CVS Health (CVS) 10-Q 6 Nov 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		1,258,407,645
Entity Central Index Key	0000064803
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Premiums	$ 30,925	$ 24,657	$ 91,983	$ 74,117
Net investment income	550	277	1,398	885
Total revenues	95,428	89,764	275,099	263,963
Operating costs:
Cost of products sold	52,948	54,688	151,019	159,679
Health care costs	29,922	21,499	85,578	63,729
Operating expenses	10,557	9,876	31,185	29,329
Restructuring charges	1,169	11	1,169	507
Loss on assets held for sale	0	0	0	349
Total operating costs	94,596	86,074	268,951	253,593
Operating income	832	3,690	6,148	10,370
Interest expense	752	693	2,200	1,968
Other income	(25)	(22)	(74)	(66)
Income before income tax provision	105	3,019	4,022	8,468
Income tax provision	34	754	1,059	2,147
Net income	71	2,265	2,963	6,321
Net (income) loss attributable to noncontrolling interests	16	(4)	7	(23)
Net income attributable to CVS Health	$ 87	$ 2,261	$ 2,970	$ 6,298
Net income per share attributable to CVS Health:
Basic (in dollars per share)	$ 0.07	$ 1.76	$ 2.36	$ 4.90
Diluted (in dollars per share)	$ 0.07	$ 1.75	$ 2.35	$ 4.88
Weighted average shares outstanding:
Basic (in shares)	1,259	1,287	1,258	1,284
Diluted (in shares)	1,259	1,290	1,262	1,289
Dividends declared per share (in dollars per share)	$ 0.665	$ 0.605	$ 1.995	$ 1.815
Cost, Product and Service [Extensible List]	Products	Products	Products	Products
Products
Revenues:
Revenues	$ 59,674	$ 61,298	$ 169,610	$ 179,984
Services
Revenues:
Revenues	$ 4,279	$ 3,532	$ 12,108	$ 8,977

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 71	$ 2,265	$ 2,963	$ 6,321
Other comprehensive income (loss), net of tax:
Net unrealized investment gains (losses)	679	(321)	544	85
Change in discount rate on long-duration insurance reserves	(147)	181	(26)	167
Foreign currency translation adjustments	0	(2)	0	(1)
Net cash flow hedges	(4)	(4)	(12)	9
Other comprehensive income (loss)	528	(146)	506	260
Comprehensive income	599	2,119	3,469	6,581
Comprehensive (income) loss attributable to noncontrolling interests	16	(4)	7	(23)
Comprehensive income attributable to CVS Health	$ 615	$ 2,115	$ 3,476	$ 6,558

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Assets:
Cash and cash equivalents	$ 6,875	$ 8,196
Investments	2,805	3,259
Accounts receivable, net	36,179	35,227
Inventories	17,649	18,025
Other current assets	3,835	3,151
Total current assets	67,343	67,858
Long-term investments	28,939	23,019
Property and equipment, net	12,728	13,183
Operating lease right-of-use assets	16,231	17,252
Goodwill	91,272	91,272
Intangible assets, net	27,817	29,234
Separate accounts assets	3,334	3,250
Other assets	4,763	4,660
Total assets	252,427	249,728
Liabilities:
Accounts payable	15,713	14,897
Pharmacy claims and discounts payable	23,917	22,874
Health care costs payable	15,237	12,049
Policyholders’ funds	913	1,326
Accrued expenses	20,174	22,189
Other insurance liabilities	1,051	1,141
Current portion of operating lease liabilities	1,912	1,741
Short-term debt	800	200
Current portion of long-term debt	4,910	2,772
Total current liabilities	84,627	79,189
Long-term operating lease liabilities	15,258	16,034
Long-term debt	59,824	58,638
Deferred income taxes	3,632	4,311
Separate accounts liabilities	3,334	3,250
Other long-term insurance liabilities	5,162	5,459
Other long-term liabilities	5,484	6,211
Total liabilities	177,321	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 1,258 shares outstanding at September 30, 2024 and 1,768 shares issued and 1,288 shares outstanding at December 31, 2023 and capital surplus	49,510	48,992
Treasury stock, at cost: 519 shares at September 30, 2024 and 480 shares at December 31, 2023	(36,813)	(33,838)
Retained earnings	62,038	61,604
Accumulated other comprehensive income (loss)	209	(297)
Total CVS Health shareholders’ equity	74,944	76,461
Noncontrolling interests	162	175
Total shareholders’ equity	75,106	76,636
Total liabilities and shareholders’ equity	$ 252,427	$ 249,728

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 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)	1,258,000,000	1,288,000,000
Treasury stock (in shares)	519,000,000	480,000,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Cash receipts from customers	$ 264,538	$ 260,300
Cash paid for inventory, prescriptions dispensed and health services rendered	(145,469)	(153,051)
Insurance benefits paid	(80,357)	(61,658)
Cash paid to other suppliers and employees	(28,933)	(26,038)
Interest and investment income received	1,288	1,174
Interest paid	(2,391)	(2,049)
Income taxes paid	(1,429)	(2,616)
Net cash provided by operating activities	7,247	16,062
Cash flows from investing activities:
Proceeds from sales and maturities of investments	7,634	5,547
Purchases of investments	(12,677)	(6,625)
Purchases of property and equipment	(2,013)	(2,120)
Acquisitions (net of cash and restricted cash acquired)	(85)	(16,492)
Other	75	43
Net cash used in investing activities	(7,066)	(19,647)
Cash flows from financing activities:
Commercial paper borrowings (repayments), net	600	0
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	(1,706)	(2,734)
Repurchase of common stock	(3,023)	(2,013)
Dividends paid	(2,535)	(2,353)
Proceeds from exercise of stock options	342	242
Payments for taxes related to net share settlement of equity awards	(181)	(175)
Other	(22)	(210)
Net cash provided by (used in) financing activities	(1,566)	3,655
Net increase (decrease) in cash, cash equivalents and restricted cash	(1,385)	70
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	7,140	13,375
Reconciliation of net income to net cash provided by operating activities:
Net income	2,963	6,321
Adjustments required to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,450	3,232
Stock-based compensation	403	461
Restructuring charges (impairment of long-lived assets)	840	152
Deferred income taxes and other items	(912)	(163)
Change in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable, net	(986)	(3,920)
Inventories	355	1,305
Other assets	(850)	(518)
Accounts payable and pharmacy claims and discounts payable	2,169	2,466
Health care costs payable and other insurance liabilities	2,878	4,679
Other liabilities	(3,063)	2,047
Net cash provided by operating activities	$ 7,247	$ 16,062

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 Income (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		6,321
Other comprehensive income (loss)		260
Shares outstanding, balance at end of period (in shares) at Sep. 30, 2023				1,767
Treasury shares outstanding, balance at end of period (in shares) at Sep. 30, 2023	[1]				(480)
Balance at end of period at Sep. 30, 2023		74,510	74,337		$ (33,831)	[1]	48,829	[2]	60,343	(1,004)	173
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
Shareholders' Equity [Roll Forward]
Net income		2,265	2,261						2,261		4
Other comprehensive income (loss)		(146)	(146)							(146)
Stock option activity, stock awards and other (in shares)				3
Stock option activity, stock awards and other		165	165				165	[2]
ESPP issuances, net of purchase of treasury shares (in shares)	[1]				2
ESPP issuances, net of purchase of treasury shares		105	105		$ 102	[1]	3	[2]
Common stock dividends		(786)	(786)						(786)
Other increases (decreases) in noncontrolling interests		(95)	12				12	[2]			(107)
Shares outstanding, balance at end of period (in shares) at Sep. 30, 2023				1,767
Treasury shares outstanding, balance at end of period (in shares) at Sep. 30, 2023	[1]				(480)
Balance at end of period at Sep. 30, 2023		$ 74,510	74,337		$ (33,831)	[1]	48,829	[2]	60,343	(1,004)	173
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		2,963
Other comprehensive income (loss)		$ 506
Shares outstanding, balance at end of period (in shares) at Sep. 30, 2024				1,777
Treasury shares outstanding, balance at end of period (in shares) at Sep. 30, 2024		(519)			(519)	[3]
Balance at end of period at Sep. 30, 2024		$ 75,106	74,944		$ (36,813)	[3]	49,510	[4]	62,038	209	162
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	[3]				(521)
Balance at end of period at Jun. 30, 2024		75,111	74,930		$ (36,919)	[3]	49,371	[4]	62,797	(319)	181
Shareholders' Equity [Roll Forward]
Net income		71	87						87		(16)
Other comprehensive income (loss)		528	528							528
Stock option activity, stock awards and other		138	138				138	[4]
ESPP issuances, net of purchase of treasury shares (in shares)	[3]				2
ESPP issuances, net of purchase of treasury shares		107	107		$ 106	[3]	1	[4]
Common stock dividends		(846)	(846)						(846)
Other increases (decreases) in noncontrolling interests		$ (3)									(3)
Shares outstanding, balance at end of period (in shares) at Sep. 30, 2024				1,777
Treasury shares outstanding, balance at end of period (in shares) at Sep. 30, 2024		(519)			(519)	[3]
Balance at end of period at Sep. 30, 2024		$ 75,106	$ 74,944		$ (36,813)	[3]	$ 49,510	[4]	$ 62,038	$ 209	$ 162
[1] Treasury shares include 1 million shares held in trust and treasury stock includes $29 million related to shares held in trust as of September 30, 2023, 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 September 30, 2023, 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 September 30, 2024, 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 September 30, 2024, 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	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 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	1	1
Treasury shares held in trust	$ 29	$ 29	$ 29	$ 29	$ 29	$ 29	$ 29	$ 29
Common stock	$ 18	$ 18	$ 18	$ 18	$ 18	$ 18	$ 18	$ 18

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 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 900 walk-in medical clinics, more than 225 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 September 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 public and private health 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 September 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. Reclassifications Certain prior year amounts have been reclassified to conform with the current year presentation. 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 September 30, December 31, Cash and cash equivalents $ 6,875 $ 8,196 Restricted cash (included in other current assets) 65 90 Restricted cash (included in other assets) 200 239 Total cash, cash equivalents and restricted cash in the statements of cash flows $ 7,140 $ 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 September 30, 2024 and December 31, 2023 was composed of the following: In millions September 30, December 31, Trade receivables $ 9,884 $ 11,908 Vendor and manufacturer receivables 15,621 15,711 Premium receivables 3,942 3,714 Other receivables 6,732 3,894 Total accounts receivable, net $ 36,179 $ 35,227 The Company’s allowance for credit losses was $346 million and $343 million as of September 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 nine months ended September 30, 2024 and 2023: Nine Months Ended In millions 2024 2023 Deferred acquisition costs, beginning of the period $ 1,502 $ 1,219 Capitalizations 405 414 Amortization expense (217) (196) Deferred acquisition costs, end of the period $ 1,690 $ 1,437 Premium Deficiency Reserves The Company evaluates its short-duration insurance contracts to determine if it is probable that a loss will be incurred. For purposes of determining premium deficiency reserves, contracts are grouped consistent with the Company’s method of acquiring, servicing and measuring the profitability of such contracts. For each contract grouping, a premium deficiency reserve is recognized when it is probable that expected future incurred claims, including costs to maintain the contract grouping, exceed anticipated future premiums and reinsurance recoveries. Anticipated investment income is not considered in the calculation of premium deficiency reserves. A premium deficiency is first recognized by charging any unamortized acquisition costs to operating expenses, and to the extent the premium deficiency is greater than the unamortized acquisition costs, a premium deficiency reserve liability is established and reflected in health care costs payable on the unaudited condensed consolidated balance sheets. Losses recognized as a premium deficiency reserve result in a beneficial effect in subsequent periods as subsequent costs under these contracts are then charged to this previously established liability. During the third quarter of 2024, the Company determined it had a premium deficiency in its Medicare product line related to the 2024 coverage year. Accordingly, during the three and nine months ended September 30, 2024, the Company recorded a premium deficiency reserve of $766 million, consisting of a $383 million charge of unamortized acquisition costs, which was recorded in operating expenses, and the establishment of a premium deficiency reserve of $383 million, which was recorded in health care costs. Additionally, during the three and nine months ended September 30, 2024, the Company established a premium deficiency reserve of $270 million related to its individual exchange product line for the 2024 coverage year, consisting of an $11 million charge of unamortized acquisition costs, which was recorded in operating expenses, and the establishment of a premium deficiency reserve of $259 million, which was recorded in health care costs. During the three and nine months ended September 30, 2024, the Company also established a premium deficiency reserve of $28 million related to its Medicaid product line, which was recorded in health care costs. The Company did not establish any premium deficiency reserves during the three and nine months ended September 30, 2023. Revenue Recognition Disaggregation of Revenue The following tables disaggregate the Company’s revenue by major source in each segment for the three and nine months ended September 30, 2024 and 2023: In millions Health Care Health Pharmacy & Corporate/ Intersegment Consolidated Three Months Ended September 30, 2024 Major goods/services lines: Pharmacy $ — $ 41,350 $ 26,666 $ — $ (13,357) $ 54,659 Front Store — — 5,196 — — 5,196 Premiums 30,914 — — 11 — 30,925 Net investment income (loss) 423 (1) — 128 — 550 Other 1,659 2,780 561 3 (905) 4,098 Total $ 32,996 $ 44,129 $ 32,423 $ 142 $ (14,262) $ 95,428 Health Services distribution channel: Pharmacy network (1) $ 24,136 Mail & specialty (2) 17,214 Other 2,780 Net investment income (loss) (1) Total $ 44,129 Three Months Ended September 30, 2023 Major goods/services lines: Pharmacy $ — $ 44,985 $ 22,977 $ — $ (11,764) $ 56,198 Front Store — — 5,371 — — 5,371 Premiums 24,645 — — 12 — 24,657 Net investment income (loss) 187 — (2) 92 — 277 Other 1,464 1,906 526 1 (636) 3,261 Total $ 26,296 $ 46,891 $ 28,872 $ 105 $ (12,400) $ 89,764 Health Services distribution channel: Pharmacy network (1) $ 27,981 Mail & specialty (2) 17,004 Other 1,906 Total $ 46,891 In millions Health Care Health Pharmacy & Corporate/ Intersegment Consolidated Nine Months Ended September 30, 2024 Major goods/services lines: Pharmacy $ — $ 118,575 $ 73,463 $ — $ (38,002) $ 154,036 Front Store — — 15,847 — — 15,847 Premiums 91,947 — — 36 — 91,983 Net investment income (loss) 1,076 (3) — 325 — 1,398 Other 4,684 8,013 1,676 7 (2,545) 11,835 Total $ 97,707 $ 126,585 $ 90,986 $ 368 $ (40,547) $ 275,099 Health Services distribution channel: Pharmacy network (1) $ 66,448 Mail & specialty (2) 52,127 Other 8,013 Net investment income (loss) (3) Total $ 126,585 Nine Months Ended September 30, 2023 Major goods/services lines: Pharmacy $ — $ 133,428 $ 67,371 $ — $ (36,754) $ 164,045 Front Store — — 16,597 — — 16,597 Premiums 74,079 — — 38 — 74,117 Net investment income (loss) 556 — (4) 333 — 885 Other 4,285 4,269 1,614 5 (1,854) 8,319 Total $ 78,920 $ 137,697 $ 85,578 $ 376 $ (38,608) $ 263,963 Health Services distribution channel: Pharmacy network (1) $ 83,050 Mail & specialty (2) 50,378 Other 4,269 Total $ 137,697 _____________________________________________ (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 September 30, December 31, Trade receivables (included in accounts receivable, net) $ 9,884 $ 11,908 Contract liabilities (included in accrued expenses) 174 149 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.

Restructuring Program

Restructuring Program	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring Program	Restructuring Program During the third quarter of 2024, the Company finalized an enterprise-wide restructuring plan intended to streamline and simplify the organization, improve efficiency and reduce costs. In connection with this restructuring plan, during the three months ended September 30, 2024, the Company recorded restructuring charges of approximately $1.2 billion, comprised of a $607 million store impairment charge, $293 million of costs associated with corporate workforce optimization, including severance and employee-related costs, and $269 million of other asset impairments and related charges associated with the discontinuation of certain non-core assets. Store impairment charges The Company evaluates its retail store right-of-use and property and equipment assets for impairment at the retail store level, which is the lowest level at which cash flows can be identified. For retail stores where there is an indicator of impairment present, the Company first compares the carrying amount of the asset group to the estimated future cash flows associated with the asset group (undiscounted). If the estimated undiscounted future cash flows used in the analysis are less than the carrying amount of the asset group, an impairment loss calculation is prepared. The impairment loss calculation compares the carrying amount of the asset group to its estimated fair value which is the greater of the asset group’s estimated future cash flows (discounted), or the consideration of what a market participant would pay to lease the assets, net of leasing costs. The Company’s estimate of fair value considers historical results, current operating trends, consolidated sales, profitability and cash flow results and forecasts. For assets which the Company has determined it will be able to sublease, the estimated future cash flows include the estimated sublease income, net of estimated leasing costs. When the carrying value of an asset group exceeds its estimated fair value, an impairment loss is recorded to reduce the value of the asset group to its estimated fair value. As the impaired assets are measured at fair value on a nonrecurring basis primarily using unobservable inputs as of the measurement date, the assets are classified in Level 3 of the fair value hierarchy. During the third quarter of 2024, in connection with its enterprise-wide restructuring plan, the Company completed a strategic review of its retail business, which included evaluating changes in population, consumer buying patterns and future health requirements to ensure continued alignment of its retail footprint with consumer needs. In connection with this initiative, in September 2024, the Company determined it plans to close 271 retail stores in 2025. As a result, management determined that there were indicators of impairment with respect to the impacted stores’ asset groups, including the associated operating lease right-of-use assets and property and equipment. A long-lived asset impairment test was performed during the third quarter of 2024, the results of which indicated that the fair value of certain retail store asset groups was lower than their respective carrying values. Accordingly, in the three months ended September 30, 2024, the Company recorded a store impairment charge of $607 million, consisting of a write down of $483 million related to operating lease right-of-use assets and $124 million related to property and equipment. The charge associated with the store impairments was included in the restructuring charges within the Pharmacy & Consumer Wellness segment. Subsequent to the impairment loss, the fair value of the associated operating lease right-of-use assets and property and equipment were $100 million and $39 million, respectively. Corporate workforce optimization costs Corporate workforce optimization costs, including severance and employee-related costs, consist primarily of salary continuation benefits, prorated annual incentive compensation, continuation of health care benefits and outplacement services. Severance and employee-related benefits are determined pursuant to the Company’s written severance plans and are recognized when the benefits are determined to be probable of being paid and are reasonably estimable. In connection with its enterprise-wide restructuring plan, the Company recorded corporate workforce optimization costs of $293 million, which were recorded in accrued expenses on the unaudited condensed consolidated balance sheet. There were no payments made related to these costs during the three months ended September 30, 2024. The restructuring charge associated with the corporate workforce optimization costs is reflected within the Corporate/Other segment. Other asset impairment charges In connection with its enterprise-wide restructuring plan, the Company also conducted a review of its various strategic assets and determined that it would discontinue the use of certain non-core assets, including certain virtual care services and compounding infusion pharmacies and branches. As a result, management determined that there were indicators of impairment with respect to the impacted long-lived assets and a long-lived asset impairment test was performed during the third quarter of 2024. The results of the long-lived asset impairment test indicated that the fair value of the impacted assets was lower than their respective carrying values and, accordingly, the Company recorded $269 million of other asset impairments and related charges associated with the discontinuation of these assets in the three months ended September 30, 2024. The asset impairment charges were recorded as reductions to property and equipment, net and operating lease right-of-use assets on the unaudited condensed consolidated balance sheet. The other asset impairment charges were included in the restructuring charges within the Corporate/Other and Pharmacy & Consumer Wellness segments. Subsequent to the impairment charges, the fair value of the associated long-lived assets was not material. The restructuring program is expected to be substantially complete by the end of 2025.

Acquisition

Acquisition	9 Months Ended
	Sep. 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 in 2024.

Investments

Investments	9 Months Ended
	Sep. 30, 2024
Investments [Abstract]
Investments	Investments Total investments at September 30, 2024 and December 31, 2023 were as follows: September 30, 2024 December 31, 2023 In millions Current Long-term Total Current Long-term Total Debt securities available for sale $ 2,633 $ 23,857 $ 26,490 $ 3,131 $ 18,582 $ 21,713 Mortgage loans 172 1,315 1,487 128 1,183 1,311 Other investments — 3,767 3,767 — 3,254 3,254 Total investments $ 2,805 $ 28,939 $ 31,744 $ 3,259 $ 23,019 $ 26,278 Debt Securities Debt securities available for sale at September 30, 2024 and December 31, 2023 were as follows: In millions Amortized Cost (1) Gross Gross Fair September 30, 2024 Debt securities: U.S. government securities $ 2,755 $ 52 $ (23) $ 2,784 States, municipalities and political subdivisions 738 11 (11) 738 U.S. corporate securities 13,086 283 (254) 13,115 Foreign securities 2,645 68 (69) 2,644 Residential mortgage-backed securities 815 13 (33) 795 Commercial mortgage-backed securities 1,609 32 (58) 1,583 Other asset-backed securities 4,767 51 (5) 4,813 Redeemable preferred securities 18 — — 18 Total debt securities (2) $ 26,433 $ 510 $ (453) $ 26,490 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 September 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 September 30, 2024, debt securities with a fair value of $548 million, gross unrealized capital gains of $14 million and gross unrealized capital losses of $16 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 income (loss). The amortized cost and fair value of debt securities at September 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 $ 819 $ 816 One year through five years 10,469 10,529 After five years through ten years 4,827 4,890 Greater than ten years 3,127 3,064 Residential mortgage-backed securities 815 795 Commercial mortgage-backed securities 1,609 1,583 Other asset-backed securities 4,767 4,813 Total $ 26,433 $ 26,490 Summarized below are the debt securities the Company held at September 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 September 30, 2024 Debt securities: U.S. government securities 13 $ 41 $ 1 203 $ 620 $ 22 216 $ 661 $ 23 States, municipalities and political subdivisions 30 46 — 159 235 11 189 281 11 U.S. corporate securities 267 366 2 2,798 3,727 252 3,065 4,093 254 Foreign securities 44 45 1 678 984 68 722 1,029 69 Residential mortgage-backed securities 6 27 — 365 370 33 371 397 33 Commercial mortgage-backed securities 28 110 — 261 528 58 289 638 58 Other asset-backed securities 105 236 3 86 114 2 191 350 5 Redeemable preferred securities — — — 4 6 — 4 6 — Total debt securities 493 $ 871 $ 7 4,554 $ 6,584 $ 446 5,047 $ 7,455 $ 453 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 September 30, 2024 were generally caused by interest rate increases and not by unfavorable changes in the credit quality associated with these securities. As of September 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 September 30, 2024 were as follows: Supporting Supporting Total In millions Fair Unrealized Fair Unrealized Fair Unrealized Due to mature: Less than one year $ 1 $ — $ 477 $ 5 $ 478 $ 5 One year through five years 65 2 2,931 107 2,996 109 After five years through ten years 48 4 1,064 86 1,112 90 Greater than ten years 106 9 1,378 144 1,484 153 Residential mortgage-backed securities 6 — 391 33 397 33 Commercial mortgage-backed securities 10 1 628 57 638 58 Other asset-backed securities 10 — 340 5 350 5 Total $ 246 $ 16 $ 7,209 $ 437 $ 7,455 $ 453 Mortgage Loans The Company’s mortgage loans are collateralized by commercial real estate. During the three and nine months ended September 30, 2024 and 2023, the Company had the following activity in its mortgage loan portfolio: Three Months Ended Nine Months Ended In millions 2024 2023 2024 2023 New mortgage loans $ 125 $ 63 $ 262 $ 286 Mortgage loans fully repaid 33 17 67 34 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 September 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 September 30, 2024 1 $ — $ — $ — $ — $ — $ 8 $ 8 2 to 4 255 301 334 206 35 288 1,419 5 and 6 — — 5 13 — 42 60 7 — — — — — — — Total $ 255 $ 301 $ 339 $ 219 $ 35 $ 338 $ 1,487 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 nine months ended September 30, 2024 and 2023 were as follows: Three Months Ended Nine Months Ended In millions 2024 2023 2024 2023 Debt securities $ 307 $ 217 $ 816 $ 612 Mortgage loans 20 16 56 43 Other investments 230 199 665 609 Gross investment income 557 432 1,537 1,264 Investment expenses (26) (13) (50) (34) Net investment income (excluding net realized capital gains or losses) 531 419 1,487 1,230 Net realized capital gains (losses) (1) 19 (142) (89) (345) Net investment income (2) $ 550 $ 277 $ 1,398 $ 885 _____________________________________________ (1) Net realized capital gains are net of yield-related impairment losses on debt securities of $12 million in the three months ended September 30, 2024. Net realized capital losses include yield-related impairment losses on debt securities of $51 million in the nine months ended September 30, 2024. There were no credit-related impairment losses on debt securities in the three and nine months ended September 30, 2024. Net realized capital losses include yield-related impairment losses on debt securities of $47 million in the three months ended September 30, 2023. There were no credit-related impairment losses on debt securities in the three months ended September 30, 2023. Net realized capital losses include yield-related impairment losses on debt securities of $108 million and are net of the reversal of previously recorded credit-related impairment losses on debt securities of $3 million in the nine months ended September 30, 2023. (2) Net investment income includes $8 million and $24 million for the three and nine months ended September 30, 2024, respectively, and $8 million and $25 million for the three and nine months ended September 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 nine months ended September 30, 2024 and 2023 were as follows: Three Months Ended Nine Months Ended In millions 2024 2023 2024 2023 Proceeds from sales $ 2,322 $ 1,171 $ 5,203 $ 3,503 Gross realized capital gains 16 2 30 7 Gross realized capital losses 39 110 162 294

Fair Value

Fair Value	9 Months Ended
	Sep. 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 September 30, 2024 or December 31, 2023. Financial assets measured at fair value on a recurring basis on the unaudited condensed consolidated balance sheets at September 30, 2024 and December 31, 2023 were as follows: In millions Level 1 Level 2 Level 3 Total September 30, 2024 Cash and cash equivalents $ 2,480 $ 4,395 $ — $ 6,875 Debt securities: U.S. government securities 2,767 17 — 2,784 States, municipalities and political subdivisions — 738 — 738 U.S. corporate securities — 13,089 26 13,115 Foreign securities — 2,644 — 2,644 Residential mortgage-backed securities — 795 — 795 Commercial mortgage-backed securities — 1,568 15 1,583 Other asset-backed securities — 4,813 — 4,813 Redeemable preferred securities — 18 — 18 Total debt securities 2,767 23,682 41 26,490 Equity securities 230 — 103 333 Total $ 5,477 $ 28,077 $ 144 $ 33,698 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 nine months ended September 30, 2024, there were $47 million of transfers out of Level 3. During the three months ended September 30, 2023, there were no transfers into or out of Level 3. During the nine months ended September 30, 2023, there were $42 million 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 September 30, 2024 and December 31, 2023 were as follows: Carrying Estimated Fair Value In millions Level 1 Level 2 Level 3 Total September 30, 2024 Assets: Mortgage loans $ 1,487 $ — $ — $ 1,478 $ 1,478 Equity securities (1) 602 N/A N/A N/A N/A Liabilities: Investment contract liabilities: With a fixed maturity 1 — — 1 1 Without a fixed maturity 316 — — 286 286 Long-term debt 64,734 61,923 — — 61,923 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 September 30, 2024 and December 31, 2023 were as follows: September 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 $ 1 $ 164 $ — $ 165 $ 2 $ 166 $ — $ 168 Debt securities 202 697 — 899 558 1,949 — 2,507 Common/collective trusts — 2,372 — 2,372 — 529 — 529 Total (1) $ 203 $ 3,233 $ — $ 3,436 $ 560 $ 2,644 $ — $ 3,204 _____________________________________________ (1) Excludes $102 million of other payables and $46 million of other receivables at September 30, 2024 and December 31, 2023, respectively.

Health Care Costs Payable

Health Care Costs Payable	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 and 2023: Nine 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 — 1,098 Add: Components of incurred health care costs Current year 85,541 64,183 Prior years (845) (679) Total incurred health care costs (2) 84,696 63,504 Less: Claims paid Current year 71,356 52,952 Prior years 10,886 9,207 Total claims paid 82,242 62,159 Health care costs payable, end of the period, net 14,521 12,572 Add: Premium deficiency reserve 670 — Add: Reinsurance recoverables 65 4 Add: Impact of discount rate on long-duration insurance reserves (1) (19) (26) Health care costs payable, end of the period $ 15,237 $ 12,550 _____________________________________________ (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 income (loss) on the unaudited condensed consolidated balance sheets. (2) Total incurred health care costs for the nine months ended September 30, 2024 and 2023 in the table above exclude $70 million and $62 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 $142 million and $163 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. Total incurred health care costs for the nine months ended September 30, 2024 also exclude $670 million for premium deficiency reserves related to the Company’s Medicare, individual exchange and Medicaid product lines. The Company’s estimates of prior years’ health care costs payable decreased by $845 million and $679 million, respectively, in the nine months ended September 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 September 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 $11.0 billion. Substantially all of the Company’s liabilities for IBNR plus expected development on reported claims at September 30, 2024 related to the current year.

Other Insurance Liabilities and

Other Insurance Liabilities and Separate Accounts	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 and 2023: Nine 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 12 Adjusted beginning liability for future policy benefits - original (locked-in) discount rate 300 Interest accrual (using locked-in discount rate) 11 Net premiums (actual) (29) Ending liability for future policy benefits at original (locked-in) discount rate 282 Effect of changes in discount rate assumptions 6 Liability for future policy benefits, end of the period - current discount rate $ 288 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 (20) 5 Adjusted beginning liability for future policy benefits - original (locked-in) discount rate 2,231 1,637 Issuances 26 — Interest accrual (using locked-in discount rate) 69 61 Benefit payments (actual) (192) (55) Ending liability for future policy benefits at original (locked-in) discount rate 2,134 1,643 Effect of changes in discount rate assumptions (90) 12 Liability for future policy benefits, end of the period - current discount rate $ 2,044 $ 1,655 Net liability for future policy benefits $ 2,044 $ 1,367 Less: Reinsurance recoverable — — Net liability for future policy benefits, net of reinsurance recoverable $ 2,044 $ 1,367 _____________________________________________ (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. Nine 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 7 Adjusted beginning liability for future policy benefits - original (locked-in) discount rate 309 Interest accrual (using locked-in discount rate) 11 Net premiums (actual) (29) Ending liability for future policy benefits at original (locked-in) discount rate 291 Effect of changes in discount rate assumptions (12) Liability for future policy benefits, end of the period - current discount rate $ 279 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 1 9 Adjusted beginning liability for future policy benefits - original (locked-in) discount rate 2,426 1,622 Issuances 8 — Interest accrual (using locked-in discount rate) 74 61 Benefit payments (actual) (210) (53) Ending liability for future policy benefits at original (locked-in) discount rate 2,298 1,630 Effect of changes in discount rate assumptions (247) (146) Liability for future policy benefits, end of the period - current discount rate $ 2,051 $ 1,484 Net liability for future policy benefits $ 2,051 $ 1,205 Less: Reinsurance recoverable — — Net liability for future policy benefits, net of reinsurance recoverable $ 2,051 $ 1,205 _____________________________________________ (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 September 30, 2024 and 2023 were as follows: In millions September 30, September 30, Large case pensions Expected future benefit payments $ 3,091 $ 3,337 Expected gross premiums — — Long-term care Expected future benefit payments $ 3,198 $ 3,237 Expected gross premiums 402 419 The weighted-average interest rate used in the measurement of the long-duration insurance liabilities as of September 30, 2024 and 2023 were as follows: September 30, September 30, Large case pensions Interest accretion rate 4.20% 4.20% Current discount rate 4.82% 5.86% Long-term care Interest accretion rate 5.11% 5.11% Current discount rate 5.07% 5.99% The weighted-average durations (in years) of the long-duration insurance liabilities as of September 30, 2024 and 2023 were as follows: September 30, September 30, Large case pensions 7.3 7.4 Long-term care 11.8 12.2 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 nine months ended September 30, 2024 and 2023: Nine Months Ended In millions, except weighted average crediting rate 2024 2023 Policyholders’ funds, beginning of the period $ 332 $ 345 Deposits received 2 1 Policy charges (1) (2) Surrenders and withdrawals (9) (23) Interest credited 8 9 Change in net unrealized gains (losses) 17 (4) Other (18) (23) Policyholders’ funds, end of the period $ 331 $ 303 Weighted average crediting rate 4.30% 4.40% Net amount at risk $ — $ — Cash surrender value $ 310 $ 324 Separate Accounts The following table shows the fair value of assets, by major investment category, supporting Separate Accounts as of September 30, 2024 and December 31, 2023: In millions September 30, December 31, Cash and cash equivalents $ 165 $ 168 Debt securities: U.S. government securities 223 573 States, municipalities and political subdivisions 16 28 U.S. corporate securities 527 1,632 Foreign securities 52 202 Residential mortgage-backed securities 68 51 Commercial mortgage-backed securities 3 6 Other asset-backed securities 10 15 Total debt securities 899 2,507 Common/collective trusts 2,372 529 Total (1) $ 3,436 $ 3,204 _____________________________________________ (1) Excludes $102 million of other payables and $46 million of other receivables at September 30, 2024 and December 31, 2023, respectively. The following table shows the components of the change in Separate Accounts liabilities during the nine months ended September 30, 2024 and 2023: Nine Months Ended In millions 2024 2023 Separate Accounts liability, beginning of the period $ 3,250 $ 3,228 Premiums and deposits 661 657 Surrenders and withdrawals (203) (7) Benefit payments (706) (714) Investment earnings 327 42 Net transfers from general account 8 4 Other (3) (10) Separate Accounts liability, end of the period $ 3,334 $ 3,200 Cash surrender value, end of the period $ 2,209 $ 2,136

Borrowings

Borrowings	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Borrowings	Borrowings The following table is a summary of the Company’s borrowings at September 30, 2024 and December 31, 2023: In millions September 30, December 31, Short-term debt Commercial paper $ 800 $ 200 Long-term debt 3.375% senior notes due August 2024 — 650 2.625% senior notes due August 2024 — 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 1,373 1,391 Other 304 309 Total debt principal 66,087 62,160 Debt premiums 174 186 Debt discounts and deferred financing costs (727) (736) 65,534 61,610 Less: Short-term debt (commercial paper) (800) (200) Current portion of long-term debt (4,910) (2,772) Long-term debt $ 59,824 $ 58,638 Short-term Borrowings Commercial Paper The Company had $800 million of commercial paper outstanding at a weighted average interest rate of 5.00% as of September 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	9 Months Ended
	Sep. 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 September 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 nine months ended September 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 September 30, 2024 and 2023, respectively. Cash dividends declared by the Board were $1.995 and $1.815 per share in the nine months ended September 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)	9 Months Ended
	Sep. 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 income (loss) for the three and nine months ended September 30, 2024 and 2023: Three Months Ended Nine Months Ended In millions 2024 2023 2024 2023 Net unrealized investment gains (losses): Beginning of period balance $ (564) $ (1,113) $ (429) $ (1,519) Other comprehensive income (loss) before reclassifications ( $710,$(475), $427, $(310) pretax) 647 (478) 382 (313) Amounts reclassified from accumulated other comprehensive loss ( $36, $157, $184, $398 pretax) (1) 32 157 162 398 Other comprehensive income (loss) 679 (321) 544 85 End of period balance 115 (1,434) 115 (1,434) Change in discount rate on long-duration insurance reserves: Beginning of period balance 273 205 152 219 Other comprehensive income (loss) before reclassifications ( $(189), $233, $(33), $210 pretax) (147) 181 (26) 167 Other comprehensive income (loss) (147) 181 (26) 167 End of period balance 126 386 126 386 Foreign currency translation adjustments: Beginning of period balance — 1 — — Other comprehensive loss before reclassifications — (2) — (1) Other comprehensive loss — (2) — (1) End of period balance — (1) — (1) Net cash flow hedges: Beginning of period balance 236 252 244 239 Other comprehensive income before reclassifications ($0, $0, $0, $25 pretax) — — — 19 Amounts reclassified from accumulated other comprehensive income ($(6), $(5), $(16), $(13) pretax) (2) (4) (4) (12) (10) Other comprehensive income (loss) (4) (4) (12) 9 End of period balance 232 248 232 248 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 (319) (858) (297) (1,264) Total other comprehensive income (loss) 528 (146) 506 260 Total end of period accumulated other comprehensive income (loss) $ 209 $ (1,004) $ 209 $ (1,004) _____________________________________________ (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 $16 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	9 Months Ended
	Sep. 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 8 million and 7 million shares of common stock were outstanding, but were excluded from the calculation of diluted earnings per share for the three and nine-month periods ended September 30, 2024, respectively, because their exercise prices were greater than the average market price of the common shares and, therefore, the effect would be antidilutive. For the same reason, stock options and stock appreciation rights to purchase 9 million and 7 million shares of common stock were outstanding, but were excluded from the calculation of diluted earnings per share for the three and nine months ended September 30, 2023, respectively. The following is a reconciliation of basic and diluted earnings per share for the three and nine months ended September 30, 2024 and 2023: Three Months Ended Nine Months Ended In millions, except per share amounts 2024 2023 2024 2023 Numerator for earnings per share calculation: Net income attributable to CVS Health $ 87 $ 2,261 $ 2,970 $ 6,298 Denominator for earnings per share calculation: Weighted average shares, basic 1,259 1,287 1,258 1,284 Restricted stock units and performance stock units — 2 3 3 Stock options and stock appreciation rights — 1 1 2 Weighted average shares, diluted 1,259 1,290 1,262 1,289 Earnings per share: Basic $ 0.07 $ 1.76 $ 2.36 $ 4.90 Diluted $ 0.07 $ 1.75 $ 2.35 $ 4.88

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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 September 30, 2024, the Company guaranteed 61 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 the FTC, 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. In September 2024, the FTC filed an administrative complaint against the three largest PBMs and their affiliated group purchasing organizations, including subsidiaries of the Company. The complaint alleged that the PBMs engaged in anti-competitive and unfair practices that “artificially” increased insulin costs. The Company is aggressively defending itself against the complaint. 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, though in August 2024 the Company reached a settlement with the City of Baltimore for an amount immaterial to the Company. 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, including the City of Philadelphia, 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 October 2024 no Company contracts have been selected. 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. In September 2024, the Company settled the matter for an amount immaterial to the Company. Since January 2022, the U.S. Attorney’s Office for the District of Massachusetts has issued subpoenas 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 investigation. 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 was decided. In July 2024, the court granted the defendants’ motion to dismiss the Gusinsky case. In September 2024, the Board received a third demand letter containing similar allegations and requesting the Board take action. The Board is considering its response to the three demands in light of the Gusinsky dismissal. 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. In May 2024, the parties reached agreement in principle to settle this action for an amount immaterial to the Company. The court preliminarily approved the settlement in September 2024, and the final approval hearing has been scheduled for December 2024. Beginning in July 2024, two purported class action complaints, as well as multiple derivative complaints, 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 and state law that are premised on allegations that the defendants made certain omissions and misrepresentations relating to the profitability of the Health Care Benefits segment. The two purported class actions were filed in U.S. District Court for the Southern District of New York, Nixon v. CVS Health Corporation, et al . and Tatone v. CVS Health Corporation, et al. , as were two of the pending derivative cases, Kaufmann v. Lynch, et al. , and Silva v. Lynch, et al . Two derivative cases were filed in the District of Rhode Island, Duffy v. Lynch, et al . and Lovoi v. Lynch, et al ., and two were filed in Rhode Island Superior Court, Goff v. Lynch, et al. and Brodin v. Lynch, et al . 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

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 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 September 30, 2024 Revenues from external customers $ 32,555 $ 40,794 $ 21,515 $ 14 $ — $ 94,878 Intersegment revenues 18 3,336 10,908 — (14,262) — Net investment income (loss) 423 (1) — 128 — 550 Total revenues 32,996 44,129 32,423 142 (14,262) 95,428 Adjusted operating income (loss) (924) 2,204 1,596 (329) — 2,547 September 30, 2023 Revenues from external customers $ 26,089 $ 44,064 $ 19,321 $ 13 $ — $ 89,487 Intersegment revenues 20 2,827 9,553 — (12,400) — Net investment income (loss) 187 — (2) 92 — 277 Total revenues 26,296 46,891 28,872 105 (12,400) 89,764 Adjusted operating income (loss) 1,536 1,878 1,389 (347) — 4,456 Nine Months Ended September 30, 2024 Revenues from external customers $ 96,577 $ 115,954 $ 61,127 $ 43 $ — $ 273,701 Intersegment revenues 54 10,634 29,859 — (40,547) — Net investment income (loss) 1,076 (3) — 325 — 1,398 Total revenues 97,707 126,585 90,986 368 (40,547) 275,099 Adjusted operating income (loss) 746 5,482 4,016 (996) — 9,248 September 30, 2023 Revenues from external customers $ 78,302 $ 127,907 $ 56,826 $ 43 $ — $ 263,078 Intersegment revenues 62 9,790 28,756 — (38,608) — Net investment income (loss) 556 — (4) 333 — 885 Total revenues 78,920 137,697 85,578 376 (38,608) 263,963 Adjusted operating income (loss) 4,901 5,452 3,936 (982) — 13,307 _____________________________________________ (1) Total revenues of the Health Services segment include approximately $2.7 billion and $3.2 billion of retail co-payments for the three months ended September 30, 2024 and 2023, respectively. Total revenues of the Health Services segment include approximately $8.9 billion and $10.7 billion of retail co-payments for the nine months ended September 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 nine months ended September 30, 2024 and 2023: Three Months Ended Nine Months Ended In millions 2024 2023 2024 2023 Operating income (GAAP measure) $ 832 $ 3,690 $ 6,148 $ 10,370 Amortization of intangible assets (1) 507 509 1,522 1,396 Net realized capital (gains) losses (2) (19) 142 89 345 Acquisition-related transaction and integration costs (3) 41 94 203 294 Restructuring charges (4) 1,169 11 1,169 507 Office real estate optimization charges (5) 17 10 17 46 Opioid litigation charge (6) — — 100 — Loss on assets held for sale (7) — — — 349 Adjusted operating income $ 2,547 $ 4,456 $ 9,248 $ 13,307 _____________________________________________ (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 nine months ended September 30, 2024, the acquisition-related integration costs relate to the acquisitions of Signify Health and Oak Street Health. During the three and nine months ended September 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 three and nine months ended September 30, 2024, the restructuring charges are primarily comprised of a store impairment charge, corporate workforce optimization costs, including severance and employee-related costs, and other asset impairment and related charges associated with the discontinuation of certain non-core assets. During the third quarter of 2024, the Company finalized an enterprise-wide restructuring plan intended to streamline and simplify the organization, improve efficiency and reduce costs. In connection with this restructuring plan, the Company completed a strategic review of its retail business and determined that it plans to close 271 retail stores in 2025, and, accordingly, it recorded a store impairment charge to write down the associated operating lease right-of-use assets and property and equipment. In addition, during the third quarter of 2024, the Company also conducted a review of its various strategic assets and determined that it would discontinue the use of certain non-core assets, at which time impairment losses were recorded to write down the carrying value of these assets to the Company’s best estimate of their fair value. During the three months ended September 30, 2023, the restructuring charges are primarily comprised of a stock-based compensation charge. During the nine months ended September 30, 2023, the restructuring charges also include severance and employee-related costs and asset impairment charges. The restructuring charges associated with the store impairments are reflected within the Pharmacy & Consumer Wellness segment, other asset impairments and related charges are reflected within the Corporate/Other and Pharmacy & Consumer Wellness segments and corporate workforce optimization costs, including severance and employee-related costs, are reflected within the Corporate/Other segment. (5) During the three and nine months ended September 30, 2024 and 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 Company’s continuous evaluation of corporate office real estate space in response to its ongoing 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 each segment. (6) During the nine months ended September 30, 2024, the opioid litigation charge relates to a change in the Company’s accrual related to ongoing opioid litigation matters. (7) During the nine months ended September 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 87	$ 2,261	$ 2,970	$ 6,298

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 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 September 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 public and private health 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 September 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.
Reclassifications	Reclassifications Certain prior year amounts have been reclassified to conform with the current year presentation.
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
Premium Deficiency Reserves	Premium Deficiency Reserves The Company evaluates its short-duration insurance contracts to determine if it is probable that a loss will be incurred. For purposes of determining premium deficiency reserves, contracts are grouped consistent with the Company’s method of acquiring, servicing and measuring the profitability of such contracts. For each contract grouping, a premium deficiency reserve is recognized when it is probable that expected future incurred claims, including costs to maintain the contract grouping, exceed anticipated future premiums and reinsurance recoveries. Anticipated investment income is not considered in the calculation of premium deficiency reserves. A premium deficiency is first recognized by charging any unamortized acquisition costs to operating expenses, and to the extent the premium deficiency is greater than the unamortized acquisition costs, a premium deficiency reserve liability is established and reflected in health care costs payable on the unaudited condensed consolidated balance sheets. Losses recognized as a premium deficiency reserve result in a beneficial effect in subsequent periods as subsequent costs under these contracts are then charged to this previously established liability.
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)	9 Months Ended
	Sep. 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 September 30, December 31, Cash and cash equivalents $ 6,875 $ 8,196 Restricted cash (included in other current assets) 65 90 Restricted cash (included in other assets) 200 239 Total cash, cash equivalents and restricted cash in the statements of cash flows $ 7,140 $ 8,525
Schedule of accounts receivable, net	Accounts receivable, net at September 30, 2024 and December 31, 2023 was composed of the following: In millions September 30, December 31, Trade receivables $ 9,884 $ 11,908 Vendor and manufacturer receivables 15,621 15,711 Premium receivables 3,942 3,714 Other receivables 6,732 3,894 Total accounts receivable, net $ 36,179 $ 35,227
Roll forward of deferred acquisition costs	The following is a roll forward of deferred acquisition costs for the nine months ended September 30, 2024 and 2023: Nine Months Ended In millions 2024 2023 Deferred acquisition costs, beginning of the period $ 1,502 $ 1,219 Capitalizations 405 414 Amortization expense (217) (196) Deferred acquisition costs, end of the period $ 1,690 $ 1,437
Schedule of disaggregation of revenue	The following tables disaggregate the Company’s revenue by major source in each segment for the three and nine months ended September 30, 2024 and 2023: In millions Health Care Health Pharmacy & Corporate/ Intersegment Consolidated Three Months Ended September 30, 2024 Major goods/services lines: Pharmacy $ — $ 41,350 $ 26,666 $ — $ (13,357) $ 54,659 Front Store — — 5,196 — — 5,196 Premiums 30,914 — — 11 — 30,925 Net investment income (loss) 423 (1) — 128 — 550 Other 1,659 2,780 561 3 (905) 4,098 Total $ 32,996 $ 44,129 $ 32,423 $ 142 $ (14,262) $ 95,428 Health Services distribution channel: Pharmacy network (1) $ 24,136 Mail & specialty (2) 17,214 Other 2,780 Net investment income (loss) (1) Total $ 44,129 Three Months Ended September 30, 2023 Major goods/services lines: Pharmacy $ — $ 44,985 $ 22,977 $ — $ (11,764) $ 56,198 Front Store — — 5,371 — — 5,371 Premiums 24,645 — — 12 — 24,657 Net investment income (loss) 187 — (2) 92 — 277 Other 1,464 1,906 526 1 (636) 3,261 Total $ 26,296 $ 46,891 $ 28,872 $ 105 $ (12,400) $ 89,764 Health Services distribution channel: Pharmacy network (1) $ 27,981 Mail & specialty (2) 17,004 Other 1,906 Total $ 46,891 In millions Health Care Health Pharmacy & Corporate/ Intersegment Consolidated Nine Months Ended September 30, 2024 Major goods/services lines: Pharmacy $ — $ 118,575 $ 73,463 $ — $ (38,002) $ 154,036 Front Store — — 15,847 — — 15,847 Premiums 91,947 — — 36 — 91,983 Net investment income (loss) 1,076 (3) — 325 — 1,398 Other 4,684 8,013 1,676 7 (2,545) 11,835 Total $ 97,707 $ 126,585 $ 90,986 $ 368 $ (40,547) $ 275,099 Health Services distribution channel: Pharmacy network (1) $ 66,448 Mail & specialty (2) 52,127 Other 8,013 Net investment income (loss) (3) Total $ 126,585 Nine Months Ended September 30, 2023 Major goods/services lines: Pharmacy $ — $ 133,428 $ 67,371 $ — $ (36,754) $ 164,045 Front Store — — 16,597 — — 16,597 Premiums 74,079 — — 38 — 74,117 Net investment income (loss) 556 — (4) 333 — 885 Other 4,285 4,269 1,614 5 (1,854) 8,319 Total $ 78,920 $ 137,697 $ 85,578 $ 376 $ (38,608) $ 263,963 Health Services distribution channel: Pharmacy network (1) $ 83,050 Mail & specialty (2) 50,378 Other 4,269 Total $ 137,697 _____________________________________________ (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 September 30, December 31, Trade receivables (included in accounts receivable, net) $ 9,884 $ 11,908 Contract liabilities (included in accrued expenses) 174 149

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2024
Investments [Abstract]
Schedule of Total Investments	Total investments at September 30, 2024 and December 31, 2023 were as follows: September 30, 2024 December 31, 2023 In millions Current Long-term Total Current Long-term Total Debt securities available for sale $ 2,633 $ 23,857 $ 26,490 $ 3,131 $ 18,582 $ 21,713 Mortgage loans 172 1,315 1,487 128 1,183 1,311 Other investments — 3,767 3,767 — 3,254 3,254 Total investments $ 2,805 $ 28,939 $ 31,744 $ 3,259 $ 23,019 $ 26,278
Schedule of Debt Securities Available For Sale	Debt securities available for sale at September 30, 2024 and December 31, 2023 were as follows: In millions Amortized Cost (1) Gross Gross Fair September 30, 2024 Debt securities: U.S. government securities $ 2,755 $ 52 $ (23) $ 2,784 States, municipalities and political subdivisions 738 11 (11) 738 U.S. corporate securities 13,086 283 (254) 13,115 Foreign securities 2,645 68 (69) 2,644 Residential mortgage-backed securities 815 13 (33) 795 Commercial mortgage-backed securities 1,609 32 (58) 1,583 Other asset-backed securities 4,767 51 (5) 4,813 Redeemable preferred securities 18 — — 18 Total debt securities (2) $ 26,433 $ 510 $ (453) $ 26,490 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 September 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 September 30, 2024, debt securities with a fair value of $548 million, gross unrealized capital gains of $14 million and gross unrealized capital losses of $16 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 income (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 September 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 $ 819 $ 816 One year through five years 10,469 10,529 After five years through ten years 4,827 4,890 Greater than ten years 3,127 3,064 Residential mortgage-backed securities 815 795 Commercial mortgage-backed securities 1,609 1,583 Other asset-backed securities 4,767 4,813 Total $ 26,433 $ 26,490
Schedule of Debt Securities In An Unrealized Capital Loss Position	Summarized below are the debt securities the Company held at September 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 September 30, 2024 Debt securities: U.S. government securities 13 $ 41 $ 1 203 $ 620 $ 22 216 $ 661 $ 23 States, municipalities and political subdivisions 30 46 — 159 235 11 189 281 11 U.S. corporate securities 267 366 2 2,798 3,727 252 3,065 4,093 254 Foreign securities 44 45 1 678 984 68 722 1,029 69 Residential mortgage-backed securities 6 27 — 365 370 33 371 397 33 Commercial mortgage-backed securities 28 110 — 261 528 58 289 638 58 Other asset-backed securities 105 236 3 86 114 2 191 350 5 Redeemable preferred securities — — — 4 6 — 4 6 — Total debt securities 493 $ 871 $ 7 4,554 $ 6,584 $ 446 5,047 $ 7,455 $ 453 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 September 30, 2024 were as follows: Supporting Supporting Total In millions Fair Unrealized Fair Unrealized Fair Unrealized Due to mature: Less than one year $ 1 $ — $ 477 $ 5 $ 478 $ 5 One year through five years 65 2 2,931 107 2,996 109 After five years through ten years 48 4 1,064 86 1,112 90 Greater than ten years 106 9 1,378 144 1,484 153 Residential mortgage-backed securities 6 — 391 33 397 33 Commercial mortgage-backed securities 10 1 628 57 638 58 Other asset-backed securities 10 — 340 5 350 5 Total $ 246 $ 16 $ 7,209 $ 437 $ 7,455 $ 453
Schedule of Activity in Mortgage Loan Portfolio	During the three and nine months ended September 30, 2024 and 2023, the Company had the following activity in its mortgage loan portfolio: Three Months Ended Nine Months Ended In millions 2024 2023 2024 2023 New mortgage loans $ 125 $ 63 $ 262 $ 286 Mortgage loans fully repaid 33 17 67 34 Mortgage loans foreclosed — — — —
Schedule of Mortgage Loan Amortized Cost and Credit Quality Indicator	Based on the Company’s assessments at September 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 September 30, 2024 1 $ — $ — $ — $ — $ — $ 8 $ 8 2 to 4 255 301 334 206 35 288 1,419 5 and 6 — — 5 13 — 42 60 7 — — — — — — — Total $ 255 $ 301 $ 339 $ 219 $ 35 $ 338 $ 1,487 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 nine months ended September 30, 2024 and 2023 were as follows: Three Months Ended Nine Months Ended In millions 2024 2023 2024 2023 Debt securities $ 307 $ 217 $ 816 $ 612 Mortgage loans 20 16 56 43 Other investments 230 199 665 609 Gross investment income 557 432 1,537 1,264 Investment expenses (26) (13) (50) (34) Net investment income (excluding net realized capital gains or losses) 531 419 1,487 1,230 Net realized capital gains (losses) (1) 19 (142) (89) (345) Net investment income (2) $ 550 $ 277 $ 1,398 $ 885 _____________________________________________ (1) Net realized capital gains are net of yield-related impairment losses on debt securities of $12 million in the three months ended September 30, 2024. Net realized capital losses include yield-related impairment losses on debt securities of $51 million in the nine months ended September 30, 2024. There were no credit-related impairment losses on debt securities in the three and nine months ended September 30, 2024. Net realized capital losses include yield-related impairment losses on debt securities of $47 million in the three months ended September 30, 2023. There were no credit-related impairment losses on debt securities in the three months ended September 30, 2023. Net realized capital losses include yield-related impairment losses on debt securities of $108 million and are net of the reversal of previously recorded credit-related impairment losses on debt securities of $3 million in the nine months ended September 30, 2023. (2) Net investment income includes $8 million and $24 million for the three and nine months ended September 30, 2024, respectively, and $8 million and $25 million for the three and nine months ended September 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 nine months ended September 30, 2024 and 2023 were as follows: Three Months Ended Nine Months Ended In millions 2024 2023 2024 2023 Proceeds from sales $ 2,322 $ 1,171 $ 5,203 $ 3,503 Gross realized capital gains 16 2 30 7 Gross realized capital losses 39 110 162 294

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023 were as follows: In millions Level 1 Level 2 Level 3 Total September 30, 2024 Cash and cash equivalents $ 2,480 $ 4,395 $ — $ 6,875 Debt securities: U.S. government securities 2,767 17 — 2,784 States, municipalities and political subdivisions — 738 — 738 U.S. corporate securities — 13,089 26 13,115 Foreign securities — 2,644 — 2,644 Residential mortgage-backed securities — 795 — 795 Commercial mortgage-backed securities — 1,568 15 1,583 Other asset-backed securities — 4,813 — 4,813 Redeemable preferred securities — 18 — 18 Total debt securities 2,767 23,682 41 26,490 Equity securities 230 — 103 333 Total $ 5,477 $ 28,077 $ 144 $ 33,698 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 September 30, 2024 and December 31, 2023 were as follows: Carrying Estimated Fair Value In millions Level 1 Level 2 Level 3 Total September 30, 2024 Assets: Mortgage loans $ 1,487 $ — $ — $ 1,478 $ 1,478 Equity securities (1) 602 N/A N/A N/A N/A Liabilities: Investment contract liabilities: With a fixed maturity 1 — — 1 1 Without a fixed maturity 316 — — 286 286 Long-term debt 64,734 61,923 — — 61,923 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 September 30, 2024 and December 31, 2023 were as follows: September 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 $ 1 $ 164 $ — $ 165 $ 2 $ 166 $ — $ 168 Debt securities 202 697 — 899 558 1,949 — 2,507 Common/collective trusts — 2,372 — 2,372 — 529 — 529 Total (1) $ 203 $ 3,233 $ — $ 3,436 $ 560 $ 2,644 $ — $ 3,204 _____________________________________________ (1) Excludes $102 million of other payables and $46 million of other receivables at September 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 September 30, 2024 and December 31, 2023: In millions September 30, December 31, Cash and cash equivalents $ 165 $ 168 Debt securities: U.S. government securities 223 573 States, municipalities and political subdivisions 16 28 U.S. corporate securities 527 1,632 Foreign securities 52 202 Residential mortgage-backed securities 68 51 Commercial mortgage-backed securities 3 6 Other asset-backed securities 10 15 Total debt securities 899 2,507 Common/collective trusts 2,372 529 Total (1) $ 3,436 $ 3,204 _____________________________________________ (1) Excludes $102 million of other payables and $46 million of other receivables at September 30, 2024 and December 31, 2023, respectively.

Health Care Costs Payable (Tabl

Health Care Costs Payable (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 and 2023: Nine 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 — 1,098 Add: Components of incurred health care costs Current year 85,541 64,183 Prior years (845) (679) Total incurred health care costs (2) 84,696 63,504 Less: Claims paid Current year 71,356 52,952 Prior years 10,886 9,207 Total claims paid 82,242 62,159 Health care costs payable, end of the period, net 14,521 12,572 Add: Premium deficiency reserve 670 — Add: Reinsurance recoverables 65 4 Add: Impact of discount rate on long-duration insurance reserves (1) (19) (26) Health care costs payable, end of the period $ 15,237 $ 12,550 _____________________________________________ (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 income (loss) on the unaudited condensed consolidated balance sheets. (2) Total incurred health care costs for the nine months ended September 30, 2024 and 2023 in the table above exclude $70 million and $62 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 $142 million and $163 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. Total incurred health care costs for the nine months ended September 30, 2024 also exclude $670 million for premium deficiency reserves related to the Company’s Medicare, individual exchange and Medicaid product lines.

Other Insurance Liabilities a_2

Other Insurance Liabilities and Separate Accounts (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 and 2023: Nine 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 12 Adjusted beginning liability for future policy benefits - original (locked-in) discount rate 300 Interest accrual (using locked-in discount rate) 11 Net premiums (actual) (29) Ending liability for future policy benefits at original (locked-in) discount rate 282 Effect of changes in discount rate assumptions 6 Liability for future policy benefits, end of the period - current discount rate $ 288 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 (20) 5 Adjusted beginning liability for future policy benefits - original (locked-in) discount rate 2,231 1,637 Issuances 26 — Interest accrual (using locked-in discount rate) 69 61 Benefit payments (actual) (192) (55) Ending liability for future policy benefits at original (locked-in) discount rate 2,134 1,643 Effect of changes in discount rate assumptions (90) 12 Liability for future policy benefits, end of the period - current discount rate $ 2,044 $ 1,655 Net liability for future policy benefits $ 2,044 $ 1,367 Less: Reinsurance recoverable — — Net liability for future policy benefits, net of reinsurance recoverable $ 2,044 $ 1,367 _____________________________________________ (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. Nine 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 7 Adjusted beginning liability for future policy benefits - original (locked-in) discount rate 309 Interest accrual (using locked-in discount rate) 11 Net premiums (actual) (29) Ending liability for future policy benefits at original (locked-in) discount rate 291 Effect of changes in discount rate assumptions (12) Liability for future policy benefits, end of the period - current discount rate $ 279 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 1 9 Adjusted beginning liability for future policy benefits - original (locked-in) discount rate 2,426 1,622 Issuances 8 — Interest accrual (using locked-in discount rate) 74 61 Benefit payments (actual) (210) (53) Ending liability for future policy benefits at original (locked-in) discount rate 2,298 1,630 Effect of changes in discount rate assumptions (247) (146) Liability for future policy benefits, end of the period - current discount rate $ 2,051 $ 1,484 Net liability for future policy benefits $ 2,051 $ 1,205 Less: Reinsurance recoverable — — Net liability for future policy benefits, net of reinsurance recoverable $ 2,051 $ 1,205 _____________________________________________ (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 September 30, 2024 and 2023 were as follows: In millions September 30, September 30, Large case pensions Expected future benefit payments $ 3,091 $ 3,337 Expected gross premiums — — Long-term care Expected future benefit payments $ 3,198 $ 3,237 Expected gross premiums 402 419 The weighted-average interest rate used in the measurement of the long-duration insurance liabilities as of September 30, 2024 and 2023 were as follows: September 30, September 30, Large case pensions Interest accretion rate 4.20% 4.20% Current discount rate 4.82% 5.86% Long-term care Interest accretion rate 5.11% 5.11% Current discount rate 5.07% 5.99% The weighted-average durations (in years) of the long-duration insurance liabilities as of September 30, 2024 and 2023 were as follows: September 30, September 30, Large case pensions 7.3 7.4 Long-term care 11.8 12.2
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 nine months ended September 30, 2024 and 2023: Nine Months Ended In millions, except weighted average crediting rate 2024 2023 Policyholders’ funds, beginning of the period $ 332 $ 345 Deposits received 2 1 Policy charges (1) (2) Surrenders and withdrawals (9) (23) Interest credited 8 9 Change in net unrealized gains (losses) 17 (4) Other (18) (23) Policyholders’ funds, end of the period $ 331 $ 303 Weighted average crediting rate 4.30% 4.40% Net amount at risk $ — $ — Cash surrender value $ 310 $ 324
Summary of Separate Account Assets	Separate Accounts financial assets as of September 30, 2024 and December 31, 2023 were as follows: September 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 $ 1 $ 164 $ — $ 165 $ 2 $ 166 $ — $ 168 Debt securities 202 697 — 899 558 1,949 — 2,507 Common/collective trusts — 2,372 — 2,372 — 529 — 529 Total (1) $ 203 $ 3,233 $ — $ 3,436 $ 560 $ 2,644 $ — $ 3,204 _____________________________________________ (1) Excludes $102 million of other payables and $46 million of other receivables at September 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 September 30, 2024 and December 31, 2023: In millions September 30, December 31, Cash and cash equivalents $ 165 $ 168 Debt securities: U.S. government securities 223 573 States, municipalities and political subdivisions 16 28 U.S. corporate securities 527 1,632 Foreign securities 52 202 Residential mortgage-backed securities 68 51 Commercial mortgage-backed securities 3 6 Other asset-backed securities 10 15 Total debt securities 899 2,507 Common/collective trusts 2,372 529 Total (1) $ 3,436 $ 3,204 _____________________________________________ (1) Excludes $102 million of other payables and $46 million of other receivables at September 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 nine months ended September 30, 2024 and 2023: Nine Months Ended In millions 2024 2023 Separate Accounts liability, beginning of the period $ 3,250 $ 3,228 Premiums and deposits 661 657 Surrenders and withdrawals (203) (7) Benefit payments (706) (714) Investment earnings 327 42 Net transfers from general account 8 4 Other (3) (10) Separate Accounts liability, end of the period $ 3,334 $ 3,200 Cash surrender value, end of the period $ 2,209 $ 2,136

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Summary of Company's Borrowings	The following table is a summary of the Company’s borrowings at September 30, 2024 and December 31, 2023: In millions September 30, December 31, Short-term debt Commercial paper $ 800 $ 200 Long-term debt 3.375% senior notes due August 2024 — 650 2.625% senior notes due August 2024 — 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 1,373 1,391 Other 304 309 Total debt principal 66,087 62,160 Debt premiums 174 186 Debt discounts and deferred financing costs (727) (736) 65,534 61,610 Less: Short-term debt (commercial paper) (800) (200) Current portion of long-term debt (4,910) (2,772) Long-term debt $ 59,824 $ 58,638

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 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 September 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)	9 Months Ended
	Sep. 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 income (loss) for the three and nine months ended September 30, 2024 and 2023: Three Months Ended Nine Months Ended In millions 2024 2023 2024 2023 Net unrealized investment gains (losses): Beginning of period balance $ (564) $ (1,113) $ (429) $ (1,519) Other comprehensive income (loss) before reclassifications ( $710,$(475), $427, $(310) pretax) 647 (478) 382 (313) Amounts reclassified from accumulated other comprehensive loss ( $36, $157, $184, $398 pretax) (1) 32 157 162 398 Other comprehensive income (loss) 679 (321) 544 85 End of period balance 115 (1,434) 115 (1,434) Change in discount rate on long-duration insurance reserves: Beginning of period balance 273 205 152 219 Other comprehensive income (loss) before reclassifications ( $(189), $233, $(33), $210 pretax) (147) 181 (26) 167 Other comprehensive income (loss) (147) 181 (26) 167 End of period balance 126 386 126 386 Foreign currency translation adjustments: Beginning of period balance — 1 — — Other comprehensive loss before reclassifications — (2) — (1) Other comprehensive loss — (2) — (1) End of period balance — (1) — (1) Net cash flow hedges: Beginning of period balance 236 252 244 239 Other comprehensive income before reclassifications ($0, $0, $0, $25 pretax) — — — 19 Amounts reclassified from accumulated other comprehensive income ($(6), $(5), $(16), $(13) pretax) (2) (4) (4) (12) (10) Other comprehensive income (loss) (4) (4) (12) 9 End of period balance 232 248 232 248 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 (319) (858) (297) (1,264) Total other comprehensive income (loss) 528 (146) 506 260 Total end of period accumulated other comprehensive income (loss) $ 209 $ (1,004) $ 209 $ (1,004) _____________________________________________ (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 $16 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)	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 and 2023: Three Months Ended Nine Months Ended In millions, except per share amounts 2024 2023 2024 2023 Numerator for earnings per share calculation: Net income attributable to CVS Health $ 87 $ 2,261 $ 2,970 $ 6,298 Denominator for earnings per share calculation: Weighted average shares, basic 1,259 1,287 1,258 1,284 Restricted stock units and performance stock units — 2 3 3 Stock options and stock appreciation rights — 1 1 2 Weighted average shares, diluted 1,259 1,290 1,262 1,289 Earnings per share: Basic $ 0.07 $ 1.76 $ 2.36 $ 4.90 Diluted $ 0.07 $ 1.75 $ 2.35 $ 4.88

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 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 September 30, 2024 Revenues from external customers $ 32,555 $ 40,794 $ 21,515 $ 14 $ — $ 94,878 Intersegment revenues 18 3,336 10,908 — (14,262) — Net investment income (loss) 423 (1) — 128 — 550 Total revenues 32,996 44,129 32,423 142 (14,262) 95,428 Adjusted operating income (loss) (924) 2,204 1,596 (329) — 2,547 September 30, 2023 Revenues from external customers $ 26,089 $ 44,064 $ 19,321 $ 13 $ — $ 89,487 Intersegment revenues 20 2,827 9,553 — (12,400) — Net investment income (loss) 187 — (2) 92 — 277 Total revenues 26,296 46,891 28,872 105 (12,400) 89,764 Adjusted operating income (loss) 1,536 1,878 1,389 (347) — 4,456 Nine Months Ended September 30, 2024 Revenues from external customers $ 96,577 $ 115,954 $ 61,127 $ 43 $ — $ 273,701 Intersegment revenues 54 10,634 29,859 — (40,547) — Net investment income (loss) 1,076 (3) — 325 — 1,398 Total revenues 97,707 126,585 90,986 368 (40,547) 275,099 Adjusted operating income (loss) 746 5,482 4,016 (996) — 9,248 September 30, 2023 Revenues from external customers $ 78,302 $ 127,907 $ 56,826 $ 43 $ — $ 263,078 Intersegment revenues 62 9,790 28,756 — (38,608) — Net investment income (loss) 556 — (4) 333 — 885 Total revenues 78,920 137,697 85,578 376 (38,608) 263,963 Adjusted operating income (loss) 4,901 5,452 3,936 (982) — 13,307 _____________________________________________ (1) Total revenues of the Health Services segment include approximately $2.7 billion and $3.2 billion of retail co-payments for the three months ended September 30, 2024 and 2023, respectively. Total revenues of the Health Services segment include approximately $8.9 billion and $10.7 billion of retail co-payments for the nine months ended September 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 nine months ended September 30, 2024 and 2023: Three Months Ended Nine Months Ended In millions 2024 2023 2024 2023 Operating income (GAAP measure) $ 832 $ 3,690 $ 6,148 $ 10,370 Amortization of intangible assets (1) 507 509 1,522 1,396 Net realized capital (gains) losses (2) (19) 142 89 345 Acquisition-related transaction and integration costs (3) 41 94 203 294 Restructuring charges (4) 1,169 11 1,169 507 Office real estate optimization charges (5) 17 10 17 46 Opioid litigation charge (6) — — 100 — Loss on assets held for sale (7) — — — 349 Adjusted operating income $ 2,547 $ 4,456 $ 9,248 $ 13,307 _____________________________________________ (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 nine months ended September 30, 2024, the acquisition-related integration costs relate to the acquisitions of Signify Health and Oak Street Health. During the three and nine months ended September 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 three and nine months ended September 30, 2024, the restructuring charges are primarily comprised of a store impairment charge, corporate workforce optimization costs, including severance and employee-related costs, and other asset impairment and related charges associated with the discontinuation of certain non-core assets. During the third quarter of 2024, the Company finalized an enterprise-wide restructuring plan intended to streamline and simplify the organization, improve efficiency and reduce costs. In connection with this restructuring plan, the Company completed a strategic review of its retail business and determined that it plans to close 271 retail stores in 2025, and, accordingly, it recorded a store impairment charge to write down the associated operating lease right-of-use assets and property and equipment. In addition, during the third quarter of 2024, the Company also conducted a review of its various strategic assets and determined that it would discontinue the use of certain non-core assets, at which time impairment losses were recorded to write down the carrying value of these assets to the Company’s best estimate of their fair value. During the three months ended September 30, 2023, the restructuring charges are primarily comprised of a stock-based compensation charge. During the nine months ended September 30, 2023, the restructuring charges also include severance and employee-related costs and asset impairment charges. The restructuring charges associated with the store impairments are reflected within the Pharmacy & Consumer Wellness segment, other asset impairments and related charges are reflected within the Corporate/Other and Pharmacy & Consumer Wellness segments and corporate workforce optimization costs, including severance and employee-related costs, are reflected within the Corporate/Other segment. (5) During the three and nine months ended September 30, 2024 and 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 Company’s continuous evaluation of corporate office real estate space in response to its ongoing 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 each segment. (6) During the nine months ended September 30, 2024, the opioid litigation charge relates to a change in the Company’s accrual related to ongoing opioid litigation matters. (7) During the nine months ended September 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, $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) people patient clinic store	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) people patient state Segment clinic store	Sep. 30, 2023 USD ($)	Dec. 31, 2023 business
Significant Accounting Policies [Line Items]
Number of pharmacy plan members | people	90		90
Number of patients served per year (more than) | patient	0.8		0.8
Number of reportable segments | Segment			4
Number of businesses acquired | business					2
Total premium deficiency reserve		$ 0		$ 0
Medicare Product Line
Significant Accounting Policies [Line Items]
Total premium deficiency reserve	$ 766		$ 766
Premium deficiency reserve, charge for unamortized acquisition costs	383		383
Premium deficiency reserve, charge to health care costs	383		383
Individual Exchange Product Line
Significant Accounting Policies [Line Items]
Total premium deficiency reserve	270		270
Premium deficiency reserve, charge for unamortized acquisition costs	11		11
Premium deficiency reserve, charge to health care costs	259		259
Medicaid Product Line
Significant Accounting Policies [Line Items]
Premium deficiency reserve, charge to health care costs	$ 28		$ 28
Pharmacy & Consumer Wellness
Significant Accounting Policies [Line Items]
Number of retail locations (more than) | store	9		9
Health Services
Significant Accounting Policies [Line Items]
Number of walk in medical clinics (more than) | clinic	900		900
Number of primary care medical clinics (more than) | clinic	225		225
Health Care Benefits
Significant Accounting Policies [Line Items]
Number of people served (more than) | people	36		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	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 6,875	$ 8,196
Restricted cash (included in other current assets)	65	90
Restricted cash (included in other assets)	200	239
Total cash, cash equivalents and restricted cash in the statements of cash flows	$ 7,140	$ 8,525	$ 13,375	$ 13,305

Significant Accounting Polici_6

Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Trade receivables	$ 9,884	$ 11,908
Vendor and manufacturer receivables	15,621	15,711
Premium receivables	3,942	3,714
Other receivables	6,732	3,894
Total accounts receivable, net	36,179	35,227
Allowance for credit losses	$ 346	$ 343

Significant Accounting Polici_7

Significant Accounting Policies - Deferred Acquisition Costs (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Deferred acquisition costs, beginning of the period	$ 1,502	$ 1,219
Capitalizations	405	414
Amortization expense	(217)	(196)
Deferred acquisition costs, end of the period	$ 1,690	$ 1,437

Significant Accounting Polici_8

Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 94,878	$ 89,487	$ 273,701	$ 263,078
Net investment income (loss)	550	277	1,398	885
Total revenues	95,428	89,764	275,099	263,963
Pharmacy
Disaggregation of Revenue [Line Items]
Revenues	54,659	56,198	154,036	164,045
Front Store
Disaggregation of Revenue [Line Items]
Revenues	5,196	5,371	15,847	16,597
Premiums
Disaggregation of Revenue [Line Items]
Revenues	30,925	24,657	91,983	74,117
Other
Disaggregation of Revenue [Line Items]
Revenues	4,098	3,261	11,835	8,319
Operating Segments | Health Care Benefits
Disaggregation of Revenue [Line Items]
Revenues	32,555	26,089	96,577	78,302
Net investment income (loss)	423	187	1,076	556
Total revenues	32,996	26,296	97,707	78,920
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	30,914	24,645	91,947	74,079
Operating Segments | Health Care Benefits | Other
Disaggregation of Revenue [Line Items]
Revenues	1,659	1,464	4,684	4,285
Operating Segments | Health Services
Disaggregation of Revenue [Line Items]
Revenues	40,794	44,064	115,954	127,907
Net investment income (loss)	(1)	0	(3)	0
Total revenues	44,129	46,891	126,585	137,697
Operating Segments | Health Services | Pharmacy network
Disaggregation of Revenue [Line Items]
Total revenues	24,136	27,981	66,448	83,050
Operating Segments | Health Services | Mail & specialty
Disaggregation of Revenue [Line Items]
Total revenues	17,214	17,004	52,127	50,378
Operating Segments | Health Services | Other
Disaggregation of Revenue [Line Items]
Total revenues	2,780	1,906	8,013	4,269
Operating Segments | Health Services | Pharmacy
Disaggregation of Revenue [Line Items]
Revenues	41,350	44,985	118,575	133,428
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	2,780	1,906	8,013	4,269
Operating Segments | Pharmacy & Consumer Wellness
Disaggregation of Revenue [Line Items]
Revenues	21,515	19,321	61,127	56,826
Net investment income (loss)	0	(2)	0	(4)
Total revenues	32,423	28,872	90,986	85,578
Operating Segments | Pharmacy & Consumer Wellness | Pharmacy
Disaggregation of Revenue [Line Items]
Revenues	26,666	22,977	73,463	67,371
Operating Segments | Pharmacy & Consumer Wellness | Front Store
Disaggregation of Revenue [Line Items]
Revenues	5,196	5,371	15,847	16,597
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	561	526	1,676	1,614
Corporate/ Other | Corporate/ Other
Disaggregation of Revenue [Line Items]
Revenues	14	13	43	43
Net investment income (loss)	128	92	325	333
Total revenues	142	105	368	376
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	11	12	36	38
Corporate/ Other | Corporate/ Other | Other
Disaggregation of Revenue [Line Items]
Revenues	3	1	7	5
Intersegment Eliminations
Disaggregation of Revenue [Line Items]
Net investment income (loss)	0	0	0	0
Total revenues	(14,262)	(12,400)	(40,547)	(38,608)
Intersegment Eliminations | Pharmacy
Disaggregation of Revenue [Line Items]
Revenues	(13,357)	(11,764)	(38,002)	(36,754)
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	$ (905)	$ (636)	$ (2,545)	$ (1,854)

Significant Accounting Polici_9

Significant Accounting Policies - Receivables and Contract Balances (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Trade receivables (included in accounts receivable, net)	$ 9,884	$ 11,908
Contract liabilities (included in accrued expenses)	$ 174	$ 149

Restructuring Program (Details)

Restructuring Program (Details) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) store	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 1,169	$ 11	$ 1,169	$ 507
Asset impairment charges				840	$ 152
Severance and employee-related costs		293
Number of estimated store closures | store	271
Impairment of operating right-of-use assets		483
Impairment of property and equipment		124
Fair value of operating lease tight-of-use assets	$ 100	100		100
Fair value of property and equipment	$ 39	39		$ 39
Payments related to severance and employee-related costs		0
Retail Stores
Restructuring Cost and Reserve [Line Items]
Asset impairment charges		607
Non-Core Assets
Restructuring Cost and Reserve [Line Items]
Asset impairment charges		$ 269

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	Sep. 30, 2024	Dec. 31, 2023
Total Investments [Line Items]
Current	$ 2,805	$ 3,259
Long-term	28,939	23,019
Total	31,744	26,278
Debt securities available for sale
Total Investments [Line Items]
Current	2,633	3,131
Long-term	23,857	18,582
Total	26,490	21,713
Mortgage loans
Total Investments [Line Items]
Current	172	128
Long-term	1,315	1,183
Total	1,487	1,311
Other investments
Total Investments [Line Items]
Current	0	0
Long-term	3,767	3,254
Total	$ 3,767	$ 3,254

Investments - Debt Securities (

Investments - Debt Securities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 26,433	$ 22,282
Gross Unrealized Gains	510	267
Gross Unrealized Losses	(453)	(836)
Fair Value	26,490	21,713
Allowance for expected credit losses	0	0
Supporting experience-rated products
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Gains	14	10
Gross Unrealized Losses	(16)	(28)
Fair Value	548	592
U.S. government securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,755	2,071
Gross Unrealized Gains	52	19
Gross Unrealized Losses	(23)	(54)
Fair Value	2,784	2,036
States, municipalities and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	738	2,219
Gross Unrealized Gains	11	31
Gross Unrealized Losses	(11)	(35)
Fair Value	738	2,215
U.S. corporate securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	13,086	10,156
Gross Unrealized Gains	283	133
Gross Unrealized Losses	(254)	(446)
Fair Value	13,115	9,843
Foreign securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,645	2,593
Gross Unrealized Gains	68	41
Gross Unrealized Losses	(69)	(122)
Fair Value	2,644	2,512
Residential mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	815	862
Gross Unrealized Gains	13	8
Gross Unrealized Losses	(33)	(60)
Fair Value	795	810
Commercial mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,609	1,066
Gross Unrealized Gains	32	9
Gross Unrealized Losses	(58)	(100)
Fair Value	1,583	975
Other asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,767	3,294
Gross Unrealized Gains	51	26
Gross Unrealized Losses	(5)	(18)
Fair Value	4,813	3,302
Redeemable preferred securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	18	21
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	(1)
Fair Value	$ 18	$ 20

Investments - Debt Securities b

Investments - Debt Securities by Maturity (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Amortized Cost
Less than one year	$ 819
One year through five years	10,469
After five years through ten years	4,827
Greater than ten years	3,127
Amortized Cost	26,433	$ 22,282
Fair Value
Less than one year	816
One year through five years	10,529
After five years through ten years	4,890
Greater than ten years	3,064
Fair Value	26,490	21,713
Residential mortgage-backed securities
Amortized Cost
Debt securities, maturity, without single maturity date	815
Amortized Cost	815	862
Fair Value
Debt securities, maturity, without single maturity date	795
Fair Value	795	810
Commercial mortgage-backed securities
Amortized Cost
Debt securities, maturity, without single maturity date	1,609
Amortized Cost	1,609	1,066
Fair Value
Debt securities, maturity, without single maturity date	1,583
Fair Value	1,583	975
Other asset-backed securities
Amortized Cost
Debt securities, maturity, without single maturity date	4,767
Amortized Cost	4,767	3,294
Fair Value
Debt securities, maturity, without single maturity date	4,813
Fair Value	$ 4,813	$ 3,302

Investments - Unrealized Loss P

Investments - Unrealized Loss Position (Details) $ in Millions	Sep. 30, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Number of Securities
Number of Securities, Less than 12 months | security	493	1,182
Number of Securities, Greater than 12 months | security	4,554	7,018
Number of Securities | security	5,047	8,200
Fair Value
Fair Value, Less than 12 months	$ 871	$ 1,932
Fair Value, Greater than 12 months	6,584	10,616
Fair Value	7,455	12,548
Unrealized Losses
Unrealized Losses, Less than 12 months	7	28
Unrealized Losses, Greater than 12 months	446	808
Unrealized Losses	$ 453	$ 836
U.S. government securities
Number of Securities
Number of Securities, Less than 12 months | security	13	74
Number of Securities, Greater than 12 months | security	203	280
Number of Securities | security	216	354
Fair Value
Fair Value, Less than 12 months	$ 41	$ 194
Fair Value, Greater than 12 months	620	891
Fair Value	661	1,085
Unrealized Losses
Unrealized Losses, Less than 12 months	1	2
Unrealized Losses, Greater than 12 months	22	52
Unrealized Losses	$ 23	$ 54
States, municipalities and political subdivisions
Number of Securities
Number of Securities, Less than 12 months | security	30	95
Number of Securities, Greater than 12 months | security	159	455
Number of Securities | security	189	550
Fair Value
Fair Value, Less than 12 months	$ 46	$ 181
Fair Value, Greater than 12 months	235	733
Fair Value	281	914
Unrealized Losses
Unrealized Losses, Less than 12 months	0	1
Unrealized Losses, Greater than 12 months	11	34
Unrealized Losses	$ 11	$ 35
U.S. corporate securities
Number of Securities
Number of Securities, Less than 12 months | security	267	576
Number of Securities, Greater than 12 months | security	2,798	4,120
Number of Securities | security	3,065	4,696
Fair Value
Fair Value, Less than 12 months	$ 366	$ 672
Fair Value, Greater than 12 months	3,727	5,602
Fair Value	4,093	6,274
Unrealized Losses
Unrealized Losses, Less than 12 months	2	14
Unrealized Losses, Greater than 12 months	252	432
Unrealized Losses	$ 254	$ 446
Foreign securities
Number of Securities
Number of Securities, Less than 12 months | security	44	160
Number of Securities, Greater than 12 months | security	678	964
Number of Securities | security	722	1,124
Fair Value
Fair Value, Less than 12 months	$ 45	$ 243
Fair Value, Greater than 12 months	984	1,407
Fair Value	1,029	1,650
Unrealized Losses
Unrealized Losses, Less than 12 months	1	4
Unrealized Losses, Greater than 12 months	68	118
Unrealized Losses	$ 69	$ 122
Residential mortgage-backed securities
Number of Securities
Number of Securities, Less than 12 months | security	6	33
Number of Securities, Greater than 12 months | security	365	461
Number of Securities | security	371	494
Fair Value
Fair Value, Less than 12 months	$ 27	$ 97
Fair Value, Greater than 12 months	370	517
Fair Value	397	614
Unrealized Losses
Unrealized Losses, Less than 12 months	0	1
Unrealized Losses, Greater than 12 months	33	59
Unrealized Losses	$ 33	$ 60
Commercial mortgage-backed securities
Number of Securities
Number of Securities, Less than 12 months | security	28	44
Number of Securities, Greater than 12 months | security	261	287
Number of Securities | security	289	331
Fair Value
Fair Value, Less than 12 months	$ 110	$ 94
Fair Value, Greater than 12 months	528	581
Fair Value	638	675
Unrealized Losses
Unrealized Losses, Less than 12 months	0	2
Unrealized Losses, Greater than 12 months	58	98
Unrealized Losses	$ 58	$ 100
Other asset-backed securities
Number of Securities
Number of Securities, Less than 12 months | security	105	196
Number of Securities, Greater than 12 months | security	86	443
Number of Securities | security	191	639
Fair Value
Fair Value, Less than 12 months	$ 236	$ 449
Fair Value, Greater than 12 months	114	867
Fair Value	350	1,316
Unrealized Losses
Unrealized Losses, Less than 12 months	3	4
Unrealized Losses, Greater than 12 months	2	14
Unrealized Losses	$ 5	$ 18
Redeemable preferred securities
Number of Securities
Number of Securities, Less than 12 months | security	0	4
Number of Securities, Greater than 12 months | security	4	8
Number of Securities | security	4	12
Fair Value
Fair Value, Less than 12 months	$ 0	$ 2
Fair Value, Greater than 12 months	6	18
Fair Value	6	20
Unrealized Losses
Unrealized Losses, Less than 12 months	0	0
Unrealized Losses, Greater than 12 months	0	1
Unrealized Losses	$ 0	$ 1

Investments - Unrealized Loss_2

Investments - Unrealized Loss Position Maturities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value
Less than one year	$ 478
One year through five years	2,996
After five years through ten years	1,112
Greater than ten years	1,484
Fair Value	7,455	$ 12,548
Unrealized Losses
Less than one year	5
One year through five years	109
After five years through ten years	90
Greater than ten years	153
Unrealized Losses	453	836
Residential mortgage-backed securities
Fair Value
Debt securities, maturity, without single maturity date, fair value	397
Fair Value	397	614
Unrealized Losses
Debt securities, maturity, without single maturity date, unrealized losses	33
Unrealized Losses	33	60
Commercial mortgage-backed securities
Fair Value
Debt securities, maturity, without single maturity date, fair value	638
Fair Value	638	675
Unrealized Losses
Debt securities, maturity, without single maturity date, unrealized losses	58
Unrealized Losses	58	100
Other asset-backed securities
Fair Value
Debt securities, maturity, without single maturity date, fair value	350
Fair Value	350	1,316
Unrealized Losses
Debt securities, maturity, without single maturity date, unrealized losses	5
Unrealized Losses	5	$ 18
Supporting experience-rated products
Fair Value
Less than one year	1
One year through five years	65
After five years through ten years	48
Greater than ten years	106
Fair Value	246
Unrealized Losses
Less than one year	0
One year through five years	2
After five years through ten years	4
Greater than ten years	9
Unrealized Losses	16
Supporting experience-rated products | Residential mortgage-backed securities
Fair Value
Debt securities, maturity, without single maturity date, fair value	6
Unrealized Losses
Debt securities, maturity, without single maturity date, unrealized losses	0
Supporting experience-rated products | Commercial mortgage-backed securities
Fair Value
Debt securities, maturity, without single maturity date, fair value	10
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	10
Unrealized Losses
Debt securities, maturity, without single maturity date, unrealized losses	0
Supporting remaining products
Fair Value
Less than one year	477
One year through five years	2,931
After five years through ten years	1,064
Greater than ten years	1,378
Fair Value	7,209
Unrealized Losses
Less than one year	5
One year through five years	107
After five years through ten years	86
Greater than ten years	144
Unrealized Losses	437
Supporting remaining products | Residential mortgage-backed securities
Fair Value
Debt securities, maturity, without single maturity date, fair value	391
Unrealized Losses
Debt securities, maturity, without single maturity date, unrealized losses	33
Supporting remaining products | Commercial mortgage-backed securities
Fair Value
Debt securities, maturity, without single maturity date, fair value	628
Unrealized Losses
Debt securities, maturity, without single maturity date, unrealized losses	57
Supporting remaining products | Other asset-backed securities
Fair Value
Debt securities, maturity, without single maturity date, fair value	340
Unrealized Losses
Debt securities, maturity, without single maturity date, unrealized losses	$ 5

Investments - Mortgage Loans (D

Investments - Mortgage Loans (Details) - Commercial Real Estate - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Mortgage Loans on Real Estate [Line Items]
New mortgage loans	$ 125	$ 63	$ 262	$ 286
Mortgage loans fully repaid	33	17	67	34
Mortgage loans foreclosed	$ 0	$ 0	$ 0	$ 0

Investments - Mortgage Loans Cr

Investments - Mortgage Loans Credit Ratings Indicator (Details) - Commercial Real Estate - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	$ 1,487	$ 1,311
1
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	8	11
2 to 4
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	1,419	1,262
5 and 6
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	60	32
7
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	0	6
2024
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	255
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	255
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	301	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	301	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	339	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	334	346
2022 | 5 and 6
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	5	0
2022 | 7
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	0	0
2021
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	219	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	206	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	338	384
Prior | 1
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	8	11
Prior | 2 to 4
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	288	354
Prior | 5 and 6
Mortgage Loans on Real Estate [Line Items]
Mortgage loans	42	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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	$ 557	$ 432	$ 1,537	$ 1,264
Investment expenses	(26)	(13)	(50)	(34)
Net investment income (excluding net realized capital gains or losses)	531	419	1,487	1,230
Net realized capital gains (losses)	19	(142)	(89)	(345)
Net investment income	550	277	1,398	885
Yield-related impairment losses	12	47	51	108
Credit-related impairment losses (reversal of losses)	0	0	0	(3)
Supporting experience-rated products
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Net investment income	8	8	24	25
Debt securities
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	307	217	816	612
Mortgage loans
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	20	16	56	43
Other investments
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	$ 230	$ 199	$ 665	$ 609

Investments - Realized Gains (D

Investments - Realized Gains (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investments [Abstract]
Proceeds from sales	$ 2,322	$ 1,171	$ 5,203	$ 3,503
Gross realized capital gains	16	2	30	7
Gross realized capital losses	$ 39	$ 110	$ 162	$ 294

Fair Value - Measurement on a R

Fair Value - Measurement on a Recurring Basis (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	$ 26,490	$ 21,713
U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	2,784	2,036
States, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	738	2,215
U.S. corporate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	13,115	9,843
Foreign securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	2,644	2,512
Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	795	810
Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	1,583	975
Other asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	4,813	3,302
Redeemable preferred securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	18	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	6,875	8,196
Debt securities	26,490	21,713
Equity securities	333	273
Total	33,698	30,182
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	2,480	2,174
Debt securities	2,767	2,013
Equity securities	230	194
Total	5,477	4,381
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	4,395	6,022
Debt securities	23,682	19,671
Equity securities	0	0
Total	28,077	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	41	29
Equity securities	103	79
Total	144	108
Recurring | U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	2,784	2,036
Recurring | U.S. government securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	2,767	2,013
Recurring | U.S. government securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	17	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	738	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	738	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	13,115	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	13,089	9,814
Recurring | U.S. corporate securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	26	29
Recurring | Foreign securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	2,644	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	2,644	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	795	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	795	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	1,583	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	1,568	975
Recurring | Commercial mortgage-backed securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	15	0
Recurring | Other asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	4,813	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	4,813	3,302
Recurring | Other asset-backed securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Recurring | Redeemable preferred securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	18	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	18	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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Transfers into Level 3		$ 0
Transfers out of Level 3	$ 47	$ 0	$ 47	$ 42

Fair Value - Carrying Value and

Fair Value - Carrying Value and Fair Value Classified by Level (Details) - Nonrecurring - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Carrying Value
Assets:
Mortgage loans	$ 1,487	$ 1,311
Equity securities	602	534
Liabilities:
Investment contracts liabilities with a fixed maturity	1	1
Investment contracts liabilities without a fixed maturity	316	312
Long-term debt	64,734	61,410
Estimated Fair Value
Assets:
Mortgage loans	1,478	1,274
Liabilities:
Investment contracts liabilities with a fixed maturity	1	1
Investment contracts liabilities without a fixed maturity	286	279
Long-term debt	61,923	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	61,923	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	1,478	1,274
Liabilities:
Investment contracts liabilities with a fixed maturity	1	1
Investment contracts liabilities without a fixed maturity	286	279
Long-term debt	$ 0	$ 0

Fair Value - Separate Accounts

Fair Value - Separate Accounts Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Separate Account Investment [Line Items]
Separate accounts liabilities	$ 3,334	$ 3,250	$ 3,200	$ 3,228
Separate accounts assets	3,334	3,250
Recurring
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	3,436	3,204
Recurring | Other Payables
Fair Value, Separate Account Investment [Line Items]
Separate accounts liabilities	102
Recurring | Other Receivables
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets		46
Recurring | Cash and cash equivalents
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	165	168
Recurring | Debt securities
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	899	2,507
Recurring | Common/collective trusts
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	2,372	529
Recurring | Level 1
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	203	560
Recurring | Level 1 | Cash and cash equivalents
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	1	2
Recurring | Level 1 | Debt securities
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	202	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	3,233	2,644
Recurring | Level 2 | Cash and cash equivalents
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	164	166
Recurring | Level 2 | Debt securities
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	697	1,949
Recurring | Level 2 | Common/collective trusts
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	2,372	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	9 Months Ended
	Sep. 30, 2024	Sep. 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	$ 1,098
Add: Components of incurred health care costs
Current year	85,541	64,183
Prior years	(845)	(679)
Total incurred health care costs	84,696	63,504
Less: Claims paid
Current year	71,356	52,952
Prior years	10,886	9,207
Total claims paid	82,242	62,159
Health care costs payable, end of the period, net	14,521	12,572
Add: Premium deficiency reserve	670	0
Add: Reinsurance recoverables	65	4
Add: Impact of discount rate on long-duration insurance reserves	(19)	(26)
Health care costs payable, end of the period	15,237	12,550
Health Care Benefits
Less: Claims paid
Benefit costs recorded in other insurance liabilities	70	62
Corporate/ Other
Less: Claims paid
Benefit costs recorded in other insurance liabilities	$ 142	163
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	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Liability for Claims and Claims Adjustment Expense [Line Items]
Decrease in prior years' healthcare costs payable	$ 845	$ 679
Incurred but not reported (IBNR) claims liability, net	$ 11,000

Other Insurance Liabilities a_3

Other Insurance Liabilities and Separate Accounts - Changes in Liability for Future Policy Benefits (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Present value of expected future policy benefits
Effect of changes in discount rate assumptions	$ (19)	$ (26)	$ (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			(20)	1
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate			2,231	2,426
Issuances	26	8
Interest accrual (using locked-in discount rate)	69	74
Benefit payments (actual)	(192)	(210)
Ending liability for future policy benefits at original (locked-in) discount rate	2,134	2,298
Effect of changes in discount rate assumptions	(90)	(247)
Liability for future policy benefits, end of the period - current discount rate	2,044	2,051
Net liability for future policy benefits	2,044	2,051
Less: Reinsurance recoverable	0	0
Net liability for future policy benefits, net of reinsurance recoverable	2,044	2,051
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			12	7
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate			300	309
Interest accrual (using locked-in discount rate)	11	11
Net premiums (actual)	(29)	(29)
Ending liability for future policy benefits at original (locked-in) discount rate	282	291
Effect of changes in discount rate assumptions	6	(12)
Liability for future policy benefits, end of the period - current discount rate	288	279
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			5	9
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate			$ 1,637	$ 1,622
Issuances	0	0
Interest accrual (using locked-in discount rate)	61	61
Benefit payments (actual)	(55)	(53)
Ending liability for future policy benefits at original (locked-in) discount rate	1,643	1,630
Effect of changes in discount rate assumptions	12	(146)
Liability for future policy benefits, end of the period - current discount rate	1,655	1,484
Net liability for future policy benefits	1,367	1,205
Less: Reinsurance recoverable	0	0
Net liability for future policy benefits, net of reinsurance recoverable	$ 1,367	$ 1,205

Other Insurance Liabilities a_4

Other Insurance Liabilities and Separate Accounts - Undiscounted Expected Gross Premiums and Expected Future Benefit Payments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Large Case Pensions
Liability for Future Policy Benefit, Activity [Line Items]
Expected future benefit payments	$ 3,091	$ 3,337
Expected gross premiums	0	0
Long-Term Care
Liability for Future Policy Benefit, Activity [Line Items]
Expected future benefit payments	3,198	3,237
Expected gross premiums	$ 402	$ 419

Other Insurance Liabilities a_5

Other Insurance Liabilities and Separate Accounts - Weighted-average Interest Rates and Durations (Details)	Sep. 30, 2024	Sep. 30, 2023
Large Case Pensions
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	4.20%	4.20%
Current discount rate	4.82%	5.86%
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	5.07%	5.99%
Weighted-average duration of long-duration insurance liabilities	11 years 9 months 18 days	12 years 2 months 12 days

Other Insurance Liabilities a_6

Other Insurance Liabilities and Separate Accounts - Roll Forward of Policyholders' Funds (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Policyholder Account Balance [Roll Forward]
Policyholders’ funds, beginning of the period	$ 332	$ 345
Deposits received	2	1
Policy charges	(1)	(2)
Surrenders and withdrawals	(9)	(23)
Interest credited	8	9
Change in net unrealized gains (losses)	17	(4)
Other	(18)	(23)
Policyholders’ funds, end of the period	$ 331	$ 303
Weighted average crediting rate	4.30%	4.40%
Net amount at risk	$ 0	$ 0
Cash surrender value	$ 310	$ 324

Other Insurance Liabilities a_7

Other Insurance Liabilities and Separate Accounts - Separate Account Assets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Separate Account Investment [Line Items]
Separate accounts liabilities	$ 3,334	$ 3,250	$ 3,200	$ 3,228
Separate accounts assets	3,334	3,250
Recurring
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	3,436	3,204
Recurring | Other Payables
Fair Value, Separate Account Investment [Line Items]
Separate accounts liabilities	102
Recurring | Other Receivables
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets		46
Recurring | Cash and cash equivalents
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	165	168
Recurring | Debt securities
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	899	2,507
Recurring | Debt securities | U.S. government securities
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	223	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	527	1,632
Recurring | Debt securities | Foreign securities
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	52	202
Recurring | Mortgage-backed securities | Residential mortgage-backed securities
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	68	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	10	15
Recurring | Common/collective trusts
Fair Value, Separate Account Investment [Line Items]
Separate accounts assets	$ 2,372	$ 529

Other Insurance Liabilities a_8

Other Insurance Liabilities and Separate Accounts - Roll Forward of Separate Accounts (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Separate Account, Liability [Roll Forward]
Separate Accounts liability, beginning of the period	$ 3,250	$ 3,228
Premiums and deposits	661	657
Surrenders and withdrawals	(203)	(7)
Benefit payments	(706)	(714)
Investment earnings	327	42
Net transfers from general account	8	4
Other	(3)	(10)
Separate Accounts liability, end of the period	3,334	3,200
Cash surrender value, end of the period	$ 2,209	$ 2,136

Borrowings - Schedule of Borrow

Borrowings - Schedule of Borrowings (Details) - USD ($) $ in Millions	Sep. 30, 2024	May 09, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Commercial paper	$ 800		$ 200
Finance lease liabilities	1,373		1,391
Total debt principal	66,087		62,160
Debt premiums	174		186
Debt discounts and deferred financing costs	(727)		(736)
Long-term debt and lease obligation	65,534		61,610
Short-term debt (commercial paper)	(800)		(200)
Current portion of long-term debt	(4,910)		(2,772)
Long-term debt	$ 59,824		$ 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	$ 0		$ 650
Senior Notes | 2.625% senior notes due August 2024
Debt Instrument [Line Items]
Stated interest rate			2.625%
Long-term debt	$ 0		$ 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	$ 304		$ 309

Borrowings - Narrative (Details

Borrowings - Narrative (Details) - USD ($) $ in Millions	May 09, 2024	Mar. 25, 2024	May 01, 2023	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Short-term debt				$ 800	$ 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				$ 800	$ 200
Weighted average interest rate				5%	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	9 Months Ended
	Sep. 30, 2024	Sep. 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity [Abstract]
Dividends declared per share (in dollars per share)	$ 0.665	$ 0.605	$ 1.995	$ 1.815

Other Comprehensive Income (L_3

Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Changes in Accumulated Other Comprehensive Income (Loss) by Component
Balance at beginning of period	$ 75,111	$ 74,150	$ 76,636	$ 73,002	$ 71,580	$ 71,769	$ 76,636	$ 71,769
Other comprehensive income (loss)	528	22	(44)	(146)	17	389	506	260
Balance at end of period	75,106	75,111	74,150	74,510	73,002	71,580	75,106	74,510
AOCI Including Portion Attributable to Noncontrolling Interest
Changes in Accumulated Other Comprehensive Income (Loss) by Component
Balance at beginning of period	(319)		(297)	(858)		(1,264)	(297)	(1,264)
Balance at end of period	209	(319)		(1,004)	(858)		209	(1,004)
Net unrealized investment gains (losses):
Changes in Accumulated Other Comprehensive Income (Loss) by Component
Balance at beginning of period	(564)		(429)	(1,113)		(1,519)	(429)	(1,519)
Other comprehensive income (loss) before reclassifications, net of tax	647			(478)			382	(313)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	32			157			162	398
Other comprehensive income (loss)	679			(321)			544	85
Balance at end of period	115	(564)		(1,434)	(1,113)		115	(1,434)
Other comprehensive income (loss) before reclassifications, pretax	710			(475)			427	(310)
Amounts reclassified from accumulated other comprehensive income (loss), pretax	36			157			184	398
Change in discount rate on long-duration insurance reserves:
Changes in Accumulated Other Comprehensive Income (Loss) by Component
Balance at beginning of period	273		152	205		219	152	219
Other comprehensive income (loss) before reclassifications, net of tax	(147)			181			(26)	167
Other comprehensive income (loss)	(147)			181			(26)	167
Balance at end of period	126	273		386	205		126	386
Other comprehensive income (loss) before reclassifications, pretax	(189)			233			(33)	210
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	(1)
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	236		244	252		239	244	239
Other comprehensive income (loss) before reclassifications, net of tax	0			0			0	19
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	(4)			(4)			(12)	(10)
Other comprehensive income (loss)	(4)			(4)			(12)	9
Balance at end of period	232	236		248	252		232	248
Other comprehensive income (loss) before reclassifications, pretax	0			0			0	25
Amounts reclassified from accumulated other comprehensive income (loss), pretax	(6)			(5)			(16)	(13)
Gains expected to be reclassified	16						16
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator for earnings per share calculation:
Net income attributable to CVS Health, basic	$ 87	$ 2,261	$ 2,970	$ 6,298
Net income attributable to CVS Health, diluted	$ 87	$ 2,261	$ 2,970	$ 6,298
Denominator for earnings per share calculation:
Weighted average shares, basic (in shares)	1,259	1,287	1,258	1,284
Weighted average shares, diluted (in shares)	1,259	1,290	1,262	1,289
Earnings per share:
Basic (in dollars per share)	$ 0.07	$ 1.76	$ 2.36	$ 4.90
Diluted (in dollars per share)	$ 0.07	$ 1.75	$ 2.35	$ 4.88
Restricted stock units and performance stock units
Denominator for earnings per share calculation:
Effect of dilutive securities (in shares)	0	2	3	3
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)	8	9	7	7
Denominator for earnings per share calculation:
Effect of dilutive securities (in shares)	0	1	1	2

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended	34 Months Ended
	Dec. 31, 2022 USD ($)	Aug. 31, 2022 USD ($)	Sep. 30, 2024 USD ($) claim lease	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) lease	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2024 claim lease	Jun. 30, 2023 state
Commitments and Contingencies Disclosure [Abstract]
Guarantor obligations, number of leases | lease			61		61			61
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
Number of states under separate settlement agreements | state									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
Fiduciary Duty Breach, Opioid Matter
Loss Contingencies [Line Items]
Number of claims filed | claim								3
Nixon v. CVS Health Corporation, et al. And Tatone v. CVS Health Corporation, et al.
Loss Contingencies [Line Items]
Number of claims filed | claim			2
Kaufmann v. Lynch, et al., and Silva v. Lynch, et al.
Loss Contingencies [Line Items]
Number of claims filed | claim			2
Duffy v. Lynch, et al. and Lovoi v. Lynch, et al
Loss Contingencies [Line Items]
Number of claims filed | claim			2
Goff v. Lynch, et al. and Brodin v. Lynch, et al
Loss Contingencies [Line Items]
Number of claims filed | claim			2

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Revenues from external customers	$ 94,878	$ 89,487	$ 273,701	$ 263,078
Net investment income (loss)	550	277	1,398	885
Total revenues	95,428	89,764	275,099	263,963
Adjusted operating income (loss)	2,547	4,456	9,248	13,307
Operating Segments | Health Care Benefits
Segment Reporting Information [Line Items]
Revenues from external customers	32,555	26,089	96,577	78,302
Net investment income (loss)	423	187	1,076	556
Total revenues	32,996	26,296	97,707	78,920
Adjusted operating income (loss)	(924)	1,536	746	4,901
Operating Segments | Health Services
Segment Reporting Information [Line Items]
Revenues from external customers	40,794	44,064	115,954	127,907
Net investment income (loss)	(1)	0	(3)	0
Total revenues	44,129	46,891	126,585	137,697
Adjusted operating income (loss)	2,204	1,878	5,482	5,452
Co-payments	2,700	3,200	8,900	10,700
Operating Segments | Pharmacy & Consumer Wellness
Segment Reporting Information [Line Items]
Revenues from external customers	21,515	19,321	61,127	56,826
Net investment income (loss)	0	(2)	0	(4)
Total revenues	32,423	28,872	90,986	85,578
Adjusted operating income (loss)	1,596	1,389	4,016	3,936
Corporate/ Other | Corporate/ Other
Segment Reporting Information [Line Items]
Revenues from external customers	14	13	43	43
Net investment income (loss)	128	92	325	333
Total revenues	142	105	368	376
Adjusted operating income (loss)	(329)	(347)	(996)	(982)
Intersegment Eliminations
Segment Reporting Information [Line Items]
Intersegment revenues	(14,262)	(12,400)	(40,547)	(38,608)
Net investment income (loss)	0	0	0	0
Total revenues	(14,262)	(12,400)	(40,547)	(38,608)
Adjusted operating income (loss)	0	0	0	0
Intersegment Eliminations | Health Care Benefits
Segment Reporting Information [Line Items]
Intersegment revenues	18	20	54	62
Intersegment Eliminations | Health Services
Segment Reporting Information [Line Items]
Intersegment revenues	3,336	2,827	10,634	9,790
Intersegment Eliminations | Pharmacy & Consumer Wellness
Segment Reporting Information [Line Items]
Intersegment revenues	$ 10,908	$ 9,553	$ 29,859	$ 28,756

Segment Reporting - Reconcili_2

Segment Reporting - Reconciliation of Consolidated Operating Income to Adjusted Operating Income (Details) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2024 store	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Segment Reporting [Abstract]
Operating income (GAAP measure)		$ 832	$ 3,690	$ 6,148	$ 10,370
Amortization of intangible assets		507	509	1,522	1,396
Net realized capital (gains) losses		(19)	142	89	345
Acquisition-related transaction and integration costs		41	94	203	294
Restructuring charges		1,169	11	1,169	507
Office real estate optimization charges		17	10	17	46
Opioid litigation charges		0	0	100	0
Loss on assets held for sale		0	0	0	349
Adjusted operating income		$ 2,547	$ 4,456	$ 9,248	$ 13,307
Number of estimated store closures | store	271