CVS HEALTH Corp

Jurisdiction Analysis - Where are the 458 subsidiaries incorporated?

458

Total Subsidiaries

Unique Jurisdictions

High-Risk Tax Havens

45.0%

In Low-Tax Jurisdictions

Subsidiaries by Jurisdiction

DelawareLow-Tax

18440.2%

184

Ohio

204.4%

New York

183.9%

Illinois

163.5%

Arizona

153.3%

Connecticut

143.1%

Florida

112.4%

California

112.4%

Missouri

102.2%

Pennsylvania

92.0%

Tennessee

71.5%

Texas

71.5%

Maryland

61.3%

Michigan

61.3%

NevadaLow-Tax

61.3%

IrelandLow-Tax

61.3%

Minnesota

61.3%

Rhode Island

61.3%

Virginia

61.3%

Utah

51.1%

Indiana

51.1%

Kentucky

51.1%

Louisiana

51.1%

New JerseyTax Haven

51.1%

Kansas

40.9%

Oklahoma

40.9%

Massachusetts

40.9%

South Carolina

40.9%

North Carolina

30.7%

Washington

30.7%

New Hampshire

30.7%

Puerto Rico

30.7%

Nebraska

30.7%

Wisconsin

30.7%

Iowa

20.4%

Alabama

20.4%

Alaska

20.4%

Maine

20.4%

Hawaii

20.4%

West Virginia

20.4%

South DakotaLow-Tax

20.4%

Georgia

20.4%

Vermont

20.4%

Hong KongTax Haven

10.2%

United Arab EmiratesTax Haven

10.2%

United Kingdom

10.2%

Arkansas

10.2%

BermudaTax Haven

10.2%

District of Columbia

10.2%

Idaho

10.2%

New Mexico

10.2%

Mississippi

10.2%

Montana

10.2%

Oregon

10.2%

Indonesia

10.2%

Understanding the Chart

• Bars show number of subsidiaries per jurisdiction
• Red = High-risk tax havens (Cayman Islands, Luxembourg, etc.)
• Yellow = Moderate tax jurisdictions (Singapore, Hong Kong, etc.)
• Blue = Standard jurisdictions

Why This Matters

• Companies choose jurisdictions strategically for tax optimization
• High concentration in tax havens may indicate aggressive tax planning
• Helps investors understand corporate tax strategy
• Data sourced from SEC 10-K Exhibit 21 filings

Back to CVS HEALTH Corp

CVS HEALTH Corp

Jurisdiction Analysis - Where are the 458 subsidiaries incorporated?

458

Total Subsidiaries

Unique Jurisdictions

High-Risk Tax Havens

45.0%

In Low-Tax Jurisdictions

Subsidiaries by Jurisdiction

DelawareLow-Tax

18440.2%

184

Ohio

204.4%

New York

183.9%

Illinois

163.5%

Arizona

153.3%

Connecticut

143.1%

Florida

112.4%

California

112.4%

Missouri

102.2%

Pennsylvania

92.0%

Tennessee

71.5%

Texas

71.5%

Maryland

61.3%

Michigan

61.3%

NevadaLow-Tax

61.3%

IrelandLow-Tax

61.3%

Minnesota

61.3%

Rhode Island

61.3%

Virginia

61.3%

Utah

51.1%

Indiana

51.1%

Kentucky

51.1%

Louisiana

51.1%

New JerseyTax Haven

51.1%

Kansas

40.9%

Oklahoma

40.9%

Massachusetts

40.9%

South Carolina

40.9%

North Carolina

30.7%

Washington

30.7%

New Hampshire

30.7%

Puerto Rico

30.7%

Nebraska

30.7%

Wisconsin

30.7%

Iowa

20.4%

Alabama

20.4%

Alaska

20.4%

Maine

20.4%

Hawaii

20.4%

West Virginia

20.4%

South DakotaLow-Tax

20.4%

Georgia

20.4%

Vermont

20.4%

Hong KongTax Haven

10.2%

United Arab EmiratesTax Haven

10.2%

United Kingdom

10.2%

Arkansas

10.2%

BermudaTax Haven

10.2%

District of Columbia

10.2%

Idaho

10.2%

New Mexico

10.2%

Mississippi

10.2%

Montana

10.2%

Oregon

10.2%

Indonesia

10.2%

Understanding the Chart

• Bars show number of subsidiaries per jurisdiction
• Red = High-risk tax havens (Cayman Islands, Luxembourg, etc.)
• Yellow = Moderate tax jurisdictions (Singapore, Hong Kong, etc.)
• Blue = Standard jurisdictions

Why This Matters

• Companies choose jurisdictions strategically for tax optimization
• High concentration in tax havens may indicate aggressive tax planning
• Helps investors understand corporate tax strategy
• Data sourced from SEC 10-K Exhibit 21 filings