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Fair Value | 3 Months Ended
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Mar. 31, 2025
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 2024 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, 2025 or December 31, 2024. Financial assets measured at fair value on a recurring basis on the unaudited condensed consolidated balance sheets at March 31, 2025 and December 31, 2024 were as follows:
In millions | Level 1 |  | Level 2 |  | Level 3 |  | Total
March 31, 2025 |  |  |  |  |  |  |
Cash and cash equivalents | $ | 2,763 |  |  | $ | 7,313 |  |  | $ | — |  |  | $ | 10,076 |
Debt securities: |  |  |  |  |  |  |
U.S. government securities | 2,862 |  |  | 18 |  |  | — |  |  | 2,880 |
States, municipalities and political subdivisions | — |  |  | 376 |  |  | — |  |  | 376 |
U.S. corporate securities | — |  |  | 13,104 |  |  | 23 |  |  | 13,127 |
Foreign securities | — |  |  | 2,556 |  |  | — |  |  | 2,556 |
Residential mortgage-backed securities | — |  |  | 794 |  |  | — |  |  | 794 |
Commercial mortgage-backed securities | — |  |  | 1,728 |  |  | 13 |  |  | 1,741 |
Other asset-backed securities | — |  |  | 4,555 |  |  | — |  |  | 4,555 |
Redeemable preferred securities | — |  |  | 15 |  |  | — |  |  | 15 |
Total debt securities | 2,862 |  |  | 23,146 |  |  | 36 |  |  | 26,044 |
Equity securities | 173 |  |  | — |  |  | 128 |  |  | 301 |
Total | $ | 5,798 |  |  | $ | 30,459 |  |  | $ | 164 |  |  | $ | 36,421 |
December 31, 2024 |  |  |  |  |  |  |
Cash and cash equivalents | $ | 4,948 |  |  | $ | 3,638 |  |  | $ | — |  |  | $ | 8,586 |
Debt securities: |  |  |  |  |  |  |
U.S. government securities | 2,777 |  |  | 18 |  |  | — |  |  | 2,795 |
States, municipalities and political subdivisions | — |  |  | 698 |  |  | — |  |  | 698 |
U.S. corporate securities | — |  |  | 12,687 |  |  | 38 |  |  | 12,725 |
Foreign securities | — |  |  | 2,524 |  |  | — |  |  | 2,524 |
Residential mortgage-backed securities | — |  |  | 740 |  |  | — |  |  | 740 |
Commercial mortgage-backed securities | — |  |  | 1,673 |  |  | — |  |  | 1,673 |
Other asset-backed securities | — |  |  | 4,862 |  |  | — |  |  | 4,862 |
Redeemable preferred securities | — |  |  | 16 |  |  | — |  |  | 16 |
Total debt securities | 2,777 |  |  | 23,218 |  |  | 38 |  |  | 26,033 |
Equity securities | 234 |  |  | — |  |  | 126 |  |  | 360 |
Total | $ | 7,959 |  |  | $ | 26,856 |  |  | $ | 164 |  |  | $ | 34,979 |
During the three months ended March 31, 2025, there were $13 million of transfers out of Level 3. During the three months ended March 31, 2024, there were no transfers into or 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, 2025 and December 31, 2024 were as follows:
| Carrying Value |  | Estimated Fair Value
In millions |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
March 31, 2025 |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |
Mortgage loans | $ | 1,498 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,482 |  |  | $ | 1,482 |
Equity securities (1) | 515 |  |  | N/A |  | N/A |  | N/A |  | N/A
Liabilities: |  |  |  |  |  |  |  |  |
Investment contract liabilities: |  |  |  |  |  |  |  |  |
With a fixed maturity | 1 |  |  | — |  |  | — |  |  | 1 |  |  | 1 |
Without a fixed maturity | 307 |  |  | — |  |  | — |  |  | 268 |  |  | 268 |
Long-term debt | 63,451 |  |  | 59,341 |  |  | — |  |  | — |  |  | 59,341 |
December 31, 2024 |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |
Mortgage loans | $ | 1,505 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,468 |  |  | $ | 1,468 |
Equity securities (1) | 490 |  |  | N/A |  | N/A |  | N/A |  | N/A
Liabilities: |  |  |  |  |  |  |  |  |
Investment contract liabilities: |  |  |  |  |  |  |  |  |
With a fixed maturity | 1 |  |  | — |  |  | — |  |  | 1 |  |  | 1 |
Without a fixed maturity | 312 |  |  | — |  |  | — |  |  | 272 |  |  | 272 |
Long-term debt | 64,151 |  |  | 58,724 |  |  | — |  |  | — |  |  | 58,724 |
_____________________________________________ (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, 2025 and December 31, 2024 were as follows:
| March 31, 2025 |  | December 31, 2024
In millions | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents | $ | 2 |  |  | $ | 158 |  |  | $ | — |  |  | $ | 160 |  |  | $ | 1 |  |  | $ | 164 |  |  | $ | — |  |  | $ | 165 |
Debt securities | 20 |  |  | 375 |  |  | 1 |  |  | 396 |  |  | 186 |  |  | 669 |  |  | 1 |  |  | 856 |
Common/collective trusts | — |  |  | 1,343 |  |  | — |  |  | 1,343 |  |  | — |  |  | 2,478 |  |  | — |  |  | 2,478 |
Total (1) | $ | 22 |  |  | $ | 1,876 |  |  | $ | 1 |  |  | $ | 1,899 |  |  | $ | 187 |  |  | $ | 3,311 |  |  | $ | 1 |  |  | $ | 3,499 |
_____________________________________________ (1)Excludes $25 million of other receivables and $188 million of other payables at March 31, 2025 and December 31, 2024, respectively.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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