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v3.23.1

Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2022
Accounting Policies [Abstract] |
Schedule of reconciliation of cash and cash equivalents | The following is a reconciliation of cash and cash equivalents on the consolidated balance sheets to total cash, cash equivalents and restricted cash on the consolidated statements of cash flows as of December 31, 2022, 2021 and 2020:
In millions | 2022 |  | 2021 |  | 2020
Cash and cash equivalents | $ | 12,945 |  |  | $ | 9,408 |  |  | $ | 7,854 |
Restricted cash (included in other current assets) | 144 |  |  | 3,065 |  |  | 2,913 |
Restricted cash (included in other assets) | 216 |  |  | 218 |  |  | 276 |
Total cash, cash equivalents and restricted cash in the consolidated statements of cash flows | $ | 13,305 |  |  | $ | 12,691 |  |  | $ | 11,043 |
Schedule of accounts receivable, net | Accounts receivable, net was composed of the following at December 31, 2022 and 2021:
In millions | 2022 |  | 2021
Trade receivables | $ | 8,983 |  |  | $ | 7,932 |
Vendor and manufacturer receivables | 12,395 |  |  | 10,573 |
Premium receivables | 2,676 |  |  | 2,537 |
Other receivables | 3,449 |  |  | 3,389 |
Total accounts receivable, net (1) | $ | 27,503 |  |  | $ | 24,431 |
_____________________________________ (1)Includes accounts receivable of $227 million which have been accounted for as assets held for sale and are included in assets held for sale on the consolidated balance sheet at December 31, 2022. See Note 2 ‘‘Acquisitions, Divestitures and Asset Sales’’ for additional information.
Rollforward of deferred acquisition costs | The following is a roll forward of deferred acquisition costs for the years ended December 31, 2022 and 2021:
In millions | 2022 |  | 2021
Deferred acquisition costs, beginning of the period | $ | 879 |  |  | $ | 519 |
Capitalizations | 564 |  |  | 529 |
Amortization expense | (224) |  |  | (169) |
Deferred acquisition costs, end of the period | $ | 1,219 |  |  | $ | 879 |
Schedule of property and equipment | Property and equipment consisted of the following at December 31, 2022 and 2021:
In millions | 2022 |  | 2021
Land | $ | 1,996 |  |  | $ | 2,038 |
Building and improvements | 4,545 |  |  | 4,225 |
Fixtures and equipment | 12,978 |  |  | 13,619 |
Leasehold improvements | 6,238 |  |  | 6,242 |
Software | 8,843 |  |  | 7,426 |
Total property and equipment | 34,600 |  |  | 33,550 |
Accumulated depreciation and amortization | (21,483) |  |  | (20,654) |
Property and equipment, net (1) | $ | 13,117 |  |  | $ | 12,896 |
_____________________________________ (1)Includes property and equipment of $244 million which have been accounted for as assets held for sale and are included in assets held for sale on the consolidated balance sheet at December 31, 2022. See Note 2 ‘‘Acquisitions, Divestitures and Asset Sales’’ for additional information.
Schedule of disaggregation of revenue | The following table disaggregates the Company’s revenue by major source in each segment for the years ended December 31, 2022, 2021 and 2020:
In millions | Health Care Benefits |  | Health Services |  | Pharmacy & Consumer Wellness |  | Corporate/ Other |  | Intersegment Eliminations |  | Consolidated Totals
2022 |  |  |  |  |  |  |  |  |  |  |
Major goods/services lines: |  |  |  |  |  |  |  |  |  |  |
Pharmacy | $ | — |  |  | $ | 166,793 |  |  | $ | 83,480 |  |  | $ | — |  |  | $ | (45,154) |  |  | $ | 205,119 |
Front Store | — |  |  | — |  |  | 22,780 |  |  | — |  |  | — |  |  | 22,780 |
Premiums | 85,274 |  |  | — |  |  | — |  |  | 56 |  |  | — |  |  | 85,330 |
Net investment income (loss) | 476 |  |  | — |  |  | (44) |  |  | 406 |  |  | — |  |  | 838 |
Other | 5,600 |  |  | 2,783 |  |  | 2,380 |  |  | 68 |  |  | (2,431) |  |  | 8,400 |
Total | $ | 91,350 |  |  | $ | 169,576 |  |  | $ | 108,596 |  |  | $ | 530 |  |  | $ | (47,585) |  |  | $ | 322,467 |
Health Services distribution channel: |  |  |  |  |  |  |  |
Pharmacy network (1) |  |  | $ | 102,968 |  |  |  |  |  |  |  |  |
Mail & specialty (2) |  |  | 63,825 |  |  |  |  |  |  |  |  |
Other |  |  | 2,783 |  |  |  |  |  |  |  |  |
Total |  |  | $ | 169,576 |  |  |  |  |  |  |  |  |
2021 |  |  |  |  |  |  |  |  |  |  |
Major goods/services lines: |  |  |  |  |  |  |  |  |  |  |
Pharmacy | $ | — |  |  | $ | 150,646 |  |  | $ | 77,886 |  |  | $ | — |  |  | $ | (43,913) |  |  | $ | 184,619 |
Front Store | — |  |  | — |  |  | 21,315 |  |  | — |  |  | — |  |  | 21,315 |
Premiums | 76,064 |  |  | — |  |  | — |  |  | 68 |  |  | — |  |  | 76,132 |
Net investment income | 586 |  |  | — |  |  | 17 |  |  | 596 |  |  | — |  |  | 1,199 |
Other | 5,469 |  |  | 3,246 |  |  | 2,402 |  |  | 57 |  |  | (2,328) |  |  | 8,846 |
Total | $ | 82,119 |  |  | $ | 153,892 |  |  | $ | 101,620 |  |  | $ | 721 |  |  | $ | (46,241) |  |  | $ | 292,111 |
Health Services distribution channel: |  |  |  |  |  |  |  |
Pharmacy network (1) |  |  | 96,834 |  |  |  |  |  |  |  |  |
Mail & specialty (2) |  |  | 53,812 |  |  |  |  |  |  |  |  |
Other |  |  | 3,246 |  |  |  |  |  |  |  |  |
Total |  |  | $ | 153,892 |  |  |  |  |  |  |  |  |
2020 |  |  |  |  |  |  |  |  |  |  |
Major goods/services lines: |  |  |  |  |  |  |  |  |  |  |
Pharmacy | $ | — |  |  | $ | 139,453 |  |  | $ | 71,984 |  |  | $ | — |  |  | $ | (40,350) |  |  | $ | 171,087 |
Front Store | — |  |  | — |  |  | 19,655 |  |  | — |  |  | — |  |  | 19,655 |
Premiums | 69,301 |  |  | — |  |  | — |  |  | 63 |  |  | — |  |  | 69,364 |
Net investment income | 483 |  |  | — |  |  | — |  |  | 315 |  |  | — |  |  | 798 |
Other | 5,625 |  |  | 1,901 |  |  | 1,940 |  |  | 48 |  |  | (1,712) |  |  | 7,802 |
Total | $ | 75,409 |  |  | $ | 141,354 |  |  | $ | 93,579 |  |  | $ | 426 |  |  | $ | (42,062) |  |  | $ | 268,706 |
Health Services distribution channel: |  |  |  |  |  |  |  |
Pharmacy network (1) |  |  | 89,740 |  |  |  |  |  |  |  |  |
Mail & specialty (2) |  |  | 49,713 |  |  |  |  |  |  |  |  |
Other |  |  | 1,901 |  |  |  |  |  |  |  |  |
Total |  |  | $ | 141,354 |  |  |  |  |  |  |  |  |
_____________________________________________ (1)Health Services pharmacy network is defined as claims filled at retail and specialty retail pharmacies, including the Company’s retail pharmacies and LTC pharmacies. Effective January 1, 2023, pharmacy network also includes activity associated with Maintenance Choice®, which permits eligible client plan members to fill their maintenance prescriptions through mail order delivery or at a CVS pharmacy retail store for the same price as mail order. Maintenance Choice activity was previously reflected in mail & specialty. Segment financial information has been revised to reflect these changes. (2)Health Services mail & specialty is defined as specialty mail claims inclusive of Specialty Connect® claims picked up at a retail pharmacy, as well as mail order and specialty claims fulfilled by the Pharmacy & Consumer Wellness segment. Effective January 1, 2023, mail & specialty excludes Maintenance Choice activity, which is now reflected within pharmacy network. Segment financial information has been revised to reflect these changes.
Schedule of receivables and contract liabilities from contracts with customers | The following table provides information about receivables and contract liabilities from contracts with customers as of December 31, 2022 and 2021:
In millions | 2022 |  | 2021
Trade receivables (included in accounts receivable, net) | $ | 8,983 |  |  | $ | 7,932 |
Contract liabilities (included in accrued expenses) | 71 |  |  | 87 |
During the years ended December 31, 2022 and 2021, the contract liabilities balance includes increases related to customers’ earnings in ExtraBucks Rewards or issuances of Company gift cards and decreases for revenues recognized during the period as a result of the redemption of ExtraBucks Rewards or Company gift cards and breakage of Company gift cards. Below is a summary of such changes:
In millions | 2022 |  | 2021
Contract liabilities, beginning of period | $ | 87 |  |  | $ | 71 |
Rewards earnings and gift card issuances | 340 |  |  | 387 |
Redemption and breakage | (356) |  |  | (371) |
Contract liabilities, end of period | $ | 71 |  |  | $ | 87 |
Schedule of variable interest entities | Other variable interest holder VIE assets included in long-term investments on the consolidated balance sheets at December 31, 2022 and 2021 were as follows:
In millions | 2022 |  | 2021
Hedge fund investments | $ | 589 |  |  | $ | 463 |
Private equity investments | 707 |  |  | 601 |
Real estate partnerships | 241 |  |  | 225 |
Total | $ | 1,537 |  |  | $ | 1,289 |
Schedule of discontinued operations | Below is a summary of the results of discontinued operations for the year ended December 31, 2020.
In millions | 2020
Loss from discontinued operations | $ | (12) |
Income tax benefit | 3 |
Loss from discontinued operations, net of tax | $ | (9) |

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