Fair Value (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31, 2025 and December 31, 2024 were as follows:

In millions	Level 1		Level 2		Level 3		Total
March 31, 2025
Cash and cash equivalents	$	2,763	$	7,313	$	—	$	10,076
Debt securities:
U.S. government securities	2,862		18		—		2,880
States, municipalities and political subdivisions	—		376		—		376
U.S. corporate securities	—		13,104		23		13,127
Foreign securities	—		2,556		—		2,556
Residential mortgage-backed securities	—		794		—		794
Commercial mortgage-backed securities	—		1,728		13		1,741
Other asset-backed securities	—		4,555		—		4,555
Redeemable preferred securities	—		15		—		15
Total debt securities	2,862		23,146		36		26,044
Equity securities	173		—		128		301
Total	$	5,798	$	30,459	$	164	$	36,421
December 31, 2024
Cash and cash equivalents	$	4,948	$	3,638	$	—	$	8,586
Debt securities:
U.S. government securities	2,777		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 securities	2,777		23,218		38		26,033
Equity securities	234		—		126		360
Total	$	7,959	$	26,856	$	164	$	34,979

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 March 31, 2025 and December 31, 2024 were as follows:

	Carrying Value		Estimated Fair Value
In millions			Level 1		Level 2		Level 3		Total
March 31, 2025
Assets:
Mortgage loans	$	1,498	$	—	$	—	$	1,482	$	1,482
Equity securities (1)	515		N/A		N/A		N/A		N/A
Liabilities:
Investment contract liabilities:
With a fixed maturity	1		—		—		1		1
Without a fixed maturity	307		—		—		268		268
Long-term debt	63,451		59,341		—		—		59,341
December 31, 2024
Assets:
Mortgage loans	$	1,505	$	—	$	—	$	1,468	$	1,468
Equity securities (1)	490		N/A		N/A		N/A		N/A
Liabilities:
Investment contract liabilities:
With a fixed maturity	1		—		—		1		1
Without a fixed maturity	312		—		—		272		272
Long-term debt	64,151		58,724		—		—		58,724

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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, 2025 and December 31, 2024 were as follows:

	March 31, 2025								December 31, 2024
In millions	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	2	$	158	$	—	$	160	$	1	$	164	$	—	$	165
Debt securities	20		375		1		396		186		669		1		856
Common/collective trusts	—		1,343		—		1,343		—		2,478		—		2,478
Total (1)	$	22	$	1,876	$	1	$	1,899	$	187	$	3,311	$	1	$	3,499

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(1)Excludes $25 million of other receivables and $188 million of other payables at March 31, 2025 and December 31, 2024, respectively.

The following table shows the fair value of assets, by major investment category, supporting Separate Accounts as of March 31, 2025 and December 31, 2024:

In millions	March 31, 2025		December 31, 2024
Cash and cash equivalents	$	160	$	165
Debt securities:
U.S. government securities	26		186
States, municipalities and political subdivisions	12		14
U.S. corporate securities	293		524
Foreign securities	48		51
Residential mortgage-backed securities	9		71
Commercial mortgage-backed securities	3		3
Other asset-backed securities	5		7
Total debt securities	396		856
Common/collective trusts	1,343		2,478
Total (1)	$	1,899	$	3,499

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(1)Excludes $25 million of other receivables and $188 million of other payables at March 31, 2025 and December 31, 2024, respectively.