Cigna Group
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
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Organizational Efficiency Plan
Note 17 – Organizational Efficiency Plan
During the fourth quarter of 2023, the Company approved a strategic realignment to drive greater operating effectiveness and efficiency. This plan positions us to be more efficient and focused to deliver differentiated value and services to our clients and customers.
We recognized a charge in Selling, general and administrative expenses of $252 million, pre-tax ($193 million, after-tax). This charge included $232 million of accrued expenses primarily for severance costs related to headcount reductions, as well as, $20 million of one-time expenses related to abandonment of leased assets and impairment of property and equipment. We expect substantially all of the accrued liability to be paid by the end of 2024.
The following table summarizes a roll forward of the accrued liability recorded in Accrued expenses and other liabilities:
| (In millions) | |
|---|---|
| Balance, December 31, 2022 | $— |
| Fourth quarter 2023 charge | 232 |
| 2023 payments | (30) |
| Balance, December 31, 2023 | $202 |
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