | | | | | |
Cost of products sold | 54,688 | | | 50,365 | | | 159,679 | | | 145,164 | |
Health care costs | 21,499 | | | 17,401 | | | 63,729 | | | 52,814 | |
Restructuring charges | 11 | | | — | | | 507 | | | — | |
Opioid litigation charges | — | | | 5,220 | | | — | | | 5,704 | |
Loss on assets held for sale | — | | | 2,480 | | | 349 | | | 2,521 | |
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Operating expenses | 9,876 | | | 9,612 | | | 29,329 | | | 28,123 | |
Total operating costs | 86,074 | | | 85,078 | | | 253,593 | | | 234,326 | |
Operating income (loss) | 3,690 | | | (3,919) | | | 10,370 | | | 4,295 | |
Interest expense | 693 | | | 566 | | | 1,968 | | | 1,735 | |
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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 | |
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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 | |
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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: | | | | | | | |
Basic | 1,287 | | | 1,315 | | | 1,284 | | | 1,313 | |
Diluted | 1,290 | | | 1,315 | | | 1,289 | | | 1,324 | |
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Dividends declared per share | $ | 0.605 | | | $ | 0.55 | | | $ | 1.815 | | | $ | 1.65 | |
See accompanying notes to condensed consolidated financial statements (unaudited).
CVS Health Corporation
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
In millions | 2023 | | 2022 | | 2023 | | 2022 |
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 reserves | 181 | | | 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).
CVS Health Corporation
Condensed Consolidated Balance Sheets
(Unaudited)
| | | | | | | | | | | |
In millions, except per share amounts | September 30, 2023 | | December 31, 2022 |
Assets: | | | |
Cash and cash equivalents | $ | 13,043 | | | $ | 12,945 | |
Investments | 3,145 | | | 2,778 | |
Accounts receivable, net | 32,927 | | | 27,276 | |
Inventories | 17,954 | | | 19,090 | |
Assets held for sale | — | | | 908 | |
Other current assets | 3,074 | | | 2,636 | |
Total current assets | 70,143 | | | 65,633 | |
Long-term investments | 21,667 | | | 21,096 | |
Property and equipment, net | 13,022 | | | 12,873 | |
Operating lease right-of-use assets | 17,564 | | | 17,872 | |
Goodwill | 91,261 | | | 78,150 | |
Intangible assets, net | 29,624 | | | 24,803 | |
Separate accounts assets | 3,200 | | | 3,228 | |
Other assets | 4,825 | | | 4,620 | |
Total assets | $ | 251,306 | | | $ | 228,275 | |
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Liabilities: | | | |
Accounts payable | $ | 14,874 | | | $ | 14,838 | |
Pharmacy claims and discounts payable | 21,497 | | | 19,423 | |
Health care costs payable | 12,550 | | | 10,142 | |
Policyholders’ funds | 1,440 | | | 1,500 | |
Accrued expenses | 22,571 | | | 18,745 | |
Other insurance liabilities | 4,748 | | | 1,089 | |
Current portion of operating lease liabilities | 1,741 | | | 1,678 | |
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Current portion of long-term debt | 2,132 | | | 1,778 | |
Liabilities held for sale | — | | | 228 | |
Total current liabilities | 81,553 | | | 69,421 | |
Long-term operating lease liabilities | 16,441 | | | 16,800 | |
Long-term debt | 59,782 | | | 50,476 | |
Deferred income taxes | 4,250 | | | 4,016 | |
Separate accounts liabilities | 3,200 | | | 3,228 | |
Other long-term insurance liabilities | 5,333 | | | 5,835 | |
Other long-term liabilities | 6,237 | | | 6,730 | |
Total liabilities | 176,796 | | | 156,506 | |
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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 earnings | 60,343 | | | 56,398 | |
Accumulated other comprehensive loss | (1,004) | | | (1,264) | |
Total CVS Health shareholders’ equity | 74,337 | | | 71,469 | |
Noncontrolling interests | 173 | | | 300 | |
Total shareholders’ equity | 74,510 | | | 71,769 | |
Total liabilities and shareholders’ equity | $ | 251,306 | | | $ | 228,275 | |
See accompanying notes to condensed consolidated financial statements (unaudited).
CVS Health Corporation
Condensed Consolidated Statements of Cash Flows
(Unaudited)
| | | | | | | | | | | |
| Nine Months Ended September 30, |
In millions | 2023 | | 2022 |
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 received | 1,174 | | | 687 | |
Interest paid | (2,049) | | | (1,936) | |
Income taxes paid | (2,616) | | | (3,070) | |
Net cash provided by operating activities | 16,062 | | | 18,129 | |
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Cash flows from investing activities: | | | |
Proceeds from sales and maturities of investments | 5,547 | | | 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) | |
Other | 43 | | | 74 | |
Net cash used in investing activities | (19,647) | | | (4,928) | |
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Cash flows from financing activities: | | | |
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Proceeds from issuance of short-term loan | 5,000 | | | — | |
Repayment of short-term loan | (5,000) | | | — | |
Proceeds from issuance of long-term debt | 10,898 | | | — | |
Repayments of long-term debt | (2,734) | | | (4,195) | |
Repurchase of common stock | (2,013) | | | (2,000) | |
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Dividends paid | (2,353) | | | (2,188) | |
Proceeds from exercise of stock options | 242 | | | 510 | |
Payments for taxes related to net share settlement of equity awards | (175) | | | (337) | |
Other | (210) | | | (119) | |
Net cash provided by (used in) financing activities | 3,655 | | | (8,329) | |
Net increase in cash, cash equivalents and restricted cash | 70 | | | 4,872 | |
Cash, cash equivalents and restricted cash at the beginning of the period | 13,305 | | | 12,691 | |
Cash, cash equivalents and restricted cash at the end of the period | $ | 13,375 | | | $ | 17,563 | |
CVS Health Corporation
Condensed Consolidated Statements of Cash Flows
(Unaudited)
| | | | | | | | | | | |
| Nine Months Ended September 30, |
In millions | 2023 | | 2022 |
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 amortization | 3,232 | | | 3,181 | |
Loss on assets held for sale | 349 | | | 2,521 | |
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Stock-based compensation | 461 | | | 341 | |
Gain on sale of subsidiary | — | | | (225) | |
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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) | |
Inventories | 1,305 | | | (415) | |
Other assets | (518) | | | (244) | |
Accounts payable and pharmacy claims and discounts payable | 2,466 | | | 3,350 | |
Health care costs payable and other insurance liabilities | 4,679 | | | 4,476 | |
Other liabilities | 2,047 | | | 7,371 | |
Net cash provided by operating activities | $ | 16,062 | | | $ | 18,129 | |
See accompanying notes to condensed consolidated financial statements (unaudited).
CVS Health Corporation
Condensed Consolidated Statements of Shareholders’ Equity
(Unaudited)
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| | | 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 |
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| Common Shares | Treasury Shares (1) | |
In millions | |
Balance at December 31, 2022 | 1,758 | | (458) | | | $ | 48,193 | | $ | (31,858) | | $ | 56,398 | | $ | (1,264) | | $ | 71,469 | | $ | 300 | | $ | 71,769 | |
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Net income | — | | — | | | — | | — | | 2,136 | | — | | 2,136 | | 6 | | 2,142 | |
Other comprehensive income | — | | — | | | — | | — | | — | | 389 | | 389 | | — | | 389 | |
Stock option activity, stock awards and other | 1 | | — | | | 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, 2023 | 1,759 | | (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 other | 5 | | — | | | 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, 2023 | 1,764 | | (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 other | 3 | | — | | | 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, 2023 | 1,767 | | (480) | | | $ | 48,829 | | $ | (33,831) | | $ | 60,343 | | $ | (1,004) | | $ | 74,337 | | $ | 173 | | $ | 74,510 | |
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_____________________________________________
(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).
CVS Health Corporation
Condensed Consolidated Statements of Shareholders’ Equity
(Unaudited)
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| | | 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 |
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| Common Shares | Treasury Shares (1) | |
In millions | |
Balance at December 31, 2021 | 1,744 | | (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 other | 3 | | — | | | 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, 2022 | 1,747 | | (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 other | 8 | | — | | | 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, 2022 | 1,755 | | (443) | | | 47,874 | | (30,412) | | 58,921 | | (969) | | 75,414 | | 322 | | 75,736 | |
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Net income (loss) | — | | — | | | — | | — | | (3,406) | | — | | (3,406) | | 7 | | (3,399) | |
Other comprehensive loss (Note 10) | — | | — | | | — | | — | | — | | (385) | | (385) | | — | | (385) | |
Stock option activity, stock awards and other | 2 | | — | | | 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, 2022 | 1,757 | | (442) | | | $ | 48,047 | | $ | (30,326) | | $ | 54,792 | | $ | (1,354) | | $ | 71,159 | | $ | 328 | | $ | 71,487 | |
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_____________________________________________
(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).
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,
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 &