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Debt
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Debt Debt
The outstanding amounts of debt and finance leases were as follows:
(In millions)December 31, 2021December 31, 2020
Short-term debt
Commercial paper$2,027 $1,030 
$500 million, 3.05% Notes due 11/2022
495 — 
Other, including finance leases23 18 
$78 million, 6.37% Notes due 6/2021
— 78 
$1,000 million, Floating Rate Notes due 9/2021
— 999 
$1,250 million, 3.4% Notes due 9/2021
— 1,249 
Total short-term debt$2,545 $3,374 
Long-term debt
$277 million, 4% Notes due 2022
$— $276 
$973 million, 3.9% Notes due 2022
— 972 
$500 million, 3.05% Notes due 2022
— 490 
$17 million, 8.3% Notes due 2023
17 17 
$63 million, 7.65% Notes due 2023
63 63 
$700 million, Floating Rate Notes due 2023
699 698 
$1,000 million, 3% Notes due 2023
985 975 
$1,187 million, 3.75% Notes due 2023
1,185 2,181 
$500 million, 0.613% Notes due 2024
498 — 
$1,000 million, 3.5% Notes due 2024
983 977 
$900 million, 3.25% Notes due 2025
897 896 
$2,200 million, 4.125% Notes due 2025
2,193 2,191 
$1,500 million, 4.5% Notes due 2026
1,504 1,505 
$800 million, 1.25% Notes due 2026
796 — 
$1,500 million, 3.4% Notes due 2027
1,423 1,410 
$259 million, 7.875% Debentures due 2027
259 259 
$600 million, 3.05% Notes due 2027
596 595 
$3,800 million, 4.375% Notes due 2028
3,782 3,780 
$1,500 million, 2.4% Notes due 2030
1,490 1,489 
$1,500 million, 2.375% Notes due 2031 (1)
1,500 — 
$45 million, 8.3% Step Down Notes due 2033
45 45 
$190 million, 6.15% Notes due 2036
190 190 
$2,200 million, 4.8% Notes due 2038
2,192 2,180 
$750 million, 3.2% Notes due 2040
743 742 
$121 million, 5.875% Notes due 2041
119 119 
$448 million, 6.125% Notes due 2041
490 490 
$317 million, 5.375% Notes due 2042
315 315 
$1,500 million, 4.8% Notes due 2046
1,465 1,465 
$1,000 million, 3.875% Notes due 2047
988 988 
$3,000 million, 4.9% Notes due 2048
2,967 2,966 
$1,250 million, 3.4% Notes due 2050
1,236 1,235 
$1,500 million , 3.4% Notes due 2051
1,477 — 
Other, including finance leases28 36 
Total long-term debt$31,125 $29,545 
(1) The Company has entered into interest rate swap contracts hedging a portion of these fixed-rate debt instruments. See Note 11 for further information about the Company's interest rate risk management and these derivative instruments.
Debt Issuance and Redemption. In order to decrease future interest expense, mitigate future refinancing risk and raise proceeds for general corporate purposes, the Company entered into the following transactions during 2021:
•Debt issuance: On March 3, 2021, the Company issued $4.3 billion of new senior notes. The proceeds of this issuance were mainly used to redeem outstanding debt securities. The remaining proceeds are available for general corporate purposes. Interest on this debt is paid semi-annually.
PrincipalMaturity DateInterest RateNet Proceeds
$500 million (1)
March 15, 20240.613%$499 million
$800 million (2)
March 15, 20261.250%$797 million
$1,500 million (3)
March 15, 20312.375%$1,492 million
$1,500 million (4)
March 15, 20513.400%$1,479 million
(1) Redeemable at any time discounted at the U.S. Treasury rate plus 7.5 basis points. Redeemable at par on or after March 15, 2022.
(2) Redeemable at any time discounted at the U.S. Treasury rate plus 10 basis points. Redeemable at par on or after February 15, 2026.
(3) Redeemable at any time discounted at the U.S. Treasury rate plus 15 basis points. Redeemable at par on or after December 15, 2030.
(4) Redeemable at any time discounted at the U.S. Treasury rate plus 20 basis points. Redeemable at par on or after September 15, 2050.

•Debt redemption: During 2021, the Company completed the redemption of a total of $4.5 billion in aggregate principal amount of certain of its outstanding debt securities. The Company recorded a pre-tax loss of $141 million ($110 million after-tax), consisting primarily of premium payments.
Revolving Credit Agreements. Our revolving credit agreements provide us with the ability to borrow amounts for general corporate purposes, including for the purpose of providing liquidity support if necessary under our commercial paper program discussed below. As of December 31, 2021, there were no outstanding balances under these revolving credit agreements.
In April 2021, Cigna entered into a $3.0 billion five-year revolving credit and letter of credit agreement that matures in April 2026 and a $1.0 billion three-year revolving credit agreement that matures in April 2024, which are diversified among 23 banks and replaced the five-year revolving credit and letter of credit agreement that was scheduled to mature in April 2023. Under the current agreements, Cigna can borrow up to $3.0 billion and $1.0 billion, respectively, for general corporate purposes, with up to $500 million available under the five-year facility for issuance of letters of credit. The revolving credit agreements also include an option to extend the termination date for an additional one-year period, subject to consent of the banks.
Additionally, in April 2021, Cigna entered into a $1.0 billion 364-day revolving credit agreement that will mature in April 2022 and is diversified among 23 banks. This agreement replaced the prior $1.0 billion 364-day revolving credit agreement that was scheduled to expire in October 2021. Pursuant to this revolving credit agreement, Cigna can borrow up to $1.0 billion for general corporate purposes. The agreement includes the option to "term out" any revolving loans that are outstanding at maturity by converting them into a term loan maturing on the one-year anniversary of conversion.
Each of the five-year facility, the three-year facility and the 364-day facility include an option to increase commitments in an aggregate amount of up to $1.5 billion across all three facilities. Each of the three facilities also contain customary covenants and restrictions including a financial covenant that the Company's leverage ratio, as defined in the credit agreements, may not exceed 60%, subject to certain exceptions upon the consummation of an acquisition.

Commercial Paper. Under our commercial paper program we may issue short-term, unsecured commercial paper notes privately placed on a discounted basis through certain broker dealers at any time not to exceed an aggregate amount of $5.0 billion. Amounts available under the program may be borrowed, repaid and re-borrowed from time to time. The net proceeds of issuances have been and are expected to be used for general corporate purposes. The commercial paper average interest rate was 0.26% at December 31, 2021.
The Company was in compliance with its debt covenants as of December 31, 2021.
Maturities of outstanding long-term debt are as follows:
(In millions)
Scheduled Maturities (1)
2022$500 
2023$2,967 
2024$1,500 
2025$3,100 
2026$2,300 
Maturities after 2026$21,481 
(1) Long-term debt maturity amounts include current maturities of long-term debt.    
Interest expense on long-term and short-term debt was $1.3 billion in 2021, $1.4 billion in 2020 and $1.6 billion in 2019.