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Fair Value
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
The preparation of the Company’s unaudited condensed consolidated financial statements in accordance with GAAP requires certain assets and liabilities to be reflected at their fair value and others to be reflected on another basis, such as an adjusted historical cost basis. The Company’s assets and liabilities carried at fair value have been classified within one of three levels of a hierarchy established by GAAP. The following are the levels of the hierarchy and a brief description of the type of valuation information (“valuation inputs”) that qualifies a financial asset or liability for each level:

•Level 1 – Unadjusted quoted prices for identical assets or liabilities in active markets.
•Level 2 – Valuation inputs other than Level 1 that are based on observable market data. These include: quoted prices for similar assets in active markets, quoted prices for identical assets in inactive markets, valuation inputs that are observable that are not prices (such as interest rates and credit risks) and valuation inputs that are derived from or corroborated by observable markets.
•Level 3 – Developed from unobservable data, reflecting the Company’s assumptions.
For a description of the methods and assumptions that are used to estimate the fair value and determine the fair value hierarchy classification of each class of financial instrument, see Note 5 ‘‘Fair Value’’ in the 2023 Form 10-K.
There were no financial liabilities measured at fair value on a recurring basis on the unaudited condensed consolidated balance sheets at March 31, 2024 or December 31, 2023. Financial assets measured at fair value on a recurring basis on the unaudited condensed consolidated balance sheets at March 31, 2024 and December 31, 2023 were as follows:
In millionsLevel 1Level 2Level 3Total
March 31, 2024    
Cash and cash equivalents$3,548 $6,253 $— $9,801 
Debt securities:    
U.S. government securities2,125 22 — 2,147 
States, municipalities and political subdivisions— 2,008 — 2,008 
U.S. corporate securities— 10,545 26 10,571 
Foreign securities— 2,503 — 2,503 
Residential mortgage-backed securities— 800 — 800 
Commercial mortgage-backed securities— 1,036 — 1,036 
Other asset-backed securities— 3,543 — 3,543 
Redeemable preferred securities— 18 — 18 
Total debt securities2,125 20,475 26 22,626 
Equity securities212 — 88 300 
Total$5,885 $26,728 $114 $32,727 
December 31, 2023    
Cash and cash equivalents$2,174 $6,022 $— $8,196 
Debt securities:    
U.S. government securities2,013 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 securities2,013 19,671 29 21,713 
Equity securities194 — 79 273 
Total$4,381 $25,693 $108 $30,182 


During the three months ended March 31, 2024, there were no transfers into or out of Level 3. During the three months ended March 31, 2023 there were $29 million of transfers out of Level 3.
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 March 31, 2024 and December 31, 2023 were as follows:
Carrying
Value		 Estimated Fair Value
In millionsLevel 1Level 2Level 3Total
March 31, 2024
Assets: 
Mortgage loans$1,362 $— $— $1,316 $1,316 
Equity securities (1)
559 N/AN/AN/AN/A
Liabilities:
Investment contract liabilities:
With a fixed maturity1 — — 1 1 
Without a fixed maturity321 — — 282 282 
Long-term debt61,425 57,427 — — 57,427 
December 31, 2023
Assets: 
Mortgage loans$1,311 $— $— $1,274 $1,274 
Equity securities (1)
534 N/AN/AN/AN/A
Liabilities:  
Investment contract liabilities:  
With a fixed maturity1 — — 1 1 
Without a fixed maturity312 — — 279 279 
Long-term debt61,410 58,451 — — 58,451 
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(1)It was not practical to estimate the fair value of these cost-method investments as it represents shares of unlisted companies.

Separate Accounts assets relate to the Company’s large case pensions products which represent funds maintained to meet specific objectives of contract holders. Since contract holders bear the investment risk of these assets, a corresponding Separate Accounts liability has been established equal to the assets. These assets and liabilities are carried at fair value. Separate Accounts financial assets as of March 31, 2024 and December 31, 2023 were as follows:
 March 31, 2024December 31, 2023
In millionsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents$1 $150 $— $151 $2 $166 $— $168 
Debt securities593 1,910 — 2,503 558 1,949 — 2,507 
Common/collective trusts— 572 — 572 — 529 — 529 
Total (1)
$594 $2,632 $— $3,226 $560 $2,644 $— $3,204 
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(1)Excludes $45 million and $46 million of other receivables at March 31, 2024 and December 31, 2023, respectively.