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Fair Value (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2024 and December 31, 2023 were as follows:

In millions			Level 1						Level 2						Level 3						Total
September 30, 2024
Cash and cash equivalents			$	2,480					$	4,395					$	—					$	6,875
Debt securities:
U.S. government securities			2,767						17						—						2,784
States, municipalities and political subdivisions			—						738						—						738
U.S. corporate securities			—						13,089						26						13,115
Foreign securities			—						2,644						—						2,644
Residential mortgage-backed securities			—						795						—						795
Commercial mortgage-backed securities			—						1,568						15						1,583
Other asset-backed securities			—						4,813						—						4,813
Redeemable preferred securities			—						18						—						18
Total debt securities			2,767						23,682						41						26,490
Equity securities			230						—						103						333
Total			$	5,477					$	28,077					$	144					$	33,698
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 September 30, 2024 and December 31, 2023 were as follows:

			Carrying Value						Estimated Fair Value
In millions									Level 1						Level 2						Level 3						Total
September 30, 2024
Assets:
Mortgage loans			$	1,487					$	—					$	—					$	1,478					$	1,478
Equity securities (1)			602						N/A						N/A						N/A						N/A
Liabilities:
Investment contract liabilities:
With a fixed maturity			1						—						—						1						1
Without a fixed maturity			316						—						—						286						286
Long-term debt			64,734						61,923						—						—						61,923
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 September 30, 2024 and December 31, 2023 were as follows:

			September 30, 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					$	164					$	—					$	165					$	2					$	166					$	—					$	168
Debt securities			202						697						—						899						558						1,949						—						2,507
Common/collective trusts			—						2,372						—						2,372						—						529						—						529
Total (1)			$	203					$	3,233					$	—					$	3,436					$	560					$	2,644					$	—					$	3,204

_____________________________________________

(1)Excludes $102 million of other payables and $46 million of other receivables at September 30, 2024 and December 31, 2023, respectively.

The following table shows the fair value of assets, by major investment category, supporting Separate Accounts as of September 30, 2024 and December 31, 2023:

In millions			September 30, 2024						December 31, 2023
Cash and cash equivalents			$	165					$	168
Debt securities:
U.S. government securities			223						573
States, municipalities and political subdivisions			16						28
U.S. corporate securities			527						1,632
Foreign securities			52						202
Residential mortgage-backed securities			68						51
Commercial mortgage-backed securities			3						6
Other asset-backed securities			10						15
Total debt securities			899						2,507
Common/collective trusts			2,372						529
Total (1)			$	3,436					$	3,204

_____________________________________________

(1)Excludes $102 million of other payables and $46 million of other receivables at September 30, 2024 and December 31, 2023, respectively.

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- 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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-Name Accounting Standards Codification
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-Section 50
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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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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Tabular disclosure of fair value of asset supporting separate account.

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
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-Name Accounting Standards Codification
-Section 55
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