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Fair Value (Tables)
3 Months Ended
Mar. 31, 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 March 31, 2023 and December 31, 2022 were as follows:
In millionsLevel 1Level 2Level 3Total
March 31, 2023    
Cash and cash equivalents (1)
$5,946 $8,679 $— $14,625 
Debt securities:    
U.S. government securities1,903 32 — 1,935 
States, municipalities and political subdivisions— 2,254 — 2,254 
U.S. corporate securities— 9,332 32 9,364 
Foreign securities— 2,584 2,592 
Residential mortgage-backed securities— 812 — 812 
Commercial mortgage-backed securities— 1,015 13 1,028 
Other asset-backed securities— 2,818 — 2,818 
Redeemable preferred securities— 19 — 19 
Total debt securities1,903 18,866 53 20,822 
Equity securities168 — 66 234 
Total$8,017 $27,545 $119 $35,681 
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 March 31, 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 March 31, 2023 and December 31, 2022 were as follows:
Carrying
Value
 Estimated Fair Value
In millionsLevel 1Level 2Level 3Total
March 31, 2023
Assets: 
Mortgage loans$1,077 $— $— $1,037 $1,037 
Equity securities (1)
412 N/AN/AN/AN/A
Liabilities:
Investment contract liabilities:
With a fixed maturity— — 
Without a fixed maturity327 — — 300 300 
Long-term debt (2)
58,231 54,960 — — 54,960 
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 March 31, 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 March 31, 2023 and December 31, 2022 were as follows:
 March 31, 2023December 31, 2022
In millionsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents$$159 $— $160 $$154 $— $156 
Debt securities699 1,946 — 2,645 712 1,965 — 2,677 
Common/collective trusts— 397 — 397 — 480 — 480 
Total (1)
$700 $2,502 $— $3,202 $714 $2,599 $— $3,313 
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(1)Excludes $29 million of other receivables and $85 million of other payables at March 31, 2023 and December 31, 2022, respectively.
The following table shows the fair value of assets, by major investment category, supporting Separate Accounts as of March 31, 2023 and December 31, 2022:
In millionsMarch 31,
2023
December 31,
2022
Cash and cash equivalents$160 $156 
Debt securities:
U.S. government securities705 717 
States, municipalities and political subdivisions29 27 
U.S. corporate securities1,642 1,667 
Foreign securities204 201 
Residential mortgage-backed securities39 41 
Commercial mortgage-backed securities6
Other asset-backed securities20 18 
Total debt securities2,645 2,677 
Common/collective trusts397 480 
Total (1)
$3,202 $3,313 
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(1)Excludes $29 million of other receivables and $85 million of other payables at March 31, 2023 and December 31, 2022, respectively.