Cigna Corp [CI] Filings

10-Q 1 ci-20220331.htm 10-Q ci-20220331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 001-38769

Cigna Corporation

(Exact name of registrant as specified in its charter)


Delaware			82-4991898
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

900 Cottage Grove Road

Bloomfield, Connecticut 06002

(Address of principal executive offices) (Zip Code)

(860) 226-6000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, Par Value $0.01	CI	New York Stock Exchange, Inc.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

As of April 29, 2022, 317,273,452 shares of the issuer’s common stock were outstanding.

Cigna Corporation

TABLE OF CONTENTS


		Page
PART I	FINANCIAL INFORMATION

	Item 1. Financial Statements (Unaudited)	3
	Consolidated Statements of Income	3
	Consolidated Statements of Comprehensive Income	4
	Consolidated Balance Sheets	5
	Consolidated Statements of Changes in Total Equity	6
	Consolidated Statements of Cash Flows	7
	Notes to the Consolidated Financial Statements	8

	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	34

	Item 3. Quantitative and Qualitative Disclosures About Market Risk	51

	Item 4. Controls and Procedures	51

PART II	OTHER INFORMATION

	Item 1. Legal Proceedings	51

	Item 1 A. Risk Factors	51

	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	52



	Item 6. Exhibits	53
SIGNATURE		54

As used herein, "Cigna" or the "Company" refers to one or more of Cigna Corporation and its consolidated subsidiaries.

Part I. FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS


Cigna Corporation Consolidated Statements of Income
	Unaudited
	Three Months Ended March 31,
(In millions, except per share amounts)		2022		2021
Revenues
Pharmacy revenues		$	30,697	$	28,025
Premiums		10,356		10,214
Fees and other revenues		2,538		2,341
Net investment income		414		391
TOTAL REVENUES		44,005		40,971
Benefits and expenses
Pharmacy and other service costs		29,813		27,235
Medical costs and other benefit expenses		8,268		8,005
Selling, general and administrative expenses		3,299		3,279
Amortization of acquired intangible assets		458		495
TOTAL BENEFITS AND EXPENSES		41,838		39,014
Income from operations		2,167		1,957
Interest expense and other		(299)		(314)
Debt extinguishment costs		—		(131)

Net realized investment gains (losses)		(319)		1
Income before income taxes		1,549		1,513
TOTAL INCOME TAXES		351		342
Net income		1,198		1,171
Less: Net income attributable to noncontrolling interests		15		10
SHAREHOLDERS' NET INCOME		$	1,183	$	1,161
Shareholders' net income per share
Basic		$	3.71	$	3.33
Diluted		$	3.68	$	3.30

The accompanying Notes to the Consolidated Financial Statements (unaudited) are an integral part of these statements.


Cigna Corporation Consolidated Statements of Comprehensive Income
	Unaudited
	Three Months Ended March 31,
(In millions)		2022		2021
Net income		$	1,198	$	1,171
Other comprehensive income (loss), net of tax
Net unrealized (depreciation) appreciation on securities and derivatives		(560)		(273)
Net translation gains (losses) on foreign currencies		(63)		(119)
Postretirement benefits liability adjustment		13		18
Other comprehensive (loss), net of tax		(610)		(374)
Total comprehensive income		588		797

Comprehensive income (loss) attributable to noncontrolling interests
Net income attributable to redeemable noncontrolling interests		3		5
Net income attributable to other noncontrolling interests		12		5
Other comprehensive (loss) attributable to redeemable noncontrolling interests		(2)		(4)
Total comprehensive income attributable to noncontrolling interests		13		6
SHAREHOLDERS' COMPREHENSIVE INCOME		$	575	$	791

The accompanying Notes to the Consolidated Financial Statements (unaudited) are an integral part of these statements.


Cigna Corporation Consolidated Balance Sheets
	Unaudited
	As of March 31,		As of December 31,

(In millions)	2022		2021
Assets
Cash and cash equivalents	$	4,424	$	5,081
Investments	731		920
Accounts receivable, net	16,003		15,071
Inventories	3,500		3,722
Other current assets	1,042		1,283
Assets of businesses held for sale	9,693		10,057
Total current assets	35,393		36,134
Long-term investments	17,693		18,438
Reinsurance recoverables	4,937		4,970
Deferred policy acquisition costs	719		677
Property and equipment	3,661		3,692
Goodwill	45,804		45,811
Other intangible assets	33,714		34,102
Other assets	2,541		2,728
Separate account assets	8,148		8,337
TOTAL ASSETS	$	152,610	$	154,889
Liabilities
Current insurance and contractholder liabilities	$	5,673	$	5,318
Pharmacy and other service costs payable	15,235		15,309
Accounts payable	6,632		6,655
Accrued expenses and other liabilities	7,833		7,322
Short-term debt	2,173		2,545
Liabilities of businesses held for sale	6,116		6,423
Total current liabilities	43,662		43,572
Non-current insurance and contractholder liabilities	12,167		12,563
Deferred tax liabilities, net	8,110		8,346
Other non-current liabilities	3,346		3,762
Long-term debt	31,013		31,125
Separate account liabilities	8,148		8,337
TOTAL LIABILITIES	106,446		107,705
Contingencies — Note 18
Redeemable noncontrolling interests	55		54
Shareholders' equity
Common stock (1)	4		4
Additional paid-in capital	29,736		29,574
Accumulated other comprehensive loss	(1,492)		(884)
Retained earnings	33,420		32,593
Less: Treasury stock, at cost	(15,581)		(14,175)
TOTAL SHAREHOLDERS' EQUITY	46,087		47,112
Other noncontrolling interests	22		18
Total equity	46,109		47,130
Total liabilities and equity	$	152,610	$	154,889

(1) Par value per share, $0.01; shares issued, 396 million as of March 31, 2022 and 394 million as of December 31, 2021; authorized shares, 600 million.

The accompanying Notes to the Consolidated Financial Statements (unaudited) are an integral part of these statements.


Cigna Corporation
Consolidated Statements of Changes in Total Equity
Unaudited
Three Months Ended March 31, 2022
(In millions)	Common Stock		Additional Paid-in Capital		Accumulated Other Comprehensive (Loss)		Retained Earnings		Treasury Stock		Shareholders’ Equity		Other Non- controlling Interests		Total Equity		Redeemable Noncontrolling Interests
Balance at December 31, 2021	$	4	$	29,574	$	(884)	$	32,593	$	(14,175)	$	47,112	$	18	$	47,130	$	54

Effect of issuing stock for employee benefit plans			162						(72)		90				90
Other comprehensive (loss)					(608)						(608)				(608)		(2)
Net income							1,183				1,183		12		1,195		3
Common dividends declared (per share: $1.12)							(356)				(356)				(356)
Repurchase of common stock									(1,334)		(1,334)				(1,334)
Other transactions impacting noncontrolling interests			—								—		(8)		(8)		—
Balance at March 31, 2022	$	4	$	29,736	$	(1,492)	$	33,420	$	(15,581)	$	46,087	$	22	$	46,109	$	55

Three Months Ended March 31, 2021
(In millions)	Common Stock		Additional Paid-in Capital		Accumulated Other Comprehensive (Loss)		Retained Earnings		Treasury Stock		Shareholders’ Equity		Other Non- controlling Interests		Total Equity		Redeemable Noncontrolling Interests
Balance at December 31, 2020	$	4	$	28,975	$	(861)	$	28,575	$	(6,372)	$	50,321	$	7	$	50,328	$	58

Effect of issuing stock for employee benefit plans			279						(87)		192				192
Other comprehensive (loss)					(370)						(370)				(370)		(4)
Net income							1,161				1,161		5		1,166		5
Common dividends declared (per share: $1.00)							(347)				(347)				(347)
Repurchase of common stock									(2,808)		(2,808)				(2,808)
Other transactions impacting noncontrolling interests													(6)		(6)		—
Balance at March 31, 2021	$	4	$	29,254	$	(1,231)	$	29,389	$	(9,267)	$	48,149	$	6	$	48,155	$	59

The accompanying Notes to the Consolidated Financial Statements (unaudited) are an integral part of these statements.

Cigna Corporation

Consolidated Statements of Cash Flows


	Unaudited
	Three Months Ended March 31,

(In millions)	2022		2021
Cash Flows from Operating Activities
Net income	$	1,198	$	1,171
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	717		715
Realized investment (gains) losses, net	319		(1)
Deferred income tax (benefit)	(138)		(35)

Debt extinguishment costs	—		131
Net changes in assets and liabilities, net of non-operating effects:
Accounts receivable	(983)		(1,420)
Inventories	222		247
Deferred policy acquisition costs	(41)		(60)
Reinsurance recoverable and Other assets	443		40
Insurance liabilities	396		443
Pharmacy and other service costs payable	(74)		415
Accounts payable and Accrued expenses and other liabilities	34		(637)
Other, net	(63)		84
NET CASH PROVIDED BY OPERATING ACTIVITIES	2,030		1,093
Cash Flows from Investing Activities
Proceeds from investments sold:
Debt securities and equity securities	757		378
Investment maturities and repayments:
Debt securities and equity securities	456		328
Commercial mortgage loans	65		72
Other sales, maturities and repayments (primarily short-term and other long-term investments)	479		364
Investments purchased or originated:
Debt securities and equity securities	(1,246)		(980)
Commercial mortgage loans	(59)		—
Other (primarily short-term and other long-term investments)	(425)		(637)
Property and equipment purchases, net	(288)		(242)

Divestiture, net of cash sold	(57)		—
Other, net	(6)		—
NET CASH (USED IN) INVESTING ACTIVITIES	(324)		(717)
Cash Flows from Financing Activities
Deposits and interest credited to contractholder deposit funds	43		47
Withdrawals and benefit payments from contractholder deposit funds	(49)		(35)
Net change in short-term debt	(463)		(1,030)


Payments for debt extinguishment	—		(126)
Repayment of long-term debt	—		(4,199)
Net proceeds on issuance of long-term debt	—		4,262
Repurchase of common stock	(1,368)		(2,794)
Issuance of common stock	93		204
Common stock dividend paid	(357)		(345)
Other, net	(70)		(35)
NET CASH (USED IN) FINANCING ACTIVITIES	(2,171)		(4,051)
Effect of foreign currency rate changes on cash, cash equivalents and restricted cash	(23)		(26)
Net (decrease) in cash, cash equivalents and restricted cash	(488)		(3,701)
Cash, cash equivalents and restricted cash January 1, (1)	5,548		10,245
Cash, cash equivalents and restricted cash, March 31,	5,060		6,544
Cash and cash equivalents reclassified to Assets of businesses held for sale	(591)		—
Cash, cash equivalents and restricted cash March 31, per Consolidated Balance Sheets (2)	$	4,469	$	6,544
Supplemental Disclosure of Cash Information:
Income taxes paid, net of refunds	$	43	$	122
Interest paid	$	308	$	331

(1) Includes $425 million reported in Assets of businesses held for sale as of January 1, 2022.

(2) Restricted cash and cash equivalents were reported in Other long-term investments as of March 31, 2022 and March 31, 2021.

The accompanying Notes to the Consolidated Financial Statements (unaudited) are an integral part of these statements.

CIGNA CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

TABLE OF CONTENTS



Note Number	Footnote	Page

BUSINESS AND CAPITAL STRUCTURE
1	Description of Business	9
2	Summary of Significant Accounting Policies	10
3	Accounts Receivable, Net	10
4	Mergers , Acquisitions and Divestitures	11
5	Assets and Liabilities of Businesses Held for Sale	11
6	Earnings Per Share	12
7	Debt	13
8	C ommon and Preferred S tock	14
INSURANCE INFORMATION
9	Insurance and Contractholder Liabilities	15
10	Reinsurance	18
INVESTMENTS
11	Investments	19
12	Fair Value Measurements	23
13	Variable Interest Entities	27
14	Accumulated Other Comprehensive Income (Loss)	28
PROPERTY, LEASES AND OTHER ASSET BALANCES
15	O rganizational Efficiency P lan	28
16	Leases	29
COMPLIANCE, REGULATION AND CONTINGENCIES
17	Income Taxes	29
18	Contingencies and Other Matters	29
RESULTS DETAILS
19	Segment Information	31

Note 1 – Description of Business

Cigna Corporation, together with its subsidiaries (either individually or collectively referred to as "Cigna," the "Company," "we," "our" or "us") is a global health services organization with a mission of helping those we serve improve their health, well-being and peace of mind by making health care affordable, predictable and simple. Our subsidiaries offer a differentiated set of pharmacy, medical, behavioral, dental and supplemental products and services.

The majority of these products are offered through employers and other groups such as governmental and non-governmental organizations, unions and associations. Cigna also offers commercial health and dental insurance and Medicare products to individuals in the United States and selected international markets. In addition to these ongoing operations, Cigna also has certain run-off operations.

Details of the Company's reporting segments and recent changes are provided below:

We entered into a definitive agreement in October 2021 to sell our life, accident and supplemental benefits businesses in several countries to Chubb INA Holdings, Inc. ("Chubb"). As of March 31, 2022, we now expect to sell our life, accident and supplemental benefits businesses in six countries (Hong Kong, Indonesia, New Zealand, South Korea, Taiwan and Thailand) to Chubb for $5.72 billion in cash (the "Chubb Transaction"); we no longer expect to sell our interest in a joint venture in Turkey as part of the Chubb Transaction. See Note 5 for further information on the classification of these businesses as held for sale. In connection with the pending Chubb Transaction, we revised our business reporting structure. As such, we adjusted our segment reporting effective in the fourth quarter of 2021 and segment results for the three months ended March 31, 2021 have been restated to conform to the new segment presentation (see Note 19).

A full description of our segments follows:

Evernorth includes a broad range of coordinated and point solution health services and capabilities, as well as those from partners across the health care system, in pharmacy solutions, benefits management solutions, care delivery and care management solutions and intelligence solutions, which are provided to health plans, employers, government organizations and health care providers.

Cigna Healthcare includes U.S. Commercial, U.S. Government and International Health operating segments that provide comprehensive medical and coordinated solutions to clients and customers. U.S. Commercial products and services include medical, pharmacy, behavioral health, dental, vision, health advocacy programs and other products and services for insured and self-insured customers. U.S. Government solutions include Medicare Advantage, Medicare Supplement and Medicare Part D plans for seniors and individual health insurance plans both on and off the public exchanges. International Health solutions include health care coverage in our international markets, as well as health care benefits for globally mobile individuals and employees of multinational organizations.

Other Operations contains the remainder of our business operations, consisting of the following:

•Ongoing business:

•Corporate-Owned Life Insurance ("COLI") offers permanent insurance contracts sold to corporations to provide coverage on the lives of certain employees for the purpose of financing employer-paid future benefit obligations.

•Our interest in a joint venture in Turkey.

•Exiting businesses:

•International Life, Accident and Supplemental Benefits Businesses in six countries to be sold pursuant to the Chubb Transaction.

•Run-off businesses:

•Reinsurance: predominantly comprised of guaranteed minimum death benefit ("GMDB") and guaranteed minimum income benefit ("GMIB") business effectively exited through reinsurance with Berkshire Hathaway Life Insurance Company of Nebraska ("Berkshire") in 2013.

•Settlement Annuity and other businesses in run-off.

•Individual Life Insurance and Annuity and Retirement Benefits businesses: deferred gains from the sales of these businesses.

Corporate reflects amounts not allocated to operating segments, including net interest expense (defined as interest on corporate debt less net investment income on investments not supporting segment and other operations), certain litigation matters, expense associated with our frozen pension plans, charitable contributions, severance, certain overhead and enterprise-wide project costs and intersegment eliminations for products and services sold between segments.

Note 2 – Summary of Significant Accounting Policies

Basis of Presentation

The Consolidated Financial Statements include the accounts of Cigna Corporation and its consolidated subsidiaries. Intercompany transactions and accounts have been eliminated in consolidation. These Consolidated Financial Statements were prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP").

Amounts recorded in the Consolidated Financial Statements necessarily reflect management's estimates and assumptions about medical costs, investment and receivable valuations, interest rates and other factors. Significant estimates are discussed throughout these Notes; however, actual results could differ from those estimates. The impact of a change in estimate is generally included in earnings in the period of adjustment.

These interim Consolidated Financial Statements are unaudited but include all adjustments (including normal recurring adjustments) necessary, in the opinion of management, for a fair statement of financial position and results of operations for the periods reported. The interim Consolidated Financial Statements and Notes should be read in conjunction with the Consolidated Financial Statements and Notes included in the 2021 Annual Report on Form 10-K ("2021 Form 10-K"). The preparation of interim Consolidated Financial Statements necessarily relies heavily on estimates. This and other factors, including the seasonal nature of portions of the health care and related benefits business, competitive and other market conditions, as well as COVID-19 related impacts, call for caution in estimating full-year results based on interim results of operations.

Recent Accounting Pronouncements

There were no new accounting standards adopted as of March 31, 2022 that had a material impact on our financial statements. There are no accounting pronouncements not yet adopted, with the exception of Accounting Standards Update 2018-12, Targeted Improvements to the Accounting for Long-Duration Insurance Contracts ("LDTI") that are expected to impact Cigna's operations or our financial statements. Refer to the Company's 2021 Form 10-K for discussion of the LDTI standard and related expected effects to Cigna. We continue to make progress on our LDTI implementation plan and are on track for the January 1, 2023 adoption date.

Note 3 – Accounts Receivable, Net

The following amounts were included within Accounts receivable, net:


(In millions)	March 31, 2022		December 31, 2021
Noninsurance customer receivables	$	7,200	$	6,274
Pharmaceutical manufacturers receivables	5,805		5,463
Insurance customer receivables	2,647		2,932
Other receivables	399		456
Total	16,051		15,125
Accounts receivable, net classified as Assets of businesses held for sale	(48)		(54)
Accounts receivable, net per Consolidated Balance Sheets	$	16,003	$	15,071

These receivables are reported net of our allowances of $1.5 billion as of March 31, 2022 and $1.4 billion as of December 31, 2021. These allowances include contractual allowances for certain rebates receivable with pharmaceutical manufacturers and certain receivables from third-party payors, discounts and claims adjustments issued to customers in the form of client credits, an allowance for current expected credit losses and other non-credit adjustments.

The Company's allowance for current expected credit losses was $65 million as of March 31, 2022 and $60 million as of December 31, 2021.

Note 4 – Mergers, Acquisitions and Divestitures

A.Acquisition of MDLIVE

On April 19, 2021, Cigna acquired 97% of MDLIVE, Inc. ("MDLIVE"), a 24/7 virtual care platform. Combined with Cigna's previously held equity investment, Cigna now owns 100% of MDLIVE. The Company's 2021 Form 10-K includes detailed disclosures of merger consideration, purchase price allocation and intangible assets identified in this transaction. In accordance with GAAP, the total consideration transferred has been allocated to the tangible and intangible net assets acquired based on management's estimates of their fair values and is now finalized as of March 31, 2022. For the three months ended March 31, 2022, there were immaterial changes to the purchase price allocation.

The results of MDLIVE have been included in the Company's Consolidated Financial Statements from the date of the acquisition. Revenues from MDLIVE and their results of operations were not material to Cigna's consolidated results of operations for the three months ended March 31, 2022. The pro forma effects of this acquisition for prior periods were not material to our consolidated results of operations.

B.Integration and Transaction-related Costs

The Company incurred costs related to the acquisition of MDLIVE, the sale of the U.S. Group Disability and Life business and the terminated merger with Anthem, Inc. ("Anthem"). In the first three months of 2022, the Company also incurred costs related to the pending Chubb Transaction (see Note 5 for further information on assets and liabilities of businesses held for sale). These costs were $52 million pre-tax ($37 million after-tax) for the three months ended March 31, 2022 and $29 million pre-tax ($22 million after-tax) for the three months ended March 31, 2021. These costs consisted primarily of certain projects to integrate or separate the Company's systems, products and services, fees for legal, advisory and other professional services and certain employment-related costs.

Note 5 – Assets and Liabilities of Businesses Held for Sale

We entered into a definitive agreement in October 2021 to sell our life, accident and supplemental benefits businesses in several countries to Chubb. As of March 31, 2022, we now expect to sell our life, accident and supplemental benefits businesses in six countries (Hong Kong, Indonesia, New Zealand, South Korea, Taiwan and Thailand) to Chubb for $5.72 billion in cash. Subject to applicable regulatory approvals and customary closing conditions, we expect to complete the sale of these businesses in the second quarter of 2022. The Company has aggregated and classified the assets and liabilities of these businesses as held for sale in our Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021. The assets and liabilities of our interest in a joint venture in Turkey were classified as held for sale in our Consolidated Balance Sheet as of December 31, 2021; however, we no longer expect to sell this business to Chubb and the assets and liabilities are no longer classified as held for sale.

The assets and liabilities of businesses held for sale were as follows:


(In millions)	March 31, 2022		December 31, 2021
Cash and cash equivalents	$	591	$	406
Investments	4,771		5,109
Deferred policy acquisition costs	2,717		2,755
Separate account assets	718		878
Goodwill, other intangible assets and all other assets	896		909
Total assets of businesses held for sale	9,693		10,057
Insurance and contractholder liabilities	4,562		4,644
Accounts payable, accrued expenses and other liabilities	436		452
Deferred tax liabilities, net	400		449
Separate account liabilities	718		878
Total liabilities of businesses held for sale	$	6,116	$	6,423

The held for sale businesses reported Gross unrealized (depreciation) appreciation on securities and derivatives of $(33) million and $137 million and Gross cumulative translation losses on foreign currencies of $160 million and $209 million on our Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021, respectively.

Note 6 – Earnings Per Share ("EPS")

Basic and diluted earnings per share were computed as follows:


	Three Months Ended
	March 31, 2022						March 31, 2021

(Shares in thousands, dollars in millions, except per share amounts)	Basic		Effect of Dilution		Diluted		Basic		Effect of Dilution		Diluted
Shareholders' net income	$	1,183			$	1,183	$	1,161			$	1,161
Shares:
Weighted average	318,487				318,487		348,248				348,248
Common stock equivalents			2,795		2,795				3,728		3,728
Total shares	318,487		2,795		321,282		348,248		3,728		351,976
EPS	$	3.71	$	(0.03)	$	3.68	$	3.33	$	(0.03)	$	3.30

The following outstanding employee stock options were not included in the computation of diluted earnings per share because their effect was anti-dilutive:


	Three Months Ended March 31,
(In millions)		2022	2021
Anti-dilutive options		2.8	1.5

The Company held approximately 77.3 million shares of common stock in treasury at March 31, 2022, 71.2 million shares as of December 31, 2021 and 48.7 million shares as of March 31, 2021.

Note 7 – Debt

The outstanding amounts of debt and finance leases were as follows:


(In millions)	March 31, 2022		December 31, 2021
Short-term debt
Commercial paper	$	1,570	$	2,027
$500 million, 3.05% Notes due 11/2022	496		495
$17 million, 8.3% Notes due 1/2023	17		—
$63 million, 7.65% Notes due 3/2023	63		—
Other, including finance leases	27		23





Total short-term debt	$	2,173	$	2,545
Long-term debt



$17 million, 8.3% Notes due 2023	$	—	$	17
$63 million, 7.65% Notes due 2023	—		63
$700 million, Floating Rate Notes due 2023	699		699
$1,000 million, 3% Notes due 2023	987		985
$1,187 million, 3.75% Notes due 2023	1,185		1,185
$500 million, 0.613% Notes due 2024	499		498
$1,000 million, 3.5% Notes due 2024	985		983
$900 million, 3.25% Notes due 2025	897		897
$2,200 million, 4.125% Notes due 2025