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Fair Value (Tables) | 12 Months Ended
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Dec. 31, 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 consolidated balance sheets at December 31, 2023 and 2022 were as follows:
In millions | Level 1 |  | Level 2 |  | Level 3 |  | Total
December 31, 2023 |  |  |  |  |  |  |
Cash and cash equivalents | $ | 2,174 |  |  | $ | 6,022 |  |  | $ | — |  |  | $ | 8,196 |
Debt securities: |  |  |  |  |  |  |
U.S. government securities | 2,013 |  |  | 23 |  |  | — |  |  | 2,036 |
States, municipalities and political subdivisions | — |  |  | 2,215 |  |  | — |  |  | 2,215 |
U.S. corporate securities | — |  |  | 9,814 |  |  | 29 |  |  | 9,843 |
Foreign securities | — |  |  | 2,512 |  |  | — |  |  | 2,512 |
Residential mortgage-backed securities | — |  |  | 810 |  |  | — |  |  | 810 |
Commercial mortgage-backed securities | — |  |  | 975 |  |  | — |  |  | 975 |
Other asset-backed securities | — |  |  | 3,302 |  |  | — |  |  | 3,302 |
Redeemable preferred securities | — |  |  | 20 |  |  | — |  |  | 20 |
Total debt securities | 2,013 |  |  | 19,671 |  |  | 29 |  |  | 21,713 |
Equity securities | 194 |  |  | — |  |  | 79 |  |  | 273 |
Total | $ | 4,381 |  |  | $ | 25,693 |  |  | $ | 108 |  |  | $ | 30,182 |
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 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, 2023 were as follows:
In millions | Commercial mortgage-backed securities |  |  |  | U.S. corporate securities |  | Foreign securities |  |  |  |  |  | Equity securities |  | Total
Beginning balance | $ | — |  |  |  |  | $ | 61 |  |  | $ | 8 |  |  |  |  |  |  | $ | 60 |  |  | $ | 129 |
Net realized and unrealized capital losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings | — |  |  |  |  | (8) |  |  | — |  |  |  |  |  |  | (2) |  |  | (10) |
Included in other comprehensive income | — |  |  |  |  | 1 |  |  | — |  |  |  |  |  |  | — |  |  | 1 |
Purchases | 13 |  |  |  |  | 5 |  |  | — |  |  |  |  |  |  | 23 |  |  | 41 |
Sales | — |  |  |  |  | (1) |  |  | — |  |  |  |  |  |  | (2) |  |  | (3) |
Transfers out of Level 3, net | (13) |  |  |  |  | (29) |  |  | (8) |  |  |  |  |  |  | — |  |  | (50) |
Ending balance | $ | — |  |  |  |  | $ | 29 |  |  | $ | — |  |  |  |  |  |  | $ | 79 |  |  | $ | 108 |
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 total gross transfers into (out of) Level 3 during the years ended December 31, 2023 and 2022 were as follows:
In millions | 2023 |  | 2022
Gross transfers into Level 3 | $ | — |  |  | $ | — |
Gross transfers out of Level 3 | (50) |  |  | (29) |
Net transfers out of Level 3 | $ | (50) |  |  | $ | (29) |
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, 2023 and 2022 were as follows:
| Carrying Value |  | Estimated Fair Value
In millions |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
December 31, 2023 |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |
Mortgage loans | $ | 1,311 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,274 |  |  | $ | 1,274 |
Equity securities (1) | 534 |  |  | N/A |  | N/A |  | N/A |  | N/A
Liabilities: |  |  |  |  |  |  |  |  |
Investment contract liabilities: |  |  |  |  |  |  |  |  |
With a fixed maturity | 1 |  |  | — |  |  | — |  |  | 1 |  |  | 1 |
Without a fixed maturity | 312 |  |  | — |  |  | — |  |  | 279 |  |  | 279 |
Long-term debt | 61,410 |  |  | 58,451 |  |  | — |  |  | — |  |  | 58,451 |
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. 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 was accounted for as liabilities held for sale and was 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, 2023 and 2022 were as follows:
| December 31, 2023 |  | December 31, 2022
In millions | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents | $ | 2 |  |  | $ | 166 |  |  | $ | — |  |  | $ | 168 |  |  | $ | 2 |  |  | $ | 154 |  |  | $ | — |  |  | $ | 156 |
Debt securities | 558 |  |  | 1,949 |  |  | — |  |  | 2,507 |  |  | 712 |  |  | 1,965 |  |  | — |  |  | 2,677 |
Common/collective trusts | — |  |  | 529 |  |  | — |  |  | 529 |  |  | — |  |  | 480 |  |  | — |  |  | 480 |
Total (1) | $ | 560 |  |  | $ | 2,644 |  |  | $ | — |  |  | $ | 3,204 |  |  | $ | 714 |  |  | $ | 2,599 |  |  | $ | — |  |  | $ | 3,313 |
_____________________________________ (1)Excludes $46 million of other receivables and $85 million of other payables at December 31, 2023 and 2022, respectively. The following table shows the fair value of assets, by major investment category, supporting Separate Accounts as of December 31, 2023 and 2022:
In millions | 2023 |  | 2022
Cash and cash equivalents | $ | 168 |  |  | 156 |
Debt securities: |  |  |
U.S. government securities | 573 |  |  | 717 |
States, municipalities and political subdivisions | 28 |  |  | 27 |
U.S. corporate securities | 1,632 |  |  | 1,667 |
Foreign securities | 202 |  |  | 201 |
Residential mortgage-backed securities | 51 |  |  | 41 |
Commercial mortgage-backed securities | 6 |  |  | 6 |
Other asset-backed securities | 15 |  |  | 18 |
Total debt securities | 2,507 |  |  | 2,677 |
Common/collective trusts | 529 |  |  | 480 |
Total (1) | $ | 3,204 |  |  | $ | 3,313 |
_____________________________________________ (1)Excludes $46 million of other receivables and $85 million of other payables at December 31, 2023 and 2022, respectively.

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