CVS Health (CVS) 10-Q4 Aug 212021 Q2 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2021	Jul. 28, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-01011
Entity Registrant Name	CVS HEALTH CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	05-0494040
Entity Address, Address Line One	One CVS Drive,
Entity Address, City or Town	Woonsocket,
Entity Address, State or Province	RI
Entity Address, Postal Zip Code	02895
City Area Code	(401)
Local Phone Number	765-1500
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	CVS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,319,574,744
Entity Central Index Key	0000064803
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Premiums	$ 18,983	$ 16,927	$ 37,943	$ 34,567
Net investment income	289	184	586	346
Total revenues	72,616	65,341	141,713	132,096
Operating costs:
Cost of products sold	$ 43,520	$ 40,242	$ 84,414	$ 80,589
Cost, Product and Service [Extensible List]	Products	Products	Products	Products
Benefit costs	$ 15,901	$ 11,751	$ 31,605	$ 26,138
Operating expenses	8,869	8,668	17,791	17,231
Total operating costs	68,290	60,661	133,810	123,958
Operating income	4,326	4,680	7,903	8,138
Interest expense	636	765	1,293	1,498
Other income	(45)	(45)	(95)	(99)
Income before income tax provision	3,735	3,960	6,705	6,739
Income tax provision	944	974	1,690	1,741
Net income	2,791	2,986	5,015	4,998
Net income attributable to noncontrolling interests	(8)	(11)	(9)	(16)
Net income attributable to CVS Health	$ 2,783	$ 2,975	$ 5,006	$ 4,982
Net income per share attributable to CVS Health:
Net income per share attributable to CVS Health, basic (in dollars per share)	$ 2.11	$ 2.27	$ 3.80	$ 3.81
Net income per share attributable to CVS Health, diluted (in dollars per share)	$ 2.10	$ 2.26	$ 3.78	$ 3.79
Weighted average shares outstanding:
Weighted average basic shares outstanding (in shares)	1,319	1,309	1,316	1,307
Weighted average diluted shares outstanding (in shares)	1,327	1,314	1,325	1,313
Dividends declared per share (in dollars per share)	$ 0.50	$ 0.50	$ 1	$ 1
Products
Revenues:
Revenues	$ 50,525	$ 46,355	$ 97,912	$ 93,358
Services
Revenues:
Revenues	$ 2,819	$ 1,875	$ 5,272	$ 3,825

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 2,791	$ 2,986	$ 5,015	$ 4,998
Other comprehensive income (loss), net of tax:
Net unrealized investment gains (losses)	149	524	(237)	213
Foreign currency translation adjustments	1	6	(1)	(6)
Net cash flow hedges	(3)	(3)	(7)	(12)
Pension and other postretirement benefits	1	(1)	1	(1)
Other comprehensive income (loss)	148	526	(244)	194
Comprehensive income	2,939	3,512	4,771	5,192
Comprehensive income attributable to noncontrolling interests	(8)	(11)	(9)	(16)
Comprehensive income attributable to CVS Health	$ 2,931	$ 3,501	$ 4,762	$ 5,176

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Assets:
Cash and cash equivalents	$ 7,119	$ 7,854
Investments	3,006	3,000
Accounts receivable, net	24,164	21,742
Inventories	16,979	18,496
Other current assets	5,291	5,277
Total current assets	56,559	56,369
Long-term investments	22,136	20,812
Property and equipment, net	12,664	12,606
Operating lease right-of-use assets	20,476	20,729
Goodwill	79,552	79,552
Intangible assets, net	30,080	31,142
Separate accounts assets	4,880	4,881
Other assets	4,817	4,624
Total assets	231,164	230,715
Liabilities:
Accounts payable	11,052	11,138
Pharmacy claims and discounts payable	17,225	15,795
Health care costs payable	8,414	7,936
Policyholders’ funds	4,567	4,270
Accrued expenses	14,827	14,243
Other insurance liabilities	1,375	1,557
Current portion of operating lease liabilities	1,791	1,638
Current portion of long-term debt	60	5,440
Total current liabilities	59,311	62,017
Long-term operating lease liabilities	18,509	18,757
Long-term debt	59,294	59,207
Deferred income taxes	6,557	6,794
Separate accounts liabilities	4,880	4,881
Other long-term insurance liabilities	6,734	7,007
Other long-term liabilities	2,314	2,351
Total liabilities	157,599	161,014
Shareholders’ equity:
Preferred stock, par value $0.01: 0.1 shares authorized; none issued or outstanding	0	0
Common stock, par value $0.01: 3,200 shares authorized; 1,742 shares issued and 1,318 shares outstanding at June 30, 2021 and 1,733 shares issued and 1,310 shares outstanding at December 31, 2020 and capital surplus	46,995	46,513
Treasury stock, at cost: 424 shares at June 30, 2021 and 423 shares at December 31, 2020	(28,252)	(28,178)
Retained earnings	53,331	49,640
Accumulated other comprehensive income	1,170	1,414
Total CVS Health shareholders’ equity	73,244	69,389
Noncontrolling interests	321	312
Total shareholders’ equity	73,565	69,701
Total liabilities and shareholders’ equity	$ 231,164	$ 230,715

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000	100,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	3,200,000,000	3,200,000,000
Common stock, shares issued (in shares)	1,742,000,000	1,733,000,000
Common stock, shares outstanding (in shares)	1,318,000,000	1,310,000,000
Treasury stock (in shares)	424,000,000	423,000,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Cash receipts from customers	$ 136,621	$ 129,218
Cash paid for inventory and prescriptions dispensed by retail network pharmacies	(79,316)	(76,381)
Insurance benefits paid	(31,245)	(26,483)
Cash paid to other suppliers and employees	(14,900)	(14,688)
Interest and investment income received	394	395
Interest paid	(1,263)	(1,407)
Income taxes paid	(1,552)	(230)
Net cash provided by operating activities	8,739	10,424
Cash flows from investing activities:
Proceeds from sales and maturities of investments	3,947	2,710
Purchases of investments	(5,570)	(3,688)
Purchases of property and equipment	(1,315)	(1,190)
Acquisitions (net of cash acquired)	(108)	(768)
Other	72	6
Net cash used in investing activities	(2,974)	(2,930)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	0	3,946
Repayments of long-term debt	(5,423)	(1,016)
Dividends paid	(1,306)	(1,315)
Proceeds from exercise of stock options	330	166
Payments for taxes related to net share settlement of equity awards	(159)	(68)
Other	0	(16)
Net cash provided by (used in) financing activities	(6,558)	1,697
Net increase (decrease) in cash, cash equivalents and restricted cash	(793)	9,191
Cash, cash equivalents and restricted cash at the beginning of the period	8,130	5,954
Cash, cash equivalents and restricted cash at the end of the period	7,337	15,145
Reconciliation of net income to net cash provided by operating activities:
Net income	5,015	4,998
Adjustments required to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,263	2,188
Stock-based compensation	232	179
Deferred income taxes and other noncash items	(370)	(101)
Change in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable, net	(2,384)	(2,233)
Inventories	1,517	1,003
Other assets	(145)	(560)
Accounts payable and pharmacy claims and discounts payable	1,702	1,671
Health care costs payable and other insurance liabilities	104	(415)
Other liabilities	805	3,694
Net cash provided by operating activities	$ 8,739	$ 10,424

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Millions, $ in Millions		Total	Cumulative Effect, Period of Adoption, Adjustment	[2]	Total CVS Health Shareholders’ Equity	Total CVS Health Shareholders’ EquityCumulative Effect, Period of Adoption, Adjustment	[2]	Common Stock	Treasury Stock		Common Stock Including Capital Surplus		Retained Earnings	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	[2]	Accumulated Other Comprehensive Income	Noncontrolling Interests
Shares outstanding, balance at beginning of period (in shares) at Dec. 31, 2019								1,727	(425)	[1]
Balance at beginning of period at Dec. 31, 2019		$ 64,170	$ (3)		$ 63,864	$ (3)			$ (28,235)	[1]	$ 45,972	[3]	$ 45,108	$ (3)		$ 1,019	$ 306
Shareholders' Equity [Roll Forward]
Net income		2,012			2,007								2,007				5
Other comprehensive Income (loss)		(332)			(332)											(332)
Stock option activity, stock awards and other (in shares)								2
Stock option activity, stock awards and other		208			208						208	[3]
ESPP issuances, net of purchase of treasury shares (in shares)	[1]								1
ESPP issuances, net of purchase of treasury shares		53			53				$ 53	[1]
Common stock dividends		(657)			(657)								(657)
Other increases (decreases) in noncontrolling interests		23															23
Shares outstanding, balance at end of period (in shares) at Mar. 31, 2020								1,729	(424)	[1]
Balance at end of period at Mar. 31, 2020		65,474			65,140				$ (28,182)	[1]	46,180	[3]	46,455			687	334
Shares outstanding, balance at beginning of period (in shares) at Dec. 31, 2019								1,727	(425)	[1]
Balance at beginning of period at Dec. 31, 2019		64,170	$ (3)		63,864	$ (3)			$ (28,235)	[1]	45,972	[3]	45,108	$ (3)		1,019	306
Shareholders' Equity [Roll Forward]
Net income		4,998
Other comprehensive Income (loss)		194
Shares outstanding, balance at end of period (in shares) at Jun. 30, 2020								1,732	(425)	[1]
Balance at end of period at Jun. 30, 2020		68,355			68,022				$ (28,235)	[1]	46,276	[3]	48,768			1,213	333
Shares outstanding, balance at beginning of period (in shares) at Mar. 31, 2020								1,729	(424)	[1]
Balance at beginning of period at Mar. 31, 2020		65,474			65,140				$ (28,182)	[1]	46,180	[3]	46,455			687	334
Shareholders' Equity [Roll Forward]
Net income		2,986			2,975								2,975				11
Other comprehensive Income (loss)		526			526											526
Stock option activity, stock awards and other (in shares)								3
Stock option activity, stock awards and other		96			96						96	[3]
Purchases of treasury shares, net of ESPP issuances (in shares)	[1]								(1)
Purchase of treasury shares, net of ESPP issuances		(53)			(53)				$ (53)	[1]
Common stock dividends		(662)			(662)								(662)
Other increases (decreases) in noncontrolling interests		(12)															(12)
Shares outstanding, balance at end of period (in shares) at Jun. 30, 2020								1,732	(425)	[1]
Balance at end of period at Jun. 30, 2020		68,355			68,022				$ (28,235)	[1]	46,276	[3]	48,768			1,213	333
Shares outstanding, balance at beginning of period (in shares) at Dec. 31, 2020								1,733	(423)	[4]
Balance at beginning of period at Dec. 31, 2020		69,701			69,389				$ (28,178)	[4]	46,513	[5]	49,640			1,414	312
Shareholders' Equity [Roll Forward]
Net income		2,224			2,223								2,223				1
Other comprehensive Income (loss)		(392)			(392)											(392)
Stock option activity, stock awards and other (in shares)								2
Stock option activity, stock awards and other		214			214						214	[5]
ESPP issuances, net of purchase of treasury shares (in shares)	[4]								1
ESPP issuances, net of purchase of treasury shares		76			76				$ 76	[4]
Common stock dividends		(660)			(660)								(660)
Other increases (decreases) in noncontrolling interests		1															1
Shares outstanding, balance at end of period (in shares) at Mar. 31, 2021								1,735	(422)	[4]
Balance at end of period at Mar. 31, 2021		71,164			70,850				$ (28,102)	[4]	46,727	[5]	51,203			1,022	314
Shares outstanding, balance at beginning of period (in shares) at Dec. 31, 2020								1,733	(423)	[4]
Balance at beginning of period at Dec. 31, 2020		69,701			69,389				$ (28,178)	[4]	46,513	[5]	49,640			1,414	312
Shareholders' Equity [Roll Forward]
Net income		5,015
Other comprehensive Income (loss)		(244)
Shares outstanding, balance at end of period (in shares) at Jun. 30, 2021								1,742	(424)	[4]
Balance at end of period at Jun. 30, 2021		73,565			73,244				$ (28,252)	[4]	46,995	[5]	53,331			1,170	321
Shares outstanding, balance at beginning of period (in shares) at Mar. 31, 2021								1,735	(422)	[4]
Balance at beginning of period at Mar. 31, 2021		71,164			70,850				$ (28,102)	[4]	46,727	[5]	51,203			1,022	314
Shareholders' Equity [Roll Forward]
Net income		2,791			2,783								2,783				8
Other comprehensive Income (loss)		148			148											148
Stock option activity, stock awards and other (in shares)								7
Stock option activity, stock awards and other		268			268						268	[5]
Purchases of treasury shares, net of ESPP issuances (in shares)	[4]								(2)
Purchase of treasury shares, net of ESPP issuances		(150)			(150)				$ (150)	[4]
Common stock dividends		(655)			(655)								(655)
Other increases (decreases) in noncontrolling interests		(1)															(1)
Shares outstanding, balance at end of period (in shares) at Jun. 30, 2021								1,742	(424)	[4]
Balance at end of period at Jun. 30, 2021		$ 73,565			$ 73,244				$ (28,252)	[4]	$ 46,995	[5]	$ 53,331			$ 1,170	$ 321

[1]	Treasury shares include 1 million shares held in trust and treasury stock includes $29 million related to shares held in trust as of June 30, 2020, March 31, 2020 and December 31, 2019.
[2]	Reflects the adoption of Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326), which resulted in a decrease to retained earnings of $3 million during the three months ended March 31, 2020.
[3]	Common stock and capital surplus includes the par value of common stock of $17 million as of June 30, 2020, March 31, 2020 and December 31, 2019.
[4]	Treasury shares include 1 million shares held in trust and treasury stock includes $29 million related to shares held in trust as of June 30, 2021, March 31, 2021 and December 31, 2020.
[5]	Common stock and capital surplus includes the par value of common stock of $17 million as of June 30, 2021, March 31, 2021 and December 31, 2020.

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Shareholders' Equity (Parentheticals) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020
Accounting Standards Update [Extensible List]	Accounting Standards Update 2016-13
Treasury shares held in trust (in shares)	1	1	1	1	1	1
Treasury share held in trust	$ 29	$ 29	$ 29	$ 29	$ 29	$ 29
Common stock	17	17	$ 17	17	$ 17	$ 17
Decrease in retained earnings		$ (53,331)		$ (49,640)
Accounting Standards Update 2016-13
Decrease in retained earnings	$ (3)

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
Significant Accounting Policies	Jun. 30, 2021
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Description of Business CVS Health Corporation (“CVS Health”), together with its subsidiaries (collectively, the “Company”), has more than 9,900 retail locations, approximately 1,100 walk-in medical clinics, a leading pharmacy benefits manager with approximately 108 million plan members, a dedicated senior pharmacy care business serving more than one million patients per year and expanding specialty pharmacy services. The Company also serves an estimated 34 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 believes its innovative health care model increases access to quality care, delivers better health outcomes and lowers overall health care costs. The coronavirus disease 2019 (“COVID-19”) continues to impact the economies of the U.S. and other countries around the world. The impact of COVID-19 on the Company’s businesses, operating results, cash flows and financial condition, as well as information regarding certain expected impacts of COVID-19 on the Company, is discussed throughout this Quarterly Report on Form 10-Q. The Company has four reportable segments: Health Care Benefits, Pharmacy Services, Retail/LTC and Corporate/Other, which are described below. Health Care Benefits Segment The Health Care Benefits segment is 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, Medicaid health care management services and health information technology products and services. The Health Care Benefits segment also provided workers’ compensation administrative services through its Coventry Health Care Workers’ Compensation business (“Workers’ Compensation business”) prior to the sale of this business on July 31, 2020. 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.” Pharmacy Services Segment The Pharmacy Services segment provides a full range of pharmacy benefit management (“PBM”) solutions, including plan design offerings and administration, formulary management, retail pharmacy network management services, mail order pharmacy, specialty pharmacy and infusion services, 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 Pharmacy Services segment’s clients are primarily employers, insurance companies, unions, government employee groups, health plans, PDPs, Medicaid managed care plans, plans offered on public health insurance exchanges (“Public Exchanges”) and private health insurance exchanges, other sponsors of health benefit plans throughout the United States and Covered Entities. The Pharmacy Services segment operates retail specialty pharmacy stores, specialty mail order pharmacies, mail order dispensing pharmacies, compounding pharmacies and branches for infusion and enteral nutrition services. Retail/LTC Segment The Retail/LTC segment sells prescription drugs and a wide assortment of health and wellness products and general merchandise, provides health care services through its MinuteClinic ® walk-in medical clinics, provides medical diagnostic testing, administers vaccinations for illnesses such as influenza, COVID-19 and shingles and conducts long-term care pharmacy (“LTC”) operations, which distribute prescription drugs and provide related pharmacy consulting and other ancillary services to long-term care facilities and other care settings. As of June 30, 2021, the Retail/LTC segment operated more than 9,900 retail locations, approximately 1,100 MinuteClinic locations as well as online retail pharmacy websites, LTC pharmacies and on-site pharmacies. Corporate/Other Segment The Company presents the remainder of its financial results in the Corporate/Other segment, which primarily consists of: • Management and administrative expenses to support the Company’s overall operations, which include certain aspects of executive management and the corporate relations, legal, compliance, human resources, information technology and finance departments, expenses associated with the Company’s investments in its transformation and enterprise modernization programs and acquisition-related integration costs; and • Products for which the Company no longer solicits or accepts new customers such as its large case pensions and long-term care insurance products. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of CVS Health and its subsidiaries have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. In accordance with such rules and regulations, certain information and accompanying note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted, although the Company believes the disclosures included herein are adequate to make the information presented not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Form 10-K”). In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented. Because of the influence of various factors on the Company’s operations, including business combinations, certain holidays and other seasonal influences, net income for any interim period may not be comparable to the same interim period in previous years or necessarily indicative of income for the full year. Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. All material intercompany balances and transactions have been eliminated. The Company continually evaluates its investments to determine if they represent variable interests in a VIE. If the Company determines that it has a variable interest in a VIE, the Company then evaluates if it is the primary beneficiary of the VIE. The evaluation is a qualitative assessment as to whether the Company has the ability to direct the activities of a VIE that most significantly impact the entity’s economic performance. The Company consolidates a VIE if it is considered to be the primary beneficiary. Assets and liabilities of VIEs for which the Company is the primary beneficiary were not significant to the Company’s unaudited condensed consolidated financial statements. VIE creditors do not have recourse against the general credit of the Company. Restricted Cash Restricted cash included in other assets on the unaudited condensed consolidated balance sheets represents amounts held in a trust in one of the Company’s captive insurance companies to satisfy collateral requirements associated with the assignment of certain insurance policies. All restricted cash is invested in time deposits, money market funds or commercial paper. The following is a reconciliation of cash and cash equivalents on the unaudited condensed consolidated balance sheets to total cash, cash equivalents and restricted cash on the unaudited condensed consolidated statements of cash flows: In millions June 30, December 31, Cash and cash equivalents $ 7,119 $ 7,854 Restricted cash (included in other assets) 218 276 Total cash, cash equivalents and restricted cash in the statements of cash flows $ 7,337 $ 8,130 Accounts Receivable Accounts receivable are stated net of allowances for credit losses, customer credit allowances, contractual allowances and estimated terminations. Accounts receivable, net is composed of the following: In millions June 30, December 31, Trade receivables $ 8,021 $ 7,101 Vendor and manufacturer receivables 10,955 9,815 Premium receivables 2,942 2,628 Other receivables 2,246 2,198 Total accounts receivable, net $ 24,164 $ 21,742 The Company’s allowance for credit losses was $367 million and $358 million as of June 30, 2021 and December 31, Revenue Recognition Disaggregation of Revenue The following tables disaggregate the Company’s revenue by major source in each segment for the three and six months ended June 30, 2021 and 2020: In millions Health Care Pharmacy Retail/ Corporate/ Intersegment Consolidated Three Months Ended June 30, 2021 Major goods/services lines: Pharmacy $ — $ 38,153 $ 18,873 $ — $ (11,094) $ 45,932 Front Store — — 5,254 — — 5,254 Premiums 18,968 — — 15 — 18,983 Net investment income 137 — — 152 — 289 Other 1,420 161 601 15 (39) 2,158 Total $ 20,525 $ 38,314 $ 24,728 $ 182 $ (11,133) $ 72,616 Pharmacy Services distribution channel: Pharmacy network (1) $ 22,918 Mail choice (2) 15,235 Other 161 Total $ 38,314 Three Months Ended June 30, 2020 Major goods/services lines: Pharmacy $ — $ 34,645 $ 16,870 $ — $ (9,741) $ 41,774 Front Store — — 4,653 — — 4,653 Premiums 16,913 — — 14 — 16,927 Net investment income 127 — — 57 — 184 Other 1,428 244 139 15 (23) 1,803 Total $ 18,468 $ 34,889 $ 21,662 $ 86 $ (9,764) $ 65,341 Pharmacy Services distribution channel: Pharmacy network (1) $ 20,536 Mail choice (2) 14,109 Other 244 Total $ 34,889 In millions Health Care Pharmacy Retail/ Corporate/ Intersegment Consolidated Six Months Ended June 30, 2021 Major goods/services lines: Pharmacy $ — $ 74,294 $ 36,758 $ — $ (22,168) $ 88,884 Front Store — — 9,896 — — 9,896 Premiums 37,910 — — 33 — 37,943 Net investment income 285 — 46 255 — 586 Other 2,813 341 1,302 29 (81) 4,404 Total $ 41,008 $ 74,635 $ 48,002 $ 317 $ (22,249) $ 141,713 Pharmacy Services distribution channel: Pharmacy network (1) $ 44,811 Mail choice (2) 29,483 Other 341 Total $ 74,635 Six Months Ended June 30, 2020 Major goods/services lines: Pharmacy $ — $ 69,419 $ 34,225 $ — $ (19,998) $ 83,646 Front Store — — 9,861 — — 9,861 Premiums 34,534 — — 33 — 34,567 Net investment income 220 — — 126 — 346 Other 2,912 453 325 17 (31) 3,676 Total $ 37,666 $ 69,872 $ 44,411 $ 176 $ (20,029) $ 132,096 Pharmacy Services distribution channel: Pharmacy network (1) $ 41,636 Mail choice (2) 27,783 Other 453 Total $ 69,872 _____________________________________________ (1) Pharmacy Services pharmacy network is defined as claims filled at retail and specialty retail pharmacies, including the Company’s retail pharmacies and LTC pharmacies, but excluding Maintenance Choice ® activity, which is included within the mail choice category. Maintenance Choice 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. (2) Pharmacy Services mail choice is defined as claims filled at a Pharmacy Services mail order facility, which includes specialty mail claims inclusive of Specialty Connect ® claims picked up at a retail pharmacy, as well as prescriptions filled at the Company’s retail pharmacies under the Maintenance Choice program. Contract Balances Contract liabilities primarily represent the Company’s obligation to transfer additional goods or services to a customer for which the Company has received consideration, and include ExtraBucks ® Rewards and unredeemed Company gift cards. The consideration received remains a contract liability until goods or services have been provided to the customer. In addition, the Company recognizes breakage on Company gift cards based on historical redemption patterns. The following table provides information about receivables and contract liabilities from contracts with customers: In millions June 30, December 31, Trade receivables (included in accounts receivable, net) $ 8,021 $ 7,101 Contract liabilities (included in accrued expenses) 79 71 During the six months ended June 30, 2021 and 2020, 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: Six Months Ended In millions 2021 2020 Contract liabilities, beginning of the period $ 71 $ 73 Rewards earnings and gift card issuances 183 179 Redemption and breakage (175) (174) Contract liabilities, end of the period $ 79 $ 78 Health Insurer Fee Since January 1, 2014, the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010 (collectively, the “ACA”) has imposed an annual premium-based health insurer fee (the “HIF”). The HIF, which is payable each September, is not deductible for federal income tax purposes. In December 2019, the HIF was repealed for calendar years after 2020, therefore there was no expense related to the HIF in the three and six months ended June 30, 2021. In the three and six months ended June 30, 2020, operating expenses included $248 million and $519 million, respectively, related to the Company’s estimated share of the 2020 HIF. Related Party Transactions The Company has an equity method investment in SureScripts, LLC (“SureScripts”), which operates a clinical health information network. The Company utilizes this clinical health information network in providing services to its client plan members and retail customers. The Company expensed fees for the use of this network of $10 million and $3 million in the three months ended June 30, 2021 and 2020, respectively, and expensed fees for the use of this network of approximately $19 million and $23 million in the six months ended June 30, 2021 and 2020, respectively. The Company’s investment in and equity in the earnings of SureScripts for all periods presented is immaterial. The Company has an equity method investment in Heartland Healthcare Services, LLC (“Heartland”). Heartland operates several LTC pharmacies in four states. Heartland paid the Company $19 million and $22 million for pharmaceutical inventory purchases during the three months ended June 30, 2021 and 2020, respectively, and $37 million and $43 million for pharmaceutical inventory purchases during the six months ended June 30, 2021 and 2020, respectively. Additionally, the Company performs certain collection functions for Heartland and then transfers those customer cash collections to Heartland. The Company’s investment in and equity in the earnings of Heartland for all periods presented is immaterial. New Accounting Pronouncements Recently Adopted Simplifying the Accounting for Income Taxes In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). This standard simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in Accounting Standards Codification (“ASC”) 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The standard also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The Company adopted this new accounting standard on January 1, 2021. The adoption of this standard did not have a material impact on the Company’s consolidated operating results, cash flows, financial condition or related disclosures. New Accounting Pronouncements Not Yet Adopted Targeted Improvements to the Accounting for Long-Duration Insurance Contracts In August 2018, the FASB issued ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts (Topic 944). This standard requires the Company to review cash flow assumptions for its long-duration insurance contracts at least annually and recognize the effect of changes in future cash flow assumptions in net income. This standard also requires the Company to update discount rate assumptions quarterly and recognize the effect of changes in these assumptions in other

Investments

Investments	6 Months Ended
Investments	Jun. 30, 2021
Investments [Abstract]
Investments	Investments Total investments at June 30, 2021 and December 31, 2020 were as follows: June 30, 2021 December 31, 2020 In millions Current Long-term Total Current Long-term Total Debt securities available for sale $ 2,878 $ 19,468 $ 22,346 $ 2,774 $ 18,414 $ 21,188 Mortgage loans 128 848 976 226 821 1,047 Other investments — 1,820 1,820 — 1,577 1,577 Total investments $ 3,006 $ 22,136 $ 25,142 $ 3,000 $ 20,812 $ 23,812 Debt Securities Debt securities available for sale at June 30, 2021 and December 31, 2020 were as follows: In millions Amortized Cost (1) Gross Gross Fair June 30, 2021 Debt securities: U.S. government securities $ 2,320 $ 91 $ (1) $ 2,410 States, municipalities and political subdivisions 2,978 168 (2) 3,144 U.S. corporate securities 8,754 822 (14) 9,562 Foreign securities 2,652 247 (6) 2,893 Residential mortgage-backed securities 812 20 (3) 829 Commercial mortgage-backed securities 1,023 63 (5) 1,081 Other asset-backed securities 2,372 26 (1) 2,397 Redeemable preferred securities 27 3 — 30 Total debt securities (2) $ 20,938 $ 1,440 $ (32) $ 22,346 December 31, 2020 Debt securities: U.S. government securities $ 2,341 $ 128 $ — $ 2,469 States, municipalities and political subdivisions 2,556 172 — 2,728 U.S. corporate securities 7,879 1,023 (8) 8,894 Foreign securities 2,595 324 (1) 2,918 Residential mortgage-backed securities 673 32 — 705 Commercial mortgage-backed securities 962 84 — 1,046 Other asset-backed securities 2,369 36 (2) 2,403 Redeemable preferred securities 21 4 — 25 Total debt securities (2) $ 19,396 $ 1,803 $ (11) $ 21,188 _____________________________________________ (1) There was no allowance for expected credit losses recorded on available-for-sale debt securities at June 30, 2021 or December 31, 2020. (2) Investment risks associated with the Company’s experience-rated products generally do not impact the Company’s consolidated operating results. At June 30, 2021, debt securities with a fair value of $886 million, gross unrealized capital gains of $110 million and gross unrealized capital losses of $1 million and at December 31, 2020, debt securities with a fair value of $919 million, gross unrealized capital gains of $135 million and no gross unrealized capital losses were included in total debt securities, but support experience-rated products. Changes in net unrealized capital gains (losses) on these securities are not reflected in accumulated other comprehensive income. The amortized cost and fair value of debt securities at June 30, 2021 are shown below by contractual maturity. Actual maturities may differ from contractual maturities because securities may be restructured, called or prepaid, or the Company intends to sell a security prior to maturity. In millions Amortized Fair Due to mature: Less than one year $ 1,168 $ 1,183 One year through five years 7,095 7,397 After five years through ten years 4,418 4,682 Greater than ten years 4,050 4,777 Residential mortgage-backed securities 812 829 Commercial mortgage-backed securities 1,023 1,081 Other asset-backed securities 2,372 2,397 Total $ 20,938 $ 22,346 Summarized below are the debt securities the Company held at June 30, 2021 and December 31, 2020 that were in an unrealized capital loss position, aggregated by the length of time the investments have been in that position: Less than 12 months Greater than 12 months Total In millions, except number of securities Number Fair Unrealized Number Fair Unrealized Number Fair Unrealized June 30, 2021 Debt securities: U.S. government securities 15 $ 76 $ 1 — $ — $ — 15 $ 76 $ 1 States, municipalities and political subdivisions 146 302 2 1 4 — 147 306 2 U.S. corporate securities 807 1,125 13 8 9 1 815 1,134 14 Foreign securities 237 374 6 2 2 — 239 376 6 Residential mortgage-backed securities 100 398 3 5 — — 105 398 3 Commercial mortgage-backed securities 85 241 5 — — — 85 241 5 Other asset-backed securities 272 505 1 24 28 — 296 533 1 Redeemable preferred securities 1 3 — — — — 1 3 — Total debt securities 1,663 $ 3,024 $ 31 40 $ 43 $ 1 1,703 $ 3,067 $ 32 December 31, 2020 Debt securities: U.S. government securities 32 $ 205 $ — — $ — $ — 32 $ 205 $ — States, municipalities and political subdivisions 49 83 — — — — 49 83 — U.S. corporate securities 145 155 8 2 — — 147 155 8 Foreign securities 41 69 1 5 5 — 46 74 1 Residential mortgage-backed securities 23 26 — 3 — — 26 26 — Commercial mortgage-backed securities 22 75 — — — — 22 75 — Other asset-backed securities 156 256 1 49 41 1 205 297 2 Total debt securities 468 $ 869 $ 10 59 $ 46 $ 1 527 $ 915 $ 11 The Company reviewed the securities in the table above and concluded that they are performing assets generating investment income to support the needs of the Company’s business. In performing this review, the Company considered factors such as the quality of the investment security based on research performed by the Company’s internal credit analysts and external rating agencies and the prospects of realizing the carrying value of the security based on the investment’s current prospects for recovery. Unrealized capital losses at June 30, 2021 were generally caused by interest rate increases and not by unfavorable changes in the credit quality associated with these securities. As of June 30, 2021, the Company did not intend to sell these securities, and did not believe it was more likely than not that it would be required to sell these securities prior to the anticipated recovery of their amortized cost basis. The maturity dates for debt securities in an unrealized capital loss position at June 30, 2021 were as follows: Supporting Supporting Total In millions Fair Unrealized Fair Unrealized Fair Unrealized Due to mature: Less than one year $ — $ — $ 23 $ — $ 23 $ — One year through five years 1 — 1,005 7 1,006 7 After five years through ten years 15 — 613 11 628 11 Greater than ten years 2 1 236 4 238 5 Residential mortgage-backed securities — — 398 3 398 3 Commercial mortgage-backed securities 6 — 235 5 241 5 Other asset-backed securities 1 — 532 1 533 1 Total $ 25 $ 1 $ 3,042 $ 31 $ 3,067 $ 32 Mortgage Loans The Company’s mortgage loans are collateralized by commercial real estate. During the three and six months ended June 30, 2021 and 2020, the Company had the following activity in its mortgage loan portfolio: Three Months Ended Six Months Ended In millions 2021 2020 2021 2020 New mortgage loans $ 73 $ 16 $ 120 $ 24 Mortgage loans fully repaid 82 33 172 77 Mortgage loans foreclosed — — — — The Company assesses mortgage loans on a regular basis for credit impairments, and assigns a credit quality indicator to each loan. The Company’s credit quality indicator is internally developed and categorizes each loan in its portfolio on a scale from 1 to 7. These indicators are based upon several factors, including current loan-to-value ratios, current and future property cash flow, property condition, market trends, creditworthiness of the borrower and deal structure. • Category 1 - Represents loans of superior quality. • Categories 2 to 4 - Represent loans where credit risk is minimal to acceptable; however, these loans may display some susceptibility to economic changes. • Categories 5 and 6 - Represent loans where credit risk is not substantial, but these loans warrant management’s close attention. • Category 7 - Represents loans where collections are potentially at risk; if necessary, an impairment is recorded. Based on the Company’s assessments at June 30, 2021 and December 31, 2020, the amortized cost basis of the Company's mortgage loans within each credit quality indicator by year of origination was as follows: Amortized Cost Basis by Year of Origination In millions, except credit quality indicator 2021 2020 2019 2018 2017 Prior Total June 30, 2021 1 $ — $ — $ — $ — $ 23 $ 30 $ 53 2 to 4 118 57 88 73 71 490 897 5 and 6 — — — 3 4 11 18 7 — — — — — 8 8 Total $ 118 $ 57 $ 88 $ 76 $ 98 $ 539 $ 976 December 31, 2020 1 $ — $ — $ — $ 22 $ 37 $ 59 2 to 4 46 96 91 124 595 952 5 and 6 — — 3 4 29 36 7 — — — — — — Total $ 46 $ 96 $ 94 $ 150 $ 661 $ 1,047 Net Investment Income Sources of net investment income for the three and six months ended June 30, 2021 and 2020 were as follows: Three Months Ended Six Months Ended In millions 2021 2020 2021 2020 Debt securities $ 160 $ 146 $ 317 $ 290 Mortgage loans 13 15 28 30 Other investments 112 (20) 198 27 Gross investment income 285 141 543 347 Investment expenses (9) (9) (17) (17) Net investment income (excluding net realized capital gains or losses) 276 132 526 330 Net realized capital gains (1) 13 52 60 16 Net investment income (2) $ 289 $ 184 $ 586 $ 346 _____________________________________________ (1) Net realized capital gains are net of yield-related impairment losses on debt securities of $2 million and $32 million, respectively, in the three and six months ended June 30, 2021. There were no credit-related losses on debt securities in the three and six months ended June 30, 2021. Net realized capital gains include the reversal of previously recorded credit-related impairment losses on debt securities of $42 million and yield-related impairment losses on debt securities of $1 million in the three months ended June 30, 2020. Net realized capital gains are net of credit-related and yield-related impairment losses on debt securities of $3 million and $42 million, respectively, in the six months ended June 30, 2020. (2) Net investment income includes $10 million and $19 million for the three and six months ended June 30, 2021, respectively, and $10 million and $21 million for the three and six months ended June 30, 2020, respectively, related to investments supporting experience-rated products. Excluding amounts related to experience-rated products, proceeds from the sale of available-for-sale debt securities and the related gross realized capital gains and losses for the three and six months ended June 30, 2021 and 2020 were as follows: Three Months Ended Six Months Ended In millions 2021 2020 2021 2020 Proceeds from sales $ 919 $ 1,419 $ 2,267 $ 2,142 Gross realized capital gains 20 23 42 43 Gross realized capital losses 1 21 10 56

Fair Value

Fair Value	6 Months Ended
Fair Value	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value	Fair Value The preparation of the Company’s unaudited condensed consolidated financial statements in accordance with GAAP requires certain assets and liabilities to be reflected at their fair value and others to be reflected on another basis, such as an adjusted historical cost basis. The Company’s assets and liabilities carried at fair value have been classified within one of three levels of a hierarchy established by GAAP. The following are the levels of the hierarchy and a brief description of the type of valuation information (“valuation inputs”) that qualifies a financial asset or liability for each level: • Level 1 – Unadjusted quoted prices for identical assets or liabilities in active markets. • Level 2 – Valuation inputs other than Level 1 that are based on observable market data. These include: quoted prices for similar assets in active markets, quoted prices for identical assets in inactive markets, valuation inputs that are observable that are not prices (such as interest rates and credit risks) and valuation inputs that are derived from or corroborated by observable markets. • Level 3 – Developed from unobservable data, reflecting the Company’s assumptions. For a description of the methods and assumptions that are used to estimate the fair value and determine the fair value hierarchy classification of each class of financial instrument, see Note 4 “Fair Value” in the 2020 Form 10-K. There were no financial liabilities measured at fair value on a recurring basis on the condensed consolidated balance sheets at June 30, 2021 or December 31, 2020. Financial assets measured at fair value on a recurring basis on the condensed consolidated balance sheets at June 30, 2021 and December 31, 2020 were as follows: In millions Level 1 Level 2 Level 3 Total June 30, 2021 Cash and cash equivalents $ 3,538 $ 3,581 $ — $ 7,119 Debt securities: U.S. government securities 2,365 45 — 2,410 States, municipalities and political subdivisions — 3,144 — 3,144 U.S. corporate securities — 9,521 41 9,562 Foreign securities — 2,893 — 2,893 Residential mortgage-backed securities — 829 — 829 Commercial mortgage-backed securities — 1,081 — 1,081 Other asset-backed securities — 2,397 — 2,397 Redeemable preferred securities — 29 1 30 Total debt securities 2,365 19,939 42 22,346 Equity securities 30 — 30 60 Total $ 5,933 $ 23,520 $ 72 $ 29,525 December 31, 2020 Cash and cash equivalents $ 3,985 $ 3,869 $ — $ 7,854 Debt securities: U.S. government securities 2,370 99 — 2,469 States, municipalities and political subdivisions — 2,727 1 2,728 U.S. corporate securities — 8,842 52 8,894 Foreign securities — 2,918 — 2,918 Residential mortgage-backed securities — 705 — 705 Commercial mortgage-backed securities — 1,046 — 1,046 Other asset-backed securities — 2,403 — 2,403 Redeemable preferred securities — 24 1 25 Total debt securities 2,370 18,764 54 21,188 Equity securities 17 — 30 47 Total $ 6,372 $ 22,633 $ 84 $ 29,089 During the three and six months ended June 30, 2021 and 2020, there were no transfers into or out of Level 3. The carrying value and estimated fair value classified by level of fair value hierarchy for financial instruments carried on the condensed consolidated balance sheets at adjusted cost or contract value at June 30, 2021 and December 31, 2020 were as follows: Carrying Estimated Fair Value In millions Level 1 Level 2 Level 3 Total June 30, 2021 Assets: Mortgage loans $ 976 $ — $ — $ 992 $ 992 Equity securities (1) 129 N/A N/A N/A N/A Liabilities: Investment contract liabilities: With a fixed maturity 5 — — 5 5 Without a fixed maturity 324 — — 363 363 Long-term debt 59,354 68,364 — — 68,364 December 31, 2020 Assets: Mortgage loans $ 1,047 $ — $ — $ 1,070 $ 1,070 Equity securities (1) 145 N/A N/A N/A N/A Liabilities: Investment contract liabilities: With a fixed maturity 5 — — 5 5 Without a fixed maturity 322 — — 371 371 Long-term debt 64,647 75,940 — — 75,940 _____________________________________________ (1) It was not practical to estimate the fair value of these cost-method investments as it represents shares of unlisted companies. Separate Accounts assets relate to the Company’s large case pensions products which represent funds maintained to meet specific objectives of contract holders. Since contract holders bear the investment risk of these assets, a corresponding Separate Accounts liability has been established equal to the assets. These assets and liabilities are carried at fair value. Separate Accounts financial assets as of June 30, 2021 and December 31, 2020 were as follows: June 30, 2021 December 31, 2020 In millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 2 $ 227 $ — $ 229 $ 2 $ 186 $ — $ 188 Debt securities 1,075 2,961 — 4,036 1,465 2,634 — 4,099 Equity securities — 2 — 2 — 2 — 2 Common/collective trusts — 513 — 513 — 563 — 563 Total (1) $ 1,077 $ 3,703 $ — $ 4,780 $ 1,467 $ 3,385 $ — $ 4,852 _____________________________________________ (1) Excludes $100 million and $29 million of other receivables at June 30, 2021 and December 31, 2020, respectively.

Health Care Costs Payable

Health Care Costs Payable	6 Months Ended
Health Care Costs Payable	Jun. 30, 2021
Health Care and Other Insurance Liabilities [Abstract]
Health Care Costs Payable	Health Care Costs Payable The following table shows the components of the change in health care costs payable during the six months ended June 30, 2021 and 2020: Six Months Ended In millions 2021 2020 Health care costs payable, beginning of the period $ 7,936 $ 6,879 Less: Reinsurance recoverables 10 5 Health care costs payable, beginning of the period, net 7,926 6,874 Acquisition — 412 Add: Components of incurred health care costs Current year 32,183 26,390 Prior years (709) (420) Total incurred health care costs (1) 31,474 25,970 Less: Claims paid Current year 24,600 20,223 Prior years 6,409 5,704 Total claims paid 31,009 25,927 Add: Premium deficiency reserve 5 29 Health care costs payable, end of the period, net 8,396 7,358 Add: Reinsurance recoverables 18 4 Health care costs payable, end of the period $ 8,414 $ 7,362 _____________________________________________ (1) Total incurred health care costs for the six months ended June 30, 2021 and 2020 in the table above exclude (i) $5 million and $29 million, respectively, related to a premium deficiency reserve related to the Company’s Medicaid products, (ii) $27 million and $20 million, respectively, of benefit costs recorded in the Health Care Benefits segment that are included in other insurance liabilities on the Company’s unaudited condensed consolidated balance sheets and (iii) $99 million and $119 million, respectively, of benefit costs recorded in the Corporate/Other segment that are included in other insurance liabilities on the Company’s unaudited condensed consolidated balance sheets. The Company’s estimates of prior years’ health care costs payable decreased by $709 million and $420 million, respectively, in the six months ended June 30, 2021 and 2020, because claims were settled for amounts less than originally estimated (i.e., the amount of claims incurred was lower than originally estimated), primarily due to lower health care cost trends as well as the actual claim submission time being faster than originally assumed (i.e., the Company’s completion factors were higher than originally assumed) in estimating health care costs payable at the end of the prior year. At June 30, 2021, the Company’s liabilities for the ultimate cost of (i) services rendered to the Company’s Insured members but not yet reported to the Company and (ii) claims which have been reported to the Company but not yet paid (collectively, “IBNR”) plus expected development on reported claims totaled approximately $6.4 billion. Substantially all of the Company’s liabilities for IBNR plus expected development on reported claims at June 30, 2021 related to the current year.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
Shareholders' Equity	Jun. 30, 2021
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity Share Repurchases On November 2, 2016, CVS Health’s Board of Directors (the “Board”) authorized the 2016 share repurchase program (“2016 Repurchase Program”) for up to $15.0 billion of the Company’s common shares. The 2016 Repurchase Program permits the Company to effect repurchases from time to time through a combination of open market repurchases, privately negotiated transactions, accelerated share repurchase transactions, and/or other derivative transactions. The 2016 Repurchase Program can be modified or terminated by the Board at any time. During the six months ended June 30, 2021 and 2020, the Company did not repurchase any shares of its common stock. At June 30, 2021, the Company had remaining authorization to repurchase an aggregate of up to approximately $13.9 billion of its common shares under the 2016 Repurchase Program. Dividends

Other Comprehensive Income

Other Comprehensive Income	6 Months Ended
Other Comprehensive Income	Jun. 30, 2021
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Other Comprehensive Income	Other Comprehensive Income Shareholders’ equity included the following activity in accumulated other comprehensive income for the three and six months ended June 30, 2021 and 2020: Three Months Ended Six Months Ended In millions 2021 2020 2021 2020 Net unrealized investment gains (losses): Beginning of period balance $ 828 $ 463 $ 1,214 $ 774 Other comprehensive income (loss) before reclassifications ( $214, $681, $(273), $195 pretax) 164 560 (236) 166 Amounts reclassified from accumulated other comprehensive income ($(18), $(44), $(1), $57 pretax) (1) (15) (36) (1) 47 Other comprehensive income (loss) 149 524 (237) 213 End of period balance 977 987 977 987 Foreign currency translation adjustments: Beginning of period balance 5 (8) 7 4 Other comprehensive income (loss) before reclassifications 1 6 (1) (6) Other comprehensive income (loss) 1 6 (1) (6) End of period balance 6 (2) 6 (2) Net cash flow hedges: Beginning of period balance 244 270 248 279 Other comprehensive loss before reclassifications ($0, $0, $0, $(7) pretax) — — — (5) Amounts reclassified from accumulated other comprehensive income ($(4), $(4), $(9), $(10) pretax) (2) (3) (3) (7) (7) Other comprehensive loss (3) (3) (7) (12) End of period balance 241 267 241 267 Pension and other postretirement benefits: Beginning of period balance (55) (38) (55) (38) Other comprehensive loss before reclassifications ($0, $(8), $0, and $(8) pretax) — (6) — (6) Amounts reclassified from accumulated other comprehensive loss ($1, $7, $1 and $7 pretax) (3) 1 5 1 5 Other comprehensive income (loss) 1 (1) 1 (1) End of period balance (54) (39) (54) (39) Total beginning of period accumulated other comprehensive income 1,022 687 1,414 1,019 Total other comprehensive income (loss) 148 526 (244) 194 Total end of period accumulated other comprehensive income $ 1,170 $ 1,213 $ 1,170 $ 1,213 _____________________________________________ (1) Amounts reclassified from accumulated other comprehensive income for specifically identified debt securities are included in net investment income in the unaudited condensed consolidated statements of operations. (2) Amounts reclassified from accumulated other comprehensive income for specifically identified cash flow hedges are included in interest expense in the unaudited condensed consolidated statements of operations. The Company expects to reclassify approximately $13 million, net of tax, in net gains associated with its cash flow hedges into net income within the next 12 months.

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Earnings per share is computed using the two-class method. Stock appreciation rights and options to purchase 8 million and 9 million shares of common stock were outstanding, but were excluded from the calculation of diluted earnings per share for the three and six months ended June 30, 2021, respectively, because their exercise prices were greater than the average market price of the common shares and, therefore, the effect would be antidilutive. For the same reason, stock appreciation rights and options to purchase 17 million and 15 million shares of common stock were outstanding, but were excluded from the calculation of diluted earnings per share for the three and six months ended June 30, 2020, respectively. The following is a reconciliation of basic and diluted earnings per share for the respective periods: Three Months Ended Six Months Ended In millions, except per share amounts 2021 2020 2021 2020 Numerator for earnings per share calculation: Net income attributable to CVS Health $ 2,783 $ 2,975 $ 5,006 $ 4,982 Denominator for earnings per share calculation: Weighted average shares, basic 1,319 1,309 1,316 1,307 Effect of dilutive securities 8 5 9 6 Weighted average shares, diluted 1,327 1,314 1,325 1,313 Earnings per share: Basic $ 2.11 $ 2.27 $ 3.80 $ 3.81 Diluted $ 2.10 $ 2.26 $ 3.78 $ 3.79

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies COVID-19 The COVID-19 pandemic continues to evolve. We believe COVID-19’s impact on our businesses, operating results, cash flows and/or financial condition primarily will be driven by the geographies impacted and the severity and duration of the pandemic; the pandemic’s impact on the U.S. and global economies and consumer behavior and health care utilization patterns; and the timing, scope and impact of stimulus legislation as well as other federal, state and local governmental responses to the pandemic. Those primary drivers are beyond our knowledge and control. As a result, the impact COVID-19 will have on our businesses, operating results, cash flows and/or financial condition is uncertain, but the impact could be adverse and material. COVID-19 also may result in legal and regulatory proceedings, investigations and claims against us. Lease Guarantees Between 1995 and 1997, the Company sold or spun off a number of subsidiaries, including Bob’s Stores and Linens ‘n Things, each of which subsequently filed for bankruptcy, and Marshalls. In many cases, when a former subsidiary leased a store, the Company provided a guarantee of the former subsidiary’s lease obligations for the initial lease term and any extension thereof pursuant to a renewal option provided for in the lease prior to the time of the disposition. When the subsidiaries were disposed of and accounted for as discontinued operations, the Company’s guarantees remained in place, although each initial purchaser agreed to indemnify the Company for any lease obligations the Company was required to satisfy. If any of the purchasers or any of the former subsidiaries fail to make the required payments under a store lease, the Company could be required to satisfy those obligations, and any significant adverse impact of COVID-19 on such purchasers and/or former subsidiaries increases the risk that the Company will be required to satisfy those obligations. As of June 30, 2021, the Company guaranteed 73 such store leases (excluding the lease guarantees related to Linens ‘n Things, which have been recorded as a liability on the unaudited condensed consolidated balance sheets), with the maximum remaining lease term extending through 2030. Guaranty Fund Assessments, Market Stabilization and Other Non-Voluntary Risk Sharing Pools Under guaranty fund laws existing in all states, insurers doing business in those states can be assessed (in most states up to prescribed limits) for certain obligations of insolvent insurance companies to policyholders and claimants. The life and health insurance guaranty associations in which the Company participates that operate under these laws respond to insolvencies of long-term care insurers and life insurers as well as health insurers. The Company’s assessments generally are based on a formula relating to the Company’s health care premiums in the state compared to the premiums of other insurers. Certain states allow assessments to be recovered over time as offsets to premium taxes. Some states have similar laws relating to HMOs and/or other payors such as not-for-profit consumer-governed health plans established under the ACA. In 2009, the Pennsylvania Insurance Commissioner placed long-term care insurer Penn Treaty Network America Insurance Company and one of its subsidiaries (collectively, “Penn Treaty”) in rehabilitation, an intermediate action before insolvency, and subsequently petitioned a state court to convert the rehabilitation into a liquidation. Penn Treaty was placed in liquidation in March 2017. The Company has recorded a liability for its estimated share of future assessments by applicable life and health insurance guaranty associations. It is reasonably possible that in the future the Company may record a liability and expense relating to other insolvencies which could have a material adverse effect on the Company’s operating results, financial condition and cash flows, and the risk is heightened by any significant adverse impact of the COVID-19 pandemic on the solvency of other insurers, including long-term care and life insurers. While historically the Company has ultimately recovered more than half of guaranty fund assessments through statutorily permitted premium tax offsets, significant increases in assessments could lead to legislative and/or regulatory actions that limit future offsets. HMOs in certain states in which the Company does business are subject to assessments, including market stabilization and other risk-sharing pools, for which the Company is assessed charges based on incurred claims, demographic membership mix and other factors. The Company establishes liabilities for these assessments based on applicable laws and regulations. In certain states, the ultimate assessments the Company pays are dependent upon the Company’s experience relative to other entities subject to the assessment, and the ultimate liability is not known at the financial statement date. While the ultimate amount of the assessment is dependent upon the experience of all pool participants, the Company believes it has adequate reserves to cover such assessments. Litigation and Regulatory Proceedings The Company has been involved or is currently involved in numerous legal proceedings, including litigation, arbitration, government investigations, audits, reviews and claims. These include routine, regular and special investigations, audits and reviews by the U.S. Centers for Medicare & Medicaid Services (“CMS”), state insurance and health and welfare departments, state attorneys general, the U.S. Drug Enforcement Administration (the “DEA”) and other governmental authorities. Legal proceedings, in general, and securities, class action and multi-district litigation, in particular, and governmental special investigations, audits and reviews can be expensive and disruptive. Some of the litigation matters may purport or be determined to be class actions and/or involve parties seeking large and/or indeterminate amounts, including punitive or exemplary damages, and may remain unresolved for several years. The Company also may be named from time to time in qui tam actions initiated by private third parties that could also be separately pursued by a governmental body. The results of legal proceedings, including government investigations, are often uncertain and difficult to predict, and the costs incurred in these matters can be substantial, regardless of the outcome. The Company records accruals for outstanding legal matters when it believes it is probable that a loss will be incurred and the amount can be reasonably estimated. The Company evaluates, on a quarterly basis, developments in legal matters that could affect the amount of any accrual and developments that would make a loss contingency both probable and reasonably estimable. If a loss contingency is not both probable and reasonably estimable, the Company does not establish an accrued liability. None of the Company’s accruals for outstanding legal matters are material individually or in the aggregate to the Company’s financial condition. Except as otherwise noted, the Company cannot predict with certainty the timing or outcome of the legal matters described below, and the Company is unable to reasonably estimate a possible loss or range of possible loss in excess of amounts already accrued for these matters. The Company believes that its defenses and assertions in pending legal proceedings have merit and does not believe that any of these pending matters, after consideration of applicable reserves and rights to indemnification, will have a material adverse effect on the Company’s financial position. Substantial unanticipated verdicts, fines and rulings, however, do sometimes occur, which could result in judgments against the Company, entry into settlements or a revision to its expectations regarding the outcome of certain matters, and such developments could have a material adverse effect on its results of operations. In addition, as a result of governmental investigations or proceedings, the Company may be subject to damages, civil or criminal fines or penalties, or other sanctions including possible suspension or loss of licensure and/or exclusion from participating in government programs. The outcome of such governmental investigations of proceedings could be material to the Company. Usual and Customary Pricing Litigation The Company and certain current and former directors and officers are named as a defendant in a number of lawsuits that allege that the Company’s retail pharmacies overcharged for prescription drugs by not submitting the correct usual and customary price during the claims adjudication process. These actions are brought by a number of different types of plaintiffs, including plan members, private payors, government payors, and shareholders based on different legal theories. Some of these cases are brought as putative class actions, and in some instances, classes have been certified. The Company is defending itself against these claims. PBM Litigation and Investigations The Company is named as a defendant in a number of lawsuits and is subject to a number of investigations concerning its PBM practices. The Company is facing multiple lawsuits, including by a State Attorney General, governmental subdivisions and several putative class actions, regarding drug pricing and its rebate arrangements with drug manufacturers. These complaints, brought under a variety of legal theories, generally allege that rebate agreements between the drug manufacturers and PBMs caused inflated prices for certain drug products. The Company is defending itself against these claims. The Company has also received subpoenas, civil investigative demands (“CIDs”) and other requests for documents and information from, and is being investigated by, Attorneys General of several states and the District of Columbia regarding its PBM practices, including pricing and rebates. The Company has been providing documents and information in response to these subpoenas, CIDs and requests for information. United States ex rel. Behnke v. CVS Caremark Corporation, et al. (U.S. District Court for the Eastern District of Pennsylvania). In April 2018, the Court unsealed a complaint filed in February 2014. The government has declined to intervene in this case. The relator alleges that the Company submitted, or caused to be submitted, to Part D of the Medicare program Prescription Drug Event data and/or Direct and Indirect Remuneration reports that misrepresented true prices paid by the Company’s PBM to pharmacies for drugs dispensed to Part D beneficiaries with prescription benefits administered by the Company’s PBM. The Company is defending itself against these claims. Controlled Substances Litigation, Audits and Subpoenas In December 2017, the U.S. Judicial Panel on Multidistrict Litigation consolidated numerous cases filed against various defendants by plaintiffs such as counties, cities, hospitals, Indian tribes and third-party payors, alleging claims generally concerning the impacts of widespread prescription opioid abuse. The consolidated multidistrict litigation captioned In re National Prescription Opiate Litigation (MDL No. 2804) is pending in the U.S. District Court for the Northern District of Ohio. This multidistrict litigation presumptively includes hundreds of relevant federal court cases that name the Company as a defendant. A significant number of similar cases that name the Company as a defendant in some capacity are pending in state courts. In addition, the Company has been named as a defendant in similar cases brought by certain state Attorneys General. The Company is defending itself against all such claims. Additionally, the Company has received subpoenas, CIDs and/or other requests for information regarding opioids from state Attorneys General and insurance and other regulators of several U.S. jurisdictions. The Company has been cooperating with the government with respect to these subpoenas, CIDs and other requests for information. In June 2021, prior to the start of the New York State Court bellwether trial, the Company reached a settlement with Nassau and Suffolk Counties for an immaterial amount. In January 2020, the U.S. Department of Justice (the “DOJ”) served the Company with a DEA administrative subpoena. The subpoena seeks documents relating to practices with respect to prescription opioids and other controlled substances at CVS Pharmacy locations in connection with an investigation concerning potential violations of the federal Controlled Substances Act and the federal False Claims Act. The Company has been providing documents and information in response to this subpoena. Prescription Processing Litigation and Investigations The Company is named as a defendant in a number of lawsuits and is subject to a number of investigations concerning its prescription processing practices, including the following: U.S. ex rel. Bassan et al. v. Omnicare, Inc. and CVS Health Corp. (U.S. District Court for the Southern District of New York). In December 2019, the U.S. Attorney’s Office for the Southern District of New York (the “SDNY”) filed a complaint-in- intervention in this previously sealed qui tam case. The complaint alleges that for certain non-skilled nursing facilities, Omnicare improperly filled prescriptions beyond one year where a valid prescription did not exist and that these dispensing events violated the federal False Claims Act. The Company is defending itself against these claims. In July 2017, the Company also received a subpoena from the California Department of Insurance requesting documents concerning the Company’s Omnicare pharmacies’ cycle fill process for assisted living facilities. The Company has been cooperating with the California Department of Insurance and providing documents and information in response to this subpoena. In December 2016, the Company received a CID from the U.S. Attorney’s Office for the Northern District of New York requesting documents and information in connection with a federal False Claims Act investigation concerning whether the Company’s retail pharmacies improperly submitted certain insulin claims to Part D of the Medicare program rather than Part B of the Medicare program. The Company has been cooperating with the government and providing documents and information in response to this CID. Provider Proceedings The Company is named as a defendant in purported class actions and individual lawsuits arising out of its practices related to the payment of claims for services rendered to its members by providers with whom the Company has a contract and with whom the Company does not have a contract (“out-of-network providers”). Among other things, these lawsuits allege that the Company paid too little to its health plan members and/or providers for out-of-network services and/or otherwise allege that the Company failed to timely or appropriately pay or administer out-of-network claims and benefits (including the Company’s post payment audit and collection practices and reductions in payments to providers due to sequestration). Other major health insurers are the subject of similar litigation or have settled similar litigation. The Company also has received subpoenas and/or requests for documents and other information from, and been investigated by, state Attorneys General and other state and/or federal regulators, legislators and agencies relating to, and the Company is involved in other litigation regarding, its out-of-network benefit payment and administration practices. It is reasonably possible that others could initiate additional litigation or additional regulatory action against the Company with respect to its out-of-network benefit payment and/or administration practices. CMS Actions CMS regularly audits the Company’s performance to determine its compliance with CMS’s regulations and its contracts with CMS and to assess the quality of services it provides to Medicare beneficiaries. CMS uses various payment mechanisms to allocate and adjust premium payments to the Company’s and other companies’ Medicare plans by considering the applicable health status of Medicare members as supported by information prepared, maintained and provided by providers. The Company collects claim and encounter data from providers and generally relies on providers to appropriately code their submissions to the Company and document their medical records, including the diagnosis data submitted to the Company with claims. CMS pays increased premiums to Medicare Advantage plans and Medicare PDP plans for members who have certain medical conditions identified with specific diagnosis codes. Federal regulators review and audit the providers’ medical records to determine whether those records support the related diagnosis codes that determine the members’ health status and the resulting risk-adjusted premium payments to the Company. In that regard, CMS has instituted risk adjustment data validation (“RADV”) audits of various Medicare Advantage plans, including certain of the Company’s plans, to validate coding practices and supporting medical record documentation maintained by providers and the resulting risk adjusted premium payments to the plans. CMS may require the Company to refund premium payments if the Company’s risk adjusted premiums are not properly supported by medical record data. The Office of the Inspector General of the U.S. Department of Health and Human Services (“HHS-OIG”) also is auditing the Company’s risk adjustment-related data and that of other companies. The Company expects CMS and the OIG to continue these types of audits. In 2012, CMS revised its audit methodology for RADV audits to determine refunds payable by Medicare Advantage plans for contract year 2011 and forward. Under the revised methodology, among other things, CMS will extrapolate the error rate identified in the audit sample of approximately 200 members to all risk adjusted premium payments made under the contract being audited. For contract years prior to 2011, CMS did not extrapolate sample error rates to the entire contract. As a result, the revised methodology may increase the Company’s exposure to premium refunds to CMS based on incomplete medical records maintained by providers. Since 2013, CMS has selected certain of the Company’s Medicare Advantage contracts for various contract years for RADV audit, and the number of RADV audits continues to increase. The Company is currently unable to predict which of its Medicare Advantage contracts will be selected for future audit, the amounts of any retroactive refunds of, or prospective adjustments to, Medicare Advantage premium payments made to the Company, the effect of any such refunds or adjustments on the actuarial soundness of the Company’s Medicare Advantage bids, or whether any RADV audit findings would require the Company to change its method of estimating future premium revenue in future bid submissions to CMS or compromise premium assumptions made in the Company’s bids for prior contract years, the current contract year or future contract years. Any premium or fee refunds or adjustments resulting from regulatory audits, whether as a result of RADV, Public Exchange related or other audits by CMS, HHS-OIG or otherwise, including audits of the Company’s minimum medical loss ratio (“MLR”) rebates, methodology and/or reports, could be material and could adversely affect the Company’s operating results, cash flows and/or financial condition. Medicare and Medicaid CIDs The Company has received CIDs from the Civil Division of the DOJ in connection with a current investigation of the Company’s patient chart review processes in connection with risk adjustment data submissions under Parts C and D of the Medicare program. The Company has been cooperating with the government and providing documents and information in response to these CIDs. In May 2017, the Company received a CID from the SDNY requesting documents and information concerning possible false claims submitted to Medicare in connection with reimbursements for prescription drugs under the Medicare Part D program. The Company has been cooperating with the government and providing documents and information in response to this CID. In April 2020, the Company received a CID from the Office of the Washington Attorney General, Medicaid Fraud Control Division, on behalf of the State of Washington and all other states, as well as the District of Columbia, Puerto Rico and the U.S. Virgin Islands. The investigation involved, among other things, possible retention of overpayments and possible submission of false claims for Medicaid reimbursement relating to drugs prescribed by providers who were excluded by the applicable federal and/or state Medicaid programs. In June 2021, the government withdrew this CID and indicated that no further action is required from the Company with respect to the April 2020 CID. Stockholder Matters Beginning in February 2019, multiple class action complaints, as well as a derivative complaint, were filed by putative plaintiffs against the Company and certain current and former officers and directors. The plaintiffs in these cases assert a variety of causes of action under federal securities laws that are premised on allegations that the defendants made certain omissions and misrepresentations relating to the performance of the Company’s LTC business unit. The Company and its current and former officers and directors are defending themselves against these claims. Since filing, several of the cases have been consolidated, and the first-filed federal case, City of Miami Fire Fighters’ and Police Officers’ Retirement Trust, et al. (formerly known as Anarkat ), was dismissed with prejudice in February 2021. Plaintiffs filed a notice of appeal with the First Circuit after their motion for reconsideration was denied. The Company has moved to dismiss the other federal case, In re CVS Health Corp. Securities Act Litigation (formerly known as Waterford ). In March 2021, the New York Supreme Court, Appellate Division (First Department) dismissed the consolidated Labourers’ Pension Fund of Central & Eastern Canada case; plaintiffs’ motion for reargument was denied and this matter is now concluded. In August and September 2020, two ERISA class actions were filed in the U.S. District Court for the District of Connecticut against CVS Health, Aetna Inc. (“Aetna”), and several current and former executives, directors and/or members of Aetna’s Compensation and Talent Management Committee: Radcliffe v. Aetna Inc., et al. and Flaim v. Aetna Inc., et al. The plaintiffs in these cases assert a variety of causes of action premised on allegations that the defendants breached fiduciary duties and engaged in prohibited transactions relating to participants in the Aetna 401(k) Plan’s investment in company stock between December 3, 2017 and February 20, 2019, claiming losses related to the performance of the Company’s LTC business unit. The district court consolidated the actions and the Company is defending itself against these claims. The Company also received a related document request pursuant to ERISA § 104(b), to which the Company has responded. Other Legal and Regulatory Proceedings The Company is also a party to other legal proceedings and is subject to government investigations, inquiries and audits and has received and is cooperating with the government in response to CIDs, subpoenas or similar process from various governmental agencies requesting information. These other legal proceedings and government actions include claims of or relating to bad faith, medical or professional malpractice, claims processing, dispensing of medications, non-compliance with state and federal regulatory regimes, marketing misconduct, failure to timely or appropriately pay or administer claims and benefits, provider network structure (including the use of performance-based networks and termination of provider contracts), rescission of insurance coverage, improper disclosure or use of personal information, anticompetitive practices, general contractual matters, product liability, intellectual property litigation and employment litigation. Some of these other legal proceedings are or are purported to be class actions or derivative claims. The Company is defending itself against the claims brought in these matters. Awards to the Company and others of certain government contracts, particularly Medicaid contracts and other contracts with government customers in the Company’s Health Care Benefits segment, frequently are subject to protests by unsuccessful bidders. These protests may result in awards to the Company being reversed, delayed or modified. The loss or delay in implementation of any government contract could adversely affect the Company’s operating results. The Company will continue to defend contract awards it receives. There also continues to be a heightened level of review and/or audit by regulatory authorities and legislators of, and increased litigation regarding, the Company’s and the rest of the health care and related benefits industry’s business and reporting practices, including premium rate increases, utilization management, development and application of medical policies, complaint, grievance and appeal processing, information privacy, provider network structure (including provider network adequacy, the use of performance-based networks and termination of provider contracts), provider directory accuracy, calculation of minimum medical loss ratios and/or payment of related rebates, delegated arrangements, rescission of insurance coverage, limited benefit health products, student health products, pharmacy benefit management practices (including manufacturers’ rebates, pricing, the use of narrow networks and the placement of drugs in formulary tiers), sales practices, customer service practices, vendor oversight and claim payment practices (including payments to out-of-network providers). As a leading national health care company, the Company regularly is the subject of government actions of the types described above. These government actions may prevent or delay the Company from implementing planned premium rate increases and may result, and have resulted, in restrictions on the Company’s businesses, changes to or clarifications of the Company’s business practices, retroactive adjustments to premiums, refunds or other payments to members, beneficiaries, states or the federal government, withholding of premium payments to the Company by government agencies, assessments of damages, civil or criminal fines or penalties, or other sanctions, including the possible suspension or loss of licensure and/or suspension or exclusion from participation in government programs. The Company can give no assurance that its businesses, financial condition, operating results and/or cash flows will not be materially adversely affected, or that the Company will not be required to materially change its business practices, based on: (i) future enactment of new health care or other laws or regulations; (ii) the interpretation or application of existing laws or regulations as they may relate to one or more of the Company’s businesses, one or more of the industries in which the Company competes and/or the health care industry generally; (iii) pending or future federal or state government investigations of one or more of the Company’s businesses, one or more of the industries in which the Company competes and/or the health care industry generally; (iv) pending or future government audits, investigations or enforcement actions against the Company; (v) adverse developments in any pending qui tam lawsuit against the Company, whether sealed or unsealed, or in any future qui tam lawsuit that may be filed against the Company; or (vi) adverse developments in pending or future legal proceedings against the Company or affecting one or more of the industries in which the Company competes and/or the health care industry generally.

Segment Reporting

Segment Reporting	6 Months Ended
Segment Reporting	Jun. 30, 2021
Segment Reporting [Abstract]
Segment Reporting	Segment ReportingThe Company has three operating segments, Health Care Benefits, Pharmacy Services and Retail/LTC, as well as a Corporate/Other segment. The Company’s segments maintain separate financial information, and the Company’s chief operating decision maker (the “CODM”) evaluates the segments’ operating results on a regular basis in deciding how to allocate resources among the segments and in assessing segment performance. The CODM evaluates the performance of the Company’s segments based on adjusted operating income, which is defined as operating income (GAAP measure) excluding the impact of amortization of intangible assets and other items, if any, that neither relate to the ordinary course of the Company’s business nor reflect the Company’s underlying business performance. See the reconciliations of consolidated operating income (GAAP measure) to consolidated adjusted operating income below for further context regarding the items excluded from operating income in determining adjusted operating income. The Company uses adjusted operating income as its principal measure of segment performance as it enhances the Company’s ability to compare past financial performance with current performance and analyze underlying business performance and trends. Non-GAAP financial measures the Company discloses, such as consolidated adjusted operating income, should not be considered a substitute for, or superior to, financial measures determined or calculated in accordance with GAAP. The following is a reconciliation of financial measures of the Company’s segments to the consolidated totals: In millions Health Care Pharmacy Services (1) Retail/ Corporate/ Intersegment Eliminations (2) Consolidated Three Months Ended June 30, 2021 Revenues from external customers $ 20,367 $ 35,745 $ 16,185 $ 30 $ — $ 72,327 Intersegment revenues 21 2,569 8,543 — (11,133) — Net investment income 137 — — 152 — 289 Total revenues 20,525 38,314 24,728 182 (11,133) 72,616 Adjusted operating income (loss) 1,614 1,755 2,049 (369) (162) 4,887 June 30, 2020 Revenues from external customers $ 18,318 $ 32,623 $ 14,187 $ 29 $ — $ 65,157 Intersegment revenues 23 2,266 7,475 — (9,764) — Net investment income 127 — — 57 — 184 Total revenues 18,468 34,889 21,662 86 (9,764) 65,341 Adjusted operating income (loss) 3,464 1,327 1,057 (343) (177) 5,328 Six Months Ended June 30, 2021 Revenues from external customers $ 40,682 $ 69,058 $ 31,325 $ 62 $ — $ 141,127 Intersegment revenues 41 5,577 16,631 — (22,249) — Net investment income 285 — 46 255 — 586 Total revenues 41,008 74,635 48,002 317 (22,249) 141,713 Adjusted operating income (loss) 3,396 3,262 3,443 (672) (337) 9,092 June 30, 2020 Revenues from external customers $ 37,415 $ 64,741 $ 29,544 $ 50 $ — $ 131,750 Intersegment revenues 31 5,131 14,867 — (20,029) — Net investment income 220 — — 126 — 346 Total revenues 37,666 69,872 44,411 176 (20,029) 132,096 Adjusted operating income (loss) 4,955 2,508 2,959 (628) (353) 9,441 _____________________________________________ (1) Total revenues of the Pharmacy Services segment include approximately $2.8 billion and $2.6 billion of retail co-payments for the three months ended June 30, 2021 and 2020, respectively, and $6.2 billion and $6.0 billion of retail co-payments for the six months ended June 30, 2021 and 2020, respectively. (2) Intersegment revenue eliminations relate to intersegment revenue generating activities that occur between the Health Care Benefits segment, the Pharmacy Services segment, and/or the Retail/LTC segment. Intersegment adjusted operating income eliminations occur when members of Pharmacy Services Segment clients (“PSS members”) enrolled in Maintenance Choice ® elect to pick up maintenance prescriptions at one of the Company’s retail pharmacies instead of receiving them through the mail. When this occurs, both the Pharmacy Services and Retail/LTC segments record the adjusted operating income on a stand-alone basis. The following are reconciliations of consolidated operating income to adjusted operating income for the three and six months ended June 30, 2021 and 2020: Three Months Ended Six Months Ended In millions 2021 2020 2021 2020 Operating income (GAAP measure) $ 4,326 $ 4,680 $ 7,903 $ 8,138 Amortization of intangible assets (1) 582 578 1,169 1,164 Acquisition-related integration costs (2) 40 70 81 139 Acquisition purchase price adjustment outside of measurement period (3) (61) — (61) — Adjusted operating income $ 4,887 $ 5,328 $ 9,092 $ 9,441 _____________________________________________ (1) The Company’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’s unaudited GAAP condensed consolidated statements of operations in operating expenses within each segment. Although intangible assets contribute to the Company’s revenue generation, the amortization of intangible assets does not directly relate to the underwriting of the Company’s insurance products, the services performed for the Company’s customers or the sale of the Company’s products or services. Additionally, intangible asset amortization expense typically fluctuates based on the size and timing of the Company’s acquisition activity. Accordingly, the Company believes excluding the amortization of intangible assets enhances the Company’s and investors’ ability to compare the Company’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’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. (2) During the three and six months ended June 30, 2021 and 2020, acquisition-related integration costs relate to the acquisition of Aetna. The acquisition-related integration costs are reflected in the Company’s unaudited GAAP condensed consolidated statements of operations in operating expenses within the Corporate/Other segment.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2021
Accounting Policies [Abstract]
Segment Reporting	The Company has four reportable segments: Health Care Benefits, Pharmacy Services, Retail/LTC and Corporate/Other, which are described below. Health Care Benefits Segment The Health Care Benefits segment is 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, Medicaid health care management services and health information technology products and services. The Health Care Benefits segment also provided workers’ compensation administrative services through its Coventry Health Care Workers’ Compensation business (“Workers’ Compensation business”) prior to the sale of this business on July 31, 2020. 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.” Pharmacy Services Segment The Pharmacy Services segment provides a full range of pharmacy benefit management (“PBM”) solutions, including plan design offerings and administration, formulary management, retail pharmacy network management services, mail order pharmacy, specialty pharmacy and infusion services, 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 Pharmacy Services segment’s clients are primarily employers, insurance companies, unions, government employee groups, health plans, PDPs, Medicaid managed care plans, plans offered on public health insurance exchanges (“Public Exchanges”) and private health insurance exchanges, other sponsors of health benefit plans throughout the United States and Covered Entities. The Pharmacy Services segment operates retail specialty pharmacy stores, specialty mail order pharmacies, mail order dispensing pharmacies, compounding pharmacies and branches for infusion and enteral nutrition services. Retail/LTC Segment The Retail/LTC segment sells prescription drugs and a wide assortment of health and wellness products and general merchandise, provides health care services through its MinuteClinic ® walk-in medical clinics, provides medical diagnostic testing, administers vaccinations for illnesses such as influenza, COVID-19 and shingles and conducts long-term care pharmacy (“LTC”) operations, which distribute prescription drugs and provide related pharmacy consulting and other ancillary services to long-term care facilities and other care settings. As of June 30, 2021, the Retail/LTC segment operated more than 9,900 retail locations, approximately 1,100 MinuteClinic locations as well as online retail pharmacy websites, LTC pharmacies and on-site pharmacies. Corporate/Other Segment The Company presents the remainder of its financial results in the Corporate/Other segment, which primarily consists of: • Management and administrative expenses to support the Company’s overall operations, which include certain aspects of executive management and the corporate relations, legal, compliance, human resources, information technology and finance departments, expenses associated with the Company’s investments in its transformation and enterprise modernization programs and acquisition-related integration costs; and • Products for which the Company no longer solicits or accepts new customers such as its large case pensions and long-term care insurance products.
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of CVS Health and its subsidiaries have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. In accordance with such rules and regulations, certain information and accompanying note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted, although the Company believes the disclosures included herein are adequate to make the information presented not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Form 10-K”). In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented. Because of the influence of various factors on the Company’s operations, including business combinations, certain holidays and other seasonal influences, net income for any interim period may not be comparable to the same interim period in previous years or necessarily indicative of income for the full year.
Principles of Consolidation	Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. All material intercompany balances and transactions have been eliminated. The Company continually evaluates its investments to determine if they represent variable interests in a VIE. If the Company determines that it has a variable interest in a VIE, the Company then evaluates if it is the primary beneficiary of the VIE. The evaluation is a qualitative assessment as to whether the Company has the ability to direct the activities of a VIE that most significantly impact the entity’s economic performance. The Company consolidates a VIE if it is considered to be the primary beneficiary. Assets and liabilities of VIEs for which the Company is the primary beneficiary were not significant to the Company’s unaudited condensed consolidated financial statements. VIE creditors do not have recourse against the general credit of the Company.
Restricted Cash	Restricted CashRestricted cash included in other assets on the unaudited condensed consolidated balance sheets represents amounts held in a trust in one of the Company’s captive insurance companies to satisfy collateral requirements associated with the assignment of certain insurance policies. All restricted cash is invested in time deposits, money market funds or commercial paper.
Accounts Receivable	Accounts ReceivableAccounts receivable are stated net of allowances for credit losses, customer credit allowances, contractual allowances and estimated terminations
Accounts Receivable, Allowance for Credit Losses	When developing an estimate of the Company’s expected credit losses, the Company considers all available relevant information regarding the collectability of cash flows, including historical information, current conditions and reasonable and supportable forecasts of future economic conditions over the contractual life of the receivable. The Company’s accounts receivable are short duration in nature and typically settle in less than 30 days.
Contract Balances	Contract Balances Contract liabilities primarily represent the Company’s obligation to transfer additional goods or services to a customer for which the Company has received consideration, and include ExtraBucks ® Rewards and unredeemed Company gift cards. The consideration received remains a contract liability until goods or services have been provided to the customer. In addition, the Company recognizes breakage on Company gift cards based on historical redemption patterns.
Health Insurer Fee	Health Insurer FeeSince January 1, 2014, the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010 (collectively, the “ACA”) has imposed an annual premium-based health insurer fee (the “HIF”). The HIF, which is payable each September, is not deductible for federal income tax purposes.
Related Party Transactions	Related Party Transactions The Company has an equity method investment in SureScripts, LLC (“SureScripts”), which operates a clinical health information network. The Company utilizes this clinical health information network in providing services to its client plan members and retail customers. The Company expensed fees for the use of this network of $10 million and $3 million in the three months ended June 30, 2021 and 2020, respectively, and expensed fees for the use of this network of approximately $19 million and $23 million in the six months ended June 30, 2021 and 2020, respectively. The Company’s investment in and equity in the earnings of SureScripts for all periods presented is immaterial. The Company has an equity method investment in Heartland Healthcare Services, LLC (“Heartland”). Heartland operates several LTC pharmacies in four states. Heartland paid the Company $19 million and $22 million for pharmaceutical inventory purchases during the three months ended June 30, 2021 and 2020, respectively, and $37 million and $43 million for pharmaceutical inventory purchases during the six months ended June 30, 2021 and 2020, respectively. Additionally, the Company performs certain collection functions for Heartland and then transfers those customer cash collections to Heartland. The Company’s investment in and equity in the earnings of Heartland for all periods presented is immaterial.
New Accounting Pronouncements Recently Adopted and Not Yet Adopted	New Accounting Pronouncements Recently Adopted Simplifying the Accounting for Income Taxes In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). This standard simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in Accounting Standards Codification (“ASC”) 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The standard also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The Company adopted this new accounting standard on January 1, 2021. The adoption of this standard did not have a material impact on the Company’s consolidated operating results, cash flows, financial condition or related disclosures. New Accounting Pronouncements Not Yet Adopted Targeted Improvements to the Accounting for Long-Duration Insurance Contracts In August 2018, the FASB issued ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts (Topic 944). This standard requires the Company to review cash flow assumptions for its long-duration insurance contracts at least annually and recognize the effect of changes in future cash flow assumptions in net income. This standard also requires the Company to update discount rate assumptions quarterly and recognize the effect of changes in these assumptions in other

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	6 Months Ended
Significant Accounting Policies (Tables)	Jun. 30, 2021
Accounting Policies [Abstract]
Reconciliation of cash and cash equivalents	The following is a reconciliation of cash and cash equivalents on the unaudited condensed consolidated balance sheets to total cash, cash equivalents and restricted cash on the unaudited condensed consolidated statements of cash flows: In millions June 30, December 31, Cash and cash equivalents $ 7,119 $ 7,854 Restricted cash (included in other assets) 218 276 Total cash, cash equivalents and restricted cash in the statements of cash flows $ 7,337 $ 8,130
Schedule of accounts receivable, net	Accounts receivable, net is composed of the following: In millions June 30, December 31, Trade receivables $ 8,021 $ 7,101 Vendor and manufacturer receivables 10,955 9,815 Premium receivables 2,942 2,628 Other receivables 2,246 2,198 Total accounts receivable, net $ 24,164 $ 21,742
Disaggregation of revenue	The following tables disaggregate the Company’s revenue by major source in each segment for the three and six months ended June 30, 2021 and 2020: In millions Health Care Pharmacy Retail/ Corporate/ Intersegment Consolidated Three Months Ended June 30, 2021 Major goods/services lines: Pharmacy $ — $ 38,153 $ 18,873 $ — $ (11,094) $ 45,932 Front Store — — 5,254 — — 5,254 Premiums 18,968 — — 15 — 18,983 Net investment income 137 — — 152 — 289 Other 1,420 161 601 15 (39) 2,158 Total $ 20,525 $ 38,314 $ 24,728 $ 182 $ (11,133) $ 72,616 Pharmacy Services distribution channel: Pharmacy network (1) $ 22,918 Mail choice (2) 15,235 Other 161 Total $ 38,314 Three Months Ended June 30, 2020 Major goods/services lines: Pharmacy $ — $ 34,645 $ 16,870 $ — $ (9,741) $ 41,774 Front Store — — 4,653 — — 4,653 Premiums 16,913 — — 14 — 16,927 Net investment income 127 — — 57 — 184 Other 1,428 244 139 15 (23) 1,803 Total $ 18,468 $ 34,889 $ 21,662 $ 86 $ (9,764) $ 65,341 Pharmacy Services distribution channel: Pharmacy network (1) $ 20,536 Mail choice (2) 14,109 Other 244 Total $ 34,889 In millions Health Care Pharmacy Retail/ Corporate/ Intersegment Consolidated Six Months Ended June 30, 2021 Major goods/services lines: Pharmacy $ — $ 74,294 $ 36,758 $ — $ (22,168) $ 88,884 Front Store — — 9,896 — — 9,896 Premiums 37,910 — — 33 — 37,943 Net investment income 285 — 46 255 — 586 Other 2,813 341 1,302 29 (81) 4,404 Total $ 41,008 $ 74,635 $ 48,002 $ 317 $ (22,249) $ 141,713 Pharmacy Services distribution channel: Pharmacy network (1) $ 44,811 Mail choice (2) 29,483 Other 341 Total $ 74,635 Six Months Ended June 30, 2020 Major goods/services lines: Pharmacy $ — $ 69,419 $ 34,225 $ — $ (19,998) $ 83,646 Front Store — — 9,861 — — 9,861 Premiums 34,534 — — 33 — 34,567 Net investment income 220 — — 126 — 346 Other 2,912 453 325 17 (31) 3,676 Total $ 37,666 $ 69,872 $ 44,411 $ 176 $ (20,029) $ 132,096 Pharmacy Services distribution channel: Pharmacy network (1) $ 41,636 Mail choice (2) 27,783 Other 453 Total $ 69,872 _____________________________________________ (1) Pharmacy Services pharmacy network is defined as claims filled at retail and specialty retail pharmacies, including the Company’s retail pharmacies and LTC pharmacies, but excluding Maintenance Choice ® activity, which is included within the mail choice category. Maintenance Choice 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. (2) Pharmacy Services mail choice is defined as claims filled at a Pharmacy Services mail order facility, which includes specialty mail claims inclusive of Specialty Connect ® claims picked up at a retail pharmacy, as well as prescriptions filled at the Company’s retail pharmacies under the Maintenance Choice program.
Schedule of receivables and contract liabilities from contracts with customers	The following table provides information about receivables and contract liabilities from contracts with customers: In millions June 30, December 31, Trade receivables (included in accounts receivable, net) $ 8,021 $ 7,101 Contract liabilities (included in accrued expenses) 79 71 During the six months ended June 30, 2021 and 2020, 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: Six Months Ended In millions 2021 2020 Contract liabilities, beginning of the period $ 71 $ 73 Rewards earnings and gift card issuances 183 179 Redemption and breakage (175) (174) Contract liabilities, end of the period $ 79 $ 78

Investments (Tables)

Investments (Tables)	6 Months Ended
Investments (Tables)	Jun. 30, 2021
Investments [Abstract]
Schedule of Total Investments	Total investments at June 30, 2021 and December 31, 2020 were as follows: June 30, 2021 December 31, 2020 In millions Current Long-term Total Current Long-term Total Debt securities available for sale $ 2,878 $ 19,468 $ 22,346 $ 2,774 $ 18,414 $ 21,188 Mortgage loans 128 848 976 226 821 1,047 Other investments — 1,820 1,820 — 1,577 1,577 Total investments $ 3,006 $ 22,136 $ 25,142 $ 3,000 $ 20,812 $ 23,812
Schedule of Debt Securities Available For Sale	Debt securities available for sale at June 30, 2021 and December 31, 2020 were as follows: In millions Amortized Cost (1) Gross Gross Fair June 30, 2021 Debt securities: U.S. government securities $ 2,320 $ 91 $ (1) $ 2,410 States, municipalities and political subdivisions 2,978 168 (2) 3,144 U.S. corporate securities 8,754 822 (14) 9,562 Foreign securities 2,652 247 (6) 2,893 Residential mortgage-backed securities 812 20 (3) 829 Commercial mortgage-backed securities 1,023 63 (5) 1,081 Other asset-backed securities 2,372 26 (1) 2,397 Redeemable preferred securities 27 3 — 30 Total debt securities (2) $ 20,938 $ 1,440 $ (32) $ 22,346 December 31, 2020 Debt securities: U.S. government securities $ 2,341 $ 128 $ — $ 2,469 States, municipalities and political subdivisions 2,556 172 — 2,728 U.S. corporate securities 7,879 1,023 (8) 8,894 Foreign securities 2,595 324 (1) 2,918 Residential mortgage-backed securities 673 32 — 705 Commercial mortgage-backed securities 962 84 — 1,046 Other asset-backed securities 2,369 36 (2) 2,403 Redeemable preferred securities 21 4 — 25 Total debt securities (2) $ 19,396 $ 1,803 $ (11) $ 21,188 _____________________________________________ (1) There was no allowance for expected credit losses recorded on available-for-sale debt securities at June 30, 2021 or December 31, 2020. (2) Investment risks associated with the Company’s experience-rated products generally do not impact the Company’s consolidated operating results. At June 30, 2021, debt securities with a fair value of $886 million, gross unrealized capital gains of $110 million and gross unrealized capital losses of $1 million and at December 31, 2020, debt securities with a fair value of $919 million, gross unrealized capital gains of $135 million and no gross unrealized capital losses were included in total debt securities, but support experience-rated products. Changes in net unrealized capital gains (losses) on these securities are not reflected in accumulated other comprehensive income.
Schedule of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity	The amortized cost and fair value of debt securities at June 30, 2021 are shown below by contractual maturity. Actual maturities may differ from contractual maturities because securities may be restructured, called or prepaid, or the Company intends to sell a security prior to maturity. In millions Amortized Fair Due to mature: Less than one year $ 1,168 $ 1,183 One year through five years 7,095 7,397 After five years through ten years 4,418 4,682 Greater than ten years 4,050 4,777 Residential mortgage-backed securities 812 829 Commercial mortgage-backed securities 1,023 1,081 Other asset-backed securities 2,372 2,397 Total $ 20,938 $ 22,346
Schedule of Debt Securities In An Unrealized Capital Loss Position	Summarized below are the debt securities the Company held at June 30, 2021 and December 31, 2020 that were in an unrealized capital loss position, aggregated by the length of time the investments have been in that position: Less than 12 months Greater than 12 months Total In millions, except number of securities Number Fair Unrealized Number Fair Unrealized Number Fair Unrealized June 30, 2021 Debt securities: U.S. government securities 15 $ 76 $ 1 — $ — $ — 15 $ 76 $ 1 States, municipalities and political subdivisions 146 302 2 1 4 — 147 306 2 U.S. corporate securities 807 1,125 13 8 9 1 815 1,134 14 Foreign securities 237 374 6 2 2 — 239 376 6 Residential mortgage-backed securities 100 398 3 5 — — 105 398 3 Commercial mortgage-backed securities 85 241 5 — — — 85 241 5 Other asset-backed securities 272 505 1 24 28 — 296 533 1 Redeemable preferred securities 1 3 — — — — 1 3 — Total debt securities 1,663 $ 3,024 $ 31 40 $ 43 $ 1 1,703 $ 3,067 $ 32 December 31, 2020 Debt securities: U.S. government securities 32 $ 205 $ — — $ — $ — 32 $ 205 $ — States, municipalities and political subdivisions 49 83 — — — — 49 83 — U.S. corporate securities 145 155 8 2 — — 147 155 8 Foreign securities 41 69 1 5 5 — 46 74 1 Residential mortgage-backed securities 23 26 — 3 — — 26 26 — Commercial mortgage-backed securities 22 75 — — — — 22 75 — Other asset-backed securities 156 256 1 49 41 1 205 297 2 Total debt securities 468 $ 869 $ 10 59 $ 46 $ 1 527 $ 915 $ 11 The maturity dates for debt securities in an unrealized capital loss position at June 30, 2021 were as follows: Supporting Supporting Total In millions Fair Unrealized Fair Unrealized Fair Unrealized Due to mature: Less than one year $ — $ — $ 23 $ — $ 23 $ — One year through five years 1 — 1,005 7 1,006 7 After five years through ten years 15 — 613 11 628 11 Greater than ten years 2 1 236 4 238 5 Residential mortgage-backed securities — — 398 3 398 3 Commercial mortgage-backed securities 6 — 235 5 241 5 Other asset-backed securities 1 — 532 1 533 1 Total $ 25 $ 1 $ 3,042 $ 31 $ 3,067 $ 32
Schedule of Activity in Mortgage Loan Portfolio	During the three and six months ended June 30, 2021 and 2020, the Company had the following activity in its mortgage loan portfolio: Three Months Ended Six Months Ended In millions 2021 2020 2021 2020 New mortgage loans $ 73 $ 16 $ 120 $ 24 Mortgage loans fully repaid 82 33 172 77 Mortgage loans foreclosed — — — —
Schedule of Mortgage Loan Amortized Cost and Credit Quality Indicator	Based on the Company’s assessments at June 30, 2021 and December 31, 2020, the amortized cost basis of the Company's mortgage loans within each credit quality indicator by year of origination was as follows: Amortized Cost Basis by Year of Origination In millions, except credit quality indicator 2021 2020 2019 2018 2017 Prior Total June 30, 2021 1 $ — $ — $ — $ — $ 23 $ 30 $ 53 2 to 4 118 57 88 73 71 490 897 5 and 6 — — — 3 4 11 18 7 — — — — — 8 8 Total $ 118 $ 57 $ 88 $ 76 $ 98 $ 539 $ 976 December 31, 2020 1 $ — $ — $ — $ 22 $ 37 $ 59 2 to 4 46 96 91 124 595 952 5 and 6 — — 3 4 29 36 7 — — — — — — Total $ 46 $ 96 $ 94 $ 150 $ 661 $ 1,047
Schedule of Net Investment Income	Sources of net investment income for the three and six months ended June 30, 2021 and 2020 were as follows: Three Months Ended Six Months Ended In millions 2021 2020 2021 2020 Debt securities $ 160 $ 146 $ 317 $ 290 Mortgage loans 13 15 28 30 Other investments 112 (20) 198 27 Gross investment income 285 141 543 347 Investment expenses (9) (9) (17) (17) Net investment income (excluding net realized capital gains or losses) 276 132 526 330 Net realized capital gains (1) 13 52 60 16 Net investment income (2) $ 289 $ 184 $ 586 $ 346 _____________________________________________ (1) Net realized capital gains are net of yield-related impairment losses on debt securities of $2 million and $32 million, respectively, in the three and six months ended June 30, 2021. There were no credit-related losses on debt securities in the three and six months ended June 30, 2021. Net realized capital gains include the reversal of previously recorded credit-related impairment losses on debt securities of $42 million and yield-related impairment losses on debt securities of $1 million in the three months ended June 30, 2020. Net realized capital gains are net of credit-related and yield-related impairment losses on debt securities of $3 million and $42 million, respectively, in the six months ended June 30, 2020.
Schedule of Proceeds and Related Gross Realized Capital Gains and Losses From the Sale of Debt Securities	Excluding amounts related to experience-rated products, proceeds from the sale of available-for-sale debt securities and the related gross realized capital gains and losses for the three and six months ended June 30, 2021 and 2020 were as follows: Three Months Ended Six Months Ended In millions 2021 2020 2021 2020 Proceeds from sales $ 919 $ 1,419 $ 2,267 $ 2,142 Gross realized capital gains 20 23 42 43 Gross realized capital losses 1 21 10 56

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
Fair Value (Tables)	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	Financial assets measured at fair value on a recurring basis on the condensed consolidated balance sheets at June 30, 2021 and December 31, 2020 were as follows: In millions Level 1 Level 2 Level 3 Total June 30, 2021 Cash and cash equivalents $ 3,538 $ 3,581 $ — $ 7,119 Debt securities: U.S. government securities 2,365 45 — 2,410 States, municipalities and political subdivisions — 3,144 — 3,144 U.S. corporate securities — 9,521 41 9,562 Foreign securities — 2,893 — 2,893 Residential mortgage-backed securities — 829 — 829 Commercial mortgage-backed securities — 1,081 — 1,081 Other asset-backed securities — 2,397 — 2,397 Redeemable preferred securities — 29 1 30 Total debt securities 2,365 19,939 42 22,346 Equity securities 30 — 30 60 Total $ 5,933 $ 23,520 $ 72 $ 29,525 December 31, 2020 Cash and cash equivalents $ 3,985 $ 3,869 $ — $ 7,854 Debt securities: U.S. government securities 2,370 99 — 2,469 States, municipalities and political subdivisions — 2,727 1 2,728 U.S. corporate securities — 8,842 52 8,894 Foreign securities — 2,918 — 2,918 Residential mortgage-backed securities — 705 — 705 Commercial mortgage-backed securities — 1,046 — 1,046 Other asset-backed securities — 2,403 — 2,403 Redeemable preferred securities — 24 1 25 Total debt securities 2,370 18,764 54 21,188 Equity securities 17 — 30 47 Total $ 6,372 $ 22,633 $ 84 $ 29,089
Fair Value, by Balance Sheet Grouping	The carrying value and estimated fair value classified by level of fair value hierarchy for financial instruments carried on the condensed consolidated balance sheets at adjusted cost or contract value at June 30, 2021 and December 31, 2020 were as follows: Carrying Estimated Fair Value In millions Level 1 Level 2 Level 3 Total June 30, 2021 Assets: Mortgage loans $ 976 $ — $ — $ 992 $ 992 Equity securities (1) 129 N/A N/A N/A N/A Liabilities: Investment contract liabilities: With a fixed maturity 5 — — 5 5 Without a fixed maturity 324 — — 363 363 Long-term debt 59,354 68,364 — — 68,364 December 31, 2020 Assets: Mortgage loans $ 1,047 $ — $ — $ 1,070 $ 1,070 Equity securities (1) 145 N/A N/A N/A N/A Liabilities: Investment contract liabilities: With a fixed maturity 5 — — 5 5 Without a fixed maturity 322 — — 371 371 Long-term debt 64,647 75,940 — — 75,940 _____________________________________________
Schedule of Fair Value of Separate Accounts by Major Category of Investment	Separate Accounts financial assets as of June 30, 2021 and December 31, 2020 were as follows: June 30, 2021 December 31, 2020 In millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 2 $ 227 $ — $ 229 $ 2 $ 186 $ — $ 188 Debt securities 1,075 2,961 — 4,036 1,465 2,634 — 4,099 Equity securities — 2 — 2 — 2 — 2 Common/collective trusts — 513 — 513 — 563 — 563 Total (1) $ 1,077 $ 3,703 $ — $ 4,780 $ 1,467 $ 3,385 $ — $ 4,852 _____________________________________________ (1) Excludes $100 million and $29 million of other receivables at June 30, 2021 and December 31, 2020, respectively.

Health Care Costs Payable (Tabl

Health Care Costs Payable (Tables)	6 Months Ended
Health Care Costs Payable (Tables)	Jun. 30, 2021
Health Care and Other Insurance Liabilities [Abstract]
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense	The following table shows the components of the change in health care costs payable during the six months ended June 30, 2021 and 2020: Six Months Ended In millions 2021 2020 Health care costs payable, beginning of the period $ 7,936 $ 6,879 Less: Reinsurance recoverables 10 5 Health care costs payable, beginning of the period, net 7,926 6,874 Acquisition — 412 Add: Components of incurred health care costs Current year 32,183 26,390 Prior years (709) (420) Total incurred health care costs (1) 31,474 25,970 Less: Claims paid Current year 24,600 20,223 Prior years 6,409 5,704 Total claims paid 31,009 25,927 Add: Premium deficiency reserve 5 29 Health care costs payable, end of the period, net 8,396 7,358 Add: Reinsurance recoverables 18 4 Health care costs payable, end of the period $ 8,414 $ 7,362 _____________________________________________ (1) Total incurred health care costs for the six months ended June 30, 2021 and 2020 in the table above exclude (i) $5 million and $29 million, respectively, related to a premium deficiency reserve related to the Company’s Medicaid products, (ii) $27 million and $20 million, respectively, of benefit costs recorded in the Health Care Benefits segment that are included in other insurance liabilities on the Company’s unaudited condensed consolidated balance sheets and (iii) $99 million and $119 million, respectively, of benefit costs recorded in the Corporate/Other segment that are included in other insurance liabilities on the Company’s unaudited condensed consolidated balance sheets.

Other Comprehensive Income (Tab

Other Comprehensive Income (Tables)	6 Months Ended
Other Comprehensive Income (Tables)	Jun. 30, 2021
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income	Shareholders’ equity included the following activity in accumulated other comprehensive income for the three and six months ended June 30, 2021 and 2020: Three Months Ended Six Months Ended In millions 2021 2020 2021 2020 Net unrealized investment gains (losses): Beginning of period balance $ 828 $ 463 $ 1,214 $ 774 Other comprehensive income (loss) before reclassifications ( $214, $681, $(273), $195 pretax) 164 560 (236) 166 Amounts reclassified from accumulated other comprehensive income ($(18), $(44), $(1), $57 pretax) (1) (15) (36) (1) 47 Other comprehensive income (loss) 149 524 (237) 213 End of period balance 977 987 977 987 Foreign currency translation adjustments: Beginning of period balance 5 (8) 7 4 Other comprehensive income (loss) before reclassifications 1 6 (1) (6) Other comprehensive income (loss) 1 6 (1) (6) End of period balance 6 (2) 6 (2) Net cash flow hedges: Beginning of period balance 244 270 248 279 Other comprehensive loss before reclassifications ($0, $0, $0, $(7) pretax) — — — (5) Amounts reclassified from accumulated other comprehensive income ($(4), $(4), $(9), $(10) pretax) (2) (3) (3) (7) (7) Other comprehensive loss (3) (3) (7) (12) End of period balance 241 267 241 267 Pension and other postretirement benefits: Beginning of period balance (55) (38) (55) (38) Other comprehensive loss before reclassifications ($0, $(8), $0, and $(8) pretax) — (6) — (6) Amounts reclassified from accumulated other comprehensive loss ($1, $7, $1 and $7 pretax) (3) 1 5 1 5 Other comprehensive income (loss) 1 (1) 1 (1) End of period balance (54) (39) (54) (39) Total beginning of period accumulated other comprehensive income 1,022 687 1,414 1,019 Total other comprehensive income (loss) 148 526 (244) 194 Total end of period accumulated other comprehensive income $ 1,170 $ 1,213 $ 1,170 $ 1,213 _____________________________________________ (1) Amounts reclassified from accumulated other comprehensive income for specifically identified debt securities are included in net investment income in the unaudited condensed consolidated statements of operations. (2) Amounts reclassified from accumulated other comprehensive income for specifically identified cash flow hedges are included in interest expense in the unaudited condensed consolidated statements of operations. The Company expects to reclassify approximately $13 million, net of tax, in net gains associated with its cash flow hedges into net income within the next 12 months.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
Earnings Per Share (Tables)	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	The following is a reconciliation of basic and diluted earnings per share for the respective periods: Three Months Ended Six Months Ended In millions, except per share amounts 2021 2020 2021 2020 Numerator for earnings per share calculation: Net income attributable to CVS Health $ 2,783 $ 2,975 $ 5,006 $ 4,982 Denominator for earnings per share calculation: Weighted average shares, basic 1,319 1,309 1,316 1,307 Effect of dilutive securities 8 5 9 6 Weighted average shares, diluted 1,327 1,314 1,325 1,313 Earnings per share: Basic $ 2.11 $ 2.27 $ 3.80 $ 3.81 Diluted $ 2.10 $ 2.26 $ 3.78 $ 3.79

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
Segment Reporting (Tables)	Jun. 30, 2021
Segment Reporting [Abstract]
Summarized Financial Information Of Segments	The following is a reconciliation of financial measures of the Company’s segments to the consolidated totals: In millions Health Care Pharmacy Services (1) Retail/ Corporate/ Intersegment Eliminations (2) Consolidated Three Months Ended June 30, 2021 Revenues from external customers $ 20,367 $ 35,745 $ 16,185 $ 30 $ — $ 72,327 Intersegment revenues 21 2,569 8,543 — (11,133) — Net investment income 137 — — 152 — 289 Total revenues 20,525 38,314 24,728 182 (11,133) 72,616 Adjusted operating income (loss) 1,614 1,755 2,049 (369) (162) 4,887 June 30, 2020 Revenues from external customers $ 18,318 $ 32,623 $ 14,187 $ 29 $ — $ 65,157 Intersegment revenues 23 2,266 7,475 — (9,764) — Net investment income 127 — — 57 — 184 Total revenues 18,468 34,889 21,662 86 (9,764) 65,341 Adjusted operating income (loss) 3,464 1,327 1,057 (343) (177) 5,328 Six Months Ended June 30, 2021 Revenues from external customers $ 40,682 $ 69,058 $ 31,325 $ 62 $ — $ 141,127 Intersegment revenues 41 5,577 16,631 — (22,249) — Net investment income 285 — 46 255 — 586 Total revenues 41,008 74,635 48,002 317 (22,249) 141,713 Adjusted operating income (loss) 3,396 3,262 3,443 (672) (337) 9,092 June 30, 2020 Revenues from external customers $ 37,415 $ 64,741 $ 29,544 $ 50 $ — $ 131,750 Intersegment revenues 31 5,131 14,867 — (20,029) — Net investment income 220 — — 126 — 346 Total revenues 37,666 69,872 44,411 176 (20,029) 132,096 Adjusted operating income (loss) 4,955 2,508 2,959 (628) (353) 9,441 _____________________________________________ (1) Total revenues of the Pharmacy Services segment include approximately $2.8 billion and $2.6 billion of retail co-payments for the three months ended June 30, 2021 and 2020, respectively, and $6.2 billion and $6.0 billion of retail co-payments for the six months ended June 30, 2021 and 2020, respectively. (2) Intersegment revenue eliminations relate to intersegment revenue generating activities that occur between the Health Care Benefits segment, the Pharmacy Services segment, and/or the Retail/LTC segment. Intersegment adjusted operating income eliminations occur when members of Pharmacy Services Segment clients (“PSS members”) enrolled in Maintenance Choice ® elect to pick up maintenance prescriptions at one of the Company’s retail pharmacies instead of receiving them through the mail. When this occurs, both the Pharmacy Services and Retail/LTC segments record the adjusted operating income on a stand-alone basis.
Reconciliation of Operating Earnings to Net Income	The following are reconciliations of consolidated operating income to adjusted operating income for the three and six months ended June 30, 2021 and 2020: Three Months Ended Six Months Ended In millions 2021 2020 2021 2020 Operating income (GAAP measure) $ 4,326 $ 4,680 $ 7,903 $ 8,138 Amortization of intangible assets (1) 582 578 1,169 1,164 Acquisition-related integration costs (2) 40 70 81 139 Acquisition purchase price adjustment outside of measurement period (3) (61) — (61) — Adjusted operating income $ 4,887 $ 5,328 $ 9,092 $ 9,441 _____________________________________________ (1) The Company’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’s unaudited GAAP condensed consolidated statements of operations in operating expenses within each segment. Although intangible assets contribute to the Company’s revenue generation, the amortization of intangible assets does not directly relate to the underwriting of the Company’s insurance products, the services performed for the Company’s customers or the sale of the Company’s products or services. Additionally, intangible asset amortization expense typically fluctuates based on the size and timing of the Company’s acquisition activity. Accordingly, the Company believes excluding the amortization of intangible assets enhances the Company’s and investors’ ability to compare the Company’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’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. (2) During the three and six months ended June 30, 2021 and 2020, acquisition-related integration costs relate to the acquisition of Aetna. The acquisition-related integration costs are reflected in the Company’s unaudited GAAP condensed consolidated statements of operations in operating expenses within the Corporate/Other segment.

Significant Accounting Polici_4

Significant Accounting Policies - Narrative (Details) people in Millions, patient in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)patientpeoplestatelocationclinic	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)patientSegmentpeoplestatelocationclinic	Jun. 30, 2020USD ($)
Significant Accounting Policies [Line Items]
Number of pharmacy plan members \| people	108		108
Number of patients served per year \| patient	1		1
Number of reportable segments \| Segment			4
Health insurer fee	$ 0	$ 248,000,000	$ 0	$ 519,000,000
Related party transaction, expenses from transactions with related party	10,000,000	3,000,000	19,000,000	23,000,000
Related party transaction, other revenues from transactions with related party	$ 19,000,000	$ 22,000,000	$ 37,000,000	$ 43,000,000
Heartland Healthcare Services
Significant Accounting Policies [Line Items]
Number of states in which entity operates \| state	4		4
Retail/ LTC
Significant Accounting Policies [Line Items]
Number of stores \| location	9,900		9,900
Number of walk in medical clinics \| clinic	1,100		1,100
Health Care Benefits
Significant Accounting Policies [Line Items]
Number of people served \| people	34		34

Significant Accounting Polici_5

Significant Accounting Policies - Cash and Cash Equivalents, Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 7,119	$ 7,854
Restricted cash (included in other assets)	218	276
Total cash, cash equivalents and restricted cash in the statements of cash flows	$ 7,337	$ 8,130	$ 15,145	$ 5,954

Significant Accounting Polici_6

Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Trade receivables	$ 8,021	$ 7,101
Vendor and manufacturer receivables	10,955	9,815
Premium receivables	2,942	2,628
Other receivables	2,246	2,198
Total accounts receivable, net	24,164	21,742
Allowance for credit losses	$ 367	$ 358

Significant Accounting Polici_7

Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 72,327	$ 65,157	$ 141,127	$ 131,750
Net investment income	289	184	586	346
Total revenues	72,616	65,341	141,713	132,096
Pharmacy
Disaggregation of Revenue [Line Items]
Revenues	45,932	41,774	88,884	83,646
Front Store
Disaggregation of Revenue [Line Items]
Revenues	5,254	4,653	9,896	9,861
Premiums
Disaggregation of Revenue [Line Items]
Revenues	18,983	16,927	37,943	34,567
Other
Disaggregation of Revenue [Line Items]
Revenues	2,158	1,803	4,404	3,676
Health Care Benefits
Disaggregation of Revenue [Line Items]
Total revenues	20,525	18,468	41,008	37,666
Pharmacy Services
Disaggregation of Revenue [Line Items]
Total revenues	38,314	34,889	74,635	69,872
Retail/ LTC
Disaggregation of Revenue [Line Items]
Total revenues	24,728	21,662	48,002	44,411
Operating Segments \| Health Care Benefits
Disaggregation of Revenue [Line Items]
Revenues	20,367	18,318	40,682	37,415
Net investment income	137	127	285	220
Total revenues	20,525	18,468	41,008	37,666
Operating Segments \| Health Care Benefits \| Pharmacy
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments \| Health Care Benefits \| Front Store
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments \| Health Care Benefits \| Premiums
Disaggregation of Revenue [Line Items]
Revenues	18,968	16,913	37,910	34,534
Operating Segments \| Health Care Benefits \| Other
Disaggregation of Revenue [Line Items]
Revenues	1,420	1,428	2,813	2,912
Operating Segments \| Pharmacy Services
Disaggregation of Revenue [Line Items]
Revenues	35,745	32,623	69,058	64,741
Net investment income	0	0	0	0
Total revenues	38,314	34,889	74,635	69,872
Operating Segments \| Pharmacy Services \| Pharmacy network
Disaggregation of Revenue [Line Items]
Total revenues	22,918	20,536	44,811	41,636
Operating Segments \| Pharmacy Services \| Mail choice
Disaggregation of Revenue [Line Items]
Total revenues	15,235	14,109	29,483	27,783
Operating Segments \| Pharmacy Services \| Other
Disaggregation of Revenue [Line Items]
Total revenues	161	244	341	453
Operating Segments \| Pharmacy Services \| Pharmacy
Disaggregation of Revenue [Line Items]
Revenues	38,153	34,645	74,294	69,419
Operating Segments \| Pharmacy Services \| Front Store
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments \| Pharmacy Services \| Premiums
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments \| Pharmacy Services \| Other
Disaggregation of Revenue [Line Items]
Revenues	161	244	341	453
Operating Segments \| Retail/ LTC
Disaggregation of Revenue [Line Items]
Revenues	16,185	14,187	31,325	29,544
Net investment income	0	0	46	0
Total revenues	24,728	21,662	48,002	44,411
Operating Segments \| Retail/ LTC \| Pharmacy
Disaggregation of Revenue [Line Items]
Revenues	18,873	16,870	36,758	34,225
Operating Segments \| Retail/ LTC \| Front Store
Disaggregation of Revenue [Line Items]
Revenues	5,254	4,653	9,896	9,861
Operating Segments \| Retail/ LTC \| Premiums
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments \| Retail/ LTC \| Other
Disaggregation of Revenue [Line Items]
Revenues	601	139	1,302	325
Corporate/ Other
Disaggregation of Revenue [Line Items]
Revenues	30	29	62	50
Net investment income	152	57	255	126
Total revenues	182	86	317	176
Corporate/ Other \| Pharmacy
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Corporate/ Other \| Front Store
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Corporate/ Other \| Premiums
Disaggregation of Revenue [Line Items]
Revenues	15	14	33	33
Corporate/ Other \| Other
Disaggregation of Revenue [Line Items]
Revenues	15	15	29	17
Intersegment Eliminations
Disaggregation of Revenue [Line Items]
Net investment income	0	0	0	0
Total revenues	(11,133)	(9,764)	(22,249)	(20,029)
Intersegment Eliminations \| Pharmacy
Disaggregation of Revenue [Line Items]
Revenues	(11,094)	(9,741)	(22,168)	(19,998)
Intersegment Eliminations \| Front Store
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Intersegment Eliminations \| Premiums
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Intersegment Eliminations \| Other
Disaggregation of Revenue [Line Items]
Revenues	$ (39)	$ (23)	$ (81)	$ (31)

Significant Accounting Polici_8

Significant Accounting Policies - Receivables and Contracted Balances (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Trade receivables	$ 8,021	$ 7,101
Contract liabilities (included in accrued expenses)	$ 79	$ 71	$ 78	$ 73

Significant Accounting Polici_9

Significant Accounting Policies - Contract Balances (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Change in Contract with Customer, Liability [Roll Forward]
Contract liabilities, beginning of the period	$ 71	$ 73
Rewards earnings and gift card issuances	183	179
Redemption and breakage	(175)	(174)
Contract liabilities, end of the period	$ 79	$ 78

Investments - Total Investment

Investments - Total Investment Schedule (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Total Investments [Line Items]
Current	$ 3,006	$ 3,000
Long-term	22,136	20,812
Total	25,142	23,812
Debt securities available for sale
Total Investments [Line Items]
Current	2,878	2,774
Long-term	19,468	18,414
Total	22,346	21,188
Mortgage loans
Total Investments [Line Items]
Current	128	226
Long-term	848	821
Total	976	1,047
Other investments
Total Investments [Line Items]
Current	0	0
Long-term	1,820	1,577
Total	$ 1,820	$ 1,577

Investments - Debt Securities (

Investments - Debt Securities (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 20,938	$ 19,396
Gross Unrealized Gains	1,440	1,803
Gross Unrealized Losses	(32)	(11)
Fair Value	22,346	21,188
Allowance for credit losses recorded	0	0
Supporting experience-rated products
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Gains	110	135
Gross Unrealized Losses	(1)	0
Fair Value	886	919
U.S. government securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,320	2,341
Gross Unrealized Gains	91	128
Gross Unrealized Losses	(1)	0
Fair Value	2,410	2,469
States, municipalities and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,978	2,556
Gross Unrealized Gains	168	172
Gross Unrealized Losses	(2)	0
Fair Value	3,144	2,728
U.S. corporate securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	8,754	7,879
Gross Unrealized Gains	822	1,023
Gross Unrealized Losses	(14)	(8)
Fair Value	9,562	8,894
Foreign securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,652	2,595
Gross Unrealized Gains	247	324
Gross Unrealized Losses	(6)	(1)
Fair Value	2,893	2,918
Residential mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	812	673
Gross Unrealized Gains	20	32
Gross Unrealized Losses	(3)	0
Fair Value	829	705
Commercial mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,023	962
Gross Unrealized Gains	63	84
Gross Unrealized Losses	(5)	0
Fair Value	1,081	1,046
Other asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,372	2,369
Gross Unrealized Gains	26	36
Gross Unrealized Losses	(1)	(2)
Fair Value	2,397	2,403
Redeemable preferred securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	27	21
Gross Unrealized Gains	3	4
Gross Unrealized Losses	0	0
Fair Value	$ 30	$ 25

Investments - Debt Securities b

Investments - Debt Securities by Maturity (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Amortized Cost
Less than one year	$ 1,168
One year through five years	7,095
After five years through ten years	4,418
Greater than ten years	4,050
Amortized Cost	20,938	$ 19,396
Fair Value
Less than one year	1,183
One year through five years	7,397
After five years through ten years	4,682
Greater than ten years	4,777
Total	22,346	21,188
Residential mortgage-backed securities
Amortized Cost
Debt securities, maturity, without single maturity date	812
Amortized Cost	812	673
Fair Value
Debt securities, maturity, without single maturity date	829
Total	829	705
Commercial mortgage-backed securities
Amortized Cost
Debt securities, maturity, without single maturity date	1,023
Amortized Cost	1,023	962
Fair Value
Debt securities, maturity, without single maturity date	1,081
Total	1,081	1,046
Other asset-backed securities
Amortized Cost
Debt securities, maturity, without single maturity date	2,372
Amortized Cost	2,372	2,369
Fair Value
Debt securities, maturity, without single maturity date	2,397
Total	$ 2,397	$ 2,403

Investments - Unrealized Loss P

Investments - Unrealized Loss Position (Details) $ in Millions	Jun. 30, 2021USD ($)security	Dec. 31, 2020USD ($)security
Number of Securities
Number of Securities, Less than 12 months \| security	1,663	468
Number of Securities, Greater than 12 months \| security	40	59
Number of Securities \| security	1,703	527
Fair Value
Fair Value, Less than 12 months	$ 3,024	$ 869
Fair Value, Greater than 12 months	43	46
Fair Value	3,067	915
Unrealized Losses
Unrealized Losses, Less than 12 months	31	10
Unrealized Losses, Greater than 12 months	1	1
Unrealized Losses	$ 32	$ 11
U.S. government securities
Number of Securities
Number of Securities, Less than 12 months \| security	15	32
Number of Securities, Greater than 12 months \| security	0	0
Number of Securities \| security	15	32
Fair Value
Fair Value, Less than 12 months	$ 76	$ 205
Fair Value, Greater than 12 months	0	0
Fair Value	76	205
Unrealized Losses
Unrealized Losses, Less than 12 months	1	0
Unrealized Losses, Greater than 12 months	0	0
Unrealized Losses	$ 1	$ 0
States, municipalities and political subdivisions
Number of Securities
Number of Securities, Less than 12 months \| security	146	49
Number of Securities, Greater than 12 months \| security	1	0
Number of Securities \| security	147	49
Fair Value
Fair Value, Less than 12 months	$ 302	$ 83
Fair Value, Greater than 12 months	4	0
Fair Value	306	83
Unrealized Losses
Unrealized Losses, Less than 12 months	2	0
Unrealized Losses, Greater than 12 months	0	0
Unrealized Losses	$ 2	$ 0
U.S. corporate securities
Number of Securities
Number of Securities, Less than 12 months \| security	807	145
Number of Securities, Greater than 12 months \| security	8	2
Number of Securities \| security	815	147
Fair Value
Fair Value, Less than 12 months	$ 1,125	$ 155
Fair Value, Greater than 12 months	9	0
Fair Value	1,134	155
Unrealized Losses
Unrealized Losses, Less than 12 months	13	8
Unrealized Losses, Greater than 12 months	1	0
Unrealized Losses	$ 14	$ 8
Foreign securities
Number of Securities
Number of Securities, Less than 12 months \| security	237	41
Number of Securities, Greater than 12 months \| security	2	5
Number of Securities \| security	239	46
Fair Value
Fair Value, Less than 12 months	$ 374	$ 69
Fair Value, Greater than 12 months	2	5
Fair Value	376	74
Unrealized Losses
Unrealized Losses, Less than 12 months	6	1
Unrealized Losses, Greater than 12 months	0	0
Unrealized Losses	$ 6	$ 1
Residential mortgage-backed securities
Number of Securities
Number of Securities, Less than 12 months \| security	100	23
Number of Securities, Greater than 12 months \| security	5	3
Number of Securities \| security	105	26
Fair Value
Fair Value, Less than 12 months	$ 398	$ 26
Fair Value, Greater than 12 months	0	0
Fair Value	398	26
Unrealized Losses
Unrealized Losses, Less than 12 months	3	0
Unrealized Losses, Greater than 12 months	0	0
Unrealized Losses	$ 3	$ 0
Commercial mortgage-backed securities
Number of Securities
Number of Securities, Less than 12 months \| security	85	22
Number of Securities, Greater than 12 months \| security	0	0
Number of Securities \| security	85	22
Fair Value
Fair Value, Less than 12 months	$ 241	$ 75
Fair Value, Greater than 12 months	0	0
Fair Value	241	75
Unrealized Losses
Unrealized Losses, Less than 12 months	5	0
Unrealized Losses, Greater than 12 months	0	0
Unrealized Losses	$ 5	$ 0
Other asset-backed securities
Number of Securities
Number of Securities, Less than 12 months \| security	272	156
Number of Securities, Greater than 12 months \| security	24	49
Number of Securities \| security	296	205
Fair Value
Fair Value, Less than 12 months	$ 505	$ 256
Fair Value, Greater than 12 months	28	41
Fair Value	533	297
Unrealized Losses
Unrealized Losses, Less than 12 months	1	1
Unrealized Losses, Greater than 12 months	0	1
Unrealized Losses	$ 1	$ 2
Redeemable preferred securities
Number of Securities
Number of Securities, Less than 12 months \| security	1
Number of Securities, Greater than 12 months \| security	0
Number of Securities \| security	1
Fair Value
Fair Value, Less than 12 months	$ 3
Fair Value, Greater than 12 months	0
Fair Value	3
Unrealized Losses
Unrealized Losses, Less than 12 months	0
Unrealized Losses, Greater than 12 months	0
Unrealized Losses	$ 0

Investments - Unrealized Loss_2

Investments - Unrealized Loss Position Maturities (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Fair Value
Less than one year	$ 23
One year through five years	1,006
After five years through ten years	628
Greater than ten years	238
Fair Value	3,067	$ 915
Unrealized Losses
Less than one year	0
One year through five years	7
After five years through ten years	11
Greater than ten years	5
Unrealized Losses	32	11
Residential mortgage-backed securities
Fair Value
Debt securities, maturity, without single maturity date, fair value	398
Fair Value	398	26
Unrealized Losses
Debt securities, maturity, without single maturity date, unrealized losses	3
Unrealized Losses	3	0
Commercial mortgage-backed securities
Fair Value
Debt securities, maturity, without single maturity date, fair value	241
Fair Value	241	75
Unrealized Losses
Debt securities, maturity, without single maturity date, unrealized losses	5
Unrealized Losses	5	0
Other asset-backed securities
Fair Value
Debt securities, maturity, without single maturity date, fair value	533
Fair Value	533	297
Unrealized Losses
Debt securities, maturity, without single maturity date, unrealized losses	1
Unrealized Losses	1	$ 2
Supporting experience-rated products
Fair Value
Less than one year	0
One year through five years	1
After five years through ten years	15
Greater than ten years	2
Fair Value	25
Unrealized Losses
Less than one year	0
One year through five years	0
After five years through ten years	0
Greater than ten years	1
Unrealized Losses	1
Supporting experience-rated products \| Residential mortgage-backed securities
Fair Value
Debt securities, maturity, without single maturity date, fair value	0
Unrealized Losses
Debt securities, maturity, without single maturity date, unrealized losses	0
Supporting experience-rated products \| Commercial mortgage-backed securities
Fair Value
Debt securities, maturity, without single maturity date, fair value	6
Unrealized Losses
Debt securities, maturity, without single maturity date, unrealized losses	0
Supporting experience-rated products \| Other asset-backed securities
Fair Value
Debt securities, maturity, without single maturity date, fair value	1
Unrealized Losses
Debt securities, maturity, without single maturity date, unrealized losses	0
Supporting remaining products
Fair Value
Less than one year	23
One year through five years	1,005
After five years through ten years	613
Greater than ten years	236
Fair Value	3,042
Unrealized Losses
Less than one year	0
One year through five years	7
After five years through ten years	11
Greater than ten years	4
Unrealized Losses	31
Supporting remaining products \| Residential mortgage-backed securities
Fair Value
Debt securities, maturity, without single maturity date, fair value	398
Unrealized Losses
Debt securities, maturity, without single maturity date, unrealized losses	3
Supporting remaining products \| Commercial mortgage-backed securities
Fair Value
Debt securities, maturity, without single maturity date, fair value	235
Unrealized Losses
Debt securities, maturity, without single maturity date, unrealized losses	5
Supporting remaining products \| Other asset-backed securities
Fair Value
Debt securities, maturity, without single maturity date, fair value	532
Unrealized Losses
Debt securities, maturity, without single maturity date, unrealized losses	$ 1

Investments - Mortgage Loans (D

Investments - Mortgage Loans (Details) - Commercial Real Estate - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Mortgage Loans on Real Estate [Line Items]
New mortgage loans	$ 73	$ 16	$ 120	$ 24
Mortgage loans fully repaid	82	33	172	77
Mortgage loans foreclosed	$ 0	$ 0	$ 0	$ 0

Investments - Mortgage Loans Cr

Investments - Mortgage Loans Credit Ratings Indicator (Details) - Commercial Real Estate - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	$ 976	$ 1,047
Category 1
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	53	59
Category 2 to 4
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	897	952
Categories 5 and 6
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	18	36
Category 7
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	8	0
2021
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	118
2021 \| Category 1
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	0
2021 \| Category 2 to 4
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	118
2021 \| Categories 5 and 6
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	0
2021 \| Category 7
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	0
2020
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	57	46
2020 \| Category 1
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	0	0
2020 \| Category 2 to 4
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	57	46
2020 \| Categories 5 and 6
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	0	0
2020 \| Category 7
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	0	0
2019
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	88	96
2019 \| Category 1
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	0	0
2019 \| Category 2 to 4
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	88	96
2019 \| Categories 5 and 6
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	0	0
2019 \| Category 7
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	0	0
2018
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	76	94
2018 \| Category 1
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	0	0
2018 \| Category 2 to 4
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	73	91
2018 \| Categories 5 and 6
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	3	3
2018 \| Category 7
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	0	0
2017
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	98	150
2017 \| Category 1
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	23	22
2017 \| Category 2 to 4
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	71	124
2017 \| Categories 5 and 6
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	4	4
2017 \| Category 7
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	0	0
Prior
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	539	661
Prior \| Category 1
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	30	37
Prior \| Category 2 to 4
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	490	595
Prior \| Categories 5 and 6
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	11	29
Prior \| Category 7
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	$ 8	$ 0

Investments - Net Investment In

Investments - Net Investment Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	$ 285	$ 141	$ 543	$ 347
Investment expenses	(9)	(9)	(17)	(17)
Net investment income (excluding net realized capital gains or losses)	276	132	526	330
Net realized capital gains	13	52	60	16
Net investment income	289	184	586	346
Yield-related impairment loss	2	1	32	42
Credit-related impairment loss (gain)	0	(42)	0	3
Supporting experience-rated products
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Net investment income	10	10	19	21
Debt securities
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	160	146	317	290
Mortgage loans
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	13	15	28	30
Other investments
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	$ 112	$ (20)	$ 198	$ 27

Investments - Realized Gains (D

Investments - Realized Gains (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Investments [Abstract]
Proceeds from sales	$ 919	$ 1,419	$ 2,267	$ 2,142
Gross realized capital gains	20	23	42	43
Gross realized capital losses	$ 1	$ 21	$ 10	$ 56

Fair Value - Measurement on a R

Fair Value - Measurement on a Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	$ 22,346	$ 21,188
U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	2,410	2,469
States, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	3,144	2,728
U.S. corporate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	9,562	8,894
Foreign securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	2,893	2,918
Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	829	705
Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	1,081	1,046
Other asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	2,397	2,403
Redeemable preferred securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	30	25
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities at fair value on a recurring basis	0	0
Cash and cash equivalents	7,119	7,854
Debt securities	22,346	21,188
Equity securities	60	47
Total	29,525	29,089
Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	3,538	3,985
Debt securities	2,365	2,370
Equity securities	30	17
Total	5,933	6,372
Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	3,581	3,869
Debt securities	19,939	18,764
Equity securities	0	0
Total	23,520	22,633
Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Debt securities	42	54
Equity securities	30	30
Total	72	84
Recurring \| U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	2,410	2,469
Recurring \| U.S. government securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	2,365	2,370
Recurring \| U.S. government securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	45	99
Recurring \| U.S. government securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Recurring \| States, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	3,144	2,728
Recurring \| States, municipalities and political subdivisions \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Recurring \| States, municipalities and political subdivisions \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	3,144	2,727
Recurring \| States, municipalities and political subdivisions \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	1
Recurring \| U.S. corporate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	9,562	8,894
Recurring \| U.S. corporate securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Recurring \| U.S. corporate securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	9,521	8,842
Recurring \| U.S. corporate securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	41	52
Recurring \| Foreign securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	2,893	2,918
Recurring \| Foreign securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Recurring \| Foreign securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	2,893	2,918
Recurring \| Foreign securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Recurring \| Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	829	705
Recurring \| Residential mortgage-backed securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Recurring \| Residential mortgage-backed securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	829	705
Recurring \| Residential mortgage-backed securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Recurring \| Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	1,081	1,046
Recurring \| Commercial mortgage-backed securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Recurring \| Commercial mortgage-backed securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	1,081	1,046
Recurring \| Commercial mortgage-backed securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Recurring \| Other asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	2,397	2,403
Recurring \| Other asset-backed securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Recurring \| Other asset-backed securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	2,397	2,403
Recurring \| Other asset-backed securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Recurring \| Redeemable preferred securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	30	25
Recurring \| Redeemable preferred securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Recurring \| Redeemable preferred securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	29	24
Recurring \| Redeemable preferred securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	$ 1	$ 1

Fair Value - Carrying Value and

Fair Value - Carrying Value and Fair Value Classified by Level (Details) - Nonrecurring - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Carrying Value
Assets:
Mortgage loans	$ 976	$ 1,047
Equity securities	129	145
Liabilities:
Investment contracts liabilities with a fixed maturity	5	5
Investment contracts liabilities without a fixed maturity	324	322
Long-term debt	59,354	64,647
Level 1 \| Estimated Fair Value
Assets:
Mortgage loans	0	0
Liabilities:
Investment contracts liabilities with a fixed maturity	0	0
Investment contracts liabilities without a fixed maturity	0	0
Long-term debt	68,364	75,940
Level 2 \| Estimated Fair Value
Assets:
Mortgage loans	0	0
Liabilities:
Investment contracts liabilities with a fixed maturity	0	0
Investment contracts liabilities without a fixed maturity	0	0
Long-term debt	0	0
Level 3 \| Estimated Fair Value
Assets:
Mortgage loans	992	1,070
Liabilities:
Investment contracts liabilities with a fixed maturity	5	5
Investment contracts liabilities without a fixed maturity	363	371
Long-term debt	0	0
Total \| Estimated Fair Value
Assets:
Mortgage loans	992	1,070
Liabilities:
Investment contracts liabilities with a fixed maturity	5	5
Investment contracts liabilities without a fixed maturity	363	371
Long-term debt	$ 68,364	$ 75,940

Fair Value - Separate Accounts

Fair Value - Separate Accounts Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	$ 4,880	$ 4,881
Recurring
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	4,780	4,852
Recurring \| Other Receivables
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	100	29
Recurring \| Cash and cash equivalents
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	229	188
Recurring \| Debt securities
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	4,036	4,099
Recurring \| Equity securities
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	2	2
Recurring \| Common/collective trusts
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	513	563
Recurring \| Level 1
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	1,077	1,467
Recurring \| Level 1 \| Cash and cash equivalents
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	2	2
Recurring \| Level 1 \| Debt securities
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	1,075	1,465
Recurring \| Level 1 \| Equity securities
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	0	0
Recurring \| Level 1 \| Common/collective trusts
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	0	0
Recurring \| Level 2
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	3,703	3,385
Recurring \| Level 2 \| Cash and cash equivalents
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	227	186
Recurring \| Level 2 \| Debt securities
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	2,961	2,634
Recurring \| Level 2 \| Equity securities
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	2	2
Recurring \| Level 2 \| Common/collective trusts
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	513	563
Recurring \| Level 3
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	0	0
Recurring \| Level 3 \| Cash and cash equivalents
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	0	0
Recurring \| Level 3 \| Debt securities
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	0	0
Recurring \| Level 3 \| Equity securities
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	0	0
Recurring \| Level 3 \| Common/collective trusts
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	$ 0	$ 0

Health Care Costs Payable - Com

Health Care Costs Payable - Components of Change in Health Care Costs Payable (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Health care costs payable, beginning of the period, net	$ 7,936
Less: Claims paid
Health care costs payable, end of the period, net	8,414
Health Care Benefits
Less: Claims paid
Benefit costs recorded in other insurance liabilities	27	$ 20
Corporate / Other
Less: Claims paid
Benefit costs recorded in other insurance liabilities	99	119
Health Insurance Product Line
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Health care costs payable, beginning of the period	7,936	6,879
Less: Reinsurance recoverables	10	5
Health care costs payable, beginning of the period, net	7,926	6,874
Acquisition	0	412
Add: Components of incurred health care costs
Current year	32,183	26,390
Prior years	(709)	(420)
Total incurred health care costs	31,474	25,970
Less: Claims paid
Current year	24,600	20,223
Prior years	6,409	5,704
Total claims paid	31,009	25,927
Add: Premium deficiency reserve	5	29
Health care costs payable, end of the period, net	8,396	7,358
Add: Reinsurance recoverables	18	4
Health care costs payable, end of the period	8,414	7,362
Premium deficiency reserve	$ 5	$ 29

Health Care Costs Payable - Nar

Health Care Costs Payable - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred but not reported (IBNR) claims liability, net	$ 6,400
Health Insurance Product Line
Liability for Claims and Claims Adjustment Expense [Line Items]
Decrease in prior years' healthcare costs payable	$ (709)	$ (420)

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($)	3 Months Ended		6 Months Ended
Shareholders' Equity (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Nov. 02, 2016
Equity, Class of Treasury Stock [Line Items]
Stock repurchased during period (in shares)			0	0
Dividends declared per share (in dollars per share)	$ 0.50	$ 0.50	$ 1	$ 1
2016 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount					$ 15,000,000,000
Stock repurchase program, remaining authorized repurchase amount	$ 13,900,000,000		$ 13,900,000,000

Other Comprehensive Income (Det

Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Changes in Accumulated Other Comprehensive Income (Loss) by Component
Balance at beginning of period	$ 71,164	$ 69,701	$ 65,474	$ 64,170	$ 69,701	$ 64,170
Other comprehensive income (loss)	148	(392)	526	(332)	(244)	194
Balance at end of period	73,565	71,164	68,355	65,474	73,565	68,355
Net unrealized investment gains (losses)
Changes in Accumulated Other Comprehensive Income (Loss) by Component
Balance at beginning of period	828	1,214	463	774	1,214	774
Other Comprehensive income (loss) before reclassifications, net of tax	164		560		(236)	166
Amounts reclassified from accumulated other comprehensive loss, net of tax	(15)		(36)		(1)	47
Other comprehensive income (loss)	149		524		(237)	213
Balance at end of period	977	828	987	463	977	987
OCI before Reclass, pre-tax	214		681		(273)	195
Amounts reclassified, pre-tax	(18)		(44)		(1)	57
Foreign currency translation adjustments
Changes in Accumulated Other Comprehensive Income (Loss) by Component
Balance at beginning of period	5	7	(8)	4	7	4
Other Comprehensive income (loss) before reclassifications, net of tax	1		6		(1)	(6)
Other comprehensive income (loss)	1		6		(1)	(6)
Balance at end of period	6	5	(2)	(8)	6	(2)
Net cash flow hedges
Changes in Accumulated Other Comprehensive Income (Loss) by Component
Balance at beginning of period	244	248	270	279	248	279
Other Comprehensive income (loss) before reclassifications, net of tax	0		0		0	(5)
Amounts reclassified from accumulated other comprehensive loss, net of tax	(3)		(3)		(7)	(7)
Other comprehensive income (loss)	(3)		(3)		(7)	(12)
Balance at end of period	241	244	267	270	241	267
OCI before Reclass, pre-tax	0		0		0	(7)
Amounts reclassified, pre-tax	(4)		(4)		(9)	(10)
Amount expected to be reclassified	13				13
Pension and OPEB plans
Changes in Accumulated Other Comprehensive Income (Loss) by Component
Balance at beginning of period	(55)	(55)	(38)	(38)	(55)	(38)
Other Comprehensive income (loss) before reclassifications, net of tax	0		(6)		0	(6)
Amounts reclassified from accumulated other comprehensive loss, net of tax	1		5		1	5
Other comprehensive income (loss)	1		(1)		1	(1)
Balance at end of period	(54)	(55)	(39)	(38)	(54)	(39)
OCI before Reclass, pre-tax	0		(8)		0	(8)
Amounts reclassified, pre-tax	1		7		1	7
AOCI Including Portion Attributable to Noncontrolling Interest
Changes in Accumulated Other Comprehensive Income (Loss) by Component
Balance at beginning of period	1,022	1,414	687	1,019	1,414	1,019
Balance at end of period	$ 1,170	$ 1,022	$ 1,213	$ 687	$ 1,170	$ 1,213

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of EPS (in shares)	8	17	9	15
Numerator for earnings per share calculation:
Net income attributable to CVS Health	$ 2,783	$ 2,975	$ 5,006	$ 4,982
Denominator for earnings per share calculation:
Weighted average shares, basic (in shares)	1,319	1,309	1,316	1,307
Effect of dilutive securities (in shares)	8	5	9	6
Weighted average diluted shares outstanding (in shares)	1,327	1,314	1,325	1,313
Earnings per share:
Earnings per share, basic (in dollars per share)	$ 2.11	$ 2.27	$ 3.80	$ 3.81
Earnings per share, diluted (in dollars per share)	$ 2.10	$ 2.26	$ 3.78	$ 3.79

Commitments and Contingencies (

Commitments and Contingencies (Details)	12 Months Ended
Commitments and Contingencies (Details)	Dec. 31, 2012member	Jun. 30, 2021store	Sep. 30, 2020claim
Commitments and Contingencies Disclosure [Abstract]
Guarantor obligations, number of leases \| store		73
Sample size \| member	200
Radcliffe and Flaim v. Aetna Inc., et al \| Pending Litigation
Loss Contingencies [Line Items]
Number of claims \| claim			2

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	6 Months Ended
Segment Reporting - Narrative (Details)	Jun. 30, 2021Segment
Segment Reporting [Abstract]
Number of operating segments	3

Segment Reporting - Reconciliat

Segment Reporting - Reconciliation of Financial Measures of Segments to Consolidated Totals (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue, Major Customer [Line Items]
Revenues from external customers	$ 72,327	$ 65,157	$ 141,127	$ 131,750
Net investment income	289	184	586	346
Total revenues	72,616	65,341	141,713	132,096
Adjusted operating income (loss)	4,887	5,328	9,092	9,441
Health Care Benefits
Revenue, Major Customer [Line Items]
Total revenues	20,525	18,468	41,008	37,666
Pharmacy Services
Revenue, Major Customer [Line Items]
Total revenues	38,314	34,889	74,635	69,872
Retail/ LTC
Revenue, Major Customer [Line Items]
Total revenues	24,728	21,662	48,002	44,411
Operating Segments \| Health Care Benefits
Revenue, Major Customer [Line Items]
Revenues from external customers	20,367	18,318	40,682	37,415
Net investment income	137	127	285	220
Total revenues	20,525	18,468	41,008	37,666
Adjusted operating income (loss)	1,614	3,464	3,396	4,955
Operating Segments \| Pharmacy Services
Revenue, Major Customer [Line Items]
Revenues from external customers	35,745	32,623	69,058	64,741
Net investment income	0	0	0	0
Total revenues	38,314	34,889	74,635	69,872
Adjusted operating income (loss)	1,755	1,327	3,262	2,508
Copayments	2,800	2,600	6,200	6,000
Operating Segments \| Retail/ LTC
Revenue, Major Customer [Line Items]
Revenues from external customers	16,185	14,187	31,325	29,544
Net investment income	0	0	46	0
Total revenues	24,728	21,662	48,002	44,411
Adjusted operating income (loss)	2,049	1,057	3,443	2,959
Intersegment Eliminations
Revenue, Major Customer [Line Items]
Revenues	(11,133)	(9,764)	(22,249)	(20,029)
Net investment income	0	0	0	0
Total revenues	(11,133)	(9,764)	(22,249)	(20,029)
Adjusted operating income (loss)	(162)	(177)	(337)	(353)
Intersegment Eliminations \| Health Care Benefits
Revenue, Major Customer [Line Items]
Revenues	21	23	41	31
Intersegment Eliminations \| Pharmacy Services
Revenue, Major Customer [Line Items]
Revenues	2,569	2,266	5,577	5,131
Intersegment Eliminations \| Retail/ LTC
Revenue, Major Customer [Line Items]
Revenues	8,543	7,475	16,631	14,867
Corporate/ Other
Revenue, Major Customer [Line Items]
Revenues from external customers	30	29	62	50
Net investment income	152	57	255	126
Total revenues	182	86	317	176
Adjusted operating income (loss)	$ (369)	$ (343)	$ (672)	$ (628)

Segment Reporting - Reconcili_2

Segment Reporting - Reconciliation from Operating Income to Adjusted Operating Income (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue, Major Customer [Line Items]
Operating income (GAAP measure)		$ 4,326	$ 4,680	$ 7,903	$ 8,138
Amortization of intangible assets		582	578	1,169	1,164
Acquisition-related integration costs		40	70	81	139
Acquisition purchase price adjustment outside of measurement period		(61)	0	(61)	0
Adjusted operating income (loss)		$ 4,887	$ 5,328	$ 9,092	$ 9,441
Health Care Benefits
Revenue, Major Customer [Line Items]
Receipt related purchase price adjustment from acquisition	$ (61)