Fair Value (Tables)

6 Months Ended

Jun. 30, 2024

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, 2024 and December 31, 2023 were as follows:

In millions	Level 1		Level 2		Level 3		Total
June 30, 2024
Cash and cash equivalents	$	4,663	$	7,844	$	—	$	12,507
Debt securities:
U.S. government securities	2,515		23		—		2,538
States, municipalities and political subdivisions	—		1,323		—		1,323
U.S. corporate securities	—		11,273		27		11,300
Foreign securities	—		2,553		—		2,553
Residential mortgage-backed securities	—		781		—		781
Commercial mortgage-backed securities	—		1,103		10		1,113
Other asset-backed securities	—		4,191		15		4,206
Redeemable preferred securities	—		17		—		17
Total debt securities	2,515		21,264		52		23,831
Equity securities	217		—		88		305
Total	$	7,395	$	29,108	$	140	$	36,643
December 31, 2023
Cash and cash equivalents	$	2,174	$	6,022	$	—	$	8,196
Debt securities:
U.S. government securities	2,013		23		—		2,036
States, municipalities and political subdivisions	—		2,215		—		2,215
U.S. corporate securities	—		9,814		29		9,843
Foreign securities	—		2,512		—		2,512
Residential mortgage-backed securities	—		810		—		810
Commercial mortgage-backed securities	—		975		—		975
Other asset-backed securities	—		3,302		—		3,302
Redeemable preferred securities	—		20		—		20
Total debt securities	2,013		19,671		29		21,713
Equity securities	194		—		79		273
Total	$	4,381	$	25,693	$	108	$	30,182

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, 2024 and December 31, 2023 were as follows:

	Carrying Value		Estimated Fair Value
In millions			Level 1		Level 2		Level 3		Total
June 30, 2024
Assets:
Mortgage loans	$	1,402	$	—	$	—	$	1,356	$	1,356
Equity securities (1)	588		N/A		N/A		N/A		N/A
Liabilities:
Investment contract liabilities:
With a fixed maturity	1		—		—		1		1
Without a fixed maturity	322		—		—		281		281
Long-term debt	66,374		60,840		—		—		60,840
December 31, 2023
Assets:
Mortgage loans	$	1,311	$	—	$	—	$	1,274	$	1,274
Equity securities (1)	534		N/A		N/A		N/A		N/A
Liabilities:
Investment contract liabilities:
With a fixed maturity	1		—		—		1		1
Without a fixed maturity	312		—		—		279		279
Long-term debt	61,410		58,451		—		—		58,451

_____________________________________________

(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, 2024 and December 31, 2023 were as follows:

	June 30, 2024								December 31, 2023
In millions	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	—	$	162	$	—	$	162	$	2	$	166	$	—	$	168
Debt securities	589		1,816		—		2,405		558		1,949		—		2,507
Common/collective trusts	—		571		—		571		—		529		—		529
Total (1)	$	589	$	2,549	$	—	$	3,138	$	560	$	2,644	$	—	$	3,204

_____________________________________________

(1)Excludes $49 million and $46 million of other receivables at June 30, 2024 and December 31, 2023, respectively.

The following table shows the fair value of assets, by major investment category, supporting Separate Accounts as of June 30, 2024 and December 31, 2023:

In millions	June 30, 2024		December 31, 2023
Cash and cash equivalents	$	162	$	168
Debt securities:
U.S. government securities	593		573
States, municipalities and political subdivisions	16		28
U.S. corporate securities	1,553		1,632
Foreign securities	199		202
Residential mortgage-backed securities	32		51
Commercial mortgage-backed securities	3		6
Other asset-backed securities	9		15
Total debt securities	2,405		2,507
Common/collective trusts	571		529
Total (1)	$	3,138	$	3,204

_____________________________________________

(1)Excludes $49 million and $46 million of other receivables at June 30, 2024 and December 31, 2023, respectively.