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Fair Value (Tables)
9 Months Ended
Sep. 30, 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 September 30, 2023 and December 31, 2022 were as follows:
In millionsLevel 1Level 2Level 3Total
September 30, 2023    
Cash and cash equivalents$5,159 $7,884 $— $13,043 
Debt securities:    
U.S. government securities1,899 22 — 1,921 
States, municipalities and political subdivisions— 2,127 — 2,127 
U.S. corporate securities— 9,166 29 9,195 
Foreign securities— 2,388 2,396 
Residential mortgage-backed securities— 730 — 730 
Commercial mortgage-backed securities— 977 — 977 
Other asset-backed securities— 3,036 — 3,036 
Redeemable preferred securities— 19 — 19 
Total debt securities1,899 18,465 37 20,401 
Equity securities187 — 83 270 
Total$7,245 $26,349 $120 $33,714 
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 $6 million which were accounted for as assets held for sale and were included in assets held for sale on the unaudited condensed consolidated balance sheet at December 31, 2022. 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 September 30, 2023 and December 31, 2022 were as follows:
Carrying
Value
 Estimated Fair Value
In millionsLevel 1Level 2Level 3Total
September 30, 2023
Assets: 
Mortgage loans$1,273 $— $— $1,203 $1,203 
Equity securities (1)
519 N/AN/AN/AN/A
Liabilities:
Investment contract liabilities:
With a fixed maturity— — 
Without a fixed maturity324 — — 277 277 
Long-term debt61,914 54,807 — — 54,807 
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 was accounted for as liabilities held for sale and was included in liabilities held for sale on the unaudited condensed consolidated balance sheet at 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 September 30, 2023 and December 31, 2022 were as follows:
 September 30, 2023December 31, 2022
In millionsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents$$152 $— $153 $$154 $— $156 
Debt securities667 1,896 — 2,563 712 1,965 — 2,677 
Common/collective trusts— 443 — 443 — 480 — 480 
Total (1)
$668 $2,491 $— $3,159 $714 $2,599 $— $3,313 
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(1)Excludes $41 million of other receivables and $85 million of other payables at September 30, 2023 and December 31, 2022, respectively.
The following table shows the fair value of assets, by major investment category, supporting Separate Accounts as of September 30, 2023 and December 31, 2022:
In millionsSeptember 30,
2023
December 31,
2022
Cash and cash equivalents$153 $156 
Debt securities:
U.S. government securities671 717 
States, municipalities and political subdivisions26 27 
U.S. corporate securities1,610 1,667 
Foreign securities198 201 
Residential mortgage-backed securities37 41 
Commercial mortgage-backed securities6
Other asset-backed securities15 18 
Total debt securities2,563 2,677 
Common/collective trusts443 480 
Total (1)
$3,159 $3,313 
_____________________________________________
(1)Excludes $41 million of other receivables and $85 million of other payables at September 30, 2023 and December 31, 2022, respectively.