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Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2023
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 unaudited condensed consolidated balance sheets at September 30, 2023 and December 31, 2022 were as follows:
In millions | Level 1 |  | Level 2 |  | Level 3 |  | Total
September 30, 2023 |  |  |  |  |  |  |
Cash and cash equivalents | $ | 5,159 |  |  | $ | 7,884 |  |  | $ | — |  |  | $ | 13,043 |
Debt securities: |  |  |  |  |  |  |
U.S. government securities | 1,899 |  |  | 22 |  |  | — |  |  | 1,921 |
States, municipalities and political subdivisions | — |  |  | 2,127 |  |  | — |  |  | 2,127 |
U.S. corporate securities | — |  |  | 9,166 |  |  | 29 |  |  | 9,195 |
Foreign securities | — |  |  | 2,388 |  |  | 8 |  |  | 2,396 |
Residential mortgage-backed securities | — |  |  | 730 |  |  | — |  |  | 730 |
Commercial mortgage-backed securities | — |  |  | 977 |  |  | — |  |  | 977 |
Other asset-backed securities | — |  |  | 3,036 |  |  | — |  |  | 3,036 |
Redeemable preferred securities | — |  |  | 19 |  |  | — |  |  | 19 |
Total debt securities | 1,899 |  |  | 18,465 |  |  | 37 |  |  | 20,401 |
Equity securities | 187 |  |  | — |  |  | 83 |  |  | 270 |
Total | $ | 7,245 |  |  | $ | 26,349 |  |  | $ | 120 |  |  | $ | 33,714 |
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 |
_____________________________________________ (1)Includes cash and cash equivalents of $6 million which were accounted for as assets held for sale and were included in assets held for sale on the unaudited condensed consolidated balance sheet at December 31, 2022. See Note 2 ‘‘Acquisitions and Assets Held for Sale’’ for additional information.
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 unaudited condensed consolidated balance sheets at adjusted cost or contract value at September 30, 2023 and December 31, 2022 were as follows:
| Carrying Value |  | Estimated Fair Value
In millions |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
September 30, 2023 |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |
Mortgage loans | $ | 1,273 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,203 |  |  | $ | 1,203 |
Equity securities (1) | 519 |  |  | N/A |  | N/A |  | N/A |  | N/A
Liabilities: |  |  |  |  |  |  |  |  |
Investment contract liabilities: |  |  |  |  |  |  |  |  |
With a fixed maturity | 1 |  |  | — |  |  | — |  |  | 1 |  |  | 1 |
Without a fixed maturity | 324 |  |  | — |  |  | — |  |  | 277 |  |  | 277 |
Long-term debt | 61,914 |  |  | 54,807 |  |  | — |  |  | — |  |  | 54,807 |
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 |
_____________________________________________ (1)It was not practical to estimate the fair value of these cost-method investments as it represents shares of unlisted companies. (2)Includes long-term debt of $3 million which was accounted for as liabilities held for sale and was included in liabilities held for sale on the unaudited condensed consolidated balance sheet at December 31, 2022. See Note 2 ‘‘Acquisitions and Assets Held for Sale’’ for additional information.
Schedule of Fair Value of Separate Accounts by Major Category of Investment | Separate Accounts financial assets as of September 30, 2023 and December 31, 2022 were as follows:
| September 30, 2023 |  | December 31, 2022
In millions | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents | $ | 1 |  |  | $ | 152 |  |  | $ | — |  |  | $ | 153 |  |  | $ | 2 |  |  | $ | 154 |  |  | $ | — |  |  | $ | 156 |
Debt securities | 667 |  |  | 1,896 |  |  | — |  |  | 2,563 |  |  | 712 |  |  | 1,965 |  |  | — |  |  | 2,677 |
Common/collective trusts | — |  |  | 443 |  |  | — |  |  | 443 |  |  | — |  |  | 480 |  |  | — |  |  | 480 |
Total (1) | $ | 668 |  |  | $ | 2,491 |  |  | $ | — |  |  | $ | 3,159 |  |  | $ | 714 |  |  | $ | 2,599 |  |  | $ | — |  |  | $ | 3,313 |
_____________________________________________ (1)Excludes $41 million of other receivables and $85 million of other payables at September 30, 2023 and December 31, 2022, respectively. The following table shows the fair value of assets, by major investment category, supporting Separate Accounts as of September 30, 2023 and December 31, 2022:
In millions | September 30, 2023 |  | December 31, 2022
Cash and cash equivalents | $ | 153 |  |  | $ | 156 |
Debt securities: |  |  |
U.S. government securities | 671 |  |  | 717 |
States, municipalities and political subdivisions | 26 |  |  | 27 |
U.S. corporate securities | 1,610 |  |  | 1,667 |
Foreign securities | 198 |  |  | 201 |
Residential mortgage-backed securities | 37 |  |  | 41 |
Commercial mortgage-backed securities | 6 |  |  | 6
Other asset-backed securities | 15 |  |  | 18 |
Total debt securities | 2,563 |  |  | 2,677 |
Common/collective trusts | 443 |  |  | 480 |
Total (1) | $ | 3,159 |  |  | $ | 3,313 |
_____________________________________________ (1)Excludes $41 million of other receivables and $85 million of other payables at September 30, 2023 and December 31, 2022, respectively.

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