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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
    
FORM 10-Q

(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020
or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to_________

Commission File Number: 001-01011

cvs-20200930_g1.jpg
CVS HEALTH CORPORATION
(Exact name of registrant as specified in its charter)
Delaware05-0494040
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
One CVS Drive,Woonsocket, Rhode Island02895
 (Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code:     
(401)765-1500
Former name, former address and former fiscal year, if changed since last report:
N/A
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareCVSNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of October 28, 2020, the registrant had 1,308,913,498 shares of common stock issued and outstanding.




TABLE OF CONTENTSPage
Part IFinancial Information
 
Item 1.
Item 2.
Item 3.
Item 4.
   
Part IIOther Information 
   
Item 1.
Item 1A.
Item 2.
Item 3
Item 4.
Item 5.
Item 6.
   



Form 10-Q Table of Contents
Part I.Financial Information

Item 1.Financial Statements

Index to Condensed Consolidated Financial Statements
Page
Condensed Consolidated Statements of Operations (Unaudited) for the three and nine months ended September 30, 2020 and 2019
Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the three and nine months ended September 30, 2020 and 2019
Condensed Consolidated Balance Sheets (Unaudited) as of September 30, 2020 and December 31, 2019
Condensed Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2020 and 2019
Condensed Consolidated Statements of Shareholders’ Equity (Unaudited) for the three months ended September 30, 2020 and 2019, the three months ended June 30, 2020 and 2019 and the three months ended March 31, 2020 and 2019
Notes to Condensed Consolidated Financial Statements (Unaudited)
Report of Independent Registered Public Accounting Firm


1

Index to Condensed Consolidated Financial Statements
CVS Health Corporation
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
In millions, except per share amounts2020201920202019
Revenues:
Products$47,738 $47,149 $141,096 $136,023 
Premiums17,182 15,539 51,749 47,612 
Services1,932 1,859 5,757 5,447 
Net investment income204 263 550 805 
Total revenues67,056 64,810 199,152 189,887 
Operating costs:
Cost of products sold40,940 40,437 121,529 116,654 
Benefit costs14,396 12,850 40,534 39,396 
Operating expenses8,471 8,595 25,702 24,887 
Total operating costs63,807 61,882 187,765 180,937 
Operating income3,249 2,928 11,387 8,950 
Interest expense731 747 2,229 2,301 
Loss on early extinguishment of debt766 79 766 79 
Other income(54)(31)(153)(93)
Income before income tax provision1,806 2,133 8,545 6,663 
Income tax provision587 604 2,328 1,776 
Net income 1,219 1,529 6,217 4,887 
Net (income) loss attributable to noncontrolling interests5 1 (11) 
Net income attributable to CVS Health$1,224 $1,530 $6,206 $4,887 
Net income per share attributable to CVS Health:
Basic$0.93 $1.17 $4.74 $3.76 
Diluted$0.93 $1.17 $4.72 $3.75 
Weighted average shares outstanding:
Basic1,310 1,302 1,308 1,300 
Diluted1,315 1,305 1,314 1,303 
Dividends declared per share$0.50 $0.50 $1.50 $1.50 

See accompanying notes to condensed consolidated financial statements (unaudited).
2

Index to Condensed Consolidated Financial Statements
CVS Health Corporation
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
In millions2020201920202019
Net income $1,219 $1,529 $6,217 $4,887 
Other comprehensive income, net of tax:
Net unrealized investment gains 44 136 257 721 
Foreign currency translation adjustments1 153 (5)157 
Net cash flow hedges(3)(23)(15)(30)
Pension and other postretirement benefits  (1) 
Other comprehensive income42 266 236 848 
Comprehensive income1,261 1,795 6,453 5,735 
Comprehensive (income) loss attributable to noncontrolling interests5 1 (11) 
Comprehensive income attributable to CVS Health$1,266 $1,796 $6,442 $5,735 

See accompanying notes to condensed consolidated financial statements (unaudited).
3

Index to Condensed Consolidated Financial Statements
CVS Health Corporation
Condensed Consolidated Balance Sheets
(Unaudited)
In millions, except per share amountsSeptember 30,
2020
December 31,
2019
Assets: 
Cash and cash equivalents$9,256 $5,683 
Investments2,831 2,373 
Accounts receivable, net23,816 19,617 
Inventories17,478 17,516 
Other current assets5,830 5,113 
Total current assets59,211 50,302 
Long-term investments20,216 17,314 
Property and equipment, net12,349 12,044 
Operating lease right-of-use assets20,484 20,860 
Goodwill79,579 79,749 
Intangible assets, net31,697 33,121 
Separate accounts assets4,793 4,459 
Other assets4,569 4,600 
Total assets$232,898 $222,449 
Liabilities:
Accounts payable$11,677 $10,492 
Pharmacy claims and discounts payable15,722 13,601 
Health care costs payable 7,593 6,879 
Policyholders’ funds3,964 2,991 
Accrued expenses14,329 12,133 
Other insurance liabilities1,527 1,830 
Current portion of operating lease liabilities1,789 1,596 
Current portion of long-term debt5,443 3,781 
Total current liabilities62,044 53,303 
Long-term operating lease liabilities18,489 18,926 
Long-term debt61,552 64,699 
Deferred income taxes7,253 7,294 
Separate accounts liabilities4,793 4,459 
Other long-term insurance liabilities7,135 7,436 
Other long-term liabilities2,520 2,162 
Total liabilities163,786 158,279 
Shareholders’ equity:
Preferred stock, par value $0.01: 0.1 shares authorized; none issued or outstanding
  
Common stock, par value $0.01: 3,200 shares authorized; 1,732 shares issued and 1,309 shares outstanding at September 30, 2020 and 1,727 shares issued and 1,302 shares outstanding at December 31, 2019 and capital surplus
46,388 45,972 
Treasury stock, at cost: 423 shares at September 30, 2020 and 425 shares at December 31, 2019
(28,164)(28,235)
Retained earnings49,328 45,108 
Accumulated other comprehensive income1,255 1,019 
Total CVS Health shareholders’ equity68,807 63,864 
Noncontrolling interests305 306 
Total shareholders’ equity69,112 64,170 
Total liabilities and shareholders’ equity$232,898 $222,449 

See accompanying notes to condensed consolidated financial statements (unaudited).
4

Index to Condensed Consolidated Financial Statements
CVS Health Corporation
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended
September 30,
In millions20202019
Cash flows from operating activities:
Cash receipts from customers$195,554 $184,519 
Cash paid for inventory and prescriptions dispensed by retail network pharmacies(116,590)(109,958)
Insurance benefits paid (40,221)(38,812)
Cash paid to other suppliers and employees(22,185)(21,411)
Interest and investment income received622 756 
Interest paid(2,517)(2,675)
Income taxes paid(2,365)(2,205)
Net cash provided by operating activities12,298 10,214 
Cash flows from investing activities:
Proceeds from sales and maturities of investments3,790 5,616 
Purchases of investments(6,377)(6,011)
Purchases of property and equipment(1,724)(1,890)
Acquisitions (net of cash acquired)(828)(361)
Proceeds from sale of subsidiary834  
Other5 16 
Net cash used in investing activities(4,300)(2,630)
Cash flows from financing activities:
Net borrowings of short-term debt 350 
Proceeds from issuance of long-term debt7,919 3,458 
Repayments of long-term debt(10,493)(8,350)
Derivative settlements(7)(25)
Dividends paid(1,980)(1,952)
Proceeds from exercise of stock options249 183 
Payments for taxes related to net share settlement of equity awards(75)(85)
Other(33)11 
Net cash used in financing activities(4,420)(6,410)
Net increase in cash, cash equivalents and restricted cash3,578 1,174 
Cash, cash equivalents and restricted cash at the beginning of the period5,954 4,295 
Cash, cash equivalents and restricted cash at the end of the period$9,532 $5,469 

5

Index to Condensed Consolidated Financial Statements
CVS Health Corporation
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended
September 30,
In millions20202019
Reconciliation of net income to net cash provided by operating activities:
Net income $6,217 $4,887 
Adjustments required to reconcile net income to net cash provided by operating activities:
Depreciation and amortization3,302 3,275 
Stock-based compensation288 355 
(Gain) loss on sale of subsidiary(271)205 
Loss on early extinguishment of debt766 79 
Deferred income taxes and other noncash items(25)(38)
Change in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable, net(3,564)(2,312)
Inventories45 413 
Other assets(211)(374)
Accounts payable and pharmacy claims and discounts payable3,495 2,330 
Health care costs payable and other insurance liabilities(474)535 
Other liabilities2,730 859 
Net cash provided by operating activities$12,298 $10,214 

See accompanying notes to condensed consolidated financial statements (unaudited).

6

Index to Condensed Consolidated Financial Statements
CVS Health Corporation
Condensed Consolidated Statements of Shareholders’ Equity
(Unaudited)
Attributable to CVS Health
Number of shares outstanding
Common
Stock and
Capital
Surplus (2)
Treasury
Stock (1)
Retained
Earnings
Accumulated
Other
Comprehensive
Income
Total
CVS Health
Shareholders’
Equity
Noncontrolling
Interests
Total
Shareholders’
Equity
Common
Shares
Treasury
Shares (1)
In millions
Balance at December 31, 20191,727 (425)$45,972 $(28,235)$45,108 $1,019 $63,864 $306 $64,170 
Adoption of new accounting standard (Note 1)— — — — (3)— (3)— (3)
Net income— — — — 2,007 — 2,007 5 2,012 
Other comprehensive loss— — — — — (332)(332)— (332)
Stock option activity, stock awards and other2 — 208 — — — 208 — 208 
ESPP issuances, net of purchase of treasury shares— 1 — 53 — — 53 — 53 
Common stock dividends— — — — (657)— (657)— (657)
Other increases in noncontrolling interests— — — — — — — 23 23 
Balance at March 31, 20201,729 (424)46,180 (28,182)46,455 687 65,140 334 65,474 
Net income— — — — 2,975 — 2,975 11 2,986 
Other comprehensive income— — — — — 526 526 — 526 
Stock option activity, stock awards and other3 — 96 — — — 96 — 96 
Purchase of treasury shares, net of ESPP issuances— (1)— (53)— — (53)— (53)
Common stock dividends— — — — (662)— (662)— (662)
Other decreases in noncontrolling interests— — — — — — — (12)(12)
Balance at June 30, 20201,732 (425)$46,276 $(28,235)$48,768 $1,213 $68,022 $333 $68,355 
Net income (loss)— — — — 1,224 — 1,224 (5)1,219 
Other comprehensive income (Note 8)— — — — — 42 42 — 42 
Stock option activity, stock awards and other— — 112 — — — 112 — 112 
ESPP issuances, net of purchase of treasury shares— 2 — 71 — — 71 — 71 
Common stock dividends— — — — (664)— (664)— (664)
Other decreases in noncontrolling interests— — — — — — — (23)(23)
Balance at September 30, 20201,732 (423)$46,388 $(28,164)$49,328 $1,255 $68,807 $305 $69,112 
_____________________________________________
(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, 2020, June 30, 2020, March 31, 2020 and December 31, 2019.
(2)Common stock and capital surplus includes the par value of common stock of $17 million as of September 30, 2020, June 30, 2020, March 31, 2020 and December 31, 2019.
7

Index to Condensed Consolidated Financial Statements
Attributable to CVS Health
Number of shares outstanding
Common
Stock and
Capital
Surplus (2)
Treasury
Stock (1)
Retained
Earnings
Accumulated
Other
Comprehensive
Income
Total
CVS Health
Shareholders’
Equity
Noncontrolling
Interests
Total
Shareholders’
Equity
Common
Shares
Treasury
Shares (1)
In millions
Balance at December 31, 20181,720 (425)$45,440 $(28,228)$40,911 $102 $58,225 $318 $58,543 
Adoption of new accounting standard (3)
— — — — 178 — 178 — 178 
Net income— — — — 1,421 — 1,421 6 1,427 
Other comprehensive income— — — — — 331 331 — 331 
Stock option activity, stock awards and other2 — 175 — — — 175 — 175 
ESPP issuances, net of purchase of treasury shares— 1 — 7 — — 7 — 7 
Common stock dividends— — — — (651)— (651)— (