Employee Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Shares of Common Stock Available for Award

Shares of common stock available for award at December 31, were as follows:

(In millions)	2020	2019	2018
Common shares available for award	20.6	23.2	25.7

Black-Sholes Option-Pricing Model Assumptions

	2020			2019			2018
Dividend yield	—		%	—		%	—		%
Expected volatility	30.0		%	30.0		%	35.0		%
Risk-free interest rate	1.4		%	2.5		%	2.5		%
Expected option life	4.5 years			4.4 years			4.4 years
Weighted average fair value of options	$	52.42		$	53.10		$	64.18

Status of and Changes in Common Stock Options

The following table shows the status of, and changes in, common stock options during the last three years.

(Options in thousands)	2020			2019			2018
	Options	Weighted Average Exercise Price		Options	Weighted Average Exercise Price		Options	Weighted Average Exercise Price
Outstanding - January 1	11,438	$	136.19	12,370	$	125.46	6,156	$	100.79
Granted	1,851	$	191.86	1,569	$	183.41	7,080	$	143.62
Exercised	(3,289)	$	115.38	(2,297)	$	106.75	(771)	$	88.35
Expired or canceled	(258)	$	188.79	(204)	$	180.08	(95)	$	165.04
Outstanding - December 31	9,742	$	152.40	11,438	$	136.19	12,370	$	125.46
Options exercisable at year-end	6,837	$	137.08	8,874	$	123.87	9,446	$	114.22

Summary of Information for Stock Options Exercised and Outstanding

The table below summarizes information for stock options exercised during the last three years:

(In millions)	2020		2019		2018
Intrinsic value of options exercised	$	304	$	180	$	86
Cash received for options exercised	$	376	$	224	$	68
Tax benefit from options exercised	$	57	$	34	$	8

The following table summarizes information for outstanding common stock options at December 31, 2020:

	Options Outstanding		Options Exercisable
Number (in thousands)	9,742		6,837
Total intrinsic value (in millions)	$	543	$	486
Weighted average exercise price	$	152.40	$	137.08
Weighted average remaining contractual life	5.8 years		4.6 years

Status of and Changes in Restricted Stock Awards and the Fair Value of Vested Restricted Stock

The following table shows the status of, and changes in, restricted stock awards during the last three years.

(Awards in thousands)	2020			2019			2018
	Grants/Units	Weighted Average Fair Value at Award Date		Grants/Units	Weighted Average Fair Value at Award Date		Grants/Units	Weighted Average Fair Value at Award Date
Outstanding - January 1	1,945	$	178.78	2,138	$	168.12	1,295	$	126.44
Awarded	791	$	191.22	870	$	183.86	1,451	$	183.29
Vested	(1,026)	$	161.58	(964)	$	160.74	(560)	$	112.53
Forfeited	(110)	$	186.63	(99)	$	168.68	(48)	$	150.84
Outstanding - December 31	1,600	$	186.12	1,945	$	178.78	2,138	$	168.12

The fair value of vested restricted stock at the vesting date for the years ended December 31 was as follows:

(In millions)	2020		2019		2018
Fair value of vested restricted stock	$	190	$	171	$	107

Status of and Changes in SPSs

The following table shows the status of, and changes in, SPSs during the last three years:

	2020			2019			2018
(Awards in thousands)	Shares	Weighted Average Fair Value at Award Date		Shares	Weighted Average Fair Value at Award Date		Shares	Weighted Average Fair Value at Award Date
Outstanding - January 1	818	$	177.94	707	$	160.74	778	$	136.57
Awarded	362	$	191.52	389	$	184.72	221	$	197.51
Vested	(309)	$	159.67	(244)	$	139.27	(269)	$	121.57
Forfeited	(63)	$	187.76	(34)	$	178.98	(23)	$	158.16
Outstanding - December 31	808	$	190.02	818	$	177.94	707	$	160.74

The fair value of vested SPSs at the vesting date for the years ended December 31 was as follows:

	2020			2019			2018
(Shares in thousands; $ in millions)	Shares	Fair Value		Shares	Fair Value		Shares	Fair Value
Shares of Cigna common stock distributed upon SPS vesting	306	$	55	254	$	45	380	$	73

Compensation Cost and Tax Effects of Share-based Compensation

(In millions)	2020		2019		2018
Total compensation cost for shared-based awards	$	289	$	299	$	180
Tax benefits recognized	$	63	$	59	$	36