Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

CVS Health Corp., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income	8,368)	4,165)	7,898)	7,192)	6,631)
Depreciation and amortization	4,366)	4,247)	4,512)	4,441)	4,371)
Loss on assets held for sale	349)	2,533)	—)	—)	—)
Store impairments	—)	—)	1,358)	—)	—)
Goodwill impairment	—)	—)	431)	—)	—)
Stock-based compensation	588)	447)	484)	400)	453)
(Gain) loss on sale of subsidiaries	—)	(475)	—)	(269)	205)
Loss on early extinguishment of debt	—)	—)	452)	1,440)	79)
Deferred income taxes	(676)	(2,075)	(428)	(570)	(654)
Other noncash items	416)	332)	(390)	72)	264)
Accounts receivable, net	(6,260)	(2,971)	(2,703)	(1,510)	(2,158)
Inventories	1,233)	(1,435)	735)	(973)	(1,075)
Other assets	(510)	(566)	(3)	364)	(614)
Accounts payable and pharmacy claims and discounts payable	3,618)	4,260)	2,898)	2,769)	3,550)
Health care costs payable and other insurance liabilities	394)	1,247)	169)	(231)	320)
Other liabilities	1,540)	6,468)	2,852)	2,740)	1,476)
Change in operating assets and liabilities, net of effects from acquisitions	15)	7,003)	3,948)	3,159)	1,499)
Adjustments required to reconcile net income to net cash provided by operating activities	5,058)	12,012)	10,367)	8,673)	6,217)
Net cash provided by operating activities	13,426)	16,177)	18,265)	15,865)	12,848)
Proceeds from sales and maturities of investments	7,729)	6,729)	7,246)	6,467)	7,049)
Purchases of investments	(9,043)	(7,746)	(9,963)	(9,639)	(7,534)
Purchases of property and equipment	(3,031)	(2,727)	(2,520)	(2,437)	(2,457)
Proceeds from sale-leaseback transactions	—)	—)	—)	101)	5)
Acquisitions, net of cash and restricted cash acquired	(16,612)	(139)	(146)	(866)	(444)
Proceeds from sale of subsidiaries, net of cash and restricted cash sold	—)	(1,249)	—)	840)	—)
Other	68)	85)	122)	—)	42)
Net cash used in investing activities	(20,889)	(5,047)	(5,261)	(5,534)	(3,339)
Commercial paper borrowings (repayments), net	200)	—)	—)	—)	—)
Proceeds from issuance of short-term loan	5,000)	—)	—)	—)	—)
Repayment of short-term loan	(5,000)	—)	—)	—)	(720)
Proceeds from issuance of long-term debt	10,898)	—)	987)	9,958)	3,736)
Repayments of long-term debt	(3,166)	(4,211)	(10,254)	(15,631)	(8,336)
Derivative settlements	—)	—)	—)	(7)	(25)
Repurchase of common stock	(2,012)	(3,500)	—)	—)	—)
Dividends paid	(3,132)	(2,907)	(2,625)	(2,624)	(2,603)
Proceeds from exercise of stock options	277)	551)	549)	264)	210)
Payments for taxes related to net share settlement of equity awards	(181)	(370)	(168)	(88)	(112)
Other	(201)	(79)	155)	(27)	—)
Net cash provided by (used in) financing activities	2,683)	(10,516)	(11,356)	(8,155)	(7,850)
Net increase (decrease) in cash, cash equivalents and restricted cash	(4,780)	614)	1,648)	2,176)	1,659)
Cash, cash equivalents and restricted cash at the beginning of the period	13,305)	12,691)	11,043)	5,954)	4,295)
Cash, cash equivalents and restricted cash at the end of the period	8,525)	13,305)	12,691)	8,130)	5,954)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Cash flow statement item	Description	The company
Net cash provided by operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	CVS Health Corp. net cash provided by operating activities decreased from 2021 to 2022 and from 2022 to 2023.
Net cash used in investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	CVS Health Corp. net cash used in investing activities increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Net cash provided by (used in) financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	CVS Health Corp. net cash provided by (used in) financing activities increased from 2021 to 2022 and from 2022 to 2023.

CVS Health Corp. (NYSE:CVS)

Cash Flow Statement