<SEC-DOCUMENT>0000947871-19-000612.txt : 20190925
<SEC-HEADER>0000947871-19-000612.hdr.sgml : 20190925
<ACCEPTANCE-DATETIME>20190820163931
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000947871-19-000612
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20190820

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CVS HEALTH Corp
		CENTRAL INDEX KEY:			0000064803
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-DRUG STORES AND PROPRIETARY STORES [5912]
		IRS NUMBER:				050494040
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE CVS DR.
		CITY:			WOONSOCKET
		STATE:			RI
		ZIP:			02895
		BUSINESS PHONE:		4017651500

	MAIL ADDRESS:	
		STREET 1:		ONE CVS DR.
		CITY:			WOONSOCKET
		STATE:			RI
		ZIP:			02895

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CVS CAREMARK CORP
		DATE OF NAME CHANGE:	20070509

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CVS/CAREMARK CORP
		DATE OF NAME CHANGE:	20070322

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CVS CORP
		DATE OF NAME CHANGE:	19970128
</SEC-HEADER>
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            <p style="color: #1C1C1B; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">CVS Health Corporation</p>
            <p style="color: #1C1C1B; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Customer Support Center</p>
            <p style="color: #1C1C1B; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">One CVS Drive</p>
            <p style="color: #1C1C1B; font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 0">Woonsocket, RI 02895</p>
            <p style="color: #1C1C1B; font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 5pt 0 0">P: 401-765-1500<br>
              <br>
            </p>
            <p style="color: #1C1C1B; font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 0">www.cvshealth.com</p>
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    <div><u>By EDGAR</u></div>
    <div><br>
    </div>
    <div>August 20, 2019</div>
    <div><br>
    </div>
    <div>Mr. Blaise Rhodes and Ms. Angela Lumley<br>
      United States Securities and Exchange Commission</div>
    <div>Division of Corporation Finance</div>
    <div>Office of Beverages, Apparel and Mining</div>
    <div>100 F Street, NE<br>
      Washington, D.C. 20549-0405</div>
    <div>&#160;</div>
    <div><br>
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              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Re:</div>
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              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">CVS Health Corporation</div>
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              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Form 10-K for Fiscal Year Ended December 31, 2018 Filed February 28, 2019</div>
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              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Form 8-K Filed May 1, 2019</div>
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            <td style="WIDTH: 8.66%; VERTICAL-ALIGN: top">&#160;</td>
            <td style="WIDTH: 91.34%; VERTICAL-ALIGN: top">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Response dated July 10, 2019</div>
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            <td style="WIDTH: 91.34%; VERTICAL-ALIGN: top">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">File No. 001-01011</div>
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    <div>Dear Mr. Rhodes and Ms. Lumley:</div>
    <div><br>
    </div>
    <div>CVS Health Corporation (the &#8220;Company&#8221;) is responding to the comment letter of the Staff of the United States Securities and Exchange Commission (the &#8220;Staff&#8221;) dated August 8, 2019 on the above referenced filings.&#160; For your convenience, we have
      reproduced the Staff&#8217;s comment in bold immediately preceding the Company&#8217;s response.</div>
    <div><br>
    </div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold"><u>Form 8-K Filed May 1, 2019</u></div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold"><u>Exhibit 99.1</u></div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold"><u>Non-GAAP Financial Information, page 11</u></div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
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            <td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 27pt; FONT-WEIGHT: bold; vertical-align: top; text-align: left">1.</td>
            <td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">
              <div>We note your response to prior comment 1 and your proposed enhanced disclosure related to the non-GAAP financial measure you identify as adjusted net income that excludes the amortization of acquired intangibles. It is not clear why you
                exclude amortization of acquired intangible assets on the basis that it does not directly result from your core operations, considering that these measures include revenue from core operations generated in part by acquired assets. Please
                explain and revise your disclosures to more clearly describe the nature of the amortization being excluded and why, and clarify that although amortization of these acquired intangibles is being excluded, revenue generated from these assets
                is not.</div>
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    <div>&#160;</div>
    <div>We acknowledge the Staff&#8217;s comment and respectfully submit that in future filings we will revise our disclosures to more clearly describe (i) the nature of the amortization being excluded from the related non-GAAP financial measure (ii) why the
      amortization of acquired intangibles is excluded from the related non-GAAP financial measure and (iii) that although amortization of acquired intangibles is being excluded from the related non-GAAP financial measure, revenue generated from these
      assets is not excluded from the related non-GAAP financial measure.</div>
    <div>&#160;</div>

    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
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    <img src="image01.jpg">
    <div>&#160;</div>
    <div>As described in the Company&#8217;s prior letter to the Staff, the Company has completed a number of acquisitions, including Caremark Rx, Inc. in 2007, Omnicare, Inc. in 2015 and Aetna Inc. in 2018, which have resulted in the recognition of intangible
      assets as required under the acquisition method of accounting. These intangible assets include trademarks, customer contracts/relationships, covenants not to compete, technology, provider networks and value of business acquired. The Company&#8217;s
      intangible assets are recorded at their respective fair values at the date of acquisition and are amortized over their estimated useful lives. Unless an intangible asset becomes impaired or the Company&#8217;s estimated useful life of an intangible asset
      is revised, the Company&#8217;s expected amortization expense is based on an amortization schedule established as of the date of acquisition and is not affected by operations of any particular period. While these intangible assets contribute to revenue
      generation, the amortization of these intangible assets does not directly relate to the underwriting of the Company&#8217;s insurance products, the services performed for the Company&#8217;s customers or the sale of the Company&#8217;s products or services during a
      particular period. In addition, intangible asset amortization expense can fluctuate, and historically has fluctuated, based on the size and timing of the Company&#8217;s acquisition activity. Accordingly, the Company believes excluding the amortization of
      intangible assets in calculating certain non-GAAP financial measures enhances the Company&#8217;s and investors&#8217; ability to compare the Company&#8217;s past financial performance with its current performance and to analyze underlying business performance and
      trends.</div>
    <div><br>
    </div>
    <div>We have revised our disclosures to incorporate the items described above. For your reference, below is the relevant section of our revised disclosure to be included in future filings.</div>
    <div><br>
    </div>
    <div style="MARGIN-LEFT: 27pt">The Company&#8217;s acquisition activities have resulted in the recognition of intangible assets as required under the acquisition method of accounting which consist primarily of trademarks, customer contracts/relationships,
      covenants not to compete, technology, provider networks and value of business acquired. Definite-lived intangible assets are amortized over their estimated useful lives and are tested for impairment when events indicate that the carrying value may
      not be recoverable. The amortization of intangible assets is reflected in the Company&#8217;s statements of operations in operating expenses within each segment. Although intangible assets contribute to the Company&#8217;s revenue generation, the amortization of
      intangible assets does not directly relate to the underwriting of the Company&#8217;s insurance products, the services performed for the Company&#8217;s customers or the sale of the Company&#8217;s products or services. Additionally, intangible asset amortization
      expense typically fluctuates based on the size and timing of the Company&#8217;s acquisition activity. Accordingly, the Company believes excluding the amortization of intangible assets enhances the Company&#8217;s and investors&#8217; ability to compare the Company&#8217;s
      past financial performance with its current performance and to analyze underlying business performance and trends. Intangible asset amortization excluded from the related non-GAAP financial measure represents the entire amount recorded within the
      Company&#8217;s GAAP financial statements and the revenue generated by the associated intangible assets has not been excluded from the related non-GAAP financial measure. Intangible asset amortization is excluded from the related non-GAAP
      financial measure because the amortization, unlike the related revenue, is not affected by operations of any particular period unless an intangible asset becomes impaired or the estimated useful life of an intangible asset is revised.</div>
    <div><br>
    </div>
    <div style="TEXT-ALIGN: center">*****</div>
    <div><br>
    </div>
    <div>If you have any additional questions or comments, please do not hesitate to contact me at 401-770-5554.</div>
    <div><br>
    </div>
    <div>Very truly yours,</div>
    <div><br>
    </div>
    <div>CVS HEALTH CORPORATION</div>
    <div>/s/ Eva C. Boratto</div>
    <div>Executive Vice President and Chief Financial Officer</div>
    <div><br>
    </div>
    <div>&#160;</div>
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              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">cc:</div>
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            <td style="WIDTH: 92.3%; VERTICAL-ALIGN: top">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">James D. Clark, Senior Vice President &#8211; Controller and Chief Accounting Officer</div>
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            <td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">&#160;</td>
            <td style="WIDTH: 92.3%; VERTICAL-ALIGN: top">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Colleen M. McIntosh, Senior Vice President, Corporate Secretary and Chief Governance Officer</div>
            </td>
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            <td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">&#160;</td>
            <td style="WIDTH: 92.3%; VERTICAL-ALIGN: top">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Thomas M. Moriarty, Executive Vice President, Chief Policy and External Affairs Officer and General Counsel</div>
            </td>
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            <td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">&#160;</td>
            <td style="WIDTH: 92.3%; VERTICAL-ALIGN: top">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Stephen T. Giove, Shearman &amp; Sterling LLP</div>
            </td>
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            <td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">&#160;</td>
            <td style="WIDTH: 92.3%; VERTICAL-ALIGN: top">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Lona Nallengara, Shearman &amp; Sterling LLP</div>
            </td>
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            <td style="WIDTH: 7.7%; VERTICAL-ALIGN: top">&#160;</td>
            <td style="WIDTH: 92.3%; VERTICAL-ALIGN: top">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Michael J. Fischer, Ernst &amp; Young LLP</div>
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    <div>&#160;</div>
    <div>&#160;</div>
    <div>&#160;</div>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
