Fair Value (Tables)

3 Months Ended

Mar. 31, 2022

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 condensed consolidated balance sheets at March 31, 2022 and December 31, 2021 were as follows:

In millions	Level 1		Level 2		Level 3		Total
March 31, 2022
Cash and cash equivalents (1)	$	4,601	$	3,872	$	—	$	8,473
Debt securities:
U.S. government securities	2,243		43		—		2,286
States, municipalities and political subdivisions	—		2,498		—		2,498
U.S. corporate securities	—		9,912		32		9,944
Foreign securities	—		2,991		8		2,999
Residential mortgage-backed securities	—		867		—		867
Commercial mortgage-backed securities	—		1,225		—		1,225
Other asset-backed securities	—		2,623		30		2,653
Redeemable preferred securities	—		26		—		26
Total debt securities	2,243		20,185		70		22,498
Equity securities	149		—		60		209
Total	$	6,993	$	24,057	$	130	$	31,180
December 31, 2021
Cash and cash equivalents	$	4,954	$	4,454	$	—	$	9,408
Debt securities:
U.S. government securities	2,372		44		—		2,416
States, municipalities and political subdivisions	—		3,086		5		3,091
U.S. corporate securities	—		9,697		38		9,735
Foreign securities	—		2,983		10		2,993
Residential mortgage-backed securities	—		875		—		875
Commercial mortgage-backed securities	—		1,310		—		1,310
Other asset-backed securities	—		2,789		3		2,792
Redeemable preferred securities	—		28		—		28
Total debt securities	2,372		20,812		56		23,240
Equity securities	114		—		55		169
Total	$	7,440	$	25,266	$	111	$	32,817

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(1)Includes cash and cash equivalents of $31 million which were accounted for as assets held for sale in connection with the planned divestiture of the Thailand business and are included in other current assets on the unaudited condensed consolidated balance sheet at March 31, 2022.

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 condensed consolidated balance sheets at adjusted cost or contract value at March 31, 2022 and December 31, 2021 were as follows:

	Carrying Value		Estimated Fair Value
In millions			Level 1		Level 2		Level 3		Total
March 31, 2022
Assets:
Mortgage loans	$	918	$	—	$	—	$	892	$	892
Equity securities (1)	126		N/A		N/A		N/A		N/A
Liabilities:
Investment contract liabilities:
With a fixed maturity	5		—		—		5		5
Without a fixed maturity	334		—		—		336		336
Long-term debt	56,280		58,624		—		—		58,624
December 31, 2021
Assets:
Mortgage loans	$	902	$	—	$	—	$	907	$	907
Equity securities (1)	126		N/A		N/A		N/A		N/A
Liabilities:
Investment contract liabilities:
With a fixed maturity	5		—		—		5		5
Without a fixed maturity	336		—		—		373		373
Long-term debt	56,176		64,157		—		—		64,157

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(1)It was not practical to estimate the fair value of these cost-method investments as it represents shares of unlisted companies.

Schedule of Fair Value of Separate Accounts by Major Category of Investment

Separate Accounts financial assets as of March 31, 2022 and December 31, 2021 were as follows:

	March 31, 2022								December 31, 2021
In millions	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	3	$	193	$	—	$	196	$	2	$	186	$	—	$	188
Debt securities	1,095		2,793		—		3,888		1,233		3,048		—		4,281
Equity securities	—		1		—		1		—		1		—		1
Common/collective trusts	—		500		—		500		—		547		—		547
Total (1)	$	1,098	$	3,487	$	—	$	4,585	$	1,235	$	3,782	$	—	$	5,017

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(1)Excludes $85 million and $70 million of other receivables at March 31, 2022 and December 31, 2021, respectively.