Mergers and Acquisitions (Tables)

12 Months Ended

Dec. 31, 2018

Acquisitions and Dispositions [Abstract]

Merger-related costs

(Dollars and shares in millions, except per share amounts)
Cash consideration
Express Scripts common stock outstanding		564.3
Cash consideration per share	$	48.75
Cash consideration paid to Express Scripts common stockholders	$	27,510
Cash paid in lieu of fractional shares	$	4
Cash consideration paid to Express Scripts performance share holders	$	65
Total cash consideration	$	27,579
Stock consideration
Express Scripts common stock outstanding		564.3
Per share exchange ratio		0.2434
Shares of Cigna issued to Express Scripts common stockholders		137.3
Shares of Cigna issued to Express Scripts performance share holders and other equity holders		0.3
Shares of Cigna issued to Express Scripts shareholders		137.6
Closing price of Cigna common stock on December 20, 2018	$	179.80
Total stock consideration	$	24,745
Noncontrolling interest	$	7
Fair value of other share-based compensation awards	$	479
Total merger consideration	$	52,810

(In millions)
Cash and cash equivalents	$	3,517
Receivables		7,802
Inventory		2,483
Other current assets		600
Property and equipment		2,973
Goodwill		38,361
Other identifiable intangible assets		38,725
Other assets acquired, non-current		314
Total assets acquired		94,775
Other current liabilities		18,616
Long-term debt, including current portion		12,816
Deferred income tax liabilities		9,511
Other liabilities, non-current assumed		1,022
Total liabilities acquired		41,965
Total	$	52,810

		Estimated	Estimated Useful	Amortization
(In millions)		Fair Value	Life in Years	Method
Customer relationships	$	30,210	14-29	Cash flow trended
Internal-use software (1)		2,443	3-7	Straight Line
Trade name - Express Scripts		8,400	N/A	Indefinite
Trade name - Other		115	10	Straight Line
Total	$	41,168
(1) Reported in property and equipment.

	Unaudited
	Year Ended December 31,
(In millions, except per share amounts)		2018		2017
Total revenues	$	149,544	$	143,288
Shareholders’ net income	$	5,632	$	4,435

	2018				2017				2016
(In millions)	Before-tax		After-tax		Before-tax		After-tax		Before-tax		After-tax
Interest expense on newly issued debt	$	227	$	179	$	-	$	-	$	-	$	-
Net investment income on debt proceeds		(123)		(97)		-		-		-		-
Charitable contributions		200		158		-		-		-		-
Legal and advisory fees		204		185		36		23		96		95
Bridge facility fees		140		111		-		-		-		-
All other transaction-related costs		204		133		90		69		70		52
Tax (benefit) - previously non-deductible costs		-		-		-		(59)		-		-
Transaction-related costs, net	$	852	$	669	$	126	$	33	$	166	$	147