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Fair Value (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023 were as follows:

In millions			Level 1						Level 2						Level 3						Total
March 31, 2024
Cash and cash equivalents			$	3,548					$	6,253					$	—					$	9,801
Debt securities:
U.S. government securities			2,125						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 securities			2,125						20,475						26						22,626
Equity securities			212						—						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 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

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 March 31, 2024 and December 31, 2023 were as follows:

			Carrying Value						Estimated Fair Value
In millions									Level 1						Level 2						Level 3						Total
March 31, 2024
Assets:
Mortgage loans			$	1,362					$	—					$	—					$	1,316					$	1,316
Equity securities (1)			559						N/A						N/A						N/A						N/A
Liabilities:
Investment contract liabilities:
With a fixed maturity			1						—						—						1						1
Without a fixed maturity			321						—						—						282						282
Long-term debt			61,425						57,427						—						—						57,427
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

_____________________________________________

(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, 2024 and December 31, 2023 were as follows:

			March 31, 2024																								December 31, 2023
In millions			Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total
Cash and cash equivalents			$	1					$	150					$	—					$	151					$	2					$	166					$	—					$	168
Debt securities			593						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

_____________________________________________

(1)Excludes $45 million and $46 million of other receivables at March 31, 2024 and December 31, 2023, respectively.

The following table shows the fair value of assets, by major investment category, supporting Separate Accounts as of March 31, 2024 and December 31, 2023:

In millions			March 31, 2024						December 31, 2023
Cash and cash equivalents			$	151					$	168
Debt securities:
U.S. government securities			588						573
States, municipalities and political subdivisions			21						28
U.S. corporate securities			1,645						1,632
Foreign securities			203						202
Residential mortgage-backed securities			32						51
Commercial mortgage-backed securities			3						6
Other asset-backed securities			11						15
Total debt securities			2,503						2,507
Common/collective trusts			572						529
Total (1)			$	3,226					$	3,204

_____________________________________________

(1)Excludes $45 million and $46 million of other receivables at March 31, 2024 and December 31, 2023, respectively.

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

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