Segment Reporting The Company has three operating segments, Pharmacy Services, Retail/LTC and Health Care Benefits, as well as a Corporate/Other segment. The Companys 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 Companys segments based on adjusted operating income. Effective for the first quarter of 2019, adjusted operating income is defined as operating income (loss) (GAAP measure) excluding the impact of amortization of intangible assets and other items, if any, that neither relate to the ordinary course of the Companys business nor reflect the Companys underlying business performance. Segment financial information for the three and six months ended June 30, 2018 has been retrospectively adjusted to conform with the current period presentation. See the reconciliation of consolidated operating income (loss) (GAAP measure) to adjusted operating income below for further context regarding the items excluded from operating income (loss) in determining adjusted operating income. The Company uses adjusted operating income as its principal measure of segment performance as it enhances the Companys 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. Effective for the first quarter of 2019, the Company realigned the composition of its segments to correspond with changes to its operating model and reflect how the CODM reviews information and manages the business. See Note 1 Significant Accounting Policies for further discussion. Segment financial information for the three and six months ended June 30, 2018 , has been retrospectively adjusted to reflect these changes as shown below: Three Months Ended June 30, 2018 Pharmacy Retail/ Health Care Corporate/ Intersegment Consolidated In millions Services LTC Benefits Other Eliminations Totals Revenues, as previously reported $ 33,251 $ 20,672 $  $ 210 $ (7,211 ) $ 46,922 Adjustments 176  764  (940 )  Revenues, as adjusted $ 33,427 $ 20,672 $ 764 $ 210 $ (8,151 ) $ 46,922 Cost of products sold (1) $ 31,121 $ 14,760 $  $  $ (7,005 ) $ 38,876 Adjustments 852    (852 )  Cost of products sold, as adjusted $ 31,973 $ 14,760 $  $  $ (7,857 ) $ 38,876 Benefit costs (1) $ 631 $  $  $  $  $ 631 Adjustments (631 )  631    Benefit costs, as adjusted $  $  $ 631 $  $  $ 631 Operating expenses, as previously reported $ 407 $ 4,216 $  $ 263 $ (19 ) $ 4,867 Adjustments (45 )  133  (88 )  Operating expenses, as adjusted $ 362 $ 4,216 $ 133 $ 263 $ (107 ) $ 4,867 Operating income (loss), as previously reported $ 1,092 $ (2,225 ) $  $ (53 ) $ (187 ) $ (1,373 ) Adjustments       Operating income (loss), as adjusted 1,092 (2,225 )  (53 ) (187 ) (1,373 ) Segment measure adjustments 89 4,046  (163 )  3,972 Adjusted operating income (loss) $ 1,181 $ 1,821 $  $ (216 ) $ (187 ) $ 2,599 _____________________________________________ (1) The total of cost of products sold and benefit costs were previously reported as cost of revenues. Six Months Ended June 30, 2018 Pharmacy Retail/ Health Care Corporate/ Intersegment Consolidated In millions Services LTC Benefits Other Eliminations Totals Revenues, as previously reported $ 65,471 $ 41,104 $  $ 258 $ (14,168 ) $ 92,665 Adjustments 502  2,082  (2,584 )  Revenues, as adjusted $ 65,973 $ 41,104 $ 2,082 $ 258 $ (16,752 ) $ 92,665 Cost of products sold (1) $ 60,872 $ 29,276 $  $  $ (13,767 ) $ 76,381 Adjustments 2,408    (2,408 )  Cost of products sold, as adjusted $ 63,280 $ 29,276 $  $  $ (16,175 ) $ 76,381 Benefit costs (1) $ 1,960 $  $  $  $  $ 1,960 Adjustments (1,960 )  1,960    Benefit costs, as adjusted $  $  $ 1,960 $  $  $ 1,960 Operating expenses, as previously reported $ 784 $ 8,508 $  $ 527 $ (39 ) $ 9,780 Adjustments (84 )  260  (176 )  Operating expenses, as adjusted $ 700 $ 8,508 $ 260 $ 527 $ (215 ) $ 9,780 Operating income (loss), as previously reported $ 1,855 $ (601 ) $  $ (269 ) $ (362 ) $ 623 Adjustments 138  (138 )    Operating income (loss), as adjusted 1,993 (601 ) (138 ) (269 ) (362 ) 623 Segment measure adjustments 175 4,258 1 (165 )  4,269 Adjusted operating income (loss) $ 2,168 $ 3,657 $ (137 ) $ (434 ) $ (362 ) $ 4,892 _____________________________________________ (1) The total of cost of products sold and benefit costs were previously reported as cost of revenues. The following is a reconciliation of financial measures of the Companys segments to the consolidated totals: Pharmacy Retail/ Health Care Corporate/ Intersegment Consolidated In millions Services (1) LTC Benefits Other Eliminations (2) Totals Three Months Ended June 30, 2019 Revenues from customers $ 34,842 $ 21,447 $ 17,255 $ 16 $ (10,422 ) $ 63,138 Net investment income   148 145  293 Total revenues 34,842 21,447 17,403 161 (10,422 ) 63,431 Adjusted operating income (loss) 1,296 1,669 1,438 (202 ) (170 ) 4,031 June 30, 2018 Revenues from customers $ 33,427 $ 20,672 $ 760 $  $ (8,151 ) $ 46,708 Net investment income   4 210  214 Total revenues 33,427 20,672 764 210 (8,151 ) 46,922 Adjusted operating income (loss) 1,181 1,821  (216 ) (187 ) 2,599 Six Months Ended June 30, 2019 Revenues from customers $ 68,400 $ 42,562 $ 34,961 $ 41 $ (21,429 ) $ 124,535 Net investment income   312 230  542 Total revenues 68,400 42,562 35,273 271 (21,429 ) 125,077 Adjusted operating income (loss) 2,243 3,158 3,000 (433 ) (342 ) 7,626 June 30, 2018 Revenues from customers $ 65,973 $ 41,104 $ 2,076 $  $ (16,752 ) $ 92,401 Net investment income   6 258  264 Total revenues 65,973 41,104 2,082 258 (16,752 ) 92,665 Adjusted operating income (loss) 2,168 3,657 (137 ) (434 ) (362 ) 4,892 _____________________________________________ (1) Revenues of the Pharmacy Services segment include approximately $2.9 billion and $2.8 billion of retail co-payments for the three months ended June 30, 2019 and 2018, respectively, as well as $6.2 billion and $6.1 billion of retail co-payments for the six months ended June 30, 2019 and 2018, respectively. (2) Intersegment eliminations relate to intersegment revenue generating activities that occur between the Pharmacy Services segment, the Retail/LTC segment and/or the Health Care Benefits segment. The following is a reconciliation of consolidated operating income (loss) to adjusted operating income for the three and six months ended June 30, 2019 and 2018 : Three Months Ended Six Months Ended June 30, June 30, In millions 2019 2018 2019 2018 Operating income (loss) (GAAP measure) $ 3,332 $ (1,373 ) $ 6,022 $ 623 Amortization of intangible assets (1) 593 214 1,215 424 Acquisition-related transaction and integration costs (2) 106 39 254 82 Store rationalization charge (3)   135  Goodwill impairment (4)  3,921  3,921 Loss on divestiture of subsidiary (5)    86 Interest income on financing for the Aetna Acquisition (6)  (202 )  (244 ) Adjusted operating income $ 4,031 $ 2,599 $ 7,626 $ 4,892 _____________________________________________ (1) Intangible assets relate to the Companys acquisition activities and are amortized over their useful lives. The amortization of intangible assets is reflected in the Companys unaudited GAAP condensed consolidated statements of operations in operating expenses within each segment. The amortization of intangible assets is not directly related to the core performance of the Companys business operations since this amortization does not directly relate to the underwriting of the Companys insurance products, the services performed for the Companys customers or the sale of the Companys products or services. Subsequent to the applicable acquisition date, the Companys revenues and results of operations include the results of each of the Companys acquisitions, which are supported by these intangible assets. (2) During the three and six months ended June 30, 2019 and 2018, acquisition-related transaction and integration costs relate to the Aetna Acquisition. During the six months ended June 30, 2018, acquisition-related integration costs also relate to the acquisition of Omnicare, Inc. The acquisition-related transaction and integration costs are reflected in the Companys unaudited GAAP condensed consolidated statements of operations in operating expenses primarily within the Corporate/Other segment. (3) During the six months ended June 30, 2019, the store rationalization charge primarily relates to operating lease right-of-use asset impairment charges in connection with the planned closure of 46 underperforming retail pharmacy stores in the second quarter of 2019. The store rationalization charge is reflected in the Companys unaudited GAAP condensed consolidated statements of operations in operating expenses within the Retail/LTC segment. (4) During the three and six months ended June 30, 2018, the goodwill impairment charge relates to the LTC reporting unit within the Retail/LTC segment. (5) During the six months ended June 30, 2018, the loss on divestiture of subsidiary represents the pre-tax loss on the sale of the Companys RxCrossroads subsidiary for $725 million and is reflected in operating expenses in the Companys unaudited GAAP condensed consolidated statement of operations within the Retail/LTC segment. (6) During the three and six months ended June 30, 2018, the Company recorded interest income of $202 million and $244 million , respectively on the proceeds of its unsecured senior notes issued in March 2018 to partially fund the Aetna Acquisition. All amounts are for the periods prior to the close of the Aetna Acquisition, which occurred on November 28, 2018, and were recorded within the Corporate/Other segment.