XML 38 R25.htm IDEA: XBRL DOCUMENT
v3.25.3

Fair Value (Tables) | 9 Months Ended
--- | ---
Sep. 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 September 30, 2025 and December 31, 2024 were as follows:
In millions | Level 1 |  | Level 2 |  | Level 3 |  | Total
September 30, 2025 |  |  |  |  |  |  |
Cash and cash equivalents | $ | 3,357 |  |  | $ | 5,741 |  |  | $ | — |  |  | $ | 9,098 |
Debt securities: |  |  |  |  |  |  |
U.S. government securities | 2,876 |  |  | 9 |  |  | — |  |  | 2,885 |
States, municipalities and political subdivisions | — |  |  | 287 |  |  | — |  |  | 287 |
U.S. corporate securities | — |  |  | 13,768 |  |  | 52 |  |  | 13,820 |
Foreign securities | — |  |  | 2,838 |  |  | — |  |  | 2,838 |
Residential mortgage-backed securities | — |  |  | 941 |  |  | — |  |  | 941 |
Commercial mortgage-backed securities | — |  |  | 1,935 |  |  | — |  |  | 1,935 |
Other asset-backed securities | — |  |  | 5,114 |  |  | — |  |  | 5,114 |
Redeemable preferred securities | — |  |  | 15 |  |  | — |  |  | 15 |
Total debt securities | 2,876 |  |  | 24,907 |  |  | 52 |  |  | 27,835 |
Equity securities | 103 |  |  | — |  |  | 166 |  |  | 269 |
Total | $ | 6,336 |  |  | $ | 30,648 |  |  | $ | 218 |  |  | $ | 37,202 |
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 September 30, 2025 and December 31, 2024 were as follows:
| Carrying Value |  | Estimated Fair Value
In millions |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
September 30, 2025 |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |
Mortgage loans | $ | 1,523 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,520 |  |  | $ | 1,520 |
Equity securities (1) | 530 |  |  | N/A |  | N/A |  | N/A |  | N/A
Liabilities: |  |  |  |  |  |  |  |  |
Investment contract liabilities: |  |  |  |  |  |  |  |  |
With a fixed maturity | 1 |  |  | — |  |  | — |  |  | 1 |  |  | 1 |
Without a fixed maturity | 293 |  |  | — |  |  | — |  |  | 260 |  |  | 260 |
Long-term debt | 64,589 |  |  | 62,219 |  |  | — |  |  | — |  |  | 62,219 |
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 September 30, 2025 and December 31, 2024 were as follows:
| September 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 | $ | 5 |  |  | $ | 155 |  |  | $ | — |  |  | $ | 160 |  |  | $ | 1 |  |  | $ | 164 |  |  | $ | — |  |  | $ | 165 |
Debt securities | 31 |  |  | 362 |  |  | 1 |  |  | 394 |  |  | 186 |  |  | 669 |  |  | 1 |  |  | 856 |
Common/collective trusts | — |  |  | 1,337 |  |  | — |  |  | 1,337 |  |  | — |  |  | 2,478 |  |  | — |  |  | 2,478 |
Total (1) | $ | 36 |  |  | $ | 1,854 |  |  | $ | 1 |  |  | $ | 1,891 |  |  | $ | 187 |  |  | $ | 3,311 |  |  | $ | 1 |  |  | $ | 3,499 |
_____________________________________________ (1)Excludes $43 million of other receivables and $188 million of other payables at September 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 September 30, 2025 and December 31, 2024:
In millions | September 30, 2025 |  | December 31, 2024
Cash and cash equivalents | $ | 160 |  |  | $ | 165 |
Debt securities: |  |  |
U.S. government securities | 36 |  |  | 186 |
States, municipalities and political subdivisions | 11 |  |  | 14 |
U.S. corporate securities | 290 |  |  | 524 |
Foreign securities | 42 |  |  | 51 |
Residential mortgage-backed securities | 7 |  |  | 71 |
Commercial mortgage-backed securities | 3 |  |  | 3 |
Other asset-backed securities | 5 |  |  | 7 |
Total debt securities | 394 |  |  | 856 |
Common/collective trusts | 1,337 |  |  | 2,478 |
Total (1) | $ | 1,891 |  |  | $ | 3,499 |
_____________________________________________ (1)Excludes $43 million of other receivables and $188 million of other payables at September 30, 2025 and December 31, 2024, 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. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 55 -Paragraph 10 -SubTopic 10 -Topic 825 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-10 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-13 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-12 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of fair value of asset supporting separate account. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 944 -SubTopic 80 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480078/944-80-55-17 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 80 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480109/944-80-50-1 Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 944 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479808/944-20-55-15 + Details
Name: | us-gaap_ScheduleOfFairValueOfSeparateAccountsByMajorCategoryOfInvestmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration