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Fair Value (Tables) | 12 Months Ended
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Dec. 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 consolidated balance sheets at December 31, 2022 and 2021 were as follows:
In millions | Level 1 |  | Level 2 |  | Level 3 |  | Total
December 31, 2022 |  |  |  |  |  |  |
Cash and cash equivalents (1) | $ | 6,902 |  |  | $ | 6,049 |  |  | $ | — |  |  | $ | 12,951 |
Debt securities: |  |  |  |  |  |  |
U.S. government securities | 1,860 |  |  | 32 |  |  | — |  |  | 1,892 |
States, municipalities and political subdivisions | — |  |  | 2,272 |  |  | — |  |  | 2,272 |
U.S. corporate securities | — |  |  | 8,897 |  |  | 61 |  |  | 8,958 |
Foreign securities | — |  |  | 2,542 |  |  | 8 |  |  | 2,550 |
Residential mortgage-backed securities | — |  |  | 757 |  |  | — |  |  | 757 |
Commercial mortgage-backed securities | — |  |  | 1,018 |  |  | — |  |  | 1,018 |
Other asset-backed securities | — |  |  | 2,810 |  |  | — |  |  | 2,810 |
Redeemable preferred securities | — |  |  | 23 |  |  | — |  |  | 23 |
Total debt securities | 1,860 |  |  | 18,351 |  |  | 69 |  |  | 20,280 |
Equity securities | 116 |  |  | — |  |  | 60 |  |  | 176 |
Total | $ | 8,878 |  |  | $ | 24,400 |  |  | $ | 129 |  |  | $ | 33,407 |
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 $6 million which have been accounted for as assets held for sale and are included in assets held for sale on the consolidated balance sheet at December 31, 2022. See Note 2 ‘‘Acquisitions, Divestitures and Asset Sales’’ for additional information.
Schedule of Changes in Level 3 Financial Assets | The changes in the balances of Level 3 financial assets during the year ended December 31, 2022 were as follows:
In millions | States, municipalities and political subdivisions |  | U.S. corporate securities |  | Foreign securities |  | Other asset- backed securities |  |  |  | Equity securities |  | Total
Beginning balance | $ | 5 |  |  | $ | 38 |  |  | $ | 10 |  |  | $ | 3 |  |  |  |  | $ | 55 |  |  | $ | 111 |
Net realized and unrealized capital losses: |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings | — |  |  | (8) |  |  | — |  |  | — |  |  |  |  | (1) |  |  | (9) |
Included in other comprehensive loss | — |  |  | (5) |  |  | (2) |  |  | (2) |  |  |  |  | — |  |  | (9) |
Purchases | — |  |  | 36 |  |  | — |  |  | 30 |  |  |  |  | 29 |  |  | 95 |
Sales | (5) |  |  | — |  |  | — |  |  | (2) |  |  |  |  | (23) |  |  | (30) |
Settlements | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Transfers out of Level 3, net | — |  |  | — |  |  | — |  |  | (29) |  |  |  |  | — |  |  | (29) |
Ending balance | $ | — |  |  | $ | 61 |  |  | $ | 8 |  |  | $ | — |  |  |  |  | $ | 60 |  |  | $ | 129 |
The changes in the balances of Level 3 financial assets during the year ended December 31, 2021 were as follows:
In millions | States, municipalities and political subdivisions |  | U.S. corporate securities |  | Foreign securities |  | Other asset- backed securities |  | Redeemable preferred securities |  | Equity securities |  | Total |  |  |  |  |  |
Beginning balance | $ | 1 |  |  | $ | 52 |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | 30 |  |  | $ | 84 |  |  |  |  |  |  |
Net realized and unrealized capital gains (losses): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings | — |  |  | (10) |  |  | — |  |  | — |  |  | 2 |  |  | 13 |  |  | 5 |  |  |  |  |  |  |
Included in other comprehensive income | — |  |  | (3) |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (4) |  |  |  |  |  |  |
Purchases | — |  |  | 1 |  |  | — |  |  | 3 |  |  | — |  |  | 13 |  |  | 17 |  |  |  |  |  |  |
Sales | (1) |  |  | (1) |  |  | — |  |  | — |  |  | (2) |  |  | (1) |  |  | (5) |  |  |  |  |  |  |
Settlements | — |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  |  |  |  |  |
Transfers into Level 3, net | 5 |  |  | — |  |  | 10 |  |  | — |  |  | — |  |  | — |  |  | 15 |  |  |  |  |  |  |
Ending balance | $ | 5 |  |  | $ | 38 |  |  | $ | 10 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 55 |  |  | $ | 111 |  |  |  |  |  |  |
The change in net unrealized capital losses included in other comprehensive income associated with Level 3 financial assets which were held as of December 31, 2021 was $4 million during the year ended December 31, 2021. The total gross transfers into (out of) Level 3 during the years ended December 31, 2022 and 2021 were as follows:
In millions | 2022 |  | 2021
Gross transfers into Level 3 | $ | — |  |  | $ | 15 |
Gross transfers out of Level 3 | (29) |  |  | — |
Net transfers into (out of) Level 3 | $ | (29) |  |  | $ | 15 |
Schedule of Carrying Value and Fair Value By Level of Fair Value Hierarchy | The carrying value and estimated fair value classified by level of fair value hierarchy for financial instruments carried on the consolidated balance sheets at adjusted cost or contract value at December 31, 2022 and 2021 were as follows:
| Carrying Value |  | Estimated Fair Value
In millions |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
December 31, 2022 |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |
Mortgage loans | $ | 1,044 |  |  | $ | — |  |  | $ | — |  |  | $ | 978 |  |  | $ | 978 |
Equity securities (1) | 411 |  |  | N/A |  | N/A |  | N/A |  | N/A
Liabilities: |  |  |  |  |  |  |  |  |
Investment contract liabilities: |  |  |  |  |  |  |  |  |
With a fixed maturity | 3 |  |  | — |  |  | — |  |  | 3 |  |  | 3 |
Without a fixed maturity | 332 |  |  | — |  |  | — |  |  | 305 |  |  | 305 |
Long-term debt (2) | 52,257 |  |  | 47,653 |  |  | — |  |  | — |  |  | 47,653 |
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. See Note 1 ‘‘Significant Accounting Policies’’ for additional information regarding the valuation of cost method investments. (2)Includes long-term debt of $3 million which has been accounted for as liabilities held for sale and is included in liabilities held for sale on the consolidated balance sheet at December 31, 2022. See Note 2 ‘‘Acquisitions, Divestitures and Asset Sales’’ for additional information.
Schedule of Fair Value of Separate Accounts by Major Category of Investment | Separate Accounts financial assets at December 31, 2022 and 2021 were as follows:
| December 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 | $ | 2 |  |  | $ | 154 |  |  | $ | — |  |  | $ | 156 |  |  | $ | 2 |  |  | $ | 186 |  |  | $ | — |  |  | $ | 188 |
Debt securities | 712 |  |  | 1,965 |  |  | — |  |  | 2,677 |  |  | 1,233 |  |  | 3,048 |  |  | — |  |  | 4,281 |
Equity securities | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Common/collective trusts | — |  |  | 480 |  |  | — |  |  | 480 |  |  | — |  |  | 547 |  |  | — |  |  | 547 |
Total (1) | $ | 714 |  |  | $ | 2,599 |  |  | $ | — |  |  | $ | 3,313 |  |  | $ | 1,235 |  |  | $ | 3,782 |  |  | $ | — |  |  | $ | 5,017 |
_____________________________________ (1)Excludes $85 million of other payables and $70 million of other receivables at December 31, 2022 and 2021, respectively.

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