CVS Health (CVS) 10-Q 7 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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		1,257,979,270
Entity Central Index Key	0000064803
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Premiums	$ 30,667	$ 25,108	$ 61,058	$ 49,460
Net investment income	394	274	848	608
Total revenues	91,234	88,921	179,671	174,199
Operating costs:
Cost of products sold	49,998	53,536	98,071	104,991
Health care costs	27,853	21,782	55,656	42,230
Operating expenses	10,338	9,873	20,628	19,453
Restructuring charge	0	496	0	496
Loss on assets held for sale	0	0	0	349
Total operating costs	88,189	85,687	174,355	167,519
Operating income	3,045	3,234	5,316	6,680
Interest expense	732	686	1,448	1,275
Other income	(24)	(22)	(49)	(44)
Income before income tax provision	2,337	2,570	3,917	5,449
Income tax provision	569	656	1,025	1,393
Net income	1,768	1,914	2,892	4,056
Net (income) loss attributable to noncontrolling interests	2	(13)	(9)	(19)
Net income attributable to CVS Health	$ 1,770	$ 1,901	$ 2,883	$ 4,037
Net income per share attributable to CVS Health:
Basic (in dollars per share)	$ 1.41	$ 1.48	$ 2.29	$ 3.15
Diluted (in dollars per share)	$ 1.41	$ 1.48	$ 2.28	$ 3.13
Weighted average shares outstanding:
Basic (in shares)	1,256	1,283	1,258	1,283
Diluted (in shares)	1,259	1,287	1,263	1,289
Dividends declared per share (in dollars per share)	$ 0.665	$ 0.605	$ 1.33	$ 1.21
Cost, Product and Service [Extensible List]	Products	Products	Products	Products
Products
Revenues:
Revenues	$ 56,212	$ 60,539	$ 109,936	$ 118,686
Services
Revenues:
Revenues	$ 3,961	$ 3,000	$ 7,829	$ 5,445

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 1,768	$ 1,914	$ 2,892	$ 4,056
Other comprehensive income (loss), net of tax:
Net unrealized investment gains (losses)	(27)	(64)	(135)	406
Change in discount rate on long-duration insurance reserves	53	60	121	(14)
Foreign currency translation adjustments	0	2	0	1
Net cash flow hedges	(4)	19	(8)	13
Other comprehensive income (loss)	22	17	(22)	406
Comprehensive income	1,790	1,931	2,870	4,462
Comprehensive (income) loss attributable to noncontrolling interests	2	(13)	(9)	(19)
Comprehensive income attributable to CVS Health	$ 1,792	$ 1,918	$ 2,861	$ 4,443

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Assets:
Cash and cash equivalents	$ 12,507	$ 8,196
Investments	3,755	3,259
Accounts receivable, net	32,385	35,227
Inventories	16,068	18,025
Other current assets	5,237	3,151
Total current assets	69,952	67,858
Long-term investments	25,028	23,019
Property and equipment, net	13,032	13,183
Operating lease right-of-use assets	16,901	17,252
Goodwill	91,272	91,272
Intangible assets, net	28,311	29,234
Separate accounts assets	3,187	3,250
Other assets	4,798	4,660
Total assets	252,481	249,728
Liabilities:
Accounts payable	14,416	14,897
Pharmacy claims and discounts payable	24,188	22,874
Health care costs payable	13,885	12,049
Policyholders’ funds	1,051	1,326
Accrued expenses	21,163	22,189
Other insurance liabilities	1,041	1,141
Current portion of operating lease liabilities	1,911	1,741
Short-term debt	0	200
Current portion of long-term debt	3,731	2,772
Total current liabilities	81,386	79,189
Long-term operating lease liabilities	15,537	16,034
Long-term debt	62,643	58,638
Deferred income taxes	4,052	4,311
Separate accounts liabilities	3,187	3,250
Other long-term insurance liabilities	5,039	5,459
Other long-term liabilities	5,526	6,211
Total liabilities	177,370	173,092
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; 1,777 shares issued and 1,256 shares outstanding at June 30, 2024 and 1,768 shares issued and 1,288 shares outstanding at December 31, 2023 and capital surplus	49,371	48,992
Treasury stock, at cost: 521 shares at June 30, 2024 and 480 shares at December 31, 2023	(36,919)	(33,838)
Retained earnings	62,797	61,604
Accumulated other comprehensive loss	(319)	(297)
Total CVS Health shareholders’ equity	74,930	76,461
Noncontrolling interests	181	175
Total shareholders’ equity	75,111	76,636
Total liabilities and shareholders’ equity	$ 252,481	$ 249,728

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
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)	1,777,000,000	1,768,000,000
Common stock, shares outstanding (in shares)	1,256,000,000	1,288,000,000
Treasury stock (in shares)	521,000,000	480,000,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Cash receipts from customers	$ 173,728	$ 175,567
Cash paid for inventory, prescriptions dispensed and health services rendered	(90,845)	(101,318)
Insurance benefits paid	(52,485)	(41,108)
Cash paid to other suppliers and employees	(21,124)	(17,686)
Interest and investment income received	839	801
Interest paid	(1,392)	(1,131)
Income taxes paid	(729)	(1,779)
Net cash provided by operating activities	7,992	13,346
Cash flows from investing activities:
Proceeds from sales and maturities of investments	4,418	3,640
Purchases of investments	(6,781)	(4,499)
Purchases of property and equipment	(1,343)	(1,575)
Acquisitions (net of cash and restricted cash acquired)	(73)	(16,474)
Other	60	32
Net cash used in investing activities	(3,719)	(18,876)
Cash flows from financing activities:
Commercial paper borrowings (repayments), net	(200)	1,000
Proceeds from issuance of short-term loan	0	5,000
Repayment of short-term loan	0	(5,000)
Proceeds from issuance of long-term debt	4,959	10,898
Repayments of long-term debt	(37)	(1,787)
Repurchase of common stock	(3,024)	(2,016)
Dividends paid	(1,698)	(1,574)
Proceeds from exercise of stock options	228	120
Payments for taxes related to net share settlement of equity awards	(176)	(168)
Other	(30)	(121)
Net cash provided by financing activities	22	6,352
Net increase in cash, cash equivalents and restricted cash	4,295	822
Cash, cash equivalents and restricted cash at the beginning of the period	8,525	13,305
Cash, cash equivalents and restricted cash at the end of the period	12,820	14,127
Reconciliation of net income to net cash provided by operating activities:
Net income	2,892	4,056
Adjustments required to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,289	2,105
Stock-based compensation	270	307
Deferred income taxes and other items	(341)	87
Change in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable, net	2,798	(804)
Inventories	1,937	1,800
Other assets	(2,241)	(913)
Accounts payable and pharmacy claims and discounts payable	1,191	(118)
Health care costs payable and other insurance liabilities	1,581	4,334
Other liabilities	(2,384)	2,492
Net cash provided by operating activities	$ 7,992	$ 13,346

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Millions, $ in Millions		Total	Total CVS Health Shareholders’ Equity	Common Shares	Treasury Shares		Common Stock and Capital Surplus		Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Shares outstanding, balance at beginning of period (in shares) at Dec. 31, 2022				1,758
Treasury shares outstanding, balance at beginning of period (in shares) at Dec. 31, 2022	[1]				(458)
Balance at beginning of period at Dec. 31, 2022		$ 71,769	$ 71,469		$ (31,858)	[1]	$ 48,193	[2]	$ 56,398	$ (1,264)	$ 300
Shareholders' Equity [Roll Forward]
Net income		2,142	2,136						2,136		6
Other comprehensive income (loss)		389	389							389
Stock option activity, stock awards and other (in shares)				1
Stock option activity, stock awards and other		122	122				122	[2]
Purchases of treasury shares, net of ESPP issuances (in shares)	[1]				(22)
Purchase of treasury shares, net of ESPP issuances		(1,962)	(1,962)		$ (1,944)	[1]	(18)	[2]
Common stock dividends		(781)	(781)						(781)
Other increases (decreases) in noncontrolling interests		(99)	9				9	[2]			(108)
Shares outstanding, balance at end of period (in shares) at Mar. 31, 2023				1,759
Treasury shares outstanding, balance at end of period (in shares) at Mar. 31, 2023	[1]				(480)
Balance at end of period at Mar. 31, 2023		71,580	71,382		$ (33,802)	[1]	48,306	[2]	57,753	(875)	198
Shares outstanding, balance at beginning of period (in shares) at Dec. 31, 2022				1,758
Treasury shares outstanding, balance at beginning of period (in shares) at Dec. 31, 2022	[1]				(458)
Balance at beginning of period at Dec. 31, 2022		71,769	71,469		$ (31,858)	[1]	48,193	[2]	56,398	(1,264)	300
Shareholders' Equity [Roll Forward]
Net income		4,056
Other comprehensive income (loss)		406
Shares outstanding, balance at end of period (in shares) at Jun. 30, 2023				1,764
Treasury shares outstanding, balance at end of period (in shares) at Jun. 30, 2023	[1]				(482)
Balance at end of period at Jun. 30, 2023		73,002	72,726		$ (33,933)	[1]	48,649	[2]	58,868	(858)	276
Shares outstanding, balance at beginning of period (in shares) at Mar. 31, 2023				1,759
Treasury shares outstanding, balance at beginning of period (in shares) at Mar. 31, 2023	[1]				(480)
Balance at beginning of period at Mar. 31, 2023		71,580	71,382		$ (33,802)	[1]	48,306	[2]	57,753	(875)	198
Shareholders' Equity [Roll Forward]
Net income		1,914	1,901						1,901		13
Other comprehensive income (loss)		17	17							17
Stock option activity, stock awards and other (in shares)				5
Stock option activity, stock awards and other		345	345				345	[2]
Purchases of treasury shares, net of ESPP issuances (in shares)	[1]				(2)
Purchase of treasury shares, net of ESPP issuances		(129)	(129)		$ (131)	[1]	2	[2]
Common stock dividends		(786)	(786)						(786)
Acquisition of noncontrolling interests		66									66
Other increases (decreases) in noncontrolling interests		(5)	(4)				(4)	[2]			(1)
Shares outstanding, balance at end of period (in shares) at Jun. 30, 2023				1,764
Treasury shares outstanding, balance at end of period (in shares) at Jun. 30, 2023	[1]				(482)
Balance at end of period at Jun. 30, 2023		$ 73,002	72,726		$ (33,933)	[1]	48,649	[2]	58,868	(858)	276
Shares outstanding, balance at beginning of period (in shares) at Dec. 31, 2023				1,768
Treasury shares outstanding, balance at beginning of period (in shares) at Dec. 31, 2023		(480)			(480)	[3]
Balance at beginning of period at Dec. 31, 2023		$ 76,636	76,461		$ (33,838)	[3]	48,992	[4]	61,604	(297)	175
Shareholders' Equity [Roll Forward]
Net income		1,124	1,113						1,113		11
Other comprehensive income (loss)		(44)	(44)							(44)
Stock option activity, stock awards and other (in shares)				3
Stock option activity, stock awards and other		244	244				244	[4]
Purchases of treasury shares, net of ESPP issuances (in shares)	[3]				(39)
Purchase of treasury shares, net of ESPP issuances		(2,962)	(2,962)		$ (2,935)	[3]	(27)	[4]
Common stock dividends		(844)	(844)						(844)
Other increases (decreases) in noncontrolling interests		(4)									(4)
Shares outstanding, balance at end of period (in shares) at Mar. 31, 2024				1,771
Treasury shares outstanding, balance at end of period (in shares) at Mar. 31, 2024	[3]				(519)
Balance at end of period at Mar. 31, 2024		$ 74,150	73,968		$ (36,773)	[3]	49,209	[4]	61,873	(341)	182
Shares outstanding, balance at beginning of period (in shares) at Dec. 31, 2023				1,768
Treasury shares outstanding, balance at beginning of period (in shares) at Dec. 31, 2023		(480)			(480)	[3]
Balance at beginning of period at Dec. 31, 2023		$ 76,636	76,461		$ (33,838)	[3]	48,992	[4]	61,604	(297)	175
Shareholders' Equity [Roll Forward]
Net income		2,892
Other comprehensive income (loss)		$ (22)
Shares outstanding, balance at end of period (in shares) at Jun. 30, 2024				1,777
Treasury shares outstanding, balance at end of period (in shares) at Jun. 30, 2024		(521)			(521)	[3]
Balance at end of period at Jun. 30, 2024		$ 75,111	74,930		$ (36,919)	[3]	49,371	[4]	62,797	(319)	181
Shares outstanding, balance at beginning of period (in shares) at Mar. 31, 2024				1,771
Treasury shares outstanding, balance at beginning of period (in shares) at Mar. 31, 2024	[3]				(519)
Balance at beginning of period at Mar. 31, 2024		74,150	73,968		$ (36,773)	[3]	49,209	[4]	61,873	(341)	182
Shareholders' Equity [Roll Forward]
Net income		1,768	1,770						1,770		(2)
Other comprehensive income (loss)		22	22							22
Stock option activity, stock awards and other (in shares)				6
Stock option activity, stock awards and other		159	159				159	[4]
Purchases of treasury shares, net of ESPP issuances (in shares)	[3]				(2)
Purchase of treasury shares, net of ESPP issuances		(143)	(143)		$ (146)	[3]	3	[4]
Common stock dividends		(846)	(846)						(846)
Other increases (decreases) in noncontrolling interests		$ 1									1
Shares outstanding, balance at end of period (in shares) at Jun. 30, 2024				1,777
Treasury shares outstanding, balance at end of period (in shares) at Jun. 30, 2024		(521)			(521)	[3]
Balance at end of period at Jun. 30, 2024		$ 75,111	$ 74,930		$ (36,919)	[3]	$ 49,371	[4]	$ 62,797	$ (319)	$ 181
[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, 2023, March 31, 2023 and December 31, 2022. Common stock and capital surplus includes the par value of common stock of $18 million as of June 30, 2023, March 31, 2023 and December 31, 2022. 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, 2024, March 31, 2024 and December 31, 2023. Common stock and capital surplus includes the par value of common stock of $18 million as of June 30, 2024, March 31, 2024 and December 31, 2023.

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Treasury shares held in trust (in shares)	1	1	1	1	1	1
Treasury shares held in trust	$ 29	$ 29	$ 29	$ 29	$ 29	$ 29
Common stock	$ 18	$ 18	$ 18	$ 18	$ 18	$ 18

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Description of Business CVS Health Corporation, together with its subsidiaries (collectively, “CVS Health” or the “Company”), has more than 9,000 retail locations, more than 1,000 walk-in medical clinics, 207 primary care medical clinics, a leading pharmacy benefits manager with approximately 90 million plan members and expanding specialty pharmacy solutions, and a dedicated senior pharmacy care business serving more than 800,000 patients per year. The Company also serves an estimated more than 36 million people through traditional, voluntary and consumer-directed health insurance products and related services, including expanding Medicare Advantage offerings and a leading standalone Medicare Part D prescription drug plan (“PDP”). The Company is creating new sources of value through its integrated model allowing it to expand into personalized, technology driven care delivery and health services, increasing access to quality care, delivering better health outcomes and lowering overall health care costs. The Company has four reportable segments: Health Care Benefits, Health Services, Pharmacy & Consumer Wellness and Corporate/Other, which are described below. Health Care Benefits Segment The Health Care Benefits segment operates as one of the nation’s leading diversified health care benefits providers. The Health Care Benefits segment has the information and resources to help members, in consultation with their health care professionals, make more informed decisions about their health care. The Health Care Benefits segment offers a broad range of traditional, voluntary and consumer-directed health insurance products and related services, including medical, pharmacy, dental and behavioral health plans, medical management capabilities, Medicare Advantage and Medicare Supplement plans, PDPs and Medicaid health care management services. The Health Care Benefits segment’s customers include employer groups, individuals, college students, part-time and hourly workers, health plans, health care providers (“providers”), governmental units, government-sponsored plans, labor groups and expatriates. The Company refers to insurance products (where it assumes all or a majority of the risk for medical and dental care costs) as “Insured” and administrative services contract products (where the plan sponsor assumes all or a majority of the risk for medical and dental care costs) as “ASC.” The Company sold Insured plans directly to individual consumers through the individual public health insurance exchanges (“Public Exchanges”) in 17 states as of June 30, 2024. Health Services Segment The Health Services segment provides a full range of pharmacy benefit management (“PBM”) solutions, delivers health care services in its medical clinics, virtually, and in the home, and offers provider enablement solutions. PBM solutions include plan design offerings and administration, formulary management, retail pharmacy network management services, and specialty and mail order pharmacy services. In addition, the Company provides clinical services, disease management services, medical spend management and pharmacy and/or other administrative services for providers and federal 340B drug pricing program covered entities (“Covered Entities”). The Company operates a group purchasing organization that negotiates pricing for the purchase of pharmaceuticals and rebates with pharmaceutical manufacturers on behalf of its participants and provides various administrative, management and reporting services to pharmaceutical manufacturers. During 2023, the Company completed the acquisition of two key health care delivery assets – Signify Health, Inc. (“Signify Health”), a leader in health risk assessments, value-based care and provider enablement services, and Oak Street Health, Inc. (“Oak Street Health”), a leading multi-payor operator of value-based primary care centers serving Medicare eligible patients. The Company also launched Cordavis TM , a wholly owned subsidiary that works directly with pharmaceutical manufacturers to commercialize and/or co-produce high quality biosimilar products. The Health Services segment’s clients and customers are primarily employers, insurance companies, unions, government employee groups, health plans, PDPs, Medicaid managed care plans, the U.S. Centers for Medicare & Medicaid Services (“ CMS”) , plans offered on Insurance Exchanges and other sponsors of health benefit plans throughout the U.S., patients who receive care in the Health Services segment’s medical clinics, virtually or in the home, as well as Covered Entities. Pharmacy & Consumer Wellness Segment The Pharmacy & Consumer Wellness segment dispenses prescriptions in its retail pharmacies and through its infusion operations, provides ancillary pharmacy services including pharmacy patient care programs, diagnostic testing and vaccination administration, and sells a wide assortment of health and wellness products and general merchandise. The segment also conducts long-term care pharmacy (“LTC”) operations, which distribute prescription drugs and provide related pharmacy consulting and ancillary services to long-term care facilities and other care settings, and provides pharmacy fulfillment services to support the Health Services segment’s specialty and mail order pharmacy offerings. As of June 30, 2024, the Pharmacy & Consumer Wellness segment operated more than 9,000 retail locations, as well as online retail pharmacy websites, LTC pharmacies and on-site pharmacies, retail specialty pharmacy stores, compounding pharmacies and branches for infusion and enteral nutrition services. 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 and finance departments, information technology, digital, data and analytics, as well as acquisition-related transaction and 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, 2023 (the “2023 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 current assets on the unaudited condensed consolidated balance sheets primarily represents funds held on behalf of members and funds held in escrow in connection with agreements with accountable care organizations. 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 demand deposits, time deposits and money market funds. 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 $ 12,507 $ 8,196 Restricted cash (included in other current assets) 54 90 Restricted cash (included in other assets) 259 239 Total cash, cash equivalents and restricted cash in the statements of cash flows $ 12,820 $ 8,525 Accounts Receivable Accounts receivable are stated net of allowances for credit losses, customer credit allowances, contractual allowances and estimated terminations. Accounts receivable, net at June 30, 2024 and December 31, 2023 was composed of the following: In millions June 30, December 31, Trade receivables $ 9,793 $ 11,908 Vendor and manufacturer receivables 13,528 15,711 Premium receivables 4,430 3,714 Other receivables 4,634 3,894 Total accounts receivable, net $ 32,385 $ 35,227 The Company’s allowance for credit losses was $355 million and $343 million as of June 30, 2024 and December 31, 2023, respectively. 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. Health Care Contract Acquisition Costs Insurance products included in the Health Care Benefits segment are cancellable by either the customer or the member monthly upon written notice. Acquisition costs related to prepaid health care and health indemnity contracts are generally expensed as incurred. For certain long-duration insurance contracts, acquisition costs directly related to the successful acquisition of a new or renewal insurance contract, including commissions, are deferred and are recorded as other current assets or other assets on the unaudited condensed consolidated balance sheets. Contracts are grouped by product and issue year into cohorts consistent with the grouping used in estimating the associated liability and are amortized on a constant level basis based on the remaining in-force policies over the estimated term of the contracts to approximate straight-line amortization. Changes to the Company’s assumptions, including assumptions related to persistency, are reflected at the cohort level at the time of change and are recognized prospectively over the estimated terms of the contract. The amortization of deferred acquisition costs is recorded in operating expenses in the unaudited condensed consolidated statements of operations. The following is a roll forward of deferred acquisition costs for the six months ended June 30, 2024 and 2023: Six Months Ended In millions 2024 2023 Deferred acquisition costs, beginning of the period $ 1,502 $ 1,219 Capitalizations 271 274 Amortization expense (146) (128) Deferred acquisition costs, end of the period $ 1,627 $ 1,365 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, 2024 and 2023: In millions Health Care Health Pharmacy & Corporate/ Intersegment Consolidated Three Months Ended June 30, 2024 Major goods/services lines: Pharmacy $ — $ 39,499 $ 24,013 $ — $ (12,532) $ 50,980 Front Store — — 5,281 — — 5,281 Premiums 30,654 — — 13 — 30,667 Net investment income (loss) 300 (2) — 96 — 394 Other 1,521 2,674 544 2 (829) 3,912 Total $ 32,475 $ 42,171 $ 29,838 $ 111 $ (13,361) $ 91,234 Health Services distribution channel: Pharmacy network (1) $ 21,848 Mail & specialty (2) 17,651 Other 2,674 Net investment income (loss) (2) Total $ 42,171 Three Months Ended June 30, 2023 Major goods/services lines: Pharmacy $ — $ 44,706 $ 22,614 $ — $ (12,258) $ 55,062 Front Store — — 5,629 — — 5,629 Premiums 25,095 — — 13 — 25,108 Net investment income 205 — 1 68 — 274 Other 1,447 1,509 540 2 (650) 2,848 Total $ 26,747 $ 46,215 $ 28,784 $ 83 $ (12,908) $ 88,921 Health Services distribution channel: Pharmacy network (1) $ 27,477 Mail & specialty (2) 17,229 Other 1,509 Total $ 46,215 In millions Health Care Health Pharmacy & Corporate/ Intersegment Consolidated Six Months Ended June 30, 2024 Major goods/services lines: Pharmacy $ — $ 77,225 $ 46,797 $ — $ (24,645) $ 99,377 Front Store — — 10,651 — — 10,651 Premiums 61,033 — — 25 — 61,058 Net investment income (loss) 653 (2) — 197 — 848 Other 3,025 5,233 1,115 4 (1,640) 7,737 Total $ 64,711 $ 82,456 $ 58,563 $ 226 $ (26,285) $ 179,671 Health Services distribution channel: Pharmacy network (1) $ 42,312 Mail & specialty (2) 34,913 Other 5,233 Net investment income (loss) $ (2) Total $ 82,456 Six Months Ended June 30, 2023 Major goods/services lines: Pharmacy $ — $ 88,443 $ 44,394 $ — $ (24,990) $ 107,847 Front Store — — 11,226 — — 11,226 Premiums 49,434 — — 26 — 49,460 Net investment income (loss) 369 — (2) 241 — 608 Other 2,821 2,363 1,088 4 (1,218) 5,058 Total $ 52,624 $ 90,806 $ 56,706 $ 271 $ (26,208) $ 174,199 Health Services distribution channel: Pharmacy network (1) $ 55,069 Mail & specialty (2) 33,374 Other 2,363 Total $ 90,806 _____________________________________________ (1) Health Services pharmacy network is defined as claims filled at retail and specialty retail pharmacies, including the Company’s retail pharmacies and LTC pharmacies, as well as activity associated with Maintenance Choice ® , which permits eligible client plan members to fill their maintenance prescriptions through mail order delivery or at a CVS pharmacy retail store for the same price as mail order. (2) Health Services mail & specialty is defined as specialty mail claims inclusive of Specialty Connect ® claims picked up at a retail pharmacy, as well as mail order and specialty claims fulfilled by the Pharmacy & Consumer Wellness segment. 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 primarily 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) $ 9,793 $ 11,908 Contract liabilities (included in accrued expenses) 128 149 New Accounting Pronouncements Recently Adopted Segment Reporting In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . This standard requires the Company to disclose significant segment expenses that are regularly provided to the Chief Operating Decision Maker (the “CODM”) and are included within each reported measure of segment operating results. The standard also requires the Company to disclose the total amount of any other items included in segment operating results which were not deemed to be significant expenses for separate disclosure, along with a qualitative description of the composition of these other items. In addition, the standard also requires disclosure of the CODM’s title and position, as well as detail on how the CODM uses the reported measure of segment operating results to evaluate segment performance and allocate resources. The standard also aligns interim segment reporting disclosure requirements with annual segment reporting disclosure requirements. The Company adopted the standard for its annual reporting effective January 1, 2024. While the standard requires additional disclosures related to the Company’s reportable segments in its 2024 annual reporting, adoption of the standard did not have any impact on the Company’s consolidated operating results, financial condition or cash flows. The standard requires retrospective application to all prior periods presented. The standard is effective for interim reporting periods in fiscal years beginning after December 15, 2024. New Accounting Pronouncements Not Yet Adopted Income Taxes In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The standard requires the Company to provide further disaggregated income tax disclosures for specific categories on the effective tax rate reconciliation, as well as additional information about federal, state/local and foreign income taxes. The standard also requires the Company to annually disclose its income taxes paid (net of refunds received), disaggregated by jurisdiction. The standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The standard is to be applied on a prospective basis, although optional retrospective application is permitted. While the standard will require additional disclosures related to the Company’s income taxes, the standard is not expected to have any impact on the Company’s consolidated operating results, financial condition or cash flows.

Acquisition

Acquisition	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisition	Acquisition Oak Street Health Acquisition On May 2, 2023, the Company acquired 100% of the outstanding shares and voting interest of Oak Street Health for cash (“Oak Street Health Acquisition”). Under the terms of the merger agreement, Oak Street Health stockholders received $39.00 per share in cash. The Company financed the transaction with borrowings of $5.0 billion from a term loan agreement entered into on May 1, 2023 and cash on hand. Oak Street Health is a leading multi-payor, senior focused value-based primary care company. Oak Street Health is included within the Health Services segment. The Company acquired Oak Street Health to advance its value-based care strategy and broaden its platform into primary care. The Company’s assessment of the fair value of assets acquired and liabilities assumed was finalized during the second quarter of 2024. There were no measurement period adjustments to assets acquired and liabilities assumed during the six months ended June 30, 2024.

Investments

Investments	6 Months Ended
	Jun. 30, 2024
Investments [Abstract]
Investments	Investments Total investments at June 30, 2024 and December 31, 2023 were as follows: June 30, 2024 December 31, 2023 In millions Current Long-term Total Current Long-term Total Debt securities available for sale $ 3,604 $ 20,227 $ 23,831 $ 3,131 $ 18,582 $ 21,713 Mortgage loans 151 1,251 1,402 128 1,183 1,311 Other investments — 3,550 3,550 — 3,254 3,254 Total investments $ 3,755 $ 25,028 $ 28,783 $ 3,259 $ 23,019 $ 26,278 Debt Securities Debt securities available for sale at June 30, 2024 and December 31, 2023 were as follows: In millions Amortized Cost (1) Gross Gross Fair June 30, 2024 Debt securities: U.S. government securities $ 2,589 $ 5 $ (56) $ 2,538 States, municipalities and political subdivisions 1,335 10 (22) 1,323 U.S. corporate securities 11,720 69 (489) 11,300 Foreign securities 2,657 26 (130) 2,553 Residential mortgage-backed securities 838 3 (60) 781 Commercial mortgage-backed securities 1,201 5 (93) 1,113 Other asset-backed securities 4,190 28 (12) 4,206 Redeemable preferred securities 18 — (1) 17 Total debt securities (2) $ 24,548 $ 146 $ (863) $ 23,831 December 31, 2023 Debt securities: U.S. government securities $ 2,071 $ 19 $ (54) $ 2,036 States, municipalities and political subdivisions 2,219 31 (35) 2,215 U.S. corporate securities 10,156 133 (446) 9,843 Foreign securities 2,593 41 (122) 2,512 Residential mortgage-backed securities 862 8 (60) 810 Commercial mortgage-backed securities 1,066 9 (100) 975 Other asset-backed securities 3,294 26 (18) 3,302 Redeemable preferred securities 21 — (1) 20 Total debt securities (2) $ 22,282 $ 267 $ (836) $ 21,713 _____________________________________________ (1) There was no allowance for expected credit losses recorded on available-for-sale debt securities at June 30, 2024 or December 31, 2023. (2) Investment risks associated with the Company’s experience-rated products generally do not impact the Company’s consolidated operating results. At June 30, 2024, debt securities with a fair value of $546 million, gross unrealized capital gains of $5 million and gross unrealized capital losses of $36 million, and at December 31, 2023, debt securities with a fair value of $592 million, gross unrealized capital gains of $10 million and gross unrealized capital losses of $28 million 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 loss. The amortized cost and fair value of debt securities at June 30, 2024 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 $ 1,365 $ 1,349 One year through five years 8,974 8,784 After five years through ten years 4,420 4,288 Greater than ten years 3,560 3,310 Residential mortgage-backed securities 838 781 Commercial mortgage-backed securities 1,201 1,113 Other asset-backed securities 4,190 4,206 Total $ 24,548 $ 23,831 Summarized below are the debt securities the Company held at June 30, 2024 and December 31, 2023 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, 2024 Debt securities: U.S. government securities 221 $ 1,191 $ 11 272 $ 761 $ 45 493 $ 1,952 $ 56 States, municipalities and political subdivisions 163 300 1 246 386 21 409 686 22 U.S. corporate securities 2,241 2,849 34 3,937 5,118 455 6,178 7,967 489 Foreign securities 460 600 10 886 1,280 120 1,346 1,880 130 Residential mortgage-backed securities 51 170 1 424 469 59 475 639 60 Commercial mortgage-backed securities 70 206 2 304 610 91 374 816 93 Other asset-backed securities 290 721 5 156 323 7 446 1,044 12 Redeemable preferred securities 1 5 — 7 12 1 8 17 1 Total debt securities 3,497 $ 6,042 $ 64 6,232 $ 8,959 $ 799 9,729 $ 15,001 $ 863 December 31, 2023 Debt securities: U.S. government securities 74 $ 194 $ 2 280 $ 891 $ 52 354 $ 1,085 $ 54 States, municipalities and political subdivisions 95 181 1 455 733 34 550 914 35 U.S. corporate securities 576 672 14 4,120 5,602 432 4,696 6,274 446 Foreign securities 160 243 4 964 1,407 118 1,124 1,650 122 Residential mortgage-backed securities 33 97 1 461 517 59 494 614 60 Commercial mortgage-backed securities 44 94 2 287 581 98 331 675 100 Other asset-backed securities 196 449 4 443 867 14 639 1,316 18 Redeemable preferred securities 4 2 — 8 18 1 12 20 1 Total debt securities 1,182 $ 1,932 $ 28 7,018 $ 10,616 $ 808 8,200 $ 12,548 $ 836 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, 2024 were generally caused by interest rate increases and not by unfavorable changes in the credit quality associated with these securities. As of June 30, 2024, 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, 2024 were as follows: Supporting Supporting Total In millions Fair Unrealized Fair Unrealized Fair Unrealized Due to mature: Less than one year $ 11 $ — $ 1,117 $ 17 $ 1,128 $ 17 One year through five years 139 4 6,169 219 6,308 223 After five years through ten years 76 7 2,622 164 2,698 171 Greater than ten years 178 22 2,190 265 2,368 287 Residential mortgage-backed securities 8 1 631 59 639 60 Commercial mortgage-backed securities 15 1 801 92 816 93 Other asset-backed securities 15 1 1,029 11 1,044 12 Total $ 442 $ 36 $ 14,559 $ 827 $ 15,001 $ 863 Mortgage Loans The Company’s mortgage loans are collateralized by commercial real estate. During the three and six months ended June 30, 2024 and 2023, the Company had the following activity in its mortgage loan portfolio: Three Months Ended Six Months Ended In millions 2024 2023 2024 2023 New mortgage loans $ 78 $ 168 $ 137 $ 223 Mortgage loans fully repaid 32 3 34 17 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, 2024 and December 31, 2023, 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 2024 2023 2022 2021 2020 Prior Total June 30, 2024 1 $ — $ — $ — $ — $ — $ 9 $ 9 2 to 4 133 302 349 218 35 325 1,362 5 and 6 — — — 13 — 18 31 7 — — — — — — — Total $ 133 $ 302 $ 349 $ 231 $ 35 $ 352 $ 1,402 December 31, 2023 1 $ — $ — $ — $ — $ 11 $ 11 2 to 4 302 346 225 35 354 1,262 5 and 6 — — 13 — 19 32 7 — — 6 — — 6 Total $ 302 $ 346 $ 244 $ 35 $ 384 $ 1,311 Net Investment Income Sources of net investment income for the three and six months ended June 30, 2024 and 2023 were as follows: Three Months Ended Six Months Ended In millions 2024 2023 2024 2023 Debt securities $ 265 $ 204 $ 509 $ 395 Mortgage loans 19 14 36 27 Other investments 212 165 435 410 Gross investment income 496 383 980 832 Investment expenses (12) (11) (24) (21) Net investment income (excluding net realized capital losses) 484 372 956 811 Net realized capital losses (1) (90) (98) (108) (203) Net investment income (2) $ 394 $ 274 $ 848 $ 608 _____________________________________________ (1) Net realized capital losses include yield-related impairment losses on debt securities of $28 million and $38 million in the three and six months ended June 30, 2024, respectively. There were no credit-related impairment losses on debt securities in the three and six months ended June 30, 2024. Net realized capital losses include yield-related impairment losses on debt securities of $37 million and are net of the reversal of previously recorded credit-related impairment losses on debt securities of $2 million in the three months ended June 30, 2023. Net realized capital losses include yield-related impairment losses on debt securities of $61 million and are net of the reversal of previously recorded credit-related impairment losses on debt securities of $3 million in the six months ended June 30, 2023. (2) Net investment income includes $8 million and $16 million for the three and six months ended June 30, 2024, respectively, and $9 million and $17 million for the three and six months ended June 30, 2023, 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, 2024 and 2023 were as follows: Three Months Ended Six Months Ended In millions 2024 2023 2024 2023 Proceeds from sales $ 1,616 $ 991 $ 2,881 $ 2,332 Gross realized capital gains 6 2 14 5 Gross realized capital losses 71 73 123 184

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2024
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 5 ‘‘Fair Value’’ in the 2023 Form 10-K. There were no financial liabilities measured at fair value on a recurring basis on the unaudited condensed consolidated balance sheets at June 30, 2024 or December 31, 2023. Financial assets measured at fair value on a recurring basis on the unaudited condensed consolidated balance sheets at June 30, 2024 and December 31, 2023 were as follows: In millions Level 1 Level 2 Level 3 Total June 30, 2024 Cash and cash equivalents $ 4,663 $ 7,844 $ — $ 12,507 Debt securities: U.S. government securities 2,515 23 — 2,538 States, municipalities and political subdivisions — 1,323 — 1,323 U.S. corporate securities — 11,273 27 11,300 Foreign securities — 2,553 — 2,553 Residential mortgage-backed securities — 781 — 781 Commercial mortgage-backed securities — 1,103 10 1,113 Other asset-backed securities — 4,191 15 4,206 Redeemable preferred securities — 17 — 17 Total debt securities 2,515 21,264 52 23,831 Equity securities 217 — 88 305 Total $ 7,395 $ 29,108 $ 140 $ 36,643 December 31, 2023 Cash and cash equivalents $ 2,174 $ 6,022 $ — $ 8,196 Debt securities: U.S. government securities 2,013 23 — 2,036 States, municipalities and political subdivisions — 2,215 — 2,215 U.S. corporate securities — 9,814 29 9,843 Foreign securities — 2,512 — 2,512 Residential mortgage-backed securities — 810 — 810 Commercial mortgage-backed securities — 975 — 975 Other asset-backed securities — 3,302 — 3,302 Redeemable preferred securities — 20 — 20 Total debt securities 2,013 19,671 29 21,713 Equity securities 194 — 79 273 Total $ 4,381 $ 25,693 $ 108 $ 30,182 During the three and six months ended June 30, 2024, there were no transfers into or out of Level 3. During the three and six months ended June 30, 2023 there were $13 million and $42 million, respectively, of transfers out of Level 3. The carrying value and estimated fair value classified by level of fair value hierarchy for financial instruments carried on the unaudited condensed consolidated balance sheets at adjusted cost or contract value at June 30, 2024 and December 31, 2023 were as follows: Carrying Estimated Fair Value In millions Level 1 Level 2 Level 3 Total June 30, 2024 Assets: Mortgage loans $ 1,402 $ — $ — $ 1,356 $ 1,356 Equity securities (1) 588 N/A N/A N/A N/A Liabilities: Investment contract liabilities: With a fixed maturity 1 — — 1 1 Without a fixed maturity 322 — — 281 281 Long-term debt 66,374 60,840 — — 60,840 December 31, 2023 Assets: Mortgage loans $ 1,311 $ — $ — $ 1,274 $ 1,274 Equity securities (1) 534 N/A N/A N/A N/A Liabilities: Investment contract liabilities: With a fixed maturity 1 — — 1 1 Without a fixed maturity 312 — — 279 279 Long-term debt 61,410 58,451 — — 58,451 _____________________________________________ (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, 2024 and December 31, 2023 were as follows: June 30, 2024 December 31, 2023 In millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents $ — $ 162 $ — $ 162 $ 2 $ 166 $ — $ 168 Debt securities 589 1,816 — 2,405 558 1,949 — 2,507 Common/collective trusts — 571 — 571 — 529 — 529 Total (1) $ 589 $ 2,549 $ — $ 3,138 $ 560 $ 2,644 $ — $ 3,204 _____________________________________________ (1) Excludes $49 million and $46 million of other receivables at June 30, 2024 and December 31, 2023, respectively.

Health Care Costs Payable

Health Care Costs Payable	6 Months Ended
	Jun. 30, 2024
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, 2024 and 2023: Six Months Ended In millions 2024 2023 Health care costs payable, beginning of the period $ 12,049 $ 10,142 Less: Reinsurance recoverables 5 5 Less: Impact of discount rate on long-duration insurance reserves (1) (23) 8 Health care costs payable, beginning of the period, net 12,067 10,129 Acquisitions, net — 1,102 Add: Components of incurred health care costs Current year 56,177 42,705 Prior years (662) (619) Total incurred health care costs (2) 55,515 42,086 Less: Claims paid Current year 43,218 32,502 Prior years 10,514 8,800 Total claims paid 53,732 41,302 Health care costs payable, end of the period, net 13,850 12,015 Add: Reinsurance recoverables 59 5 Add: Impact of discount rate on long-duration insurance reserves (1) (24) (22) Health care costs payable, end of the period $ 13,885 $ 11,998 _____________________________________________ (1) Reflects the difference between the current discount rate and the locked-in discount rate on long-duration insurance reserves which is recorded within accumulated other comprehensive loss on the unaudited condensed consolidated balance sheets. (2) Total incurred health care costs for the six months ended June 30, 2024 and 2023 in the table above exclude $48 million and $42 million, respectively, of health care costs recorded in the Health Care Benefits segment that are included in other insurance liabilities on the unaudited condensed consolidated balance sheets and $93 million and $102 million, respectively, of health care costs recorded in the Corporate/Other segment that are included in other insurance liabilities on the unaudited condensed consolidated balance sheets. The Company’s estimates of prior years’ health care costs payable decreased by $662 million and $619 million, respectively, in the six months ended June 30, 2024 and 2023, 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, 2024, 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 $10.6 billion. Substantially all of the Company’s liabilities for IBNR plus expected development on reported claims at June 30, 2024 related to the current year.

Other Insurance Liabilities and

Other Insurance Liabilities and Separate Accounts	6 Months Ended
	Jun. 30, 2024
Insurance [Abstract]
Other Insurance Liabilities and Separate Accounts	Other Insurance Liabilities and Separate Accounts Future Policy Benefits The following tables show the components of the change in the liability for future policy benefits, which is included in other insurance liabilities and other long-term insurance liabilities on the unaudited condensed consolidated balance sheets, during the six months ended June 30, 2024 and 2023: Six Months Ended In millions Large Case Long-Term Present value of expected net premiums (1) Liability for future policy benefits, beginning of the period - current discount rate $ 293 Beginning liability for future policy benefits at original (locked-in) discount rate $ 288 Effect of changes in cash flow assumptions — Effect of actual variances from expected experience 9 Adjusted beginning liability for future policy benefits - original (locked-in) discount rate 297 Interest accrual (using locked-in discount rate) 8 Net premiums (actual) (20) Ending liability for future policy benefits at original (locked-in) discount rate 285 Effect of changes in discount rate assumptions (4) Liability for future policy benefits, end of the period - current discount rate $ 281 Present value of expected future policy benefits Liability for future policy benefits, beginning of the period - current discount rate $ 2,139 $ 1,640 Beginning liability for future policy benefits at original (locked-in) discount rate $ 2,251 $ 1,632 Effect of changes in cash flow assumptions — — Effect of actual variances from expected experience (15) 3 Adjusted beginning liability for future policy benefits - original (locked-in) discount rate 2,236 1,635 Issuances 26 — Interest accrual (using locked-in discount rate) 46 41 Benefit payments (actual) (129) (36) Ending liability for future policy benefits at original (locked-in) discount rate 2,179 1,640 Effect of changes in discount rate assumptions (176) (77) Liability for future policy benefits, end of the period - current discount rate $ 2,003 $ 1,563 Net liability for future policy benefits $ 2,003 $ 1,282 Less: Reinsurance recoverable — — Net liability for future policy benefits, net of reinsurance recoverable $ 2,003 $ 1,282 _____________________________________________ (1) The present value of expected net premiums is equivalent to the present value of expected gross premiums for the long-term care insurance contracts as net premiums are set equal to gross premiums. Six Months Ended In millions Large Case Long-Term Present value of expected net premiums (1) Liability for future policy benefits, beginning of the period - current discount rate $ 300 Beginning liability for future policy benefits at original (locked-in) discount rate $ 302 Effect of changes in cash flow assumptions — Effect of actual variances from expected experience 5 Adjusted beginning liability for future policy benefits - original (locked-in) discount rate 307 Interest accrual (using locked-in discount rate) 8 Net premiums (actual) (20) Ending liability for future policy benefits at original (locked-in) discount rate 295 Effect of changes in discount rate assumptions (1) Liability for future policy benefits, end of the period - current discount rate $ 294 Present value of expected future policy benefits Liability for future policy benefits, beginning of the period - current discount rate $ 2,253 $ 1,566 Beginning liability for future policy benefits at original (locked-in) discount rate $ 2,425 $ 1,613 Effect of changes in cash flow assumptions — — Effect of actual variances from expected experience — — Adjusted beginning liability for future policy benefits - original (locked-in) discount rate 2,425 1,613 Issuances 7 — Interest accrual (using locked-in discount rate) 50 40 Benefit payments (actual) (143) (35) Ending liability for future policy benefits at original (locked-in) discount rate 2,339 1,618 Effect of changes in discount rate assumptions (154) (22) Liability for future policy benefits, end of the period - current discount rate $ 2,185 $ 1,596 Net liability for future policy benefits $ 2,185 $ 1,302 Less: Reinsurance recoverable — — Net liability for future policy benefits, net of reinsurance recoverable $ 2,185 $ 1,302 _____________________________________________ (1) The present value of expected net premiums is equivalent to the present value of expected gross premiums for the long-term care insurance contracts as net premiums are set equal to gross premiums. The Company did not have any material differences between the actual experience and expected experience for the significant assumptions used in the computation of the liability for future policy benefits. The amount of undiscounted expected gross premiums and expected future benefit payments for long-duration insurance liabilities as of June 30, 2024 and 2023 were as follows: In millions June 30, June 30, Large case pensions Expected future benefit payments $ 3,159 $ 3,398 Expected gross premiums — — Long-term care Expected future benefit payments $ 3,207 $ 3,238 Expected gross premiums 408 425 The weighted-average interest rate used in the measurement of the long-duration insurance liabilities as of June 30, 2024 and 2023 were as follows: June 30, June 30, Large case pensions Interest accretion rate 4.20% 4.20% Current discount rate 5.42% 5.17% Long-term care Interest accretion rate 5.11% 5.11% Current discount rate 5.57% 5.24% The weighted-average durations (in years) of the long-duration insurance liabilities as of June 30, 2024 and 2023 were as follows: June 30, June 30, Large case pensions 7.3 7.4 Long-term care 11.9 12.4 Policyholders’ Funds The following table shows the components of the change in policyholders’ funds related to long-duration insurance contracts, which are included in policyholders’ funds and other long-term liabilities on the unaudited condensed consolidated balance sheets, during the six months ended June 30, 2024 and 2023: Six Months Ended In millions, except weighted average crediting rate 2024 2023 Policyholders’ funds, beginning of the period $ 332 $ 345 Deposits received 8 (1) Policy charges (1) (1) Surrenders and withdrawals (7) (20) Interest credited 6 5 Change in net unrealized gains (losses) (12) 16 Other (13) (14) Policyholders’ funds, end of the period $ 313 $ 330 Weighted average crediting rate 4.35% 4.55% Net amount at risk $ — $ — Cash surrender value $ 317 $ 323 Separate Accounts The following table shows the fair value of assets, by major investment category, supporting Separate Accounts as of June 30, 2024 and December 31, 2023: In millions June 30, December 31, Cash and cash equivalents $ 162 $ 168 Debt securities: U.S. government securities 593 573 States, municipalities and political subdivisions 16 28 U.S. corporate securities 1,553 1,632 Foreign securities 199 202 Residential mortgage-backed securities 32 51 Commercial mortgage-backed securities 3 6 Other asset-backed securities 9 15 Total debt securities 2,405 2,507 Common/collective trusts 571 529 Total (1) $ 3,138 $ 3,204 _____________________________________________ (1) Excludes $49 million and $46 million of other receivables at June 30, 2024 and December 31, 2023, respectively. The following table shows the components of the change in Separate Accounts liabilities during the six months ended June 30, 2024 and 2023: Six Months Ended In millions 2024 2023 Separate Accounts liability, beginning of the period $ 3,250 $ 3,228 Premiums and deposits 430 457 Surrenders and withdrawals (152) (6) Benefit payments (449) (495) Investment earnings 121 88 Net transfers from general account 4 2 Other (17) (7) Separate Accounts liability, end of the period $ 3,187 $ 3,267 Cash surrender value, end of the period $ 2,171 $ 2,152

Borrowings

Borrowings	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Borrowings	Borrowings The following table is a summary of the Company’s borrowings at June 30, 2024 and December 31, 2023: In millions June 30, December 31, Short-term debt Commercial paper $ — $ 200 Long-term debt 3.375% senior notes due August 2024 650 650 2.625% senior notes due August 2024 1,000 1,000 3.5% senior notes due November 2024 750 750 5% senior notes due December 2024 299 299 4.1% senior notes due March 2025 950 950 3.875% senior notes due July 2025 2,828 2,828 5% senior notes due February 2026 1,500 1,500 2.875% senior notes due June 2026 1,750 1,750 3% senior notes due August 2026 750 750 3.625% senior notes due April 2027 750 750 6.25% senior notes due June 2027 372 372 1.3% senior notes due August 2027 2,250 2,250 4.3% senior notes due March 2028 5,000 5,000 5% senior notes due January 2029 1,000 1,000 5.4% senior notes due June 2029 1,000 — 3.25% senior notes due August 2029 1,750 1,750 5.125% senior notes due February 2030 1,500 1,500 3.75% senior notes due April 2030 1,500 1,500 1.75% senior notes due August 2030 1,250 1,250 5.25% senior notes due January 2031 750 750 1.875% senior notes due February 2031 1,250 1,250 5.55% senior notes due June 2031 1,000 — 2.125% senior notes due September 2031 1,000 1,000 5.25% senior notes due February 2033 1,750 1,750 5.3% senior notes due June 2033 1,250 1,250 5.7% senior notes due June 2034 1,250 — 4.875% senior notes due July 2035 652 652 6.625% senior notes due June 2036 771 771 6.75% senior notes due December 2037 533 533 4.78% senior notes due March 2038 5,000 5,000 6.125% senior notes due September 2039 447 447 4.125% senior notes due April 2040 1,000 1,000 2.7% senior notes due August 2040 1,250 1,250 5.75% senior notes due May 2041 133 133 4.5% senior notes due May 2042 500 500 4.125% senior notes due November 2042 500 500 5.3% senior notes due December 2043 750 750 4.75% senior notes due March 2044 375 375 6% senior notes due June 2044 750 — 5.125% senior notes due July 2045 3,500 3,500 3.875% senior notes due August 2047 1,000 1,000 5.05% senior notes due March 2048 8,000 8,000 4.25% senior notes due April 2050 750 750 5.625% senior notes due February 2053 1,250 1,250 5.875% senior notes due June 2053 1,250 1,250 6.05% senior notes due June 2054 1,000 — 6% senior notes due June 2063 750 750 Finance lease liabilities 1,379 1,391 Other 305 309 Total debt principal 66,944 62,160 Debt premiums 178 186 Debt discounts and deferred financing costs (748) (736) 66,374 61,610 Less: Short-term debt (commercial paper) — (200) Current portion of long-term debt (3,731) (2,772) Long-term debt $ 62,643 $ 58,638 Short-term Borrowings Commercial Paper The Company did not have any commercial paper outstanding as of June 30, 2024. The Company had $200 million of commercial paper outstanding at a weighted average interest rate of 4.31% as of December 31, 2023. Term Loan Credit Agreement On March 25, 2024, the Company entered into a 364-day $3.0 billion term loan credit agreement. The term loan credit agreement allowed for borrowings at various rates that were dependent, in part, on the Company’s public debt ratings. On May 9, 2024, following the issuance of the $5.0 billion in senior notes described under “Long-term Borrowings” below, the term loan credit agreement terminated. There were no borrowings under the term loan credit agreement through the date of termination. Long-term Borrowings 2024 Notes On May 9, 2024, the Company issued $1.0 billion aggregate principal amount of 5.4% senior notes due June 2029, $1.0 billion aggregate principal amount of 5.55% senior notes due June 2031, $1.25 billion aggregate principal amount of 5.7% senior notes due June 2034, $750 million aggregate principal amount of 6.0% senior notes due June 2044 and $1.0 billion aggregate principal amount of 6.05% senior notes due June 2054 for total proceeds of approximately $5.0 billion, net of discounts and underwriting fees. The net proceeds of these offerings were used for general corporate purposes.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity Share Repurchases The following share repurchase programs have been authorized by CVS Health Corporation’s Board of Directors (the “Board”): In billions Authorization Date Authorized Remaining as of June 30, 2024 November 17, 2022 (“2022 Repurchase Program”) $ 10.0 $ 10.0 December 9, 2021 (“2021 Repurchase Program”) 10.0 1.5 Each of the share Repurchase Programs was effective immediately and permit the Company to effect repurchases from time to time through a combination of open market repurchases, privately negotiated transactions, accelerated share repurchase (“ASR”) transactions, and/or other derivative transactions. Both the 2022 and 2021 Repurchase Programs can be modified or terminated by the Board at any time. During the six months ended June 30, 2024 and 2023, the Company repurchased an aggregate of 39.7 million shares of common stock for approximately $3.0 billion and an aggregate of 22.8 million shares of common stock for approximately $2.0 billion, respectively, both pursuant to the 2021 Repurchase Program. This activity includes the share repurchases under the ASR transactions described below. Pursuant to the authorization under the 2021 Repurchase Program, the Company entered into a $3.0 billion fixed dollar ASR with Morgan Stanley & Co. LLC. Upon payment of the $3.0 billion purchase price on January 4, 2024, the Company received a number of shares of CVS Health Corporation’s common stock equal to 85% of the $3.0 billion notional amount of the ASR or approximately 31.4 million shares, which were placed into treasury stock in January 2024. The ASR was accounted for as an initial treasury stock transaction for $2.6 billion and a forward contract for $0.4 billion. The forward contract was classified as an equity instrument and was recorded within capital surplus. In March 2024, the Company received approximately 8.3 million shares of CVS Health Corporation’s common stock, representing the remaining 15% of the $3.0 billion notional amount of the ASR, thereby concluding the ASR. These shares were placed into treasury and the forward contract was reclassified from capital surplus to treasury stock in March 2024. Pursuant to the authorization under the 2021 Repurchase Program, the Company entered into a $2.0 billion fixed dollar ASR with Citibank, N.A. Upon payment of the $2.0 billion purchase price on January 4, 2023, the Company received a number of shares of CVS Health Corporation’s common stock equal to 80% of the $2.0 billion notional amount of the ASR or approximately 17.4 million shares, which were placed into treasury stock in January 2023. The ASR was accounted for as an initial treasury stock transaction for $1.6 billion and a forward contract for $0.4 billion. The forward contract was classified as an equity instrument and was recorded within capital surplus. In February 2023, the Company received approximately 5.4 million shares of CVS Health Corporation’s common stock, representing the remaining 20% of the $2.0 billion notional amount of the ASR, thereby concluding the ASR. These shares were placed into treasury and the forward contract was reclassified from capital surplus to treasury stock in February 2023. At the time they were received, the initial and final receipt of shares resulted in an immediate reduction of the outstanding shares used to calculate the weighted average common shares outstanding for basic and diluted earnings per share. Dividends The quarterly cash dividend declared by the Board was $0.665 and $0.605 per share in the three months ended June 30, 2024 and 2023, respectively. Cash dividends declared by the Board were $1.33 and $1.21 per share in the six months ended June 30, 2024 and 2023, respectively. CVS Health Corporation has paid cash dividends every quarter since becoming a public company. Future dividend payments will depend on the Company’s earnings, capital requirements, financial condition and other factors considered relevant by the Board.

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2024
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Other Comprehensive Income (Loss)	Other Comprehensive Income (Loss) Shareholders’ equity included the following activity in accumulated other comprehensive loss for the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended In millions 2024 2023 2024 2023 Net unrealized investment losses: Beginning of period balance $ (537) $ (1,049) $ (429) $ (1,519) Other comprehensive income (loss) before reclassifications ( $(121),$(175), $(283), $165 pretax) (109) (174) (265) 165 Amounts reclassified from accumulated other comprehensive loss ( $94, $110, $148, $241 pretax) (1) 82 110 130 241 Other comprehensive income (loss) (27) (64) (135) 406 End of period balance (564) (1,113) (564) (1,113) Change in discount rate on long-duration insurance reserves: Beginning of period balance 220 145 152 219 Other comprehensive income (loss) before reclassifications ( $68, $78, $156, $(23) pretax) 53 60 121 (14) Other comprehensive income (loss) 53 60 121 (14) End of period balance 273 205 273 205 Foreign currency translation adjustments: Beginning of period balance — (1) — — Other comprehensive income before reclassifications — 2 — — Other comprehensive income — 2 — 1 End of period balance — 1 — 1 Net cash flow hedges: Beginning of period balance 240 233 244 239 Other comprehensive income (loss) before reclassifications ($0, $3, $0, $(3) pretax) — 2 — (2) Amounts reclassified from accumulated other comprehensive income ($(5), $23, $(11), $20 pretax) (2) (4) 17 (8) 15 Other comprehensive income (loss) (4) 19 (8) 13 End of period balance 236 252 236 252 Pension and other postretirement benefits: Beginning of period balance (264) (203) (264) (203) Other comprehensive income — — — — End of period balance (264) (203) (264) (203) Total beginning of period accumulated other comprehensive loss (341) (875) (297) (1,264) Total other comprehensive income (loss) 22 17 (22) 406 Total end of period accumulated other comprehensive loss $ (319) $ (858) $ (319) $ (858) _____________________________________________ (1) Amounts reclassified from accumulated other comprehensive loss 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 $22 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
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Earnings per share is computed using the treasury stock method. Stock options and stock appreciation rights to purchase 7 million shares of common stock were outstanding, but were excluded from the calculation of diluted earnings per share in each of the three and six-month periods ended June 30, 2024 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 options and stock appreciation rights to purchase 9 million and 6 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, 2023, respectively. The following is a reconciliation of basic and diluted earnings per share for the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended In millions, except per share amounts 2024 2023 2024 2023 Numerator for earnings per share calculation: Net income attributable to CVS Health $ 1,770 $ 1,901 $ 2,883 $ 4,037 Denominator for earnings per share calculation: Weighted average shares, basic 1,256 1,283 1,258 1,283 Restricted stock units and performance stock units 1 2 3 4 Stock options and stock appreciation rights 2 2 2 2 Weighted average shares, diluted 1,259 1,287 1,263 1,289 Earnings per share: Basic $ 1.41 $ 1.48 $ 2.29 $ 3.15 Diluted $ 1.41 $ 1.48 $ 2.28 $ 3.13

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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. As of June 30, 2024, the Company guaranteed 62 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 2035. 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 health maintenance organizations (“HMOs”) and/or other payors such as not-for-profit consumer-governed health plans established under the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010. 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. 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 CMS, state insurance and health and welfare departments, the U.S. Department of Justice (the “DOJ”), state Attorneys General, the U.S. Drug Enforcement Administration (the “DEA”), the U.S. Federal Trade Commission (the “FTC”) 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. Other than the controlled substances litigation accruals described below, none of the Company’s accruals for outstanding legal matters are material individually or in the aggregate to the Company’s unaudited condensed consolidated balance sheets. 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 is 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 and government payors, and are 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 state Attorneys General, governmental subdivisions, private parties and several putative class actions, regarding drug pricing and its rebate arrangements with drug manufacturers. These complaints, brought by a number of different types of plaintiffs 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 majority of these cases have now been transferred into a multi-district litigation in the U.S. District Court for the District of New Jersey. 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, the FTC and Attorneys General of several states and the District of Columbia regarding its PBM practices, including pharmacy contracting practices and reimbursement, pricing and rebates. The Company has been providing documents and information in response to these subpoenas, CIDs, and requests for information. In July 2024, the FTC released an interim staff report on PBMs in which it studies, among other things, the impacts that the PBM industry may have on prescription drug costs and pharmacies. The Company disagrees with many of the statements made in the FTC’s interim staff report. 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 2022, the Company agreed to a formal settlement agreement, the financial amounts of which were agreed to in principle in October 2022, with a leadership group of a number of state Attorneys General and the Plaintiffs’ Executive Committee. Upon finalization, the agreement resolves substantially all opioid claims against Company entities by participating states and political subdivisions but not private plaintiffs, alleging claims beginning as far back as the early 2000s generally concerning the impacts of widespread prescription opioid abuse. The maximum amount payable by the Company under the settlement is approximately $4.3 billion in opioid remediation and $625 million in attorneys’ fees and costs and additional remediation. The amounts are payable over 10 years, beginning in 2023. The agreement also contains injunctive terms relating to the dispensing of opioid medications. The settlement agreement is available at nationalopioidsettlement.com. Upon reaching an agreement in principle in October 2022, the Company concluded that settlement of opioid claims by governmental entities and tribes was probable, and the loss related thereto could be reasonably estimated. As a result of that conclusion, and its assessment of certain other opioid-related claims including those for which the Company reached agreement in August and September 2022, the Company recorded pre-tax charges of $5.3 billion during the year ended December 31, 2022. Settlement accruals expected to be paid within twelve months from the balance sheet date are classified as accrued expenses on the unaudited condensed consolidated balance sheets and settlement accruals expected to be paid greater than twelve months from the balance sheet date are classified as other long-term liabilities on the unaudited condensed consolidated balance sheets. In June 2023, the Company elected to move forward with a final settlement agreement, the financial amounts of which were agreed to in principle in October 2022, to resolve claims brought by participating states and political subdivisions such as counties, cities, and towns, but not by private plaintiffs, alleging claims beginning as far back as the early 2000s generally concerning the impacts of widespread prescription opioid abuse. The agreement became effective in June 2023. Forty-five states, the District of Columbia, and all eligible United States territories are participating in the settlement. A high percentage of eligible subdivisions within the participating states also have elected to join the settlement. The Company has separately entered into settlement agreements with four states – Florida, West Virginia, New Mexico and Nevada – and a high percentage of eligible subdivisions within those states also have elected to participate. The final settlement agreement contains certain contingencies related to payment obligations. Because these contingencies are inherently unpredictable, the assessment requires judgments about future events. The amount of ultimate loss may differ from the amount accrued by the Company. The State of Maryland has elected not to participate, and thus subdivisions within the State of Maryland may not participate, in the settlement. The State of Maryland has issued a civil subpoena for information from the Company, and litigation is pending with certain subdivisions within the State of Maryland. Trial in the case brought by the City of Baltimore is scheduled to begin in September 2024. The Company is defending itself against claims made in these cases. In December 2022, the Company also agreed to a formal settlement agreement with a leadership group representing tribes throughout the United States. The agreement resolves substantially all opioid claims against Company entities by such tribes. The maximum amount payable by the Company under the settlement is $113 million in opioid remediation and $16 million in attorneys’ fees and costs, payable over 10 years. The Company also entered into a separate settlement with the Cherokee Nation. These settlements resolve a majority of the cases against the Company that had been pending in the consolidated multidistrict litigation captioned In re National Prescription Opiate Litigation (MDL No. 2804) pending in the U.S. District Court for the Northern District of Ohio. However, certain opioid-related cases against the Company remain pending in the multidistrict litigation and in various state courts, including those brought by non-participating subdivisions and private parties such as hospitals and third-party payors. The Company continues to defend those cases. In November 2021, the Company was among the chain pharmacies found liable by a jury in a trial in federal court in Ohio; in August 2022, the court issued a judgment jointly against the three defendants in the amount of $651 million to be paid over 15 years and also ordered certain injunctive relief. The Company is appealing the judgment and has not accrued a liability for this matter. Because of the many uncertainties associated with any settlement arrangement or other resolution of opioid-related litigation matters, and because the Company continues to actively defend ongoing litigation for which it believes it has defenses and assertions that have merit, the Company is not able to reasonably estimate the range of ultimate possible loss for all opioid-related litigation matters at this time. The outcome of these legal matters could have a material effect on the Company’s business, financial condition, operating results and/or cash flows. In January 2020, 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 concerning potential violations of the federal Controlled Substances Act and the federal False Claims Act. The DOJ subsequently served additional DEA administrative subpoenas relating to controlled substances. The DOJ also served the Company with additional CIDs relating to controlled substances. The Company is providing documents and information in response to these matters. 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 related to billing government payors for prescriptions, and 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 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. U.S. ex rel. Gill et al. v. CVS Health Corp. et al. (U.S. District Court for the Northern District of Illinois). In July 2022, the Delaware Attorney General’s Office moved for partial intervention as to allegations under the Delaware false claims act related to not escheating alleged overpayments in this previously sealed qui tam case. The federal government and the remaining states declined to intervene on other additional theories in the relator’s complaint. The Company is defending itself against all of the claims. 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 (including COVID-19 testing) and/or otherwise allege that the Company failed to timely or appropriately pay or administer claims and benefits (including the Company’s post payment audit and collection practices). 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 claims payments, 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 (the “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, in the “Notice of Final Payment Error Calculation for Part C Medicare Advantage Risk Adjustment Validation Data (“RADV”) Contract-Level Audits,” CMS revised its audit methodology for RADV contract-level audits to determine refunds payable by Medicare Advantage plans for contract year 2011 and forward. Under the revised methodology, among other things, CMS announced extrapolation of the error rate identified in the audit sample along with the application of a process to account for errors in the government’s traditional fee-for-service Medicare program (“FFS Adjuster”). For contract years prior to 2011, CMS did not extrapolate sample error rates to the entire contract, nor did CMS propose to apply a FFS adjuster. By applying the FFS Adjuster, Medicare Advantage organizations would have been liable for repayments only to the extent that their extrapolated payment errors exceeded the error rate in Original Medicare, which could have impacted the extrapolated repayments to which Medicare Advantage organizations are subject. This revised contract-level audit methodology increased the Company’s exposure to premium refunds to CMS based on incomplete medical records maintained by providers. In the RADV audit methodology CMS used from 2011-2013, CMS selected only a few of the Company’s Medicare Advantage contracts for various contract years for contract-level RADV audits. In October 2018, CMS in the proposed rule announced a new methodology for RADV audits targeting certain health conditions and members with many diagnostic conditions along with extrapolation for the error rates identified without use of a FFS Adjuster. While the rule was under proposal, CMS initiated contract-level RADV audits for the years 2014 and 2015 with this new RADV methodology without a final rule. On January 30, 2023, CMS released the final rule (“RADV Audit Rule”), announcing it may use extrapolation for payment years 2018 forward, for both RADV audits and OIG contract level audits, and eliminated the application of a FFS Adjuster in Part C contract-level RADV audits of Medicare Advantage organizations. In the RADV Audit Rule, CMS indicated that it will use more than one audit methodology going forward and indicated CMS will audit contracts it believes are at the highest risk for overpayments based on its statistical modeling, citing a 2016 Governmental Accountability Office report that recommended selection of contract-level RADV audits with a focus on contracts likely to have high rates of improper payment, the highest coding intensity scores, and contracts with high levels of unsupported diagnoses from prior RADV audits. CMS announced that it would begin the RADV and OIG contract-level audits for payment year 2018, however as of the end of July 2024 these audits had not yet commenced. 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 for years prior to 2018 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, the OIG or otherwise, including audits of the Company’s minimum loss ratio rebates, methodology and/or reports, could be material and could adversely affect the Company’s operating results, cash flows and/or financial condition. The RADV Audit Rule does not apply to the CMS Part C Improper Payment Measures audits nor the U.S. Department of Health and Human Services RADV programs. Medicare and Medicaid Litigation and Investigations The Company has received CIDs from the Civil Division of the DOJ in connection with investigations of the Company’s identification and/or submission of diagnosis codes related to risk adjustment payments, including patient chart review processes, under Parts C and D of the Medicare program. The Company is cooperating with the government and providing documents and information in response to these CIDs. In May 2017, the Company received a CID from the U.S. Attorney’s Office for the Southern District of New York 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 November 2021, prior to its acquisition by the Company, Oak Street Health received a CID from the DOJ in connection with an investigation of possible false claims submitted to Medicare related to Oak Street Health’s relationships with third-party marketing agents and Oak Street Health’s provision of free transportation to federal health care beneficiaries. The Company has been cooperating with the government and has provided documents and information in response to the CID. In January 2022, the U.S. Attorney’s Office for the District of Massachusetts issued a subpoena to Aetna Life Insurance Company seeking, among other things, information in connection with its relationship and compensation arrangements with certain brokers, and the Company may receive similar inquiries in the future. The Company is cooperating with the subpoena. 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. Since filing, several of the cases have been consolidated, and two have resolved, including the first-filed federal case, City of Miami Fire Fighters’ and Police Officers’ Retirement Trust, et al. (formerly known as Anarkat ), the dismissal of which the First Circuit affirmed in August 2022. The Company and its current and former officers and directors are defending themselves against remaining claims. The Company has moved to dismiss the amended complaint in In re CVS Health Corp. Securities Act Litigation (formerly known as Waterford ). In In re CVS Health Corp. Securities Litigation (formerly known as City of Warren and Freundlich ), the court granted the Company’s motion to dismiss in February 2023 and the plaintiffs have filed a notice of appeal. Beginning in December 2021, the Company has received three demands for inspection of books and records pursuant to Delaware General Corporation Law Section 220 (“Section 220 demands”), as well as a derivative complaint ( Vladimir Gusinsky Revocable Trust v. Lynch, et al. ) that was filed in January 2023, which the defendants have moved to dismiss. The Section 220 demands and the complaint purport to be related to potential breaches of fiduciary duties by the Board in relation to certain matters concerning opioids. Following the Company’s response to the Section 220 demands, two of the three stockholders sent demand letters to the Board containing allegations substantially similar to those made in the earlier Section 220 demands and the derivative matter, and requested that it take certain actions, including consideration of its governance and policies with respect to controlled substances. The Board deferred consideration of these two demands until after the motion to dismiss the Gusinsky case is decided. In January 2022, a shareholder class action complaint was filed in the Northern District of Illinois, Allison v. Oak Street Health, Inc., et al. Defendants include Oak Street Health and certain of its pre-acquisition officers and directors. The putative plaintiffs assert causes of action under various securities laws premised on allegations that defendants made omissions and misrepresentations to investors relating to marketing conduct they allege may violate the False Claims Act. On May 27, 2024, the parties reached agreement in principle on a settlement of this action, subject to definitive documentation, the impact of which was not material to the Company’s financial condition or operating results. In July 2024, a shareholder class action complaint was filed in the Southern District of New York, Nixon v. CVS Health Corporation, et al . Defendants include the Company and certain present and former officers. The plaintiffs allege, among other allegations, that the defendants made false and/or misleading statements related to the profitability of the Health Care Benefits segment and assert causes of action under various federal securities laws. The Company and the individual defendants are defending themselves against these claims. 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, breach of fiduciary duty, claims processing, dispensing of medications, the use of medical testing devices in the in-home evaluation setting, non-compliance with state and federal regulatory regimes, marketing misconduct, denial of or 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, the Company’s participation in the 340B program, general contractual matters, product liability, intellectual property litigation, discrimination 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 medic

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company has three operating segments, Health Care Benefits, Health Services and Pharmacy & Consumer Wellness, as well as a Corporate/Other segment. The Company’s segments maintain separate financial information, and 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. Total assets by segment are not used by the CODM to assess the performance of, or allocate resources to, the Company’s segments, therefore total assets by segment are not disclosed. Adjusted operating income is defined as operating income (loss) (GAAP measure) excluding the impact of amortization of intangible assets, net realized capital gains or losses 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 CODM uses adjusted operating income as its principal measure of segment performance as it enhances the CODM’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 Health Services (1) Pharmacy & Corporate/ Intersegment Eliminations (2) Consolidated Three Months Ended June 30, 2024 Revenues from external customers $ 32,157 $ 38,694 $ 19,974 $ 15 $ — $ 90,840 Intersegment revenues 18 3,479 9,864 — (13,361) — Net investment income (loss) 300 (2) — 96 — 394 Total revenues 32,475 42,171 29,838 111 (13,361) 91,234 Adjusted operating income (loss) 938 1,915 1,243 (352) — 3,744 June 30, 2023 Revenues from external customers $ 26,521 $ 43,032 $ 19,079 $ 15 $ — $ 88,647 Intersegment revenues 21 3,183 9,704 — (12,908) — Net investment income 205 — 1 68 — 274 Total revenues 26,747 46,215 28,784 83 (12,908) 88,921 Adjusted operating income (loss) 1,541 1,894 1,413 (367) — 4,481 Six Months Ended June 30, 2024 Revenues from external customers $ 64,022 $ 75,160 $ 39,612 $ 29 $ — $ 178,823 Intersegment revenues 36 7,298 18,951 — (26,285) — Net investment income (loss) 653 (2) — 197 — 848 Total revenues 64,711 82,456 58,563 226 (26,285) 179,671 Adjusted operating income (loss) 1,670 3,278 2,420 (667) — 6,701 June 30, 2023 Revenues from external customers $ 52,213 $ 83,843 $ 37,505 $ 30 $ — $ 173,591 Intersegment revenues 42 6,963 19,203 — (26,208) — Net investment income (loss) 369 — (2) 241 — 608 Total revenues 52,624 90,806 56,706 271 (26,208) 174,199 Adjusted operating income (loss) 3,365 3,574 2,547 (635) — 8,851 _____________________________________________ (1) Total revenues of the Health Services segment include approximately $2.8 billion and $3.4 billion of retail co-payments for the three months ended June 30, 2024 and 2023, respectively. Total revenues of the Health Services segment include approximately $6.2 billion and $7.5 billion of retail co-payments for the six months ended June 30, 2024 and 2023, respectively. (2) Intersegment revenue eliminations relate to intersegment revenue generating activities that occur between the Health Care Benefits segment, the Health Services segment, and/or the Pharmacy & Consumer Wellness segment. The following are reconciliations of consolidated operating income to adjusted operating income for the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended In millions 2024 2023 2024 2023 Operating income (GAAP measure) $ 3,045 $ 3,234 $ 5,316 $ 6,680 Amortization of intangible assets (1) 507 485 1,015 887 Net realized capital losses (2) 90 98 108 203 Acquisition-related transaction and integration costs (3) 102 157 162 200 Opioid litigation charge (4) — — 100 — Restructuring charge (5) — 496 — 496 Office real estate optimization charges (6) — 11 — 36 Loss on assets held for sale (7) — — — 349 Adjusted operating income $ 3,744 $ 4,481 $ 6,701 $ 8,851 _____________________________________________ (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 unaudited 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) The Company’s net realized capital gains and losses arise from various types of transactions, primarily in the course of managing a portfolio of assets that support the payment of insurance liabilities. Net realized capital gains and losses are reflected in the unaudited condensed consolidated statements of operations in net investment income (loss) within each segment. These capital gains and losses are the result of investment decisions, market conditions and other economic developments that are unrelated to the performance of the Company’s business, and the amount and timing of these capital gains and losses do 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. Accordingly, the Company believes excluding net realized capital gains and losses 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. (3) During the three and six months ended June 30, 2024, the acquisition-related integration costs relate to the acquisitions of Signify Health and Oak Street Health. During the three and six months ended June 30, 2023, the acquisition-related transaction and integration costs relate to the acquisitions of Signify Health and Oak Street Health. The acquisition-related transaction and integration costs are reflected in the Company’s unaudited condensed consolidated statements of operations in operating expenses within the Corporate/Other segment. (4) During the six months ended June 30, 2024, the opioid litigation charge relates to a change in the Company’s accrual related to ongoing opioid litigation matters. (5) During the three and six months ended June 30, 2023, the restructuring charge is primarily comprised of severance and employee-related costs and asset impairment charges. During the second quarter of 2023, the Company developed an enterprise-wide restructuring plan intended to streamline and simplify the organization, improve efficiency and reduce costs. In connection with the development of this plan and the recently completed acquisitions of Signify Health and Oak Street Health, the Company also conducted a strategic review of its various transformation initiatives and determined that it would terminate certain initiatives. The restructuring charge is reflected within the Corporate/Other segment. (6) During the three and six months ended June 30, 2023, the office real estate optimization charges primarily relate to the abandonment of leased real estate and the related right-of-use assets and property and equipment in connection with the planned reduction of corporate office real estate space in response to the Company’s new flexible work arrangement. The office real estate optimization charges are reflected in the Company’s unaudited condensed consolidated statements of operations in operating expenses within the Health Care Benefits, Health Services and Corporate/Other segments. (7) During the six months ended June 30, 2023, the loss on assets held for sale relates to the LTC reporting unit within the Pharmacy & Consumer Wellness segment. During 2022, the Company determined that its LTC business was no longer a strategic asset and committed to a plan to sell it, at which time the LTC business met the criteria for held-for-sale accounting and its net assets were accounted for as assets held for sale. During the first quarter of 2023, a loss on assets held for sale was recorded to write down the carrying value of the LTC business to the Company’s best estimate of the ultimate selling price which reflected its estimated fair value less costs to sell. As of the third quarter of 2023, the Company determined the LTC business no longer met the criteria for held-for-sale accounting and accordingly the net assets associated with the LTC business were reclassified to held and used at their respective fair values.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 1,770	$ 1,901	$ 2,883	$ 4,037

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Segment Reporting	The Company has four reportable segments: Health Care Benefits, Health Services, Pharmacy & Consumer Wellness and Corporate/Other, which are described below. Health Care Benefits Segment The Health Care Benefits segment operates as one of the nation’s leading diversified health care benefits providers. The Health Care Benefits segment has the information and resources to help members, in consultation with their health care professionals, make more informed decisions about their health care. The Health Care Benefits segment offers a broad range of traditional, voluntary and consumer-directed health insurance products and related services, including medical, pharmacy, dental and behavioral health plans, medical management capabilities, Medicare Advantage and Medicare Supplement plans, PDPs and Medicaid health care management services. The Health Care Benefits segment’s customers include employer groups, individuals, college students, part-time and hourly workers, health plans, health care providers (“providers”), governmental units, government-sponsored plans, labor groups and expatriates. The Company refers to insurance products (where it assumes all or a majority of the risk for medical and dental care costs) as “Insured” and administrative services contract products (where the plan sponsor assumes all or a majority of the risk for medical and dental care costs) as “ASC.” The Company sold Insured plans directly to individual consumers through the individual public health insurance exchanges (“Public Exchanges”) in 17 states as of June 30, 2024. Health Services Segment The Health Services segment provides a full range of pharmacy benefit management (“PBM”) solutions, delivers health care services in its medical clinics, virtually, and in the home, and offers provider enablement solutions. PBM solutions include plan design offerings and administration, formulary management, retail pharmacy network management services, and specialty and mail order pharmacy services. In addition, the Company provides clinical services, disease management services, medical spend management and pharmacy and/or other administrative services for providers and federal 340B drug pricing program covered entities (“Covered Entities”). The Company operates a group purchasing organization that negotiates pricing for the purchase of pharmaceuticals and rebates with pharmaceutical manufacturers on behalf of its participants and provides various administrative, management and reporting services to pharmaceutical manufacturers. During 2023, the Company completed the acquisition of two key health care delivery assets – Signify Health, Inc. (“Signify Health”), a leader in health risk assessments, value-based care and provider enablement services, and Oak Street Health, Inc. (“Oak Street Health”), a leading multi-payor operator of value-based primary care centers serving Medicare eligible patients. The Company also launched Cordavis TM , a wholly owned subsidiary that works directly with pharmaceutical manufacturers to commercialize and/or co-produce high quality biosimilar products. The Health Services segment’s clients and customers are primarily employers, insurance companies, unions, government employee groups, health plans, PDPs, Medicaid managed care plans, the U.S. Centers for Medicare & Medicaid Services (“ CMS”) , plans offered on Insurance Exchanges and other sponsors of health benefit plans throughout the U.S., patients who receive care in the Health Services segment’s medical clinics, virtually or in the home, as well as Covered Entities. Pharmacy & Consumer Wellness Segment The Pharmacy & Consumer Wellness segment dispenses prescriptions in its retail pharmacies and through its infusion operations, provides ancillary pharmacy services including pharmacy patient care programs, diagnostic testing and vaccination administration, and sells a wide assortment of health and wellness products and general merchandise. The segment also conducts long-term care pharmacy (“LTC”) operations, which distribute prescription drugs and provide related pharmacy consulting and ancillary services to long-term care facilities and other care settings, and provides pharmacy fulfillment services to support the Health Services segment’s specialty and mail order pharmacy offerings. As of June 30, 2024, the Pharmacy & Consumer Wellness segment operated more than 9,000 retail locations, as well as online retail pharmacy websites, LTC pharmacies and on-site pharmacies, retail specialty pharmacy stores, compounding pharmacies and branches for infusion and enteral nutrition services. 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 and finance departments, information technology, digital, data and analytics, as well as acquisition-related transaction and 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, 2023 (the “2023 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 Cash Restricted cash included in other current assets on the unaudited condensed consolidated balance sheets primarily represents funds held on behalf of members and funds held in escrow in connection with agreements with accountable care organizations. 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 demand deposits, time deposits and money market funds.
Accounts Receivable	Accounts Receivable
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.
Health Care Contract Acquisition Costs	Health Care Contract Acquisition Costs
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 primarily 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.
New Accounting Pronouncements Recently Adopted and Not Yet Adopted	New Accounting Pronouncements Recently Adopted Segment Reporting In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . This standard requires the Company to disclose significant segment expenses that are regularly provided to the Chief Operating Decision Maker (the “CODM”) and are included within each reported measure of segment operating results. The standard also requires the Company to disclose the total amount of any other items included in segment operating results which were not deemed to be significant expenses for separate disclosure, along with a qualitative description of the composition of these other items. In addition, the standard also requires disclosure of the CODM’s title and position, as well as detail on how the CODM uses the reported measure of segment operating results to evaluate segment performance and allocate resources. The standard also aligns interim segment reporting disclosure requirements with annual segment reporting disclosure requirements. The Company adopted the standard for its annual reporting effective January 1, 2024. While the standard requires additional disclosures related to the Company’s reportable segments in its 2024 annual reporting, adoption of the standard did not have any impact on the Company’s consolidated operating results, financial condition or cash flows. The standard requires retrospective application to all prior periods presented. The standard is effective for interim reporting periods in fiscal years beginning after December 15, 2024. New Accounting Pronouncements Not Yet Adopted Income Taxes In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The standard requires the Company to provide further disaggregated income tax disclosures for specific categories on the effective tax rate reconciliation, as well as additional information about federal, state/local and foreign income taxes. The standard also requires the Company to annually disclose its income taxes paid (net of refunds received), disaggregated by jurisdiction. The standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The standard is to be applied on a prospective basis, although optional retrospective application is permitted. While the standard will require additional disclosures related to the Company’s income taxes, the standard is not expected to have any impact on the Company’s consolidated operating results, financial condition or cash flows.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Schedule of 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 $ 12,507 $ 8,196 Restricted cash (included in other current assets) 54 90 Restricted cash (included in other assets) 259 239 Total cash, cash equivalents and restricted cash in the statements of cash flows $ 12,820 $ 8,525
Schedule of accounts receivable, net	Accounts receivable, net at June 30, 2024 and December 31, 2023 was composed of the following: In millions June 30, December 31, Trade receivables $ 9,793 $ 11,908 Vendor and manufacturer receivables 13,528 15,711 Premium receivables 4,430 3,714 Other receivables 4,634 3,894 Total accounts receivable, net $ 32,385 $ 35,227
Roll forward of deferred acquisition costs	The following is a roll forward of deferred acquisition costs for the six months ended June 30, 2024 and 2023: Six Months Ended In millions 2024 2023 Deferred acquisition costs, beginning of the period $ 1,502 $ 1,219 Capitalizations 271 274 Amortization expense (146) (128) Deferred acquisition costs, end of the period $ 1,627 $ 1,365
Schedule of 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, 2024 and 2023: In millions Health Care Health Pharmacy & Corporate/ Intersegment Consolidated Three Months Ended June 30, 2024 Major goods/services lines: Pharmacy $ — $ 39,499 $ 24,013 $ — $ (12,532) $ 50,980 Front Store — — 5,281 — — 5,281 Premiums 30,654 — — 13 — 30,667 Net investment income (loss) 300 (2) — 96 — 394 Other 1,521 2,674 544 2 (829) 3,912 Total $ 32,475 $ 42,171 $ 29,838 $ 111 $ (13,361) $ 91,234 Health Services distribution channel: Pharmacy network (1) $ 21,848 Mail & specialty (2) 17,651 Other 2,674 Net investment income (loss) (2) Total $ 42,171 Three Months Ended June 30, 2023 Major goods/services lines: Pharmacy $ — $ 44,706 $ 22,614 $ — $ (12,258) $ 55,062 Front Store — — 5,629 — — 5,629 Premiums 25,095 — — 13 — 25,108 Net investment income 205 — 1 68 — 274 Other 1,447 1,509 540 2 (650) 2,848 Total $ 26,747 $ 46,215 $ 28,784 $ 83 $ (12,908) $ 88,921 Health Services distribution channel: Pharmacy network (1) $ 27,477 Mail & specialty (2) 17,229 Other 1,509 Total $ 46,215 In millions Health Care Health Pharmacy & Corporate/ Intersegment Consolidated Six Months Ended June 30, 2024 Major goods/services lines: Pharmacy $ — $ 77,225 $ 46,797 $ — $ (24,645) $ 99,377 Front Store — — 10,651 — — 10,651 Premiums 61,033 — — 25 — 61,058 Net investment income (loss) 653 (2) — 197 — 848 Other 3,025 5,233 1,115 4 (1,640) 7,737 Total $ 64,711 $ 82,456 $ 58,563 $ 226 $ (26,285) $ 179,671 Health Services distribution channel: Pharmacy network (1) $ 42,312 Mail & specialty (2) 34,913 Other 5,233 Net investment income (loss) $ (2) Total $ 82,456 Six Months Ended June 30, 2023 Major goods/services lines: Pharmacy $ — $ 88,443 $ 44,394 $ — $ (24,990) $ 107,847 Front Store — — 11,226 — — 11,226 Premiums 49,434 — — 26 — 49,460 Net investment income (loss) 369 — (2) 241 — 608 Other 2,821 2,363 1,088 4 (1,218) 5,058 Total $ 52,624 $ 90,806 $ 56,706 $ 271 $ (26,208) $ 174,199 Health Services distribution channel: Pharmacy network (1) $ 55,069 Mail & specialty (2) 33,374 Other 2,363 Total $ 90,806 _____________________________________________ (1) Health Services pharmacy network is defined as claims filled at retail and specialty retail pharmacies, including the Company’s retail pharmacies and LTC pharmacies, as well as activity associated with Maintenance Choice ® , which permits eligible client plan members to fill their maintenance prescriptions through mail order delivery or at a CVS pharmacy retail store for the same price as mail order. (2) Health Services mail & specialty is defined as specialty mail claims inclusive of Specialty Connect ®
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) $ 9,793 $ 11,908 Contract liabilities (included in accrued expenses) 128 149

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2024
Investments [Abstract]
Schedule of Total Investments	Total investments at June 30, 2024 and December 31, 2023 were as follows: June 30, 2024 December 31, 2023 In millions Current Long-term Total Current Long-term Total Debt securities available for sale $ 3,604 $ 20,227 $ 23,831 $ 3,131 $ 18,582 $ 21,713 Mortgage loans 151 1,251 1,402 128 1,183 1,311 Other investments — 3,550 3,550 — 3,254 3,254 Total investments $ 3,755 $ 25,028 $ 28,783 $ 3,259 $ 23,019 $ 26,278
Schedule of Debt Securities Available For Sale	Debt securities available for sale at June 30, 2024 and December 31, 2023 were as follows: In millions Amortized Cost (1) Gross Gross Fair June 30, 2024 Debt securities: U.S. government securities $ 2,589 $ 5 $ (56) $ 2,538 States, municipalities and political subdivisions 1,335 10 (22) 1,323 U.S. corporate securities 11,720 69 (489) 11,300 Foreign securities 2,657 26 (130) 2,553 Residential mortgage-backed securities 838 3 (60) 781 Commercial mortgage-backed securities 1,201 5 (93) 1,113 Other asset-backed securities 4,190 28 (12) 4,206 Redeemable preferred securities 18 — (1) 17 Total debt securities (2) $ 24,548 $ 146 $ (863) $ 23,831 December 31, 2023 Debt securities: U.S. government securities $ 2,071 $ 19 $ (54) $ 2,036 States, municipalities and political subdivisions 2,219 31 (35) 2,215 U.S. corporate securities 10,156 133 (446) 9,843 Foreign securities 2,593 41 (122) 2,512 Residential mortgage-backed securities 862 8 (60) 810 Commercial mortgage-backed securities 1,066 9 (100) 975 Other asset-backed securities 3,294 26 (18) 3,302 Redeemable preferred securities 21 — (1) 20 Total debt securities (2) $ 22,282 $ 267 $ (836) $ 21,713 _____________________________________________ (1) There was no allowance for expected credit losses recorded on available-for-sale debt securities at June 30, 2024 or December 31, 2023. (2) Investment risks associated with the Company’s experience-rated products generally do not impact the Company’s consolidated operating results. At June 30, 2024, debt securities with a fair value of $546 million, gross unrealized capital gains of $5 million and gross unrealized capital losses of $36 million, and at December 31, 2023, debt securities with a fair value of $592 million, gross unrealized capital gains of $10 million and gross unrealized capital losses of $28 million 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 loss.
Schedule of Net Amortized Cost and Fair Value of Debt Securities by Contractual Maturity	The amortized cost and fair value of debt securities at June 30, 2024 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 $ 1,365 $ 1,349 One year through five years 8,974 8,784 After five years through ten years 4,420 4,288 Greater than ten years 3,560 3,310 Residential mortgage-backed securities 838 781 Commercial mortgage-backed securities 1,201 1,113 Other asset-backed securities 4,190 4,206 Total $ 24,548 $ 23,831
Schedule of Debt Securities In An Unrealized Capital Loss Position	Summarized below are the debt securities the Company held at June 30, 2024 and December 31, 2023 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, 2024 Debt securities: U.S. government securities 221 $ 1,191 $ 11 272 $ 761 $ 45 493 $ 1,952 $ 56 States, municipalities and political subdivisions 163 300 1 246 386 21 409 686 22 U.S. corporate securities 2,241 2,849 34 3,937 5,118 455 6,178 7,967 489 Foreign securities 460 600 10 886 1,280 120 1,346 1,880 130 Residential mortgage-backed securities 51 170 1 424 469 59 475 639 60 Commercial mortgage-backed securities 70 206 2 304 610 91 374 816 93 Other asset-backed securities 290 721 5 156 323 7 446 1,044 12 Redeemable preferred securities 1 5 — 7 12 1 8 17 1 Total debt securities 3,497 $ 6,042 $ 64 6,232 $ 8,959 $ 799 9,729 $ 15,001 $ 863 December 31, 2023 Debt securities: U.S. government securities 74 $ 194 $ 2 280 $ 891 $ 52 354 $ 1,085 $ 54 States, municipalities and political subdivisions 95 181 1 455 733 34 550 914 35 U.S. corporate securities 576 672 14 4,120 5,602 432 4,696 6,274 446 Foreign securities 160 243 4 964 1,407 118 1,124 1,650 122 Residential mortgage-backed securities 33 97 1 461 517 59 494 614 60 Commercial mortgage-backed securities 44 94 2 287 581 98 331 675 100 Other asset-backed securities 196 449 4 443 867 14 639 1,316 18 Redeemable preferred securities 4 2 — 8 18 1 12 20 1 Total debt securities 1,182 $ 1,932 $ 28 7,018 $ 10,616 $ 808 8,200 $ 12,548 $ 836 The maturity dates for debt securities in an unrealized capital loss position at June 30, 2024 were as follows: Supporting Supporting Total In millions Fair Unrealized Fair Unrealized Fair Unrealized Due to mature: Less than one year $ 11 $ — $ 1,117 $ 17 $ 1,128 $ 17 One year through five years 139 4 6,169 219 6,308 223 After five years through ten years 76 7 2,622 164 2,698 171 Greater than ten years 178 22 2,190 265 2,368 287 Residential mortgage-backed securities 8 1 631 59 639 60 Commercial mortgage-backed securities 15 1 801 92 816 93 Other asset-backed securities 15 1 1,029 11 1,044 12 Total $ 442 $ 36 $ 14,559 $ 827 $ 15,001 $ 863
Schedule of Activity in Mortgage Loan Portfolio	During the three and six months ended June 30, 2024 and 2023, the Company had the following activity in its mortgage loan portfolio: Three Months Ended Six Months Ended In millions 2024 2023 2024 2023 New mortgage loans $ 78 $ 168 $ 137 $ 223 Mortgage loans fully repaid 32 3 34 17 Mortgage loans foreclosed — — — —
Schedule of Mortgage Loan Amortized Cost and Credit Quality Indicator	Based on the Company’s assessments at June 30, 2024 and December 31, 2023, 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 2024 2023 2022 2021 2020 Prior Total June 30, 2024 1 $ — $ — $ — $ — $ — $ 9 $ 9 2 to 4 133 302 349 218 35 325 1,362 5 and 6 — — — 13 — 18 31 7 — — — — — — — Total $ 133 $ 302 $ 349 $ 231 $ 35 $ 352 $ 1,402 December 31, 2023 1 $ — $ — $ — $ — $ 11 $ 11 2 to 4 302 346 225 35 354 1,262 5 and 6 — — 13 — 19 32 7 — — 6 — — 6 Total $ 302 $ 346 $ 244 $ 35 $ 384 $ 1,311
Schedule of Net Investment Income	Sources of net investment income for the three and six months ended June 30, 2024 and 2023 were as follows: Three Months Ended Six Months Ended In millions 2024 2023 2024 2023 Debt securities $ 265 $ 204 $ 509 $ 395 Mortgage loans 19 14 36 27 Other investments 212 165 435 410 Gross investment income 496 383 980 832 Investment expenses (12) (11) (24) (21) Net investment income (excluding net realized capital losses) 484 372 956 811 Net realized capital losses (1) (90) (98) (108) (203) Net investment income (2) $ 394 $ 274 $ 848 $ 608 _____________________________________________ (1) Net realized capital losses include yield-related impairment losses on debt securities of $28 million and $38 million in the three and six months ended June 30, 2024, respectively. There were no credit-related impairment losses on debt securities in the three and six months ended June 30, 2024. Net realized capital losses include yield-related impairment losses on debt securities of $37 million and are net of the reversal of previously recorded credit-related impairment losses on debt securities of $2 million in the three months ended June 30, 2023. Net realized capital losses include yield-related impairment losses on debt securities of $61 million and are net of the reversal of previously recorded credit-related impairment losses on debt securities of $3 million in the six months ended June 30, 2023. (2) Net investment income includes $8 million and $16 million for the three and six months ended June 30, 2024, respectively, and $9 million and $17 million for the three and six months ended June 30, 2023, respectively, related to investments supporting experience-rated products.
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, 2024 and 2023 were as follows: Three Months Ended Six Months Ended In millions 2024 2023 2024 2023 Proceeds from sales $ 1,616 $ 991 $ 2,881 $ 2,332 Gross realized capital gains 6 2 14 5 Gross realized capital losses 71 73 123 184

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2024
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 unaudited condensed consolidated balance sheets at June 30, 2024 and December 31, 2023 were as follows: In millions Level 1 Level 2 Level 3 Total June 30, 2024 Cash and cash equivalents $ 4,663 $ 7,844 $ — $ 12,507 Debt securities: U.S. government securities 2,515 23 — 2,538 States, municipalities and political subdivisions — 1,323 — 1,323 U.S. corporate securities — 11,273 27 11,300 Foreign securities — 2,553 — 2,553 Residential mortgage-backed securities — 781 — 781 Commercial mortgage-backed securities — 1,103 10 1,113 Other asset-backed securities — 4,191 15 4,206 Redeemable preferred securities — 17 — 17 Total debt securities 2,515 21,264 52 23,831 Equity securities 217 — 88 305 Total $ 7,395 $ 29,108 $ 140 $ 36,643 December 31, 2023 Cash and cash equivalents $ 2,174 $ 6,022 $ — $ 8,196 Debt securities: U.S. government securities 2,013 23 — 2,036 States, municipalities and political subdivisions — 2,215 — 2,215 U.S. corporate securities — 9,814 29 9,843 Foreign securities — 2,512 — 2,512 Residential mortgage-backed securities — 810 — 810 Commercial mortgage-backed securities — 975 — 975 Other asset-backed securities — 3,302 — 3,302 Redeemable preferred securities — 20 — 20 Total debt securities 2,013 19,671 29 21,713 Equity securities 194 — 79 273 Total $ 4,381 $ 25,693 $ 108 $ 30,182
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 unaudited condensed consolidated balance sheets at adjusted cost or contract value at June 30, 2024 and December 31, 2023 were as follows: Carrying Estimated Fair Value In millions Level 1 Level 2 Level 3 Total June 30, 2024 Assets: Mortgage loans $ 1,402 $ — $ — $ 1,356 $ 1,356 Equity securities (1) 588 N/A N/A N/A N/A Liabilities: Investment contract liabilities: With a fixed maturity 1 — — 1 1 Without a fixed maturity 322 — — 281 281 Long-term debt 66,374 60,840 — — 60,840 December 31, 2023 Assets: Mortgage loans $ 1,311 $ — $ — $ 1,274 $ 1,274 Equity securities (1) 534 N/A N/A N/A N/A Liabilities: Investment contract liabilities: With a fixed maturity 1 — — 1 1 Without a fixed maturity 312 — — 279 279 Long-term debt 61,410 58,451 — — 58,451 _____________________________________________ (1) It was not practical to estimate the fair value of these cost-method investments as it represents shares of unlisted companies.
Schedule of Fair Value of Separate Accounts by Major Category of Investment	Separate Accounts financial assets as of June 30, 2024 and December 31, 2023 were as follows: June 30, 2024 December 31, 2023 In millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents $ — $ 162 $ — $ 162 $ 2 $ 166 $ — $ 168 Debt securities 589 1,816 — 2,405 558 1,949 — 2,507 Common/collective trusts — 571 — 571 — 529 — 529 Total (1) $ 589 $ 2,549 $ — $ 3,138 $ 560 $ 2,644 $ — $ 3,204 _____________________________________________ (1) Excludes $49 million and $46 million of other receivables at June 30, 2024 and December 31, 2023, respectively. The following table shows the fair value of assets, by major investment category, supporting Separate Accounts as of June 30, 2024 and December 31, 2023: In millions June 30, December 31, Cash and cash equivalents $ 162 $ 168 Debt securities: U.S. government securities 593 573 States, municipalities and political subdivisions 16 28 U.S. corporate securities 1,553 1,632 Foreign securities 199 202 Residential mortgage-backed securities 32 51 Commercial mortgage-backed securities 3 6 Other asset-backed securities 9 15 Total debt securities 2,405 2,507 Common/collective trusts 571 529 Total (1) $ 3,138 $ 3,204 _____________________________________________ (1) Excludes $49 million and $46 million of other receivables at June 30, 2024 and December 31, 2023, respectively.

Health Care Costs Payable (Tabl

Health Care Costs Payable (Tables)	6 Months Ended
	Jun. 30, 2024
Health Care And Other Insurance Liabilities [Abstract]
Components of Change in 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, 2024 and 2023: Six Months Ended In millions 2024 2023 Health care costs payable, beginning of the period $ 12,049 $ 10,142 Less: Reinsurance recoverables 5 5 Less: Impact of discount rate on long-duration insurance reserves (1) (23) 8 Health care costs payable, beginning of the period, net 12,067 10,129 Acquisitions, net — 1,102 Add: Components of incurred health care costs Current year 56,177 42,705 Prior years (662) (619) Total incurred health care costs (2) 55,515 42,086 Less: Claims paid Current year 43,218 32,502 Prior years 10,514 8,800 Total claims paid 53,732 41,302 Health care costs payable, end of the period, net 13,850 12,015 Add: Reinsurance recoverables 59 5 Add: Impact of discount rate on long-duration insurance reserves (1) (24) (22) Health care costs payable, end of the period $ 13,885 $ 11,998 _____________________________________________ (1) Reflects the difference between the current discount rate and the locked-in discount rate on long-duration insurance reserves which is recorded within accumulated other comprehensive loss on the unaudited condensed consolidated balance sheets. (2)

Other Insurance Liabilities a_2

Other Insurance Liabilities and Separate Accounts (Tables)	6 Months Ended
	Jun. 30, 2024
Insurance [Abstract]
Schedule of Changes in Liability for Future Policy Benefits	The following tables show the components of the change in the liability for future policy benefits, which is included in other insurance liabilities and other long-term insurance liabilities on the unaudited condensed consolidated balance sheets, during the six months ended June 30, 2024 and 2023: Six Months Ended In millions Large Case Long-Term Present value of expected net premiums (1) Liability for future policy benefits, beginning of the period - current discount rate $ 293 Beginning liability for future policy benefits at original (locked-in) discount rate $ 288 Effect of changes in cash flow assumptions — Effect of actual variances from expected experience 9 Adjusted beginning liability for future policy benefits - original (locked-in) discount rate 297 Interest accrual (using locked-in discount rate) 8 Net premiums (actual) (20) Ending liability for future policy benefits at original (locked-in) discount rate 285 Effect of changes in discount rate assumptions (4) Liability for future policy benefits, end of the period - current discount rate $ 281 Present value of expected future policy benefits Liability for future policy benefits, beginning of the period - current discount rate $ 2,139 $ 1,640 Beginning liability for future policy benefits at original (locked-in) discount rate $ 2,251 $ 1,632 Effect of changes in cash flow assumptions — — Effect of actual variances from expected experience (15) 3 Adjusted beginning liability for future policy benefits - original (locked-in) discount rate 2,236 1,635 Issuances 26 — Interest accrual (using locked-in discount rate) 46 41 Benefit payments (actual) (129) (36) Ending liability for future policy benefits at original (locked-in) discount rate 2,179 1,640 Effect of changes in discount rate assumptions (176) (77) Liability for future policy benefits, end of the period - current discount rate $ 2,003 $ 1,563 Net liability for future policy benefits $ 2,003 $ 1,282 Less: Reinsurance recoverable — — Net liability for future policy benefits, net of reinsurance recoverable $ 2,003 $ 1,282 _____________________________________________ (1) The present value of expected net premiums is equivalent to the present value of expected gross premiums for the long-term care insurance contracts as net premiums are set equal to gross premiums. Six Months Ended In millions Large Case Long-Term Present value of expected net premiums (1) Liability for future policy benefits, beginning of the period - current discount rate $ 300 Beginning liability for future policy benefits at original (locked-in) discount rate $ 302 Effect of changes in cash flow assumptions — Effect of actual variances from expected experience 5 Adjusted beginning liability for future policy benefits - original (locked-in) discount rate 307 Interest accrual (using locked-in discount rate) 8 Net premiums (actual) (20) Ending liability for future policy benefits at original (locked-in) discount rate 295 Effect of changes in discount rate assumptions (1) Liability for future policy benefits, end of the period - current discount rate $ 294 Present value of expected future policy benefits Liability for future policy benefits, beginning of the period - current discount rate $ 2,253 $ 1,566 Beginning liability for future policy benefits at original (locked-in) discount rate $ 2,425 $ 1,613 Effect of changes in cash flow assumptions — — Effect of actual variances from expected experience — — Adjusted beginning liability for future policy benefits - original (locked-in) discount rate 2,425 1,613 Issuances 7 — Interest accrual (using locked-in discount rate) 50 40 Benefit payments (actual) (143) (35) Ending liability for future policy benefits at original (locked-in) discount rate 2,339 1,618 Effect of changes in discount rate assumptions (154) (22) Liability for future policy benefits, end of the period - current discount rate $ 2,185 $ 1,596 Net liability for future policy benefits $ 2,185 $ 1,302 Less: Reinsurance recoverable — — Net liability for future policy benefits, net of reinsurance recoverable $ 2,185 $ 1,302 _____________________________________________ (1) The present value of expected net premiums is equivalent to the present value of expected gross premiums for the long-term care insurance contracts as net premiums are set equal to gross premiums. The amount of undiscounted expected gross premiums and expected future benefit payments for long-duration insurance liabilities as of June 30, 2024 and 2023 were as follows: In millions June 30, June 30, Large case pensions Expected future benefit payments $ 3,159 $ 3,398 Expected gross premiums — — Long-term care Expected future benefit payments $ 3,207 $ 3,238 Expected gross premiums 408 425 The weighted-average interest rate used in the measurement of the long-duration insurance liabilities as of June 30, 2024 and 2023 were as follows: June 30, June 30, Large case pensions Interest accretion rate 4.20% 4.20% Current discount rate 5.42% 5.17% Long-term care Interest accretion rate 5.11% 5.11% Current discount rate 5.57% 5.24% The weighted-average durations (in years) of the long-duration insurance liabilities as of June 30, 2024 and 2023 were as follows: June 30, June 30, Large case pensions 7.3 7.4 Long-term care 11.9 12.4
Roll Forward of Policyholders' Funds	The following table shows the components of the change in policyholders’ funds related to long-duration insurance contracts, which are included in policyholders’ funds and other long-term liabilities on the unaudited condensed consolidated balance sheets, during the six months ended June 30, 2024 and 2023: Six Months Ended In millions, except weighted average crediting rate 2024 2023 Policyholders’ funds, beginning of the period $ 332 $ 345 Deposits received 8 (1) Policy charges (1) (1) Surrenders and withdrawals (7) (20) Interest credited 6 5 Change in net unrealized gains (losses) (12) 16 Other (13) (14) Policyholders’ funds, end of the period $ 313 $ 330 Weighted average crediting rate 4.35% 4.55% Net amount at risk $ — $ — Cash surrender value $ 317 $ 323
Summary of Separate Account Assets	Separate Accounts financial assets as of June 30, 2024 and December 31, 2023 were as follows: June 30, 2024 December 31, 2023 In millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents $ — $ 162 $ — $ 162 $ 2 $ 166 $ — $ 168 Debt securities 589 1,816 — 2,405 558 1,949 — 2,507 Common/collective trusts — 571 — 571 — 529 — 529 Total (1) $ 589 $ 2,549 $ — $ 3,138 $ 560 $ 2,644 $ — $ 3,204 _____________________________________________ (1) Excludes $49 million and $46 million of other receivables at June 30, 2024 and December 31, 2023, respectively. The following table shows the fair value of assets, by major investment category, supporting Separate Accounts as of June 30, 2024 and December 31, 2023: In millions June 30, December 31, Cash and cash equivalents $ 162 $ 168 Debt securities: U.S. government securities 593 573 States, municipalities and political subdivisions 16 28 U.S. corporate securities 1,553 1,632 Foreign securities 199 202 Residential mortgage-backed securities 32 51 Commercial mortgage-backed securities 3 6 Other asset-backed securities 9 15 Total debt securities 2,405 2,507 Common/collective trusts 571 529 Total (1) $ 3,138 $ 3,204 _____________________________________________ (1) Excludes $49 million and $46 million of other receivables at June 30, 2024 and December 31, 2023, respectively.
Roll Forward of Separate Accounts	The following table shows the components of the change in Separate Accounts liabilities during the six months ended June 30, 2024 and 2023: Six Months Ended In millions 2024 2023 Separate Accounts liability, beginning of the period $ 3,250 $ 3,228 Premiums and deposits 430 457 Surrenders and withdrawals (152) (6) Benefit payments (449) (495) Investment earnings 121 88 Net transfers from general account 4 2 Other (17) (7) Separate Accounts liability, end of the period $ 3,187 $ 3,267 Cash surrender value, end of the period $ 2,171 $ 2,152

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Summary of Company's Borrowings	The following table is a summary of the Company’s borrowings at June 30, 2024 and December 31, 2023: In millions June 30, December 31, Short-term debt Commercial paper $ — $ 200 Long-term debt 3.375% senior notes due August 2024 650 650 2.625% senior notes due August 2024 1,000 1,000 3.5% senior notes due November 2024 750 750 5% senior notes due December 2024 299 299 4.1% senior notes due March 2025 950 950 3.875% senior notes due July 2025 2,828 2,828 5% senior notes due February 2026 1,500 1,500 2.875% senior notes due June 2026 1,750 1,750 3% senior notes due August 2026 750 750 3.625% senior notes due April 2027 750 750 6.25% senior notes due June 2027 372 372 1.3% senior notes due August 2027 2,250 2,250 4.3% senior notes due March 2028 5,000 5,000 5% senior notes due January 2029 1,000 1,000 5.4% senior notes due June 2029 1,000 — 3.25% senior notes due August 2029 1,750 1,750 5.125% senior notes due February 2030 1,500 1,500 3.75% senior notes due April 2030 1,500 1,500 1.75% senior notes due August 2030 1,250 1,250 5.25% senior notes due January 2031 750 750 1.875% senior notes due February 2031 1,250 1,250 5.55% senior notes due June 2031 1,000 — 2.125% senior notes due September 2031 1,000 1,000 5.25% senior notes due February 2033 1,750 1,750 5.3% senior notes due June 2033 1,250 1,250 5.7% senior notes due June 2034 1,250 — 4.875% senior notes due July 2035 652 652 6.625% senior notes due June 2036 771 771 6.75% senior notes due December 2037 533 533 4.78% senior notes due March 2038 5,000 5,000 6.125% senior notes due September 2039 447 447 4.125% senior notes due April 2040 1,000 1,000 2.7% senior notes due August 2040 1,250 1,250 5.75% senior notes due May 2041 133 133 4.5% senior notes due May 2042 500 500 4.125% senior notes due November 2042 500 500 5.3% senior notes due December 2043 750 750 4.75% senior notes due March 2044 375 375 6% senior notes due June 2044 750 — 5.125% senior notes due July 2045 3,500 3,500 3.875% senior notes due August 2047 1,000 1,000 5.05% senior notes due March 2048 8,000 8,000 4.25% senior notes due April 2050 750 750 5.625% senior notes due February 2053 1,250 1,250 5.875% senior notes due June 2053 1,250 1,250 6.05% senior notes due June 2054 1,000 — 6% senior notes due June 2063 750 750 Finance lease liabilities 1,379 1,391 Other 305 309 Total debt principal 66,944 62,160 Debt premiums 178 186 Debt discounts and deferred financing costs (748) (736) 66,374 61,610 Less: Short-term debt (commercial paper) — (200) Current portion of long-term debt (3,731) (2,772) Long-term debt $ 62,643 $ 58,638

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Share repurchase programs	The following share repurchase programs have been authorized by CVS Health Corporation’s Board of Directors (the “Board”): In billions Authorization Date Authorized Remaining as of June 30, 2024 November 17, 2022 (“2022 Repurchase Program”) $ 10.0 $ 10.0 December 9, 2021 (“2021 Repurchase Program”) 10.0 1.5

Other Comprehensive Income (L_2

Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2024
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	Shareholders’ equity included the following activity in accumulated other comprehensive loss for the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended In millions 2024 2023 2024 2023 Net unrealized investment losses: Beginning of period balance $ (537) $ (1,049) $ (429) $ (1,519) Other comprehensive income (loss) before reclassifications ( $(121),$(175), $(283), $165 pretax) (109) (174) (265) 165 Amounts reclassified from accumulated other comprehensive loss ( $94, $110, $148, $241 pretax) (1) 82 110 130 241 Other comprehensive income (loss) (27) (64) (135) 406 End of period balance (564) (1,113) (564) (1,113) Change in discount rate on long-duration insurance reserves: Beginning of period balance 220 145 152 219 Other comprehensive income (loss) before reclassifications ( $68, $78, $156, $(23) pretax) 53 60 121 (14) Other comprehensive income (loss) 53 60 121 (14) End of period balance 273 205 273 205 Foreign currency translation adjustments: Beginning of period balance — (1) — — Other comprehensive income before reclassifications — 2 — — Other comprehensive income — 2 — 1 End of period balance — 1 — 1 Net cash flow hedges: Beginning of period balance 240 233 244 239 Other comprehensive income (loss) before reclassifications ($0, $3, $0, $(3) pretax) — 2 — (2) Amounts reclassified from accumulated other comprehensive income ($(5), $23, $(11), $20 pretax) (2) (4) 17 (8) 15 Other comprehensive income (loss) (4) 19 (8) 13 End of period balance 236 252 236 252 Pension and other postretirement benefits: Beginning of period balance (264) (203) (264) (203) Other comprehensive income — — — — End of period balance (264) (203) (264) (203) Total beginning of period accumulated other comprehensive loss (341) (875) (297) (1,264) Total other comprehensive income (loss) 22 17 (22) 406 Total end of period accumulated other comprehensive loss $ (319) $ (858) $ (319) $ (858) _____________________________________________ (1) Amounts reclassified from accumulated other comprehensive loss 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 $22 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
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	The following is a reconciliation of basic and diluted earnings per share for the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended In millions, except per share amounts 2024 2023 2024 2023 Numerator for earnings per share calculation: Net income attributable to CVS Health $ 1,770 $ 1,901 $ 2,883 $ 4,037 Denominator for earnings per share calculation: Weighted average shares, basic 1,256 1,283 1,258 1,283 Restricted stock units and performance stock units 1 2 3 4 Stock options and stock appreciation rights 2 2 2 2 Weighted average shares, diluted 1,259 1,287 1,263 1,289 Earnings per share: Basic $ 1.41 $ 1.48 $ 2.29 $ 3.15 Diluted $ 1.41 $ 1.48 $ 2.28 $ 3.13

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2024
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 Health Services (1) Pharmacy & Corporate/ Intersegment Eliminations (2) Consolidated Three Months Ended June 30, 2024 Revenues from external customers $ 32,157 $ 38,694 $ 19,974 $ 15 $ — $ 90,840 Intersegment revenues 18 3,479 9,864 — (13,361) — Net investment income (loss) 300 (2) — 96 — 394 Total revenues 32,475 42,171 29,838 111 (13,361) 91,234 Adjusted operating income (loss) 938 1,915 1,243 (352) — 3,744 June 30, 2023 Revenues from external customers $ 26,521 $ 43,032 $ 19,079 $ 15 $ — $ 88,647 Intersegment revenues 21 3,183 9,704 — (12,908) — Net investment income 205 — 1 68 — 274 Total revenues 26,747 46,215 28,784 83 (12,908) 88,921 Adjusted operating income (loss) 1,541 1,894 1,413 (367) — 4,481 Six Months Ended June 30, 2024 Revenues from external customers $ 64,022 $ 75,160 $ 39,612 $ 29 $ — $ 178,823 Intersegment revenues 36 7,298 18,951 — (26,285) — Net investment income (loss) 653 (2) — 197 — 848 Total revenues 64,711 82,456 58,563 226 (26,285) 179,671 Adjusted operating income (loss) 1,670 3,278 2,420 (667) — 6,701 June 30, 2023 Revenues from external customers $ 52,213 $ 83,843 $ 37,505 $ 30 $ — $ 173,591 Intersegment revenues 42 6,963 19,203 — (26,208) — Net investment income (loss) 369 — (2) 241 — 608 Total revenues 52,624 90,806 56,706 271 (26,208) 174,199 Adjusted operating income (loss) 3,365 3,574 2,547 (635) — 8,851 _____________________________________________ (1) Total revenues of the Health Services segment include approximately $2.8 billion and $3.4 billion of retail co-payments for the three months ended June 30, 2024 and 2023, respectively. Total revenues of the Health Services segment include approximately $6.2 billion and $7.5 billion of retail co-payments for the six months ended June 30, 2024 and 2023, respectively. (2)
Reconciliation of Consolidated Operating Income to Adjusted Operating Income	The following are reconciliations of consolidated operating income to adjusted operating income for the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended In millions 2024 2023 2024 2023 Operating income (GAAP measure) $ 3,045 $ 3,234 $ 5,316 $ 6,680 Amortization of intangible assets (1) 507 485 1,015 887 Net realized capital losses (2) 90 98 108 203 Acquisition-related transaction and integration costs (3) 102 157 162 200 Opioid litigation charge (4) — — 100 — Restructuring charge (5) — 496 — 496 Office real estate optimization charges (6) — 11 — 36 Loss on assets held for sale (7) — — — 349 Adjusted operating income $ 3,744 $ 4,481 $ 6,701 $ 8,851 _____________________________________________ (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 unaudited 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) The Company’s net realized capital gains and losses arise from various types of transactions, primarily in the course of managing a portfolio of assets that support the payment of insurance liabilities. Net realized capital gains and losses are reflected in the unaudited condensed consolidated statements of operations in net investment income (loss) within each segment. These capital gains and losses are the result of investment decisions, market conditions and other economic developments that are unrelated to the performance of the Company’s business, and the amount and timing of these capital gains and losses do 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. Accordingly, the Company believes excluding net realized capital gains and losses 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. (3) During the three and six months ended June 30, 2024, the acquisition-related integration costs relate to the acquisitions of Signify Health and Oak Street Health. During the three and six months ended June 30, 2023, the acquisition-related transaction and integration costs relate to the acquisitions of Signify Health and Oak Street Health. The acquisition-related transaction and integration costs are reflected in the Company’s unaudited condensed consolidated statements of operations in operating expenses within the Corporate/Other segment. (4) During the six months ended June 30, 2024, the opioid litigation charge relates to a change in the Company’s accrual related to ongoing opioid litigation matters. (5) During the three and six months ended June 30, 2023, the restructuring charge is primarily comprised of severance and employee-related costs and asset impairment charges. During the second quarter of 2023, the Company developed an enterprise-wide restructuring plan intended to streamline and simplify the organization, improve efficiency and reduce costs. In connection with the development of this plan and the recently completed acquisitions of Signify Health and Oak Street Health, the Company also conducted a strategic review of its various transformation initiatives and determined that it would terminate certain initiatives. The restructuring charge is reflected within the Corporate/Other segment. (6) During the three and six months ended June 30, 2023, the office real estate optimization charges primarily relate to the abandonment of leased real estate and the related right-of-use assets and property and equipment in connection with the planned reduction of corporate office real estate space in response to the Company’s new flexible work arrangement. The office real estate optimization charges are reflected in the Company’s unaudited condensed consolidated statements of operations in operating expenses within the Health Care Benefits, Health Services and Corporate/Other segments. (7) During the six months ended June 30, 2023, the loss on assets held for sale relates to the LTC reporting unit within the Pharmacy & Consumer Wellness segment. During 2022, the Company determined that its LTC business was no longer a strategic asset and committed to a plan to sell it, at which time the LTC business met the criteria for held-for-sale accounting and its net assets were accounted for as assets held for sale. During the first quarter of 2023, a loss on assets held for sale was recorded to write down the carrying value of the LTC business to the Company’s best estimate of the ultimate selling price which reflected its estimated fair value less costs to sell. As of the third quarter of 2023, the Company determined the LTC business no longer met the criteria for held-for-sale accounting and accordingly the net assets associated with the LTC business were reclassified to held and used at their respective fair values.

Significant Accounting Polici_4

Significant Accounting Policies - Narrative (Details) store in Thousands, people in Millions, patient in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024 store clinic people patient Segment state	Dec. 31, 2023 business
Significant Accounting Policies [Line Items]
Number of pharmacy plan members | people	90
Number of patients served per year (more than) | patient	0.8
Number of reportable segments | Segment	4
Number of businesses acquired | business		2
Pharmacy & Consumer Wellness
Significant Accounting Policies [Line Items]
Number of retail locations (more than) | store	9
Health Services
Significant Accounting Policies [Line Items]
Number of walk in medical clinics (more than) | clinic	1,000
Number of primary care medical clinics | clinic	207
Health Care Benefits
Significant Accounting Policies [Line Items]
Number of people served (more than) | people	36
Number of states in which the Company has entered the individual public health insurance exchange | state	17

Significant Accounting Polici_5

Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 12,507	$ 8,196
Restricted cash (included in other current assets)	54	90
Restricted cash (included in other assets)	259	239
Total cash, cash equivalents and restricted cash in the statements of cash flows	$ 12,820	$ 8,525	$ 14,127	$ 13,305

Significant Accounting Polici_6

Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Trade receivables	$ 9,793	$ 11,908
Vendor and manufacturer receivables	13,528	15,711
Premium receivables	4,430	3,714
Other receivables	4,634	3,894
Total accounts receivable, net	32,385	35,227
Allowance for credit losses	$ 355	$ 343

Significant Accounting Polici_7

Significant Accounting Policies - Deferred Acquisition Costs (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Deferred acquisition costs, beginning of the period	$ 1,502	$ 1,219
Capitalizations	271	274
Amortization expense	(146)	(128)
Deferred acquisition costs, end of the period	$ 1,627	$ 1,365

Significant Accounting Polici_8

Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 90,840	$ 88,647	$ 178,823	$ 173,591
Net investment income (loss)	394	274	848	608
Total revenues	91,234	88,921	179,671	174,199
Pharmacy
Disaggregation of Revenue [Line Items]
Revenues	50,980	55,062	99,377	107,847
Front Store
Disaggregation of Revenue [Line Items]
Revenues	5,281	5,629	10,651	11,226
Premiums
Disaggregation of Revenue [Line Items]
Revenues	30,667	25,108	61,058	49,460
Other
Disaggregation of Revenue [Line Items]
Revenues	3,912	2,848	7,737	5,058
Operating Segments | Health Care Benefits
Disaggregation of Revenue [Line Items]
Revenues	32,157	26,521	64,022	52,213
Net investment income (loss)	300	205	653	369
Total revenues	32,475	26,747	64,711	52,624
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	30,654	25,095	61,033	49,434
Operating Segments | Health Care Benefits | Other
Disaggregation of Revenue [Line Items]
Revenues	1,521	1,447	3,025	2,821
Operating Segments | Health Services
Disaggregation of Revenue [Line Items]
Revenues	38,694	43,032	75,160	83,843
Net investment income (loss)	(2)	0	(2)	0
Total revenues	42,171	46,215	82,456	90,806
Operating Segments | Health Services | Pharmacy network
Disaggregation of Revenue [Line Items]
Total revenues	21,848	27,477	42,312	55,069
Operating Segments | Health Services | Mail & specialty
Disaggregation of Revenue [Line Items]
Total revenues	17,651	17,229	34,913	33,374
Operating Segments | Health Services | Other
Disaggregation of Revenue [Line Items]
Total revenues	2,674	1,509	5,233	2,363
Operating Segments | Health Services | Pharmacy
Disaggregation of Revenue [Line Items]
Revenues	39,499	44,706	77,225	88,443
Operating Segments | Health Services | Front Store
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | Health Services | Premiums
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | Health Services | Other
Disaggregation of Revenue [Line Items]
Revenues	2,674	1,509	5,233	2,363
Operating Segments | Pharmacy & Consumer Wellness
Disaggregation of Revenue [Line Items]
Revenues	19,974	19,079	39,612	37,505
Net investment income (loss)	0	1	0	(2)
Total revenues	29,838	28,784	58,563	56,706
Operating Segments | Pharmacy & Consumer Wellness | Pharmacy
Disaggregation of Revenue [Line Items]
Revenues	24,013	22,614	46,797	44,394
Operating Segments | Pharmacy & Consumer Wellness | Front Store
Disaggregation of Revenue [Line Items]
Revenues	5,281	5,629	10,651	11,226
Operating Segments | Pharmacy & Consumer Wellness | Premiums
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | Pharmacy & Consumer Wellness | Other
Disaggregation of Revenue [Line Items]
Revenues	544	540	1,115	1,088
Corporate/ Other | Corporate/ Other
Disaggregation of Revenue [Line Items]
Revenues	15	15	29	30
Net investment income (loss)	96	68	197	241
Total revenues	111	83	226	271
Corporate/ Other | Corporate/ Other | Pharmacy
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Corporate/ Other | Corporate/ Other | Front Store
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Corporate/ Other | Corporate/ Other | Premiums
Disaggregation of Revenue [Line Items]
Revenues	13	13	25	26
Corporate/ Other | Corporate/ Other | Other
Disaggregation of Revenue [Line Items]
Revenues	2	2	4	4
Intersegment Eliminations
Disaggregation of Revenue [Line Items]
Net investment income (loss)	0	0	0	0
Total revenues	(13,361)	(12,908)	(26,285)	(26,208)
Intersegment Eliminations | Pharmacy
Disaggregation of Revenue [Line Items]
Revenues	(12,532)	(12,258)	(24,645)	(24,990)
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	$ (829)	$ (650)	$ (1,640)	$ (1,218)

Significant Accounting Polici_9

Significant Accounting Policies - Receivables and Contract Balances (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Trade receivables (included in accounts receivable, net)	$ 9,793	$ 11,908
Contract liabilities (included in accrued expenses)	$ 128	$ 149

Acquisition (Details)

Acquisition (Details) - USD ($) $ / shares in Units, $ in Billions	May 09, 2024	May 01, 2023	May 02, 2023
Business Acquisition [Line Items]
Proceeds from debt	$ 5	$ 5
Oak Street Health Inc.
Business Acquisition [Line Items]
Percentage of voting interests acquired			100%
Cash to be received by shareholders in proposed acquisition (in dollars per share)			$ 39

Investments - Total Investment

Investments - Total Investment Schedule (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Total Investments [Line Items]
Current	$ 3,755	$ 3,259
Long-term	25,028	23,019
Total	28,783	26,278
Debt securities available for sale
Total Investments [Line Items]
Current	3,604	3,131
Long-term	20,227	18,582
Total	23,831	21,713
Mortgage loans
Total Investments [Line Items]
Current	151	128
Long-term	1,251	1,183
Total	1,402	1,311
Other investments
Total Investments [Line Items]
Current	0	0
Long-term	3,550	3,254
Total	$ 3,550	$ 3,254

Investments - Debt Securities (

Investments - Debt Securities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 24,548	$ 22,282
Gross Unrealized Gains	146	267
Gross Unrealized Losses	(863)	(836)
Fair Value	23,831	21,713
Allowance for expected credit losses	0	0
Supporting experience-rated products
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Gains	5	10
Gross Unrealized Losses	(36)	(28)
Fair Value	546	592
U.S. government securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,589	2,071
Gross Unrealized Gains	5	19
Gross Unrealized Losses	(56)	(54)
Fair Value	2,538	2,036
States, municipalities and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,335	2,219
Gross Unrealized Gains	10	31
Gross Unrealized Losses	(22)	(35)
Fair Value	1,323	2,215
U.S. corporate securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	11,720	10,156
Gross Unrealized Gains	69	133
Gross Unrealized Losses	(489)	(446)
Fair Value	11,300	9,843
Foreign securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,657	2,593
Gross Unrealized Gains	26	41
Gross Unrealized Losses	(130)	(122)
Fair Value	2,553	2,512
Residential mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	838	862
Gross Unrealized Gains	3	8
Gross Unrealized Losses	(60)	(60)
Fair Value	781	810
Commercial mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,201	1,066
Gross Unrealized Gains	5	9
Gross Unrealized Losses	(93)	(100)
Fair Value	1,113	975
Other asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,190	3,294
Gross Unrealized Gains	28	26
Gross Unrealized Losses	(12)	(18)
Fair Value	4,206	3,302
Redeemable preferred securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	18	21
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(1)	(1)
Fair Value	$ 17	$ 20

Investments - Debt Securities b

Investments - Debt Securities by Maturity (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Amortized Cost
Less than one year	$ 1,365
One year through five years	8,974
After five years through ten years	4,420
Greater than ten years	3,560
Amortized Cost	24,548	$ 22,282
Fair Value
Less than one year	1,349
One year through five years	8,784
After five years through ten years	4,288
Greater than ten years	3,310
Fair Value	23,831	21,713
Residential mortgage-backed securities
Amortized Cost
Debt securities, maturity, without single maturity date	838
Amortized Cost	838	862
Fair Value
Debt securities, maturity, without single maturity date	781
Fair Value	781	810
Commercial mortgage-backed securities
Amortized Cost
Debt securities, maturity, without single maturity date	1,201
Amortized Cost	1,201	1,066
Fair Value
Debt securities, maturity, without single maturity date	1,113
Fair Value	1,113	975
Other asset-backed securities
Amortized Cost
Debt securities, maturity, without single maturity date	4,190
Amortized Cost	4,190	3,294
Fair Value
Debt securities, maturity, without single maturity date	4,206
Fair Value	$ 4,206	$ 3,302

Investments - Unrealized Loss P

Investments - Unrealized Loss Position (Details) $ in Millions	Jun. 30, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Number of Securities
Number of Securities, Less than 12 months | security	3,497	1,182
Number of Securities, Greater than 12 months | security	6,232	7,018
Number of Securities | security	9,729	8,200
Fair Value
Fair Value, Less than 12 months	$ 6,042	$ 1,932
Fair Value, Greater than 12 months	8,959	10,616
Fair Value	15,001	12,548
Unrealized Losses
Unrealized Losses, Less than 12 months	64	28
Unrealized Losses, Greater than 12 months	799	808
Unrealized Losses	$ 863	$ 836
U.S. government securities
Number of Securities
Number of Securities, Less than 12 months | security	221	74
Number of Securities, Greater than 12 months | security	272	280
Number of Securities | security	493	354
Fair Value
Fair Value, Less than 12 months	$ 1,191	$ 194
Fair Value, Greater than 12 months	761	891
Fair Value	1,952	1,085
Unrealized Losses
Unrealized Losses, Less than 12 months	11	2
Unrealized Losses, Greater than 12 months	45	52
Unrealized Losses	$ 56	$ 54
States, municipalities and political subdivisions
Number of Securities
Number of Securities, Less than 12 months | security	163	95
Number of Securities, Greater than 12 months | security	246	455
Number of Securities | security	409	550
Fair Value
Fair Value, Less than 12 months	$ 300	$ 181
Fair Value, Greater than 12 months	386	733
Fair Value	686	914
Unrealized Losses
Unrealized Losses, Less than 12 months	1	1
Unrealized Losses, Greater than 12 months	21	34
Unrealized Losses	$ 22	$ 35
U.S. corporate securities
Number of Securities
Number of Securities, Less than 12 months | security	2,241	576
Number of Securities, Greater than 12 months | security	3,937	4,120
Number of Securities | security	6,178	4,696
Fair Value
Fair Value, Less than 12 months	$ 2,849	$ 672
Fair Value, Greater than 12 months	5,118	5,602
Fair Value	7,967	6,274
Unrealized Losses
Unrealized Losses, Less than 12 months	34	14
Unrealized Losses, Greater than 12 months	455	432
Unrealized Losses	$ 489	$ 446
Foreign securities
Number of Securities
Number of Securities, Less than 12 months | security	460	160
Number of Securities, Greater than 12 months | security	886	964
Number of Securities | security	1,346	1,124
Fair Value
Fair Value, Less than 12 months	$ 600	$ 243
Fair Value, Greater than 12 months	1,280	1,407
Fair Value	1,880	1,650
Unrealized Losses
Unrealized Losses, Less than 12 months	10	4
Unrealized Losses, Greater than 12 months	120	118
Unrealized Losses	$ 130	$ 122
Residential mortgage-backed securities
Number of Securities
Number of Securities, Less than 12 months | security	51	33
Number of Securities, Greater than 12 months | security	424	461
Number of Securities | security	475	494
Fair Value
Fair Value, Less than 12 months	$ 170	$ 97
Fair Value, Greater than 12 months	469	517
Fair Value	639	614
Unrealized Losses
Unrealized Losses, Less than 12 months	1	1
Unrealized Losses, Greater than 12 months	59	59
Unrealized Losses	$ 60	$ 60
Commercial mortgage-backed securities
Number of Securities
Number of Securities, Less than 12 months | security	70	44
Number of Securities, Greater than 12 months | security	304	287
Number of Securities | security	374	331
Fair Value
Fair Value, Less than 12 months	$ 206	$ 94
Fair Value, Greater than 12 months	610	581
Fair Value	816	675
Unrealized Losses
Unrealized Losses, Less than 12 months	2	2
Unrealized Losses, Greater than 12 months	91	98
Unrealized Losses	$ 93	$ 100
Other asset-backed securities
Number of Securities
Number of Securities, Less than 12 months | security	290	196
Number of Securities, Greater than 12 months | security	156	443
Number of Securities | security	446	639
Fair Value
Fair Value, Less than 12 months	$ 721	$ 449
Fair Value, Greater than 12 months	323	867
Fair Value	1,044	1,316
Unrealized Losses
Unrealized Losses, Less than 12 months	5	4
Unrealized Losses, Greater than 12 months	7	14
Unrealized Losses	$ 12	$ 18
Redeemable preferred securities
Number of Securities
Number of Securities, Less than 12 months | security	1	4
Number of Securities, Greater than 12 months | security	7	8
Number of Securities | security	8	12
Fair Value
Fair Value, Less than 12 months	$ 5	$ 2
Fair Value, Greater than 12 months	12	18
Fair Value	17	20
Unrealized Losses
Unrealized Losses, Less than 12 months	0	0
Unrealized Losses, Greater than 12 months	1	1
Unrealized Losses	$ 1	$ 1

Investments - Unrealized Loss_2

Investments - Unrealized Loss Position Maturities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value
Less than one year	$ 1,128
One year through five years	6,308
After five years through ten years	2,698
Greater than ten years	2,368
Fair Value	15,001	$ 12,548
Unrealized Losses
Less than one year	17
One year through five years	223
After five years through ten years	171
Greater than ten years	287
Unrealized Losses	863	836
Residential mortgage-backed securities
Fair Value
Debt securities, maturity, without single maturity date, fair value	639
Fair Value	639	614
Unrealized Losses
Debt securities, maturity, without single maturity date, unrealized losses	60
Unrealized Losses	60	60
Commercial mortgage-backed securities
Fair Value
Debt securities, maturity, without single maturity date, fair value	816
Fair Value	816	675
Unrealized Losses
Debt securities, maturity, without single maturity date, unrealized losses	93
Unrealized Losses	93	100
Other asset-backed securities
Fair Value
Debt securities, maturity, without single maturity date, fair value	1,044
Fair Value	1,044	1,316
Unrealized Losses
Debt securities, maturity, without single maturity date, unrealized losses	12
Unrealized Losses	12	$ 18
Supporting experience-rated products
Fair Value
Less than one year	11
One year through five years	139
After five years through ten years	76
Greater than ten years	178
Fair Value	442
Unrealized Losses
Less than one year	0
One year through five years	4
After five years through ten years	7
Greater than ten years	22
Unrealized Losses	36
Supporting experience-rated products | Residential mortgage-backed securities
Fair Value
Debt securities, maturity, without single maturity date, fair value	8
Unrealized Losses
Debt securities, maturity, without single maturity date, unrealized losses	1
Supporting experience-rated products | Commercial mortgage-backed securities
Fair Value
Debt securities, maturity, without single maturity date, fair value	15
Unrealized Losses
Debt securities, maturity, without single maturity date, unrealized losses	1
Supporting experience-rated products | Other asset-backed securities
Fair Value
Debt securities, maturity, without single maturity date, fair value	15
Unrealized Losses
Debt securities, maturity, without single maturity date, unrealized losses	1
Supporting remaining products
Fair Value
Less than one year	1,117
One year through five years	6,169
After five years through ten years	2,622
Greater than ten years	2,190
Fair Value	14,559
Unrealized Losses
Less than one year	17
One year through five years	219
After five years through ten years	164
Greater than ten years	265
Unrealized Losses	827
Supporting remaining products | Residential mortgage-backed securities
Fair Value
Debt securities, maturity, without single maturity date, fair value	631
Unrealized Losses
Debt securities, maturity, without single maturity date, unrealized losses	59
Supporting remaining products | Commercial mortgage-backed securities
Fair Value
Debt securities, maturity, without single maturity date, fair value	801
Unrealized Losses
Debt securities, maturity, without single maturity date, unrealized losses	92
Supporting remaining products | Other asset-backed securities
Fair Value
Debt securities, maturity, without single maturity date, fair value	1,029
Unrealized Losses
Debt securities, maturity, without single maturity date, unrealized losses	$ 11

Investments - Mortgage Loans (D

Investments - Mortgage Loans (Details) - Commercial Real Estate - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Mortgage Loans on Real Estate [Line Items]
New mortgage loans	$ 78	$ 168	$ 137	$ 223
Mortgage loans fully repaid	32	3	34	17
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, 2024	Dec. 31, 2023
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	$ 1,402	$ 1,311
1
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	9	11
2 to 4
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	1,362	1,262
5 and 6
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	31	32
7
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	0	6
2024
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	133
2024 | 1
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	0
2024 | 2 to 4
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	133
2024 | 5 and 6
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	0
2024 | 7
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	0
2023
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	302	302
2023 | 1
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	0	0
2023 | 2 to 4
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	302	302
2023 | 5 and 6
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	0	0
2023 | 7
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	0	0
2022
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	349	346
2022 | 1
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	0	0
2022 | 2 to 4
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	349	346
2022 | 5 and 6
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	0	0
2022 | 7
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	0	0
2021
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	231	244
2021 | 1
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	0	0
2021 | 2 to 4
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	218	225
2021 | 5 and 6
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	13	13
2021 | 7
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	0	6
2020
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	35	35
2020 | 1
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	0	0
2020 | 2 to 4
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	35	35
2020 | 5 and 6
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	0	0
2020 | 7
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	0	0
Prior
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	352	384
Prior | 1
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	9	11
Prior | 2 to 4
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	325	354
Prior | 5 and 6
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	18	19
Prior | 7
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	$ 0	$ 0

Investments - Net Investment In

Investments - Net Investment Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	$ 496	$ 383	$ 980	$ 832
Investment expenses	(12)	(11)	(24)	(21)
Net investment income (excluding net realized capital losses)	484	372	956	811
Net realized capital losses	(90)	(98)	(108)	(203)
Net investment income	394	274	848	608
Yield-related impairment losses	28	37	38	61
Credit-related impairment losses (reversal of losses)	0	(2)	0	(3)
Supporting experience-rated products
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Net investment income	8	9	16	17
Debt securities
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	265	204	509	395
Mortgage loans
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	19	14	36	27
Other investments
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	$ 212	$ 165	$ 435	$ 410

Investments - Realized Gains (D

Investments - Realized Gains (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Investments [Abstract]
Proceeds from sales	$ 1,616	$ 991	$ 2,881	$ 2,332
Gross realized capital gains	6	2	14	5
Gross realized capital losses	$ 71	$ 73	$ 123	$ 184

Fair Value - Measurement on a R

Fair Value - Measurement on a Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	$ 23,831	$ 21,713
U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	2,538	2,036
States, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	1,323	2,215
U.S. corporate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	11,300	9,843
Foreign securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	2,553	2,512
Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	781	810
Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	1,113	975
Other asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	4,206	3,302
Redeemable preferred securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	17	20
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities measured at fair value on a recurring basis	0	0
Cash and cash equivalents	12,507	8,196
Debt securities	23,831	21,713
Equity securities	305	273
Total	36,643	30,182
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	4,663	2,174
Debt securities	2,515	2,013
Equity securities	217	194
Total	7,395	4,381
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	7,844	6,022
Debt securities	21,264	19,671
Equity securities	0	0
Total	29,108	25,693
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Debt securities	52	29
Equity securities	88	79
Total	140	108
Recurring | U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	2,538	2,036
Recurring | U.S. government securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	2,515	2,013
Recurring | U.S. government securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	23	23
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	1,323	2,215
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	1,323	2,215
Recurring | States, municipalities and political subdivisions | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Recurring | U.S. corporate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	11,300	9,843
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	11,273	9,814
Recurring | U.S. corporate securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	27	29
Recurring | Foreign securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	2,553	2,512
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	2,553	2,512
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	781	810
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	781	810
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	1,113	975
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	1,103	975
Recurring | Commercial mortgage-backed securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	10	0
Recurring | Other asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	4,206	3,302
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	4,191	3,302
Recurring | Other asset-backed securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	15	0
Recurring | Redeemable preferred securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	17	20
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	17	20
Recurring | Redeemable preferred securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	$ 0	$ 0

Fair Value - Narrative (Details

Fair Value - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Transfers into Level 3	$ 0		$ 0
Transfers out of Level 3	$ 0	$ 13	$ 0	$ 42

Fair Value - Carrying Value and

Fair Value - Carrying Value and Fair Value Classified by Level (Details) - Nonrecurring - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Carrying Value
Assets:
Mortgage loans	$ 1,402	$ 1,311
Equity securities	588	534
Liabilities:
Investment contracts liabilities with a fixed maturity	1	1
Investment contracts liabilities without a fixed maturity	322	312
Long-term debt	66,374	61,410
Estimated Fair Value
Assets:
Mortgage loans	1,356	1,274
Liabilities:
Investment contracts liabilities with a fixed maturity	1	1
Investment contracts liabilities without a fixed maturity	281	279
Long-term debt	60,840	58,451
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	60,840	58,451
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	1,356	1,274
Liabilities:
Investment contracts liabilities with a fixed maturity	1	1
Investment contracts liabilities without a fixed maturity	281	279
Long-term debt	$ 0	$ 0

Fair Value - Separate Accounts

Fair Value - Separate Accounts Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	$ 3,187	$ 3,250
Recurring
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	3,138	3,204
Recurring | Other Receivables
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	49	46
Recurring | Cash and cash equivalents
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	162	168
Recurring | Debt securities
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	2,405	2,507
Recurring | Common/collective trusts
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	571	529
Recurring | Level 1
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	589	560
Recurring | Level 1 | Cash and cash equivalents
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	0	2
Recurring | Level 1 | Debt securities
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	589	558
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	2,549	2,644
Recurring | Level 2 | Cash and cash equivalents
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	162	166
Recurring | Level 2 | Debt securities
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	1,816	1,949
Recurring | Level 2 | Common/collective trusts
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	571	529
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 | 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, 2024	Jun. 30, 2023
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Health care costs payable, beginning of the period	$ 12,049
Less: Reinsurance recoverables	5
Less: Impact of discount rate on long-duration insurance reserves	(23)
Health care costs payable, beginning of the period, net	12,067
Acquisitions, net	0	$ 1,102
Add: Components of incurred health care costs
Current year	56,177	42,705
Prior years	(662)	(619)
Total incurred health care costs	55,515	42,086
Less: Claims paid
Current year	43,218	32,502
Prior years	10,514	8,800
Total claims paid	53,732	41,302
Health care costs payable, end of the period, net	13,850	12,015
Add: Reinsurance recoverables	59	5
Add: Impact of discount rate on long-duration insurance reserves	(24)	(22)
Health care costs payable, end of the period	13,885	11,998
Health Care Benefits
Less: Claims paid
Benefit costs recorded in other insurance liabilities	48	42
Corporate/ Other
Less: Claims paid
Benefit costs recorded in other insurance liabilities	$ 93	102
Health Insurance Product Line
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Health care costs payable, beginning of the period		10,142
Less: Reinsurance recoverables		5
Less: Impact of discount rate on long-duration insurance reserves		8
Health care costs payable, beginning of the period, net		$ 10,129

Health Care Costs Payable - Nar

Health Care Costs Payable - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Liability for Claims and Claims Adjustment Expense [Line Items]
Decrease in prior years' healthcare costs payable	$ 662	$ 619
Incurred but not reported (IBNR) claims liability, net	$ 10,600

Other Insurance Liabilities a_3

Other Insurance Liabilities and Separate Accounts - Changes in Liability for Future Policy Benefits (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Present value of expected future policy benefits
Effect of changes in discount rate assumptions	$ (24)	$ (22)	$ (23)
Large Case Pensions
Present value of expected future policy benefits
Liability for future policy benefits, beginning of the period - current discount rate	2,139	2,253
Beginning liability for future policy benefits at original (locked-in) discount rate	2,251	2,425
Effect of changes in cash flow assumptions			0	$ 0
Effect of actual variances from expected experience			(15)	0
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate			2,236	2,425
Issuances	26	7
Interest accrual (using locked-in discount rate)	46	50
Benefit payments (actual)	(129)	(143)
Ending liability for future policy benefits at original (locked-in) discount rate	2,179	2,339
Effect of changes in discount rate assumptions	(176)	(154)
Liability for future policy benefits, end of the period - current discount rate	2,003	2,185
Net liability for future policy benefits	2,003	2,185
Less: Reinsurance recoverable	0	0
Net liability for future policy benefits, net of reinsurance recoverable	2,003	2,185
Long-Term Care
Present value of expected net premiums
Liability for future policy benefits, beginning of the period - current discount rate	293	300
Beginning liability for future policy benefits at original (locked-in) discount rate	288	302
Effect of changes in cash flow assumptions			0	0
Effect of actual variances from expected experience			9	5
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate			297	307
Interest accrual (using locked-in discount rate)	8	8
Net premiums (actual)	(20)	(20)
Ending liability for future policy benefits at original (locked-in) discount rate	285	295
Effect of changes in discount rate assumptions	(4)	(1)
Liability for future policy benefits, end of the period - current discount rate	281	294
Present value of expected future policy benefits
Liability for future policy benefits, beginning of the period - current discount rate	1,640	1,566
Beginning liability for future policy benefits at original (locked-in) discount rate	1,632	1,613
Effect of changes in cash flow assumptions			0	0
Effect of actual variances from expected experience			3	0
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate			$ 1,635	$ 1,613
Issuances	0	0
Interest accrual (using locked-in discount rate)	41	40
Benefit payments (actual)	(36)	(35)
Ending liability for future policy benefits at original (locked-in) discount rate	1,640	1,618
Effect of changes in discount rate assumptions	(77)	(22)
Liability for future policy benefits, end of the period - current discount rate	1,563	1,596
Net liability for future policy benefits	1,282	1,302
Less: Reinsurance recoverable	0	0
Net liability for future policy benefits, net of reinsurance recoverable	$ 1,282	$ 1,302

Other Insurance Liabilities a_4

Other Insurance Liabilities and Separate Accounts - Undiscounted Expected Gross Premiums and Expected Future Benefit Payments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023
Large Case Pensions
Liability for Future Policy Benefit, Activity [Line Items]
Expected future benefit payments	$ 3,159	$ 3,398
Expected gross premiums	0	0
Long-Term Care
Liability for Future Policy Benefit, Activity [Line Items]
Expected future benefit payments	3,207	3,238
Expected gross premiums	$ 408	$ 425

Other Insurance Liabilities a_5

Other Insurance Liabilities and Separate Accounts - Weighted-average Interest Rates and Durations (Details)	Jun. 30, 2024	Jun. 30, 2023
Large Case Pensions
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	4.20%	4.20%
Current discount rate	5.42%	5.17%
Weighted-average duration of long-duration insurance liabilities	7 years 3 months 18 days	7 years 4 months 24 days
Long-Term Care
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	5.11%	5.11%
Current discount rate	5.57%	5.24%
Weighted-average duration of long-duration insurance liabilities	11 years 10 months 24 days	12 years 4 months 24 days

Other Insurance Liabilities a_6

Other Insurance Liabilities and Separate Accounts - Roll Forward of Policyholders' Funds (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Policyholder Account Balance [Roll Forward]
Policyholders’ funds, beginning of the period	$ 332	$ 345
Deposits received	8	(1)
Policy charges	(1)	(1)
Surrenders and withdrawals	(7)	(20)
Interest credited	6	5
Change in net unrealized gains (losses)	(12)	16
Other	(13)	(14)
Policyholders’ funds, end of the period	$ 313	$ 330
Weighted average crediting rate	4.35%	4.55%
Net amount at risk	$ 0	$ 0
Cash surrender value	$ 317	$ 323

Other Insurance Liabilities a_7

Other Insurance Liabilities and Separate Accounts - Separate Account Assets (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	$ 3,187	$ 3,250
Recurring
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	3,138	3,204
Recurring | Other Receivables
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	49	46
Recurring | Cash and cash equivalents
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	162	168
Recurring | Debt securities
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	2,405	2,507
Recurring | Debt securities | U.S. government securities
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	593	573
Recurring | Debt securities | States, municipalities and political subdivisions
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	16	28
Recurring | Debt securities | U.S. corporate securities
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	1,553	1,632
Recurring | Debt securities | Foreign securities
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	199	202
Recurring | Mortgage-backed securities | Residential mortgage-backed securities
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	32	51
Recurring | Mortgage-backed securities | Commercial mortgage-backed securities
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	3	6
Recurring | Other asset-backed securities
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	9	15
Recurring | Common/collective trusts
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	$ 571	$ 529

Other Insurance Liabilities a_8

Other Insurance Liabilities and Separate Accounts - Roll Forward of Separate Accounts (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Separate Account, Liability [Roll Forward]
Separate Accounts liability, beginning of the period	$ 3,250	$ 3,228
Premiums and deposits	430	457
Surrenders and withdrawals	(152)	(6)
Benefit payments	(449)	(495)
Investment earnings	121	88
Net transfers from general account	4	2
Other	(17)	(7)
Separate Accounts liability, end of the period	3,187	3,267
Cash surrender value, end of the period	$ 2,171	$ 2,152

Borrowings - Schedule of Borrow

Borrowings - Schedule of Borrowings (Details) - USD ($) $ in Millions	Jun. 30, 2024	May 09, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Commercial paper	$ 0		$ 200
Finance lease liabilities	1,379		1,391
Total debt principal	66,944		62,160
Debt premiums	178		186
Debt discounts and deferred financing costs	(748)		(736)
Long-term debt and lease obligation	66,374		61,610
Short-term debt (commercial paper)	0		(200)
Current portion of long-term debt	(3,731)		(2,772)
Long-term debt	$ 62,643		$ 58,638
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Long-term debt		Long-term debt
Senior Notes | 3.375% senior notes due August 2024
Debt Instrument [Line Items]
Stated interest rate	3.375%
Long-term debt	$ 650		$ 650
Senior Notes | 2.625% senior notes due August 2024
Debt Instrument [Line Items]
Stated interest rate	2.625%
Long-term debt	$ 1,000		1,000
Senior Notes | 3.5% senior notes due November 2024
Debt Instrument [Line Items]
Stated interest rate	3.50%
Long-term debt	$ 750		750
Senior Notes | 5% senior notes due December 2024
Debt Instrument [Line Items]
Stated interest rate	5%
Long-term debt	$ 299		299
Senior Notes | 4.1% senior notes due March 2025
Debt Instrument [Line Items]
Stated interest rate	4.10%
Long-term debt	$ 950		950
Senior Notes | 3.875% senior notes due July 2025
Debt Instrument [Line Items]
Stated interest rate	3.875%
Long-term debt	$ 2,828		2,828
Senior Notes | 5% senior notes due February 2026
Debt Instrument [Line Items]
Stated interest rate	5%
Long-term debt	$ 1,500		1,500
Senior Notes | 2.875% senior notes due June 2026
Debt Instrument [Line Items]
Stated interest rate	2.875%
Long-term debt	$ 1,750		1,750
Senior Notes | 3% senior notes due August 2026
Debt Instrument [Line Items]
Stated interest rate	3%
Long-term debt	$ 750		750
Senior Notes | 3.625% senior notes due April 2027
Debt Instrument [Line Items]
Stated interest rate	3.625%
Long-term debt	$ 750		750
Senior Notes | 6.25% senior notes due June 2027
Debt Instrument [Line Items]
Stated interest rate	6.25%
Long-term debt	$ 372		372
Senior Notes | 1.3% senior notes due August 2027
Debt Instrument [Line Items]
Stated interest rate	1.30%
Long-term debt	$ 2,250		2,250
Senior Notes | 4.3% senior notes due March 2028
Debt Instrument [Line Items]
Stated interest rate	4.30%
Long-term debt	$ 5,000		5,000
Senior Notes | 5% senior notes due January 2029
Debt Instrument [Line Items]
Stated interest rate	5%
Long-term debt	$ 1,000		1,000
Senior Notes | 5.4% senior notes due June 2029
Debt Instrument [Line Items]
Stated interest rate	5.40%	5.40%
Long-term debt	$ 1,000		0
Senior Notes | 3.25% senior notes due August 2029
Debt Instrument [Line Items]
Stated interest rate	3.25%
Long-term debt	$ 1,750		1,750
Senior Notes | 5.125% senior notes due February 2030
Debt Instrument [Line Items]
Stated interest rate	5.125%
Long-term debt	$ 1,500		1,500
Senior Notes | 3.75% senior notes due April 2030
Debt Instrument [Line Items]
Stated interest rate	3.75%
Long-term debt	$ 1,500		1,500
Senior Notes | 1.75% senior notes due August 2030
Debt Instrument [Line Items]
Stated interest rate	1.75%
Long-term debt	$ 1,250		1,250
Senior Notes | 5.25% senior notes due January 2031
Debt Instrument [Line Items]
Stated interest rate	5.25%
Long-term debt	$ 750		750
Senior Notes | 1.875% senior notes due February 2031
Debt Instrument [Line Items]
Stated interest rate	1.875%
Long-term debt	$ 1,250		1,250
Senior Notes | 5.55% senior notes due June 2031
Debt Instrument [Line Items]
Stated interest rate	5.55%	5.55%
Long-term debt	$ 1,000		0
Senior Notes | 2.125% senior notes due September 2031
Debt Instrument [Line Items]
Stated interest rate	2.125%
Long-term debt	$ 1,000		1,000
Senior Notes | 5.25% senior notes due February 2033
Debt Instrument [Line Items]
Stated interest rate	5.25%
Long-term debt	$ 1,750		1,750
Senior Notes | 5.3% senior notes due June 2033
Debt Instrument [Line Items]
Stated interest rate	5.30%
Long-term debt	$ 1,250		1,250
Senior Notes | 5.7% senior notes due June 2034
Debt Instrument [Line Items]
Stated interest rate	5.70%	5.70%
Long-term debt	$ 1,250		0
Senior Notes | 4.875% senior notes due July 2035
Debt Instrument [Line Items]
Stated interest rate	4.875%
Long-term debt	$ 652		652
Senior Notes | 6.625% senior notes due June 2036
Debt Instrument [Line Items]
Stated interest rate	6.625%
Long-term debt	$ 771		771
Senior Notes | 6.75% senior notes due December 2037
Debt Instrument [Line Items]
Stated interest rate	6.75%
Long-term debt	$ 533		533
Senior Notes | 4.78% senior notes due March 2038
Debt Instrument [Line Items]
Stated interest rate	4.78%
Long-term debt	$ 5,000		5,000
Senior Notes | 6.125% senior notes due September 2039
Debt Instrument [Line Items]
Stated interest rate	6.125%
Long-term debt	$ 447		447
Senior Notes | 4.125% senior notes due April 2040
Debt Instrument [Line Items]
Stated interest rate	4.125%
Long-term debt	$ 1,000		1,000
Senior Notes | 2.7% senior notes due August 2040
Debt Instrument [Line Items]
Stated interest rate	2.70%
Long-term debt	$ 1,250		1,250
Senior Notes | 5.75% senior notes due May 2041
Debt Instrument [Line Items]
Stated interest rate	5.75%
Long-term debt	$ 133		133
Senior Notes | 4.5% senior notes due May 2042
Debt Instrument [Line Items]
Stated interest rate	4.50%
Long-term debt	$ 500		500
Senior Notes | 4.125% senior notes due November 2042
Debt Instrument [Line Items]
Stated interest rate	4.125%
Long-term debt	$ 500		500
Senior Notes | 5.3% senior notes due December 2043
Debt Instrument [Line Items]
Stated interest rate	5.30%
Long-term debt	$ 750		750
Senior Notes | 4.75% senior notes due March 2044
Debt Instrument [Line Items]
Stated interest rate	4.75%
Long-term debt	$ 375		375
Senior Notes | 6% senior notes due June 2044
Debt Instrument [Line Items]
Stated interest rate	6%	6%
Long-term debt	$ 750		0
Senior Notes | 5.125% senior notes due July 2045
Debt Instrument [Line Items]
Stated interest rate	5.125%
Long-term debt	$ 3,500		3,500
Senior Notes | 3.875% senior notes due August 2047
Debt Instrument [Line Items]
Stated interest rate	3.875%
Long-term debt	$ 1,000		1,000
Senior Notes | 5.05% senior notes due March 2048
Debt Instrument [Line Items]
Stated interest rate	5.05%
Long-term debt	$ 8,000		8,000
Senior Notes | 4.25% senior notes due April 2050
Debt Instrument [Line Items]
Stated interest rate	4.25%
Long-term debt	$ 750		750
Senior Notes | 5.625% senior notes due February 2053
Debt Instrument [Line Items]
Stated interest rate	5.625%
Long-term debt	$ 1,250		1,250
Senior Notes | 5.875% senior notes due June 2053
Debt Instrument [Line Items]
Stated interest rate	5.875%
Long-term debt	$ 1,250		1,250
Senior Notes | 6.05% senior notes due June 2054
Debt Instrument [Line Items]
Stated interest rate	6.05%	6.05%
Long-term debt	$ 1,000		0
Senior Notes | 6% senior notes due June 2063
Debt Instrument [Line Items]
Stated interest rate	6%
Long-term debt	$ 750		750
Other Debt Obligations
Debt Instrument [Line Items]
Long-term debt	$ 305		$ 309

Borrowings - Narrative (Details

Borrowings - Narrative (Details) - USD ($) $ in Millions	May 09, 2024	Mar. 25, 2024	May 01, 2023	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Short-term debt				$ 0	$ 200
Proceeds from debt	$ 5,000		$ 5,000
Senior Notes
Debt Instrument [Line Items]
Face amount of debt	5,000
Senior Notes | 5.4% senior notes due June 2029
Debt Instrument [Line Items]
Face amount of debt	$ 1,000
Stated interest rate	5.40%			5.40%
Senior Notes | 5.55% senior notes due June 2031
Debt Instrument [Line Items]
Face amount of debt	$ 1,000
Stated interest rate	5.55%			5.55%
Senior Notes | 5.7% senior notes due June 2034
Debt Instrument [Line Items]
Face amount of debt	$ 1,250
Stated interest rate	5.70%			5.70%
Senior Notes | 6% senior notes due June 2044
Debt Instrument [Line Items]
Face amount of debt	$ 750
Stated interest rate	6%			6%
Senior Notes | 6.05% senior notes due June 2054
Debt Instrument [Line Items]
Face amount of debt	$ 1,000
Stated interest rate	6.05%			6.05%
Commercial Paper
Debt Instrument [Line Items]
Short-term debt				$ 0	$ 200
Weighted average interest rate					4.31%
Loans Payable | Term Loan Agreement, 364-Day
Debt Instrument [Line Items]
Short-term debt	$ 0
Debt instrument term		364 days
Face amount of debt		$ 3,000

Shareholders' Equity - Share Re

Shareholders' Equity - Share Repurchases (Details) - USD ($) shares in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Nov. 17, 2022	Dec. 09, 2021
2022 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount			$ 10,000,000,000
Stock repurchase program, remaining authorized repurchase amount	$ 10,000,000,000
2021 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount				$ 10,000,000,000
Stock repurchase program, remaining authorized repurchase amount	$ 1,500,000,000
Stock repurchased during period (in shares)	39.7	22.8
Stock repurchased during period, value	$ 3,000,000,000	$ 2,000,000,000

Shareholders' Equity - Accelera

Shareholders' Equity - Accelerated Share Repurchases (Details) - 2021 Repurchase Program - USD ($) shares in Millions, $ in Billions	Jan. 04, 2024	Jan. 04, 2023	Mar. 31, 2024	Feb. 28, 2023
Morgan Stanley & Co. LLC
Equity, Class of Treasury Stock [Line Items]
ASR agreement, amount	$ 3		$ 3
Payments for ASR, amount	$ 3
ASR percent of notional amount received in shares	85%
Shares repurchased under ASR agreement (in shares)	31.4		8.3
Transfer of shares to treasury stock value	$ 2.6
ASR, shares to be received at the end of program as a percent of notional amount			15%
Morgan Stanley & Co. LLC | Forward contract
Equity, Class of Treasury Stock [Line Items]
Forward contract, notional amount	$ 0.4
Citibank, N.A.
Equity, Class of Treasury Stock [Line Items]
ASR agreement, amount		$ 2		$ 2
Payments for ASR, amount		$ 2
ASR percent of notional amount received in shares		80%
Shares repurchased under ASR agreement (in shares)		17.4		5.4
Transfer of shares to treasury stock value		$ 1.6
ASR, shares to be received at the end of program as a percent of notional amount				20%
Citibank, N.A. | Forward contract
Equity, Class of Treasury Stock [Line Items]
Forward contract, notional amount		$ 0.4

Shareholders' Equity - Dividend

Shareholders' Equity - Dividends (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Equity [Abstract]
Dividends declared per share (in dollars per share)	$ 0.665	$ 0.605	$ 1.33	$ 1.21

Other Comprehensive Income (L_3

Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Changes in Accumulated Other Comprehensive Income (Loss) by Component
Balance at beginning of period	$ 74,150	$ 76,636	$ 71,580	$ 71,769	$ 76,636	$ 71,769
Other comprehensive income (loss)	22	(44)	17	389	(22)	406
Balance at end of period	75,111	74,150	73,002	71,580	75,111	73,002
AOCI Including Portion Attributable to Noncontrolling Interest
Changes in Accumulated Other Comprehensive Income (Loss) by Component
Balance at beginning of period	(341)	(297)	(875)	(1,264)	(297)	(1,264)
Balance at end of period	(319)	(341)	(858)	(875)	(319)	(858)
Net unrealized investment losses:
Changes in Accumulated Other Comprehensive Income (Loss) by Component
Balance at beginning of period	(537)	(429)	(1,049)	(1,519)	(429)	(1,519)
Other comprehensive income (loss) before reclassifications, net of tax	(109)		(174)		(265)	165
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	82		110		130	241
Other comprehensive income (loss)	(27)		(64)		(135)	406
Balance at end of period	(564)	(537)	(1,113)	(1,049)	(564)	(1,113)
Other comprehensive income (loss) before reclassifications, pretax	(121)		(175)		(283)	165
Amounts reclassified from accumulated other comprehensive income (loss), pretax	94		110		148	241
Change in discount rate on long-duration insurance reserves:
Changes in Accumulated Other Comprehensive Income (Loss) by Component
Balance at beginning of period	220	152	145	219	152	219
Other comprehensive income (loss) before reclassifications, net of tax	53		60		121	(14)
Other comprehensive income (loss)	53		60		121	(14)
Balance at end of period	273	220	205	145	273	205
Other comprehensive income (loss) before reclassifications, pretax	68		78		156	(23)
Foreign currency translation adjustments:
Changes in Accumulated Other Comprehensive Income (Loss) by Component
Balance at beginning of period	0	0	(1)	0	0	0
Other comprehensive income (loss) before reclassifications, net of tax	0		2		0	0
Other comprehensive income (loss)	0		2		0	1
Balance at end of period	0	0	1	(1)	0	1
Net cash flow hedges:
Changes in Accumulated Other Comprehensive Income (Loss) by Component
Balance at beginning of period	240	244	233	239	244	239
Other comprehensive income (loss) before reclassifications, net of tax	0		2		0	(2)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	(4)		17		(8)	15
Other comprehensive income (loss)	(4)		19		(8)	13
Balance at end of period	236	240	252	233	236	252
Other comprehensive income (loss) before reclassifications, pretax	0		3		0	(3)
Amounts reclassified from accumulated other comprehensive income (loss), pretax	(5)		23		(11)	20
Gains expected to be reclassified	22				22
Pension and other postretirement benefits:
Changes in Accumulated Other Comprehensive Income (Loss) by Component
Balance at beginning of period	(264)	(264)	(203)	(203)	(264)	(203)
Other comprehensive income (loss)	0		0		0	0
Balance at end of period	$ (264)	$ (264)	$ (203)	$ (203)	$ (264)	$ (203)

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator for earnings per share calculation:
Net income attributable to CVS Health, basic	$ 1,770	$ 1,901	$ 2,883	$ 4,037
Net income attributable to CVS Health, diluted	$ 1,770	$ 1,901	$ 2,883	$ 4,037
Denominator for earnings per share calculation:
Weighted average shares, basic (in shares)	1,256	1,283	1,258	1,283
Weighted average shares, diluted (in shares)	1,259	1,287	1,263	1,289
Earnings per share:
Basic (in dollars per share)	$ 1.41	$ 1.48	$ 2.29	$ 3.15
Diluted (in dollars per share)	$ 1.41	$ 1.48	$ 2.28	$ 3.13
Restricted stock units and performance stock units
Denominator for earnings per share calculation:
Effect of dilutive securities (in shares)	1	2	3	4
Stock options and stock appreciation rights
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of EPS (in shares)	7	9	7	6
Denominator for earnings per share calculation:
Effect of dilutive securities (in shares)	2	2	2	2

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2022 USD ($)	Aug. 31, 2022 USD ($)	Jun. 30, 2024 USD ($) lease	Jun. 30, 2023 USD ($) state	Jun. 30, 2024 USD ($) lease	Jun. 30, 2023 USD ($) state	Dec. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Guarantor obligations, number of leases | lease			62		62
Loss Contingencies [Line Items]
Opioid litigation charges			$ 0	$ 0	$ 100	$ 0
Settlement Framework
Loss Contingencies [Line Items]
Legal settlement awarded to other party	$ 4,300
Attorneys' fees and costs	$ 625
Legal settlement, period of payment	10 years						10 years
Number of states that elected to join the settlement | state				45		45
Number of states under separate settlement agreements | state				4		4
Settlement Framework | Tribal Entities
Loss Contingencies [Line Items]
Legal settlement awarded to other party	$ 113
Attorneys' fees and costs	$ 16
Legal settlement, period of payment	10 years						10 years
Settlement Framework and Other Opioid-Related Claims
Loss Contingencies [Line Items]
Opioid litigation charges							$ 5,300
Federal Court in Ohio Judgment | Pending Litigation
Loss Contingencies [Line Items]
Legal settlement awarded to other party		$ 651
Legal settlement, period of payment		15 years

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	6 Months Ended
	Jun. 30, 2024 Segment
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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenues from external customers	$ 90,840	$ 88,647	$ 178,823	$ 173,591
Net investment income (loss)	394	274	848	608
Total revenues	91,234	88,921	179,671	174,199
Adjusted operating income (loss)	3,744	4,481	6,701	8,851
Operating Segments | Health Care Benefits
Segment Reporting Information [Line Items]
Revenues from external customers	32,157	26,521	64,022	52,213
Net investment income (loss)	300	205	653	369
Total revenues	32,475	26,747	64,711	52,624
Adjusted operating income (loss)	938	1,541	1,670	3,365
Operating Segments | Health Services
Segment Reporting Information [Line Items]
Revenues from external customers	38,694	43,032	75,160	83,843
Net investment income (loss)	(2)	0	(2)	0
Total revenues	42,171	46,215	82,456	90,806
Adjusted operating income (loss)	1,915	1,894	3,278	3,574
Co-payments	2,800	3,400	6,200	7,500
Operating Segments | Pharmacy & Consumer Wellness
Segment Reporting Information [Line Items]
Revenues from external customers	19,974	19,079	39,612	37,505
Net investment income (loss)	0	1	0	(2)
Total revenues	29,838	28,784	58,563	56,706
Adjusted operating income (loss)	1,243	1,413	2,420	2,547
Corporate/ Other | Corporate/ Other
Segment Reporting Information [Line Items]
Revenues from external customers	15	15	29	30
Net investment income (loss)	96	68	197	241
Total revenues	111	83	226	271
Adjusted operating income (loss)	(352)	(367)	(667)	(635)
Intersegment Eliminations
Segment Reporting Information [Line Items]
Intersegment revenues	(13,361)	(12,908)	(26,285)	(26,208)
Net investment income (loss)	0	0	0	0
Total revenues	(13,361)	(12,908)	(26,285)	(26,208)
Adjusted operating income (loss)	0	0	0	0
Intersegment Eliminations | Health Care Benefits
Segment Reporting Information [Line Items]
Intersegment revenues	18	21	36	42
Intersegment Eliminations | Health Services
Segment Reporting Information [Line Items]
Intersegment revenues	3,479	3,183	7,298	6,963
Intersegment Eliminations | Pharmacy & Consumer Wellness
Segment Reporting Information [Line Items]
Intersegment revenues	$ 9,864	$ 9,704	$ 18,951	$ 19,203

Segment Reporting - Reconcili_2

Segment Reporting - Reconciliation of Consolidated Operating Income to Adjusted Operating Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting [Abstract]
Operating income (GAAP measure)	$ 3,045	$ 3,234	$ 5,316	$ 6,680
Amortization of intangible assets	507	485	1,015	887
Net realized capital losses	90	98	108	203
Acquisition-related transaction and integration costs	102	157	162	200
Opioid litigation charges	0	0	100	0
Restructuring charge	0	496	0	496
Office real estate optimization charges	0	11	0	36
Loss on assets held for sale	0	0	0	349
Adjusted operating income	$ 3,744	$ 4,481	$ 6,701	$ 8,851