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Fair Value (Tables) | 6 Months Ended
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Jun. 30, 2025
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 June 30, 2025 and December 31, 2024 were as follows:
In millions | Level 1 |  | Level 2 |  | Level 3 |  | Total
June 30, 2025 |  |  |  |  |  |  |
Cash and cash equivalents | $ | 3,266 |  |  | $ | 8,521 |  |  | $ | — |  |  | $ | 11,787 |
Debt securities: |  |  |  |  |  |  |
U.S. government securities | 2,770 |  |  | 13 |  |  | — |  |  | 2,783 |
States, municipalities and political subdivisions | — |  |  | 321 |  |  | — |  |  | 321 |
U.S. corporate securities | — |  |  | 13,272 |  |  | 39 |  |  | 13,311 |
Foreign securities | — |  |  | 2,706 |  |  | 23 |  |  | 2,729 |
Residential mortgage-backed securities | — |  |  | 803 |  |  | — |  |  | 803 |
Commercial mortgage-backed securities | — |  |  | 1,761 |  |  | — |  |  | 1,761 |
Other asset-backed securities | — |  |  | 4,832 |  |  | — |  |  | 4,832 |
Redeemable preferred securities | — |  |  | 14 |  |  | — |  |  | 14 |
Total debt securities | 2,770 |  |  | 23,722 |  |  | 62 |  |  | 26,554 |
Equity securities | 191 |  |  | — |  |  | 134 |  |  | 325 |
Total | $ | 6,227 |  |  | $ | 32,243 |  |  | $ | 196 |  |  | $ | 38,666 |
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 |
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 June 30, 2025 and December 31, 2024 were as follows:
| Carrying Value |  | Estimated Fair Value
In millions |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
June 30, 2025 |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |
Mortgage loans | $ | 1,511 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,502 |  |  | $ | 1,502 |
Equity securities (1) | 554 |  |  | N/A |  | N/A |  | N/A |  | N/A
Liabilities: |  |  |  |  |  |  |  |  |
Investment contract liabilities: |  |  |  |  |  |  |  |  |
With a fixed maturity | 1 |  |  | — |  |  | — |  |  | 1 |  |  | 1 |
Without a fixed maturity | 292 |  |  | — |  |  | — |  |  | 257 |  |  | 257 |
Long-term debt | 63,450 |  |  | 59,956 |  |  | — |  |  | — |  |  | 59,956 |
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 investments as they represent shares of unlisted companies.
Schedule of Fair Value of Separate Accounts by Major Category of Investment | Separate Accounts financial assets as of June 30, 2025 and December 31, 2024 were as follows:
| June 30, 2025 |  | December 31, 2024
In millions | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents | $ | 1 |  |  | $ | 154 |  |  | $ | — |  |  | $ | 155 |  |  | $ | 1 |  |  | $ | 164 |  |  | $ | — |  |  | $ | 165 |
Debt securities | 30 |  |  | 355 |  |  | 1 |  |  | 386 |  |  | 186 |  |  | 669 |  |  | 1 |  |  | 856 |
Common/collective trusts | — |  |  | 1,190 |  |  | — |  |  | 1,190 |  |  | — |  |  | 2,478 |  |  | — |  |  | 2,478 |
Total (1) | $ | 31 |  |  | $ | 1,699 |  |  | $ | 1 |  |  | $ | 1,731 |  |  | $ | 187 |  |  | $ | 3,311 |  |  | $ | 1 |  |  | $ | 3,499 |
_____________________________________________ (1)Excludes $127 million of other receivables and $188 million of other payables at June 30, 2025 and December 31, 2024, respectively. The following table shows the fair value of assets, by major investment category, supporting Separate Accounts as of June 30, 2025 and December 31, 2024:
In millions | June 30, 2025 |  | December 31, 2024
Cash and cash equivalents | $ | 155 |  |  | $ | 165 |
Debt securities: |  |  |
U.S. government securities | 34 |  |  | 186 |
States, municipalities and political subdivisions | 11 |  |  | 14 |
U.S. corporate securities | 287 |  |  | 524 |
Foreign securities | 38 |  |  | 51 |
Residential mortgage-backed securities | 8 |  |  | 71 |
Commercial mortgage-backed securities | 3 |  |  | 3 |
Other asset-backed securities | 5 |  |  | 7 |
Total debt securities | 386 |  |  | 856 |
Common/collective trusts | 1,190 |  |  | 2,478 |
Total (1) | $ | 1,731 |  |  | $ | 3,499 |
_____________________________________________ (1)Excludes $127 million of other receivables and $188 million of other payables at June 30, 2025 and December 31, 2024, respectively.

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