Fair Value (Tables)

6 Months Ended

Jun. 30, 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 unaudited condensed consolidated balance sheets at June 30, 2022 and December 31, 2021 were as follows:

In millions	Level 1		Level 2		Level 3		Total
June 30, 2022
Cash and cash equivalents	$	7,335	$	4,781	$	—	$	12,116
Debt securities:
U.S. government securities	2,045		33		—		2,078
States, municipalities and political subdivisions	—		2,373		—		2,373
U.S. corporate securities	—		9,169		30		9,199
Foreign securities	—		2,623		8		2,631
Residential mortgage-backed securities	—		747		—		747
Commercial mortgage-backed securities	—		1,108		—		1,108
Other asset-backed securities	—		2,591		—		2,591
Redeemable preferred securities	—		24		—		24
Total debt securities	2,045		18,668		38		20,751
Equity securities	121		—		68		189
Total	$	9,501	$	23,449	$	106	$	33,056
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

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, 2022 and December 31, 2021 were as follows:

	Carrying Value		Estimated Fair Value
In millions			Level 1		Level 2		Level 3		Total
June 30, 2022
Assets:
Mortgage loans	$	993	$	—	$	—	$	940	$	940
Equity securities (1)	183		N/A		N/A		N/A		N/A
Liabilities:
Investment contract liabilities:
With a fixed maturity	4		—		—		4		4
Without a fixed maturity	333		—		—		317		317
Long-term debt	54,816		51,825		—		—		51,825
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 June 30, 2022 and December 31, 2021 were as follows:

	June 30, 2022								December 31, 2021
In millions	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	4	$	178	$	—	$	182	$	2	$	186	$	—	$	188
Debt securities	913		2,535		—		3,448		1,233		3,048		—		4,281
Equity securities	—		1		—		1		—		1		—		1
Common/collective trusts	—		421		—		421		—		547		—		547
Total (1)	$	917	$	3,135	$	—	$	4,052	$	1,235	$	3,782	$	—	$	5,017

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(1)Excludes $88 million and $70 million of other receivables at June 30, 2022 and December 31, 2021, respectively.