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Debt
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Debt
Note 7 – Debt
The outstanding amounts of debt (net of issuance costs, discounts or premiums) and finance leases were as follows:
(In millions)March 31, 2024December 31, 2023
Short-term debt
Commercial paper$884 $1,237 
$500 million, 0.613% Notes due March 2024
— 500 
$790 million, 3.500% Notes due June 2024 (1)
789 996 
Other, including finance leases42 42 
Total short-term debt$1,715 $2,775 
Long-term debt
$900 million, 3.250% Notes due April 2025 (2)
881 882 
$1,216 million, 4.125% Notes due November 2025 (1)
1,214 2,197 
$1,284 million, 4.500% Notes due February 2026 (1)
1,285 1,502 
$550 million, 1.250% Notes due March 2026 (1)
549 798 
$700 million, 5.685% Notes due March 2026
698 698 
$1,500 million, 3.400% Notes due March 2027
1,454 1,450 
$259 million, 7.875% Debentures due May 2027
259 259 
$600 million, 3.050% Notes due October 2027
598 597 
$3,800 million, 4.375% Notes due October 2028
3,788 3,787 
$1,000 million, 5.000% Notes due May 2029
994 — 
$1,400 million, 2.400% Notes due March 2030 (1)
1,394 1,493 
$1,500 million, 2.375% Notes due March 2031 (2)
1,382 1,397 
$750 million, 5.125% Notes due May 2031
745 — 
$45 million, 8.080% Step Down Notes due January 2033 (3)
45 45 
$800 million, 5.400% Notes due March 2033
794 794 
$1,250 million, 5.250% Notes due February 2034
1,242 — 
$190 million, 6.150% Notes due November 2036
190 190 
$2,200 million, 4.800% Notes due August 2038
2,193 2,193 
$750 million, 3.200% Notes due March 2040
744 744 
$121 million, 5.875% Notes due March 2041
119 119 
$448 million, 6.125% Notes due November 2041
487 487 
$317 million, 5.375% Notes due February 2042
315 315 
$1,500 million, 4.800% Notes due July 2046
1,467 1,467 
$1,000 million, 3.875% Notes due October 2047
989 989 
$3,000 million, 4.900% Notes due December 2048
2,970 2,970 
$1,250 million, 3.400% Notes due March 2050
1,237 1,237 
$1,500 million, 3.400% Notes due March 2051
1,479 1,479 
$1,500 million, 5.600% Notes due February 2054
1,482 — 
Other, including finance leases59 66 
Total long-term debt$31,053 $28,155 
(1)Included in the February 2024 debt tender offers discussed below.
(2)The Company has entered into interest rate swap contracts hedging a portion of these fixed-rate debt instruments. See Note 11 to the Consolidated Financial Statements for further information about the Company's interest rate risk management and these derivative instruments.
(3)Interest rate step down to 8.080% effective January 15, 2023.
Short-term and Credit Facilities Debt
Revolving Credit Agreements. Our revolving credit agreements provide us with the ability to borrow amounts for general corporate purposes, including providing liquidity support if necessary under our commercial paper program discussed below. As of March 31, 2024, there were no outstanding balances under these revolving credit agreements.
In April 2024, The Cigna Group replaced our existing $4.0 billion five-year revolving credit and letter of credit agreement maturing in April 2028 and a $1.0 billion 364-day revolving credit agreement maturing in April 2024 by entering into the following revolving credit agreements (the "Credit Agreements"):
•a $5.0 billion five-year revolving credit and letter of credit agreement that will mature in April 2029 with an option to extend the maturity date for additional one-year periods, subject to consent of the banks. The Company can borrow up to $5.0 billion under the credit agreement for general corporate purposes, with up to $500 million available for issuance of letters of credit.
•a $1.5 billion 364-day revolving credit agreement that will mature in April 2025. The Company can borrow up to $1.5 billion under the credit agreement for general corporate purposes. This 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.
The increase in the aggregate size of our revolving credit agreements from $5.0 billion to $6.5 billion will provide enhanced liquidity to support the continued growth of our business.

Each of the Credit Agreements include an option to increase commitments in an aggregate amount of up to $1.5 billion across both facilities for a maximum total commitment of $8.0 billion. The Credit Agreements allow for borrowings at either a base rate or an adjusted term Secured Overnight Funding Rate ("SOFR") plus, in each case, an applicable margin based on the Company's senior unsecured credit ratings.

Each of the two facilities is diversified among 22 large commercial banks, all of which had an A- equivalent or higher rating by at least one Nationally Recognized Statistical Rating Organization ("NRSRO") as of March 31, 2024. Each facility also contains 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 weighted average interest rate of our commercial paper was 5.54% at March 31, 2024.
Long-term debt
Debt Issuance and Debt Tender Offers. In February 2024, we issued $4.5 billion of new senior notes, as detailed in the table below. The proceeds from this debt were used to pay the consideration for the cash tender offers as described below. We used the remaining net proceeds to fund the repayment of our senior notes which matured in March 2024 and for general corporate purposes, including repayment of indebtedness and repurchases of shares of our common stock. Interest on this debt is paid semi-annually.

PrincipalMaturity DateInterest RateNet Proceeds
$1,000 million (1)
May 15, 20295.000%$995 million
$750 million (2)
May 15, 20315.125%$746 million
$1,250 million (3)
February 15, 20345.250%$1,244 million
$1,500 million (4)
February 15, 20545.600%$1,485 million
(1) Redeemable at any time prior to April 15, 2029 at a "make whole" premium calculated using the most directly comparable U.S. Treasury rate plus 15 basis points. Redeemable at par on or after April 15, 2029.
(2) Redeemable at any time prior to March 15, 2031 at a "make whole" premium calculated using the most directly comparable U.S. Treasury rate plus 15 basis points. Redeemable at par on or after March 15, 2031.
(3) Redeemable at any time prior to November 15, 2033 at a "make whole" premium calculated using the most directly comparable U.S. Treasury rate plus 20 basis points. Redeemable at par on or after November 15, 2033.
(4) Redeemable at any time prior to August 15, 2053 at a "make whole" premium calculated using the most directly comparable U.S. Treasury rate plus 20 basis points. Redeemable at par on or after August 15, 2053.
In the first quarter of 2024, the Company completed the repurchase of a total of $1.8 billion in aggregate principal amount of existing senior notes that were tendered to the Company pursuant to cash tender offers.
Interest Expense
Interest expense on long-term and short-term debt was $369 million for the three months ended March 31, 2024 and $345 million for the three months ended March 31, 2023.
Debt Covenants

The Company was in compliance with its debt covenants as of March 31, 2024.