Common and Preferred Stock

12 Months Ended

Dec. 31, 2018

Common And Preferred Stock [Abstract]

Note 6 – Common and Preferred Stock

As more fully described in Note 3, Cigna acquired Express Scripts on December 20, 2018. Old Cigna shareholders exchanged each of their shares for a share of Cigna common stock and shareholders of Express Scripts received 0.2434 of a share of Cigna (and $48.75 in cash) for each share of Express Scripts. Following the Merger, Old Cigna was de-listed and shares of Cigna were listed on the New York Stock Exchange for trading.

Cigna (and, prior to the Merger, Old Cigna) has a total of 25 million shares of $1 par value preferred stock authorized for issuance. No shares of preferred stock were outstanding at December 31, 2018, 2017 or 2016.

The following table presents the share activity of Old Cigna and Cigna for the years ended December 31, 2018, 2017 and 2016.

(Shares in thousands)	2018	2017	2016
Common: Par value $0.25; 600,000 shares authorized - Old Cigna
Outstanding - January 1,	243,967	256,869	256,544
Issued for stock option exercises and other benefit plans	1,118	2,761	1,110
Repurchased common stock	(1,300)	(15,663)	(785)
Balance, December 20, 2018 (Merger Date)	243,785	-	-
Exchange of Old Cigna shares for shares of Cigna	(243,785)	-	-
Outstanding - December 31,	-	243,967	256,869
Retirement of treasury stock on December 20, 2018	(52,358)	-	-
Exchange of Old Cigna certificated treasury stock for new Cigna certificated treasury stock	(2)	-	-
Treasury stock - December 31, 2018	-	52,178	39,276
Issued - December 31,	-	296,145	296,145

Common: Par value $0.01; 600,000 shares authorized - Cigna
Shares issued to Old Cigna shareholders	243,785	-	-
Shares issued to Express Scripts shareholders	137,337	-	-
Issued for stock option exercises and other benefit plans including Express Scripts performance share holders	91	-	-
Repurchased common stock	(289)	-	-
Outstanding - December 31, 2018	380,924	-	-
Treasury stock	570	-	-
Issued - December 31, 2018	381,494	-	-