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Fair Value (Tables)

6 Months Ended

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 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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