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Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2021
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Financial assets measured at fair value on a recurring basis on the condensed consolidated balance sheets at September 30, 2021 and December 31, 2020 were as follows:
In millions | Level 1 |  | Level 2 |  | Level 3 |  | Total
September 30, 2021 |  |  |  |  |  |  |
Cash and cash equivalents | $ | 4,953 |  |  | $ | 4,873 |  |  | $ | — |  |  | $ | 9,826 |
Debt securities: |  |  |  |  |  |  |
U.S. government securities | 2,295 |  |  | 45 |  |  | — |  |  | 2,340 |
States, municipalities and political subdivisions | — |  |  | 3,085 |  |  | — |  |  | 3,085 |
U.S. corporate securities | — |  |  | 9,594 |  |  | 39 |  |  | 9,633 |
Foreign securities | — |  |  | 2,945 |  |  | — |  |  | 2,945 |
Residential mortgage-backed securities | — |  |  | 863 |  |  | — |  |  | 863 |
Commercial mortgage-backed securities | — |  |  | 1,209 |  |  | — |  |  | 1,209 |
Other asset-backed securities | — |  |  | 2,468 |  |  | — |  |  | 2,468 |
Redeemable preferred securities | — |  |  | 31 |  |  | — |  |  | 31 |
Total debt securities | 2,295 |  |  | 20,240 |  |  | 39 |  |  | 22,574 |
Equity securities | 107 |  |  | — |  |  | 42 |  |  | 149 |
Total | $ | 7,355 |  |  | $ | 25,113 |  |  | $ | 81 |  |  | $ | 32,549 |
December 31, 2020 |  |  |  |  |  |  |
Cash and cash equivalents | $ | 3,985 |  |  | $ | 3,869 |  |  | $ | — |  |  | $ | 7,854 |
Debt securities: |  |  |  |  |  |  |
U.S. government securities | 2,370 |  |  | 99 |  |  | — |  |  | 2,469 |
States, municipalities and political subdivisions | — |  |  | 2,727 |  |  | 1 |  |  | 2,728 |
U.S. corporate securities | — |  |  | 8,842 |  |  | 52 |  |  | 8,894 |
Foreign securities | — |  |  | 2,918 |  |  | — |  |  | 2,918 |
Residential mortgage-backed securities | — |  |  | 705 |  |  | — |  |  | 705 |
Commercial mortgage-backed securities | — |  |  | 1,046 |  |  | — |  |  | 1,046 |
Other asset-backed securities | — |  |  | 2,403 |  |  | — |  |  | 2,403 |
Redeemable preferred securities | — |  |  | 24 |  |  | 1 |  |  | 25 |
Total debt securities | 2,370 |  |  | 18,764 |  |  | 54 |  |  | 21,188 |
Equity securities | 17 |  |  | — |  |  | 30 |  |  | 47 |
Total | $ | 6,372 |  |  | $ | 22,633 |  |  | $ | 84 |  |  | $ | 29,089 |
Fair Value, by Balance Sheet Grouping | The carrying value and estimated fair value classified by level of fair value hierarchy for financial instruments carried on the condensed consolidated balance sheets at adjusted cost or contract value at September 30, 2021 and December 31, 2020 were as follows:
| Carrying Value |  | Estimated Fair Value
In millions |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
September 30, 2021 |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |
Mortgage loans | $ | 934 |  |  | $ | — |  |  | $ | — |  |  | $ | 945 |  |  | $ | 945 |
Equity securities (1) | 50 |  |  | N/A |  | N/A |  | N/A |  | N/A
Liabilities: |  |  |  |  |  |  |  |  |
Investment contract liabilities: |  |  |  |  |  |  |  |  |
With a fixed maturity | 5 |  |  | — |  |  | — |  |  | 5 |  |  | 5 |
Without a fixed maturity | 334 |  |  | — |  |  | — |  |  | 378 |  |  | 378 |
Long-term debt | 58,393 |  |  | 66,960 |  |  | — |  |  | — |  |  | 66,960 |
December 31, 2020 |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |
Mortgage loans | $ | 1,047 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,070 |  |  | $ | 1,070 |
Equity securities (1) | 145 |  |  | N/A |  | N/A |  | N/A |  | N/A
Liabilities: |  |  |  |  |  |  |  |  |
Investment contract liabilities: |  |  |  |  |  |  |  |  |
With a fixed maturity | 5 |  |  | — |  |  | — |  |  | 5 |  |  | 5 |
Without a fixed maturity | 322 |  |  | — |  |  | — |  |  | 371 |  |  | 371 |
Long-term debt | 64,647 |  |  | 75,940 |  |  | — |  |  | — |  |  | 75,940 |
_____________________________________________ (1)It was not practical to estimate the fair value of these cost-method investments as it represents shares of unlisted companies.
Schedule of Fair Value of Separate Accounts by Major Category of Investment | Separate Accounts financial assets as of September 30, 2021 and December 31, 2020 were as follows:
|  | September 30, 2021 |  | December 31, 2020
In millions |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents |  | $ | 3 |  |  | $ | 216 |  |  | $ | — |  |  | $ | 219 |  |  | $ | 2 |  |  | $ | 186 |  |  | $ | — |  |  | $ | 188 |
Debt securities |  | 1,214 |  |  | 3,083 |  |  | — |  |  | 4,297 |  |  | 1,465 |  |  | 2,634 |  |  | — |  |  | 4,099 |
Equity securities |  | — |  |  | 2 |  |  | — |  |  | 2 |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Common/collective trusts |  | — |  |  | 577 |  |  | — |  |  | 577 |  |  | — |  |  | 563 |  |  | — |  |  | 563 |
Total (1) |  | $ | 1,217 |  |  | $ | 3,878 |  |  | $ | — |  |  | $ | 5,095 |  |  | $ | 1,467 |  |  | $ | 3,385 |  |  | $ | — |  |  | $ | 4,852 |
_____________________________________________ (1)Excludes $9 million of other payables at September 30, 2021 and $29 million of other receivables at December 31, 2020.

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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