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Fair Value (Tables) | 3 Months Ended
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Mar. 31, 2022
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 March 31, 2022 and December 31, 2021 were as follows:
In millions | Level 1 |  | Level 2 |  | Level 3 |  | Total
March 31, 2022 |  |  |  |  |  |  |
Cash and cash equivalents (1) | $ | 4,601 |  |  | $ | 3,872 |  |  | $ | — |  |  | $ | 8,473 |
Debt securities: |  |  |  |  |  |  |
U.S. government securities | 2,243 |  |  | 43 |  |  | — |  |  | 2,286 |
States, municipalities and political subdivisions | — |  |  | 2,498 |  |  | — |  |  | 2,498 |
U.S. corporate securities | — |  |  | 9,912 |  |  | 32 |  |  | 9,944 |
Foreign securities | — |  |  | 2,991 |  |  | 8 |  |  | 2,999 |
Residential mortgage-backed securities | — |  |  | 867 |  |  | — |  |  | 867 |
Commercial mortgage-backed securities | — |  |  | 1,225 |  |  | — |  |  | 1,225 |
Other asset-backed securities | — |  |  | 2,623 |  |  | 30 |  |  | 2,653 |
Redeemable preferred securities | — |  |  | 26 |  |  | — |  |  | 26 |
Total debt securities | 2,243 |  |  | 20,185 |  |  | 70 |  |  | 22,498 |
Equity securities | 149 |  |  | — |  |  | 60 |  |  | 209 |
Total | $ | 6,993 |  |  | $ | 24,057 |  |  | $ | 130 |  |  | $ | 31,180 |
December 31, 2021 |  |  |  |  |  |  |
Cash and cash equivalents | $ | 4,954 |  |  | $ | 4,454 |  |  | $ | — |  |  | $ | 9,408 |
Debt securities: |  |  |  |  |  |  |
U.S. government securities | 2,372 |  |  | 44 |  |  | — |  |  | 2,416 |
States, municipalities and political subdivisions | — |  |  | 3,086 |  |  | 5 |  |  | 3,091 |
U.S. corporate securities | — |  |  | 9,697 |  |  | 38 |  |  | 9,735 |
Foreign securities | — |  |  | 2,983 |  |  | 10 |  |  | 2,993 |
Residential mortgage-backed securities | — |  |  | 875 |  |  | — |  |  | 875 |
Commercial mortgage-backed securities | — |  |  | 1,310 |  |  | — |  |  | 1,310 |
Other asset-backed securities | — |  |  | 2,789 |  |  | 3 |  |  | 2,792 |
Redeemable preferred securities | — |  |  | 28 |  |  | — |  |  | 28 |
Total debt securities | 2,372 |  |  | 20,812 |  |  | 56 |  |  | 23,240 |
Equity securities | 114 |  |  | — |  |  | 55 |  |  | 169 |
Total | $ | 7,440 |  |  | $ | 25,266 |  |  | $ | 111 |  |  | $ | 32,817 |
_____________________________________________ (1)Includes cash and cash equivalents of $31 million which were accounted for as assets held for sale in connection with the planned divestiture of the Thailand business and are included in other current assets on the unaudited condensed consolidated balance sheet at March 31, 2022.
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 March 31, 2022 and December 31, 2021 were as follows:
| Carrying Value |  | Estimated Fair Value
In millions |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
March 31, 2022 |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |
Mortgage loans | $ | 918 |  |  | $ | — |  |  | $ | — |  |  | $ | 892 |  |  | $ | 892 |
Equity securities (1) | 126 |  |  | N/A |  | N/A |  | N/A |  | N/A
Liabilities: |  |  |  |  |  |  |  |  |
Investment contract liabilities: |  |  |  |  |  |  |  |  |
With a fixed maturity | 5 |  |  | — |  |  | — |  |  | 5 |  |  | 5 |
Without a fixed maturity | 334 |  |  | — |  |  | — |  |  | 336 |  |  | 336 |
Long-term debt | 56,280 |  |  | 58,624 |  |  | — |  |  | — |  |  | 58,624 |
December 31, 2021 |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |
Mortgage loans | $ | 902 |  |  | $ | — |  |  | $ | — |  |  | $ | 907 |  |  | $ | 907 |
Equity securities (1) | 126 |  |  | N/A |  | N/A |  | N/A |  | N/A
Liabilities: |  |  |  |  |  |  |  |  |
Investment contract liabilities: |  |  |  |  |  |  |  |  |
With a fixed maturity | 5 |  |  | — |  |  | — |  |  | 5 |  |  | 5 |
Without a fixed maturity | 336 |  |  | — |  |  | — |  |  | 373 |  |  | 373 |
Long-term debt | 56,176 |  |  | 64,157 |  |  | — |  |  | — |  |  | 64,157 |
_____________________________________________ (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 March 31, 2022 and December 31, 2021 were as follows:
|  | March 31, 2022 |  | December 31, 2021
In millions |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents |  | $ | 3 |  |  | $ | 193 |  |  | $ | — |  |  | $ | 196 |  |  | $ | 2 |  |  | $ | 186 |  |  | $ | — |  |  | $ | 188 |
Debt securities |  | 1,095 |  |  | 2,793 |  |  | — |  |  | 3,888 |  |  | 1,233 |  |  | 3,048 |  |  | — |  |  | 4,281 |
Equity securities |  | — |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Common/collective trusts |  | — |  |  | 500 |  |  | — |  |  | 500 |  |  | — |  |  | 547 |  |  | — |  |  | 547 |
Total (1) |  | $ | 1,098 |  |  | $ | 3,487 |  |  | $ | — |  |  | $ | 4,585 |  |  | $ | 1,235 |  |  | $ | 3,782 |  |  | $ | — |  |  | $ | 5,017 |
_____________________________________________ (1)Excludes $85 million and $70 million of other receivables at March 31, 2022 and December 31, 2021, respectively.

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