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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 March 31, 2022
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-20220331_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 April 27, 2022, the registrant had 1,311,309,074 shares of common stock issued and outstanding.




TABLE OF CONTENTS
Page
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 months ended March 31, 2022 and 2021
Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the three months ended March 31, 2022 and 2021
Condensed Consolidated Balance Sheets (Unaudited) as of March 31, 2022 and December 31, 2021
Condensed Consolidated Statements of Cash Flows (Unaudited) for the three months ended March 31, 2022 and 2021
Condensed Consolidated Statements of Shareholders’ Equity (Unaudited) for the three months ended March 31, 2022 and 2021
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
March 31,
In millions, except per share amounts20222021
Revenues:
Products$52,522 $47,387 
Premiums21,631 18,960 
Services2,505 2,453 
Net investment income168 297 
Total revenues76,826 69,097 
Operating costs:
Cost of products sold45,509 40,894 
Benefit costs17,951 15,704 
Operating expenses9,876 8,922 
Total operating costs73,336 65,520 
Operating income3,490 3,577 
Interest expense586 657 
Other income(42)(50)
Income before income tax provision2,946 2,970 
Income tax provision633 746 
Net income 2,313 2,224 
Net income attributable to noncontrolling interests(1)(1)
Net income attributable to CVS Health$2,312 $2,223 
Net income per share attributable to CVS Health:
Basic$1.76 $1.69 
Diluted$1.74 $1.68 
Weighted average shares outstanding:
Basic1,312 1,313 
Diluted1,328 1,322 
Dividends declared per share$0.55 $0.50 

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
March 31,
In millions20222021
Net income $2,313 $2,224 
Other comprehensive loss, net of tax:
Net unrealized investment losses(1,155)(386)
Foreign currency translation adjustments3 (2)
Net cash flow hedges(3)(4)
Other comprehensive loss(1,155)(392)
Comprehensive income1,158 1,832 
Comprehensive income attributable to noncontrolling interests(1)(1)
Comprehensive income attributable to CVS Health$1,157 $1,831 

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 amountsMarch 31,
2022
December 31,
2021
Assets: 
Cash and cash equivalents$8,442 $9,408 
Investments2,900 3,117 
Accounts receivable, net26,451 24,431 
Inventories18,160 17,760 
Other current assets5,530 5,292 
Total current assets61,483 60,008 
Long-term investments22,595 23,025 
Property and equipment, net12,844 12,896 
Operating lease right-of-use assets18,801 19,122 
Goodwill79,060 79,121 
Intangible assets, net28,543 29,026 
Separate accounts assets4,670 5,087 
Other assets4,877 4,714 
Total assets$232,873 $232,999 
Liabilities:
Accounts payable$12,738 $12,544 
Pharmacy claims and discounts payable18,572 17,330 
Health care costs payable 10,260 8,808 
Policyholders’ funds4,138 4,301 
Accrued expenses16,619 17,670 
Other insurance liabilities1,387 1,303 
Current portion of operating lease liabilities1,849 1,646 
Current portion of long-term debt4,217 4,205 
Total current liabilities69,780 67,807 
Long-term operating lease liabilities17,786 18,177 
Long-term debt52,063 51,971 
Deferred income taxes5,829 6,270 
Separate accounts liabilities4,670 5,087 
Other long-term insurance liabilities6,363 6,402 
Other long-term liabilities2,242 1,904 
Total liabilities158,733 157,618 
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; 1,747 shares issued and 1,306 shares outstanding at March 31, 2022 and 1,744 shares issued and 1,322 shares outstanding at December 31, 2021 and capital surplus
47,677 47,377 
Treasury stock, at cost: 441 shares at March 31, 2022 and 422 shares at December 31, 2021
(30,145)(28,173)
Retained earnings56,488 54,906 
Accumulated other comprehensive income (loss)(190)965 
Total CVS Health shareholders’ equity73,830 75,075 
Noncontrolling interests310 306 
Total shareholders’ equity74,140 75,381 
Total liabilities and shareholders’ equity$232,873 $232,999 

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)
Three Months Ended
March 31,
In millions20222021
Cash flows from operating activities:
Cash receipts from customers$74,192 $66,487 
Cash paid for inventory and prescriptions dispensed by retail network pharmacies(44,365)(39,171)
Insurance benefits paid (16,616)(15,456)
Cash paid to other suppliers and employees(8,969)(8,270)
Interest and investment income received199 222 
Interest paid(782)(876)
Income taxes paid(96)(44)
Net cash provided by operating activities3,563 2,892 
Cash flows from investing activities:
Proceeds from sales and maturities of investments2,570 2,177 
Purchases of investments(3,474)(3,131)
Purchases of property and equipment(1,051)(829)
Acquisitions (net of cash acquired)(7)(84)
Other(31) 
Net cash used in investing activities(1,993)(1,867)
Cash flows from financing activities:
Net borrowings of short-term debt 252 
Repayments of long-term debt(14)(3,049)
Repurchase of common stock(2,000) 
Dividends paid(722)(656)
Proceeds from exercise of stock options297 212 
Payments for taxes related to net share settlement of equity awards(62)(3)
Other(149)59 
Net cash used in financing activities(2,650)(3,185)
Net decrease in cash, cash equivalents and restricted cash(1,080)(2,160)
Cash, cash equivalents and restricted cash at the beginning of the period12,691 11,043 
Cash, cash equivalents and restricted cash at the end of the period$11,611 $8,883 

5

Index to Condensed Consolidated Financial Statements
CVS Health Corporation
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended
March 31,
In millions20222021
Reconciliation of net income to net cash provided by operating activities:
Net income $2,313 $2,224 
Adjustments required to reconcile net income to net cash provided by operating activities:
Depreciation and amortization1,055 1,126 
Stock-based compensation89 87 
Deferred income taxes and other noncash items(187)(166)
Change in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable, net(1,967)(2,093)
Inventories(400)879 
Other assets(352)(286)
Accounts payable and pharmacy claims and discounts payable1,974 576 
Health care costs payable and other insurance liabilities1,478 294 
Other liabilities(440)251 
Net cash provided by operating activities$3,563 $2,892 

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 (Loss)
Total
CVS Health
Shareholders’
 Equity
Noncontrolling
Interests
Total
Shareholders’
Equity
Common
Shares
Treasury
Shares (1)
In millions
Balance at December 31, 20211,744 (422)$47,377 $(28,173)$54,906 $965 $75,075 $306 $75,381 
Net income— — — — 2,312 — 2,312 1 2,313 
Other comprehensive loss (Note 6)— — — — — (1,155)(1,155)— (1,155)
Stock option activity, stock awards and other3 — 300 — — — 300 — 300 
Purchase of treasury shares, net of ESPP issuances— (19)— (1,972)— — (1,972)— (1,972)
Common stock dividends— — — — (730)— (730)— (730)
Other increases in noncontrolling interests— — — — — — — 3 3 
Balance at March 31, 20221,747 (441)$47,677 $(30,145)$56,488 $(190)$73,830 $310 $74,140 
Balance at December 31, 20201,733 (423)$46,513 $(28,178)$49,640 $1,414 $69,389 $312 $69,701 
Net income— — — — 2,223 — 2,223 1 2,224 
Other comprehensive loss (Note 6)— — — — — (392)(392)— (392)
Stock option activity, stock awards and other2 — 214 — — — 214 — 214 
ESPP issuances, net of purchase of treasury shares— 1 — 76 — — 76 — 76 
Common stock dividends— — — — (660)— (660)— (660)
Other increases in noncontrolling interests— — — — — — — 1 1 
Balance at March 31, 20211,735 (422)$46,727 $(28,102)$51,203 $1,022 $70,850 $314 $71,164 
_____________________________________________
(1)Treasury shares include 1 million shares held in trust and treasury stock includes $29 million related to shares held in trust as of March 31, 2022 and 2021 and December 31, 2021 and 2020.
(2)Common stock and capital surplus includes the par value of common stock of $17 million as of March 31, 2022 and 2021 and December 31, 2021 and 2020.

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

7

Index to Condensed Consolidated Financial Statements
Notes to Condensed Consolidated Financial Statements (Unaudited)

1.Significant Accounting Policies

Description of Business 

CVS Health Corporation, together with its subsidiaries (collectively, “CVS Health” or the “Company”), has more than 9,000 retail locations, more than 1,100 walk-in medical clinics, a leading pharmacy benefits manager with approximately 110 million plan members with expanding specialty pharmacy solutions and a dedicated senior pharmacy care business serving more than one million patients per year. The Company also serves an estimated 35 million people through traditional, voluntary and consumer-directed health insurance products and related services, including expanding Medicare Advantage offerings and a leading standalone Medicare Part D prescription drug plan (“PDP”). The Company believes its innovative health care model increases access to quality care, delivers better health outcomes and lowers overall health care costs.

The coronavirus disease 2019 (“COVID-19”) and its emerging new variants continue to impact the economies of the U.S. and other countries around the world. The impact of COVID-19 on the Company’s businesses, operating results, cash flows and financial condition, as well as information regarding certain expected impacts of COVID-19 on the Company, is discussed throughout this Quarterly Report on Form 10-Q.

The Company has four reportable segments: Health Care Benefits, Pharmacy Services, Retail/LTC and Corporate/Other, which are described below.

Health Care Benefits Segment
The Health Care Benefits segment 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, Medicaid health care management services and health information technology products and 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.” In addition, effective January 2022, the Company entered the individual public health insurance exchanges (“Public Exchanges”) in eight states through which it sells Insured plans directly to individual consumers.

Pharmacy Services Segment
The Pharmacy Services segment provides a full range of pharmacy benefit management (“PBM”) solutions, including plan design offerings and administration, formulary management, retail pharmacy network management services and mail order pharmacy. In addition, through the Pharmacy Services segment, the Company provides specialty pharmacy and infusion services, clinical services, disease management services, medical spend management and pharmacy and/or other administrative services for providers and federal 340B drug pricing program covered entities (“Covered Entities”). The Company operates a group purchasing organization that negotiates pricing for the purchase of pharmaceuticals and rebates with pharmaceutical manufacturers on behalf of its participants. The Company also provides various administrative, management and reporting services to pharmaceutical manufacturers. The Pharmacy Services segment’s clients are primarily employers, insurance companies, unions, government employee groups, health plans, PDPs, Medicaid managed care plans, plans offered on Public Exchanges and private health insurance exchanges, other sponsors of health benefit plans throughout the United States and Covered Entities. The Pharmacy Services segment operates retail specialty pharmacy stores, specialty mail order pharmacies, mail order dispensing pharmacies, compounding pharmacies and branches for infusion and enteral nutrition services.

Retail/LTC Segment
The Retail/LTC segment sells prescription drugs and a wide assortment of health and wellness products and general merchandise, provides health care services through its MinuteClinic® walk-in medical clinics, provides medical diagnostic testing, administers vaccinations for illnesses such as influenza, COVID-19 and shingles and conducts long-term care pharmacy (“LTC”) operations, which distribute prescription drugs and provide related pharmacy consulting and other ancillary services to long-term care facilities and other care settings. As of March 31, 2022, the Retail/LTC segment operated more than 9,000 retail locations, more than 1,100 MinuteClinic locations as well as online retail pharmacy websites, LTC pharmacies and on-site pharmacies.
8



Corporate/Other Segment
The Company presents the remainder of its financial results in the Corporate/Other segment, which primarily consists of:

Management and administrative expenses to support the Company’s overall operations, which include certain aspects of executive management and the corporate relations, legal, compliance, human resources, information technology and finance departments, expenses associated with the Company’s investments in its transformation and enterprise modernization programs and acquisition-related integration costs; and
Products for which the Company no longer solicits or accepts new customers such as its large case pensions and long-term care insurance products.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of CVS Health and its subsidiaries have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. In accordance with such rules and regulations, certain information and accompanying note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted, although the Company believes the disclosures included herein are adequate to make the information presented not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 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.


9


Restricted Cash

Restricted cash (included in other current assets) on the unaudited condensed consolidated balance sheets represents funds held on behalf of members, including health savings account funds associated with high deductible health plans. Restricted cash (included in other assets) on the unaudited condensed consolidated balance sheets represents amounts held in a trust in one of the Company’s captive insurance companies to satisfy collateral requirements associated with the assignment of certain insurance policies. All restricted cash is invested in time deposits 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 millionsMarch 31,
2022
December 31,
2021
March 31,
2021
Cash and cash equivalents$8,442 $9,408 $5,598 
Restricted cash (included in other current assets)2,913 3,065 2,972 
Restricted cash (included in other assets)256 218 313 
Total cash, cash equivalents and restricted cash in the statements of cash flows$11,611 $12,691 $8,883 

Accounts Receivable

Accounts receivable are stated net of allowances for credit losses, customer credit allowances, contractual allowances and estimated terminations. Accounts receivable, net is composed of the following:
In millionsMarch 31,
2022
December 31,
2021
Trade receivables$8,728 $7,932 
Vendor and manufacturer receivables11,685 10,573 
Premium receivables3,508 2,537 
Other receivables2,530 3,389 
   Total accounts receivable, net $26,451 $24,431 

The Company’s allowance for credit losses was $324 million and $339 million as of March 31, 2022 and December 31, 2021, 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.
10


Revenue Recognition

Disaggregation of Revenue
The following table disaggregates the Company’s revenue by major source in each segment for the three months ended March 31, 2022 and 2021:
In millionsHealth Care
Benefits
Pharmacy
Services
Retail/
LTC
Corporate/
Other
Intersegment
Eliminations
Consolidated
Totals
Three Months Ended March 31, 2022
Major goods/services lines:
Pharmacy$ $39,198 $19,532 $ $(11,240)$47,490 
Front Store  5,313   5,313 
Premiums21,614   17  21,631 
Net investment income (loss)89  (16)95  168 
Other1,406 263 589 14 (48)2,224 
Total$23,109 $39,461 $25,418 $126 $(11,288)$76,826 
Pharmacy Services distribution channel:
Pharmacy network (1)
$22,824 
Mail choice (2)
16,374 
Other263 
Total$39,461 
Three Months Ended March 31, 2021
Major goods/services lines:
Pharmacy$ $36,141 $17,885 $ $(11,074)$42,952 
Front Store  4,642   4,642 
Premiums18,942   18  18,960 
Net investment income148  46 103  297 
Other1,393 180 701 14 (42)2,246 
Total$20,483 $36,321 $23,274 $135 $(11,116)$69,097 
Pharmacy Services distribution channel:
Pharmacy network (1)
$21,893 
Mail choice (2)
14,248 
Other180 
Total$36,321 
_____________________________________________
(1)Pharmacy Services pharmacy network is defined as claims filled at retail and specialty retail pharmacies, including the Company’s retail pharmacies and LTC pharmacies, but excluding Maintenance Choice® activity, which is included within the mail choice category. Maintenance Choice permits eligible client plan members to fill their maintenance prescriptions through mail order delivery or at a CVS pharmacy retail store for the same price as mail order.
(2)Pharmacy Services mail choice is defined as claims filled at a Pharmacy Services mail order facility, which includes specialty mail claims inclusive of Specialty Connect® claims picked up at a retail pharmacy, as well as prescriptions filled at the Company’s retail pharmacies under the Maintenance Choice program.

Contract Balances
Contract liabilities primarily represent the Company’s obligation to transfer additional goods or services to a customer for which the Company has received consideration, and include ExtraBucks® Rewards and unredeemed Company gift cards. The consideration received remains a contract liability until goods or services have been provided to the customer. In addition, the Company recognizes breakage on Company gift cards based on historical redemption patterns.


11


The following table provides information about receivables and contract liabilities from contracts with customers:
In millionsMarch 31,
2022
December 31,
2021
Trade receivables (included in accounts receivable, net)$8,728 $7,932 
Contract liabilities (included in accrued expenses)80 87 

During the three months ended March 31, 2022 and 2021, the contract liabilities balance includes increases related to customers’ earnings in ExtraBucks Rewards or issuances of Company gift cards and decreases for revenues recognized during the period as a result of the redemption of ExtraBucks Rewards or Company gift cards and breakage of Company gift cards. Below is a summary of such changes:
Three Months Ended
March 31,
In millions20222021
Contract liabilities, beginning of the period$87 $71 
Rewards earnings and gift card issuances80 93 
Redemption and breakage(87)(84)
Contract liabilities, end of the period$80 $80 

Related Party Transactions

The Company has an equity method investment in SureScripts, LLC (“SureScripts”), which operates a clinical health information network. The Company utilizes this clinical health information network in providing services to its client plan members and retail customers. The Company expensed fees for the use of this network of $15 million and $9 million in the three months ended March 31, 2022 and 2021, respectively. The Company’s investment in and equity in the earnings of SureScripts for all periods presented is immaterial.

The Company has an equity method investment in Heartland Healthcare Services, LLC (“Heartland”). Heartland operates several LTC pharmacies in four states. Heartland paid the Company $21 million and $18 million for pharmaceutical inventory purchases during the three months ended March 31, 2022 and 2021, respectively. Additionally, the Company performs certain collection functions for Heartland and then transfers those customer cash collections to Heartland. The Company’s investment in and equity in the earnings of Heartland for all periods presented is immaterial.

Planned Divestiture of Thailand Health Care Business

In March 2022, the Company reached an agreement to sell its international health care business domiciled in Thailand (“Thailand business”), which is included in the Commercial Business reporting unit within the Health Care Benefits segment. At that time, a portion of the Commercial Business goodwill was specifically allocated to the Thailand business. The net assets of the Thailand business were accounted for as assets held for sale and included in other current assets and accrued expenses on the unaudited condensed consolidated balance sheet at March 31, 2022. The carrying value of the Thailand business was determined to be greater than its fair value and, accordingly, the Company recorded a $41 million loss on assets held for sale within the Health Care Benefits segment during the three months ended March 31, 2022. The sale is expected to close in the second quarter of 2022.

New Accounting Pronouncements Not Yet Adopted

Targeted Improvements to the Accounting for Long-Duration Insurance Contracts
In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts (Topic 944). This standard requires the Company to review cash flow assumptions for its long-duration insurance contracts at least annually and recognize the effect of changes in future cash flow assumptions in net income. This standard also requires the Company to update discount rate assumptions quarterly and recognize the effect of changes in these assumptions in other comprehensive income. The rate used to discount the Company’s liability for future policy benefits will be based on an estimate of the yield for an upper-medium grade fixed-income instrument with a duration profile matching that of the Company’s liabilities. In addition, this standard changes the amortization method for deferred acquisition costs and requires additional disclosures regarding the long duration insurance contract liabilities in the Company’s interim and annual financial statements. The standard is effective for public companies for fiscal years, and interim
12


periods within those fiscal years, beginning after December 15, 2022. The Company will adopt the new standard on January 1, 2023, using the modified retrospective transition method as of the earliest period presented for changes to the liability for future policy benefits and deferred acquisition costs. While the Company is still evaluating the impact of the new standard on its financial statements, the Company anticipates an increase to its liability for future policy benefits with a corresponding change in accumulated other comprehensive income as a result of updating the rate used to discount the liabilities to reflect the yield for an upper-medium grade fixed-income instrument compared to the Company’s expected investment yield under the existing guidance.
13


2.Investments

Total investments at March 31, 2022 and December 31, 2021 were as follows:
 March 31, 2022December 31, 2021
In millionsCurrentLong-termTotalCurrentLong-termTotal
Debt securities available for sale$2,826 $19,672 $22,498 $3,009 $20,231 $23,240 
Mortgage loans114 804 918 58 844 902 
Other investments33 2,119 2,152 50 1,950 2,000 
Total investments (1)
$2,973 $22,595 $25,568 $3,117 $23,025 $26,142 
_____________________________________________
(1)Includes current investments of $73 million which have been accounted for as assets held for sale in connection with the planned divestiture of the Thailand business and are included in other current assets on the unaudited condensed consolidated balance sheet at March 31, 2022.

Debt Securities

Debt securities available for sale at March 31, 2022 and December 31, 2021 were as follows:
In millionsGross
Amortized
Cost
Allowance
for Credit
Losses
Net
Amortized
 Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
March 31, 2022
Debt securities:    
U.S. government securities$2,333 $ $2,333 $21 $(68)$2,286 
States, municipalities and political subdivisions2,526  2,526 37 (65)2,498 
U.S. corporate securities10,005  10,005 261 (322)9,944 
Foreign securities3,049 (42)3,007 87 (95)2,999 
Residential mortgage-backed securities910  910 5 (48)867 
Commercial mortgage-backed securities1,284  1,284 8 (67)1,225 
Other asset-backed securities2,706  2,706 8 (61)2,653 
Redeemable preferred securities25  25 1  26 
Total debt securities (1)
$22,838 $(42)$22,796 $428 $(726)$22,498 
December 31, 2021
Debt securities:
U.S. government securities$2,349 $ $2,349 $70 $(3)$2,416 
States, municipalities and political subdivisions2,947