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Fair Value (Tables)
6 Months Ended
Jun. 30, 2023
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, 2023 and December 31, 2022 were as follows:
In millionsLevel 1Level 2Level 3Total
June 30, 2023    
Cash and cash equivalents (1)
$4,326 $9,488 $— $13,814 
Debt securities:    
U.S. government securities1,866 42 — 1,908 
States, municipalities and political subdivisions— 2,310 — 2,310 
U.S. corporate securities— 9,360 30 9,390 
Foreign securities— 2,577 2,585 
Residential mortgage-backed securities— 785 — 785 
Commercial mortgage-backed securities— 998 — 998 
Other asset-backed securities— 2,908 — 2,908 
Redeemable preferred securities— 19 — 19 
Total debt securities1,866 18,999 38 20,903 
Equity securities193 — 65 258 
Total$6,385 $28,487 $103 $34,975 
December 31, 2022    
Cash and cash equivalents (1)
$6,902 $6,049 $— $12,951 
Debt securities:    
U.S. government securities1,860 32 — 1,892 
States, municipalities and political subdivisions— 2,272 — 2,272 
U.S. corporate securities— 8,897 61 8,958 
Foreign securities— 2,542 2,550 
Residential mortgage-backed securities— 757 — 757 
Commercial mortgage-backed securities— 1,018 — 1,018 
Other asset-backed securities— 2,810 — 2,810 
Redeemable preferred securities— 23 — 23 
Total debt securities1,860 18,351 69 20,280 
Equity securities116 — 60 176 
Total$8,878 $24,400 $129 $33,407 
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(1)Includes cash and cash equivalents of $7 million and $6 million which have been accounted for as assets held for sale and are included in assets held for sale on the unaudited condensed consolidated balance sheets at June 30, 2023 and December 31, 2022, respectively. See Note 2 ‘‘Acquisitions and Assets Held for Sale’’ for additional information.
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, 2023 and December 31, 2022 were as follows:
Carrying
Value
 Estimated Fair Value
In millionsLevel 1Level 2Level 3Total
June 30, 2023
Assets: 
Mortgage loans$1,233 $— $— $1,176 $1,176 
Equity securities (1)
499 N/AN/AN/AN/A
Liabilities:
Investment contract liabilities:
With a fixed maturity— — 
Without a fixed maturity321 — — 287 287 
Long-term debt (2)
62,824 58,476 — — 58,476 
December 31, 2022
Assets: 
Mortgage loans$1,044 $— $— $978 $978 
Equity securities (1)
411 N/AN/AN/AN/A
Liabilities:  
Investment contract liabilities:  
With a fixed maturity— — 
Without a fixed maturity332 — — 305 305 
Long-term debt (2)
52,257 47,653 — — 47,653 
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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.
(2)Includes long-term debt of $3 million which has been accounted for as liabilities held for sale and is included in liabilities held for sale on the unaudited condensed consolidated balance sheets at both June 30, 2023 and December 31, 2022. See Note 2 ‘‘Acquisitions and Assets Held for Sale’’ for additional information.
Schedule of Fair Value of Separate Accounts by Major Category of Investment Separate Accounts financial assets as of June 30, 2023 and December 31, 2022 were as follows:
 June 30, 2023December 31, 2022
In millionsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents$$153 $— $154 $$154 $— $156 
Debt securities709 1,958 — 2,667 712 1,965 — 2,677 
Common/collective trusts— 420 — 420 — 480 — 480 
Total (1)
$710 $2,531 $— $3,241 $714 $2,599 $— $3,313 
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(1)Excludes $26 million of other receivables and $85 million of other payables at June 30, 2023 and December 31, 2022, respectively.
The following table shows the fair value of assets, by major investment category, supporting Separate Accounts as of June 30, 2023 and December 31, 2022:
In millionsJune 30,
2023
December 31,
2022
Cash and cash equivalents$154 $156 
Debt securities:
U.S. government securities712 717 
States, municipalities and political subdivisions28 27 
U.S. corporate securities1,664 1,667 
Foreign securities203 201 
Residential mortgage-backed securities36 41 
Commercial mortgage-backed securities6
Other asset-backed securities18 18 
Total debt securities2,667 2,677 
Common/collective trusts420 480 
Total (1)
$3,241 $3,313 
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(1)Excludes $26 million of other receivables and $85 million of other payables at June 30, 2023 and December 31, 2022, respectively.