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Fair Value
 9 Months Ended
Sep. 30, 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 September 30, 2025 or December 31, 2024. 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 millionsLevel 1Level 2Level 3Total
September 30, 2025    
Cash and cash equivalents$3,357 $5,741 $— $9,098 
Debt securities:   
U.S. government securities2,876 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 securities2,876 24,907 52 27,835 
Equity securities103 — 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 securities2,777 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 securities2,777 23,218 38 26,033 
Equity securities234 — 126 360 
Total$7,959 $26,856 $164 $34,979 


During the three and nine months ended September 30, 2025, there were $23 million and $55 million, respectively, of transfers out of Level 3. During the three and nine months ended September 30, 2024, there were $47 million of transfers 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 September 30, 2025 and December 31, 2024 were as follows:
Carrying
Value		 Estimated Fair Value
In millionsLevel 1Level 2Level 3Total
September 30, 2025
Assets: 
Mortgage loans$1,523 $— $— $1,520 $1,520 
Equity securities (1)
530 N/AN/AN/AN/A
Liabilities:
Investment contract liabilities:
With a fixed maturity1 — — 1 1 
Without a fixed maturity293 — — 260 260 
Long-term debt64,589 62,219 — — 62,219 
December 31, 2024
Assets: 
Mortgage loans$1,505 $— $— $1,468 $1,468 
Equity securities (1)
490 N/AN/AN/AN/A
Liabilities:  
Investment contract liabilities:  
With a fixed maturity1 — — 1 1 
Without a fixed maturity312 — — 272 272 
Long-term debt64,151 58,724 — — 58,724 
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(1)It was not practical to estimate the fair value of these investments as they represent 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 September 30, 2025 and December 31, 2024 were as follows:
 September 30, 2025December 31, 2024
In millionsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents$5 $155 $— $160 $1 $164 $— $165 
Debt securities31 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 
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(1)Excludes $43 million of other receivables and $188 million of other payables at September 30, 2025 and December 31, 2024, respectively.