Schedule I - Condensed Financial Information of Cigna Corporation (Tables)

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Statements of Income

STATEMENTS OF INCOME

	For the years ended
	December 31,
	Cigna		Cigna		Cigna
(in millions)	2020		2019		2018
Revenues
Net investment income	$	1	$	—	$	123
Intercompany interest income	475		6		—
Total revenues	476		6		123
Operating expenses
Selling, general and administrative expenses	4		(85)		200
Total operating expenses	4		(85)		200
Income (loss) from operations	472		91		(77)
Interest and other (expense)	(1,324)		(1,032)		(244)
Intercompany interest (expense)	(48)		(127)		(5)
Debt extinguishment costs	(171)		—		—
Realized investment (loss)	—		—		(1)
Loss before taxes	(1,071)		(1,068)		(327)
Income tax (benefit)	(234)		(251)		(74)
Loss of Parent Company	(837)		(817)		(253)
Equity in income of subsidiaries	9,295		5,921		2,890
Shareholders' net income	8,458		5,104		2,637
Shareholders' other comprehensive income (loss), net of tax
Net unrealized appreciation (depreciation) on securities and derivatives	(75)		957		(365)
Net translation (losses) gains of foreign currencies	260		(54)		(152)
Postretirement benefits liability adjustment	(105)		(133)		127
Shareholders' other comprehensive income (loss), net of tax	80		770		(390)
Shareholders' comprehensive income	$	8,538	$	5,874	$	2,247

Balance Sheets

BALANCE SHEETS

	As of December 31,
(in millions)	2020		2019
Assets
Cash and cash equivalents	$	4,157	$	—
Short-term investments	49		30
Other current assets	4		4
Total current assets	4,210		34
Intercompany receivable	1,666		4,111
Investments in subsidiaries	76,040		77,380
Other noncurrent assets	22		19
TOTAL ASSETS	$	81,938	$	81,544
Liabilities
Short-term debt	$	3,278	$	4,043
Other current liabilities	616		457
Total current liabilities	3,894		4,500
Intercompany payable	5		2,341
Long-term debt	27,718		29,365
TOTAL LIABILITIES	31,617		36,206
Shareholders’ Equity
Common stock (shares issued, 390 and 386; authorized, 600)	4		4
Additional paid-in capital	28,975		28,306
Accumulated other comprehensive loss	(861)		(941)
Retained earnings	28,575		20,162
Less treasury stock, at cost	(6,372)		(2,193)
TOTAL SHAREHOLDERS’ EQUITY	50,321		45,338
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	81,938	$	81,544

Statements of Cash Flows

STATEMENTS OF CASH FLOWS

	For the years ended
	December 31,
	Cigna		Cigna		Cigna
(in millions)	2020		2019		2018
Cash Flows from Operating Activities
Shareholders’ net income	$	8,458	$	5,104	$	2,637
Adjustments to reconcile shareholders’ net income
to net cash provided by operating activities
Equity in income of subsidiaries	(9,295)		(5,921)		(2,890)
Debt extinguishment costs	171		—		—
Dividends received from subsidiaries	8,627		2,457		—
Other liabilities	112		43		412
Other, net	500		20		(14)
NET CASH PROVIDED BY OPERATING ACTIVITIES	8,573		1,703		145
Cash Flows from Investing Activities
Net change in loans due to (from) affiliates	(265)		—		—
Short-term investment purchased, net	(19)		(30)		—
Other, net	—		—		(27,115)
NET CASH (USED IN) INVESTING ACTIVITIES	(284)		(30)		(27,115)
Cash Flows from Financing Activities
Net change in amounts due to affiliates	2,262		2,015		4,437
Proceeds on issuance of commercial paper	86		944		—
Payments for debt extinguishment	(181)		—		—
Repayment of long-term debt	(5,996)		(3,002)		—
Net proceeds on issuance of long-term debt	3,465		—		22,856
Issuance of common stock	376		224		1
Common dividends paid	(15)		(15)		—
Repurchase of common stock	(4,042)		(1,987)		(32)
Tax withholding on stock compensation and other	(87)		(82)		(49)
Other	—		(13)		—
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	(4,132)		(1,916)		27,213
Net increase (decrease) in cash and cash equivalents	4,157		(243)		243
Cash and cash equivalents, beginning of year	—		243		—
Cash and cash equivalents, end of year	4,157		—		243

Summary of Debt Issuances

The proceeds of this issuance were mainly used to pay the consideration for the cash tender and redemption offer as described below. Interest on this debt is paid semi-annually.

Principal	Maturity Date	Interest Rate	Net Proceeds
$1,500 million	March 15, 2030	2.4%	$1,491 million
$750 million	March 15, 2040	3.2%	$743 million
$1,250 million	March 15, 2050	3.4%	$1,237 million

Maturities of Long-term Debt

Maturity of the Company’s long-term debt is as follows:

(in millions)
2021	$	2,250
2022	$	1,378
2023	$	3,754
2024	$	714
2025	$	2,957
Maturities after 2025	$	19,182