XML 39 R17.htm IDEA: XBRL DOCUMENT v3.20.4
Common and Preferred Stock
 12 Months Ended
Dec. 31, 2020
Equity [Abstract]  
Common and Preferred Stock Common and Preferred Stock
On December 20, 2018 Cigna acquired Express Scripts through a series of mergers (collectively, the "Merger"). Cigna Holding Company (formerly named Cigna Corporation and referred to as "Old Cigna") and Express Scripts each merged with and into a wholly-owned subsidiary of Cigna. As a result of these transactions, Cigna became the parent of the combined company. 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, 2020, 2019 or 2018.
The following table presents the share activity of Cigna and Old Cigna for the years ended December 31, 2020, 2019 and 2018.
(Shares in thousands)202020192018
Common: Par value $0.01; 600,000 shares authorized - Cigna
Outstanding- January 1,372,531 380,924 — 
Shares issued to Old Cigna shareholders243,785 
Shares issued to Express Scripts shareholders137,337 
Issued for stock option exercises and other benefit plans4,142 3,413 91 
Repurchased common stock(21,902)(11,806)(289)
Outstanding- December 31,354,771 372,531 380,924 
Treasury stock35,505 13,012 570 
Issued- December 31,390,276 385,543 381,494 
Common: Par value $0.25; 600,000 shares authorized - Old Cigna
Outstanding- January 1,243,967 
Issued for stock option exercises and other benefit plans1,118 
Repurchased common stock(1,300)
Balance, December 20, 2018 (Merger Date)243,785 
Exchange of Old Cigna shares for shares of Cigna(243,785)
Outstanding- December 31,— 
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,— 
Issued- December 31,—