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

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Statements of Income

STATEMENTS OF INCOME


						For the years ended
						December 31,

(In millions)						2021						2020						2019
Revenues
Net investment income						$	—					$	1					$	—
Intercompany interest income						471						475						6
Total revenues						471						476						6
Operating expenses
Selling, general and administrative expenses						8						4						(85)
Total operating expenses						8						4						(85)
Income from operations						463						472						91
Interest and other (expense)						(1,197)						(1,324)						(1,032)
Intercompany interest (expense)						(13)						(48)						(127)
Debt extinguishment costs						(131)						(171)						—

Loss before income taxes						(878)						(1,071)						(1,068)
Income tax (benefit)						(180)						(234)						(251)
Loss of Parent Company						(698)						(837)						(817)
Equity in income of subsidiaries						6,063						9,295						5,921
Shareholders' net income						5,365						8,458						5,104
Shareholders' other comprehensive income (loss), net of tax
Net unrealized appreciation (depreciation) on securities and derivatives						(215)						(75)						957
Net translation (losses) gains of foreign currencies						(218)						260						(54)
Postretirement benefits liability adjustment						410						(105)						(133)
Shareholders' other comprehensive income (loss), net of tax						(23)						80						770
Shareholders' comprehensive income						$	5,342					$	8,538					$	5,874

BALANCE SHEETS


						As of December 31,
(In millions)						2021						2020
Assets
Cash and cash equivalents						$	33					$	4,157
Short-term investments						99						49
Other current assets						9						4
Total current assets						141						4,210
Intercompany receivable						8,962						1,666
Investments in subsidiaries						70,896						76,040
Other noncurrent assets						17						22
TOTAL ASSETS						$	80,016					$	81,938
Liabilities
Short-term debt						$	2,453					$	3,278
Other current liabilities						775						616
Total current liabilities						3,228						3,894
Intercompany payable						5						5
Long-term debt						29,671						27,718
TOTAL LIABILITIES						32,904						31,617
Shareholders' Equity
Common stock (shares issued, 394 and 390; authorized, 600)						4						4
Additional paid-in capital						29,574						28,975
Accumulated other comprehensive loss						(884)						(861)
Retained earnings						32,593						28,575
Less treasury stock, at cost						(14,175)						(6,372)
TOTAL SHAREHOLDERS' EQUITY						47,112						50,321
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY						$	80,016					$	81,938

Statements of Cash Flows

STATEMENTS OF CASH FLOWS


						For the years ended
						December 31,

(In millions)						2021						2020						2019
Cash Flows from Operating Activities
Shareholders' net income						$	5,365					$	8,458					$	5,104
Adjustments to reconcile shareholders' net income
to net cash provided by operating activities
Equity in income of subsidiaries						(6,063)						(9,295)						(5,921)
Debt extinguishment costs						131						171						—
Dividends received from subsidiaries						2,751						8,627						2,457
Other liabilities						184						112						43
Other, net						414						500						20
NET CASH PROVIDED BY OPERATING ACTIVITIES						2,782						8,573						1,703
Cash Flows from Investing Activities
Net change in loans due to (from) affiliates						(1,007)						(265)						—
Short-term investment purchased, net						(50)						(19)						(30)

NET CASH (USED IN) INVESTING ACTIVITIES						(1,057)						(284)						(30)
Cash Flows from Financing Activities
Net change in amounts due to affiliates						2,062						2,262						2,015
Proceeds on issuance of commercial paper						997						86						944
Payments for debt extinguishment						(126)						(181)						—
Repayment of long-term debt						(4,199)						(5,996)						(3,002)
Net proceeds on issuance of long-term debt						4,260						3,465						—
Issuance of common stock						326						376						224
Common dividends paid						(1,341)						(15)						(15)
Repurchase of common stock						(7,742)						(4,042)						(1,987)
Tax withholding on stock compensation and other						(86)						(87)						(82)
Other						—						—						(13)
NET CASH (USED IN) FINANCING ACTIVITIES						(5,849)						(4,132)						(1,916)
Net (decrease) increase in cash and cash equivalents						(4,124)						4,157						(243)
Cash and cash equivalents, beginning of year						4,157						—						243
Cash and cash equivalents, end of year						$	33					$	4,157					$	—

Summary of Debt Issuances

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.

Principal

Maturity Date

Interest Rate

Net Proceeds

$500 million (1)

March 15, 2024

0.613%

$499 million

$800 million (2)

March 15, 2026

1.250%

$797 million

$1,500 million (3)

March 15, 2031

2.375%

$1,492 million

$1,500 million (4)

March 15, 2051

3.400%

$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.

Maturities of Long-term Debt

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


(In millions)
2022						$	430
2023						$	2,754
2024						$	1,214
2025						$	2,957
2026						$	2,034
Maturities after 2026						$	20,947