Fair Value (Tables)

9 Months Ended

Sep. 30, 2021

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 September 30, 2021 and December 31, 2020 were as follows:

In millions	Level 1		Level 2		Level 3		Total
September 30, 2021
Cash and cash equivalents	$	4,953	$	4,873	$	—	$	9,826
Debt securities:
U.S. government securities	2,295		45		—		2,340
States, municipalities and political subdivisions	—		3,085		—		3,085
U.S. corporate securities	—		9,594		39		9,633
Foreign securities	—		2,945		—		2,945
Residential mortgage-backed securities	—		863		—		863
Commercial mortgage-backed securities	—		1,209		—		1,209
Other asset-backed securities	—		2,468		—		2,468
Redeemable preferred securities	—		31		—		31
Total debt securities	2,295		20,240		39		22,574
Equity securities	107		—		42		149
Total	$	7,355	$	25,113	$	81	$	32,549
December 31, 2020
Cash and cash equivalents	$	3,985	$	3,869	$	—	$	7,854
Debt securities:
U.S. government securities	2,370		99		—		2,469
States, municipalities and political subdivisions	—		2,727		1		2,728
U.S. corporate securities	—		8,842		52		8,894
Foreign securities	—		2,918		—		2,918
Residential mortgage-backed securities	—		705		—		705
Commercial mortgage-backed securities	—		1,046		—		1,046
Other asset-backed securities	—		2,403		—		2,403
Redeemable preferred securities	—		24		1		25
Total debt securities	2,370		18,764		54		21,188
Equity securities	17		—		30		47
Total	$	6,372	$	22,633	$	84	$	29,089

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 September 30, 2021 and December 31, 2020 were as follows:

	Carrying Value		Estimated Fair Value
In millions			Level 1		Level 2		Level 3		Total
September 30, 2021
Assets:
Mortgage loans	$	934	$	—	$	—	$	945	$	945
Equity securities (1)	50		N/A		N/A		N/A		N/A
Liabilities:
Investment contract liabilities:
With a fixed maturity	5		—		—		5		5
Without a fixed maturity	334		—		—		378		378
Long-term debt	58,393		66,960		—		—		66,960
December 31, 2020
Assets:
Mortgage loans	$	1,047	$	—	$	—	$	1,070	$	1,070
Equity securities (1)	145		N/A		N/A		N/A		N/A
Liabilities:
Investment contract liabilities:
With a fixed maturity	5		—		—		5		5
Without a fixed maturity	322		—		—		371		371
Long-term debt	64,647		75,940		—		—		75,940

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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 September 30, 2021 and December 31, 2020 were as follows:

	September 30, 2021								December 31, 2020
In millions	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	3	$	216	$	—	$	219	$	2	$	186	$	—	$	188
Debt securities	1,214		3,083		—		4,297		1,465		2,634		—		4,099
Equity securities	—		2		—		2		—		2		—		2
Common/collective trusts	—		577		—		577		—		563		—		563
Total (1)	$	1,217	$	3,878	$	—	$	5,095	$	1,467	$	3,385	$	—	$	4,852

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(1)Excludes $9 million of other payables at September 30, 2021 and $29 million of other receivables at December 31, 2020.