XML 37 R25.htm IDEA: XBRL DOCUMENT v3.22.2.2
Fair Value (Tables)
9 Months Ended
Sep. 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 September 30, 2022 and December 31, 2021 were as follows:
In millionsLevel 1Level 2Level 3Total
September 30, 2022    
Cash and cash equivalents (1)
$10,118 $7,086 $— $17,204 
Debt securities:    
U.S. government securities1,949 32 — 1,981 
States, municipalities and political subdivisions— 2,274 — 2,274 
U.S. corporate securities— 8,818 38 8,856 
Foreign securities— 2,486 2,494 
Residential mortgage-backed securities— 750 — 750 
Commercial mortgage-backed securities— 1,037 — 1,037 
Other asset-backed securities— 2,625 — 2,625 
Redeemable preferred securities— 23 — 23 
Total debt securities1,949 18,045 46 20,040 
Equity securities104 — 66 170 
Total$12,171 $25,131 $112 $37,414 
December 31, 2021    
Cash and cash equivalents$4,954 $4,454 $— $9,408 
Debt securities:    
U.S. government securities2,372 44 — 2,416 
States, municipalities and political subdivisions— 3,086 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 2,792 
Redeemable preferred securities— 28 — 28 
Total debt securities2,372 20,812 56 23,240 
Equity securities114 — 55 169 
Total$7,440 $25,266 $111 $32,817 
_____________________________________________
(1)Includes cash and cash equivalents of $7 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 sheet at September 30, 2022. See Note 2 ‘‘Acquisition, Divestitures and Asset Sales’’ 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 September 30, 2022 and December 31, 2021 were as follows:
Carrying
Value
 Estimated Fair Value
In millionsLevel 1Level 2Level 3Total
September 30, 2022
Assets: 
Mortgage loans$1,047 $— $— $982 $982 
Equity securities (1)
183 N/AN/AN/AN/A
Liabilities:
Investment contract liabilities:
With a fixed maturity— — 
Without a fixed maturity331 — — 296 296 
Long-term debt (2)
52,214 46,375 — — 46,375 
December 31, 2021
Assets: 
Mortgage loans$902 $— $— $907 $907 
Equity securities (1)
126 N/AN/AN/AN/A
Liabilities:  
Investment contract liabilities:  
With a fixed maturity— — 
Without a fixed maturity336 — — 373 373 
Long-term debt56,176 64,157 — — 64,157 
_____________________________________________
(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 $3 million which has been accounted for as liabilities held for sale and are included in liabilities held for sale on the unaudited condensed consolidated balance sheet at September 30, 2022. See Note 2 ‘‘Acquisition, Divestitures and Asset Sales’’ for additional information.
Schedule of Fair Value of Separate Accounts by Major Category of Investment Separate Accounts financial assets as of September 30, 2022 and December 31, 2021 were as follows:
 September 30, 2022December 31, 2021
In millionsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents$— $152 $— $152 $$186 $— $188 
Debt securities756 1,979 — 2,735 1,233 3,048 — 4,281 
Equity securities— — — — 
Common/collective trusts— 410 — 410 — 547 — 547 
Total (1)
$756 $2,542 $— $3,298 $1,235 $3,782 $— $5,017 
_____________________________________________
(1)Excludes $20 million and $70 million of other receivables at September 30, 2022 and December 31, 2021, respectively.