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Significant Accounting Policies (Tables)

12 Months Ended

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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