v3.25.0.1
Fair Value (Tables)
 12 Months Ended
Dec. 31, 2024
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 consolidated balance sheets at December 31, 2024 and 2023 were as follows:
In millionsLevel 1Level 2Level 3Total
December 31, 2024    
Cash and cash equivalents$4,948 $3,638 $— $8,586 
Debt securities:    
U.S. government securities2,777 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 securities2,777 23,218 38 26,033 
Equity securities234 — 126 360 
Total$7,959 $26,856 $164 $34,979 
December 31, 2023    
Cash and cash equivalents
$2,174 $6,022 $— $8,196 
Debt securities:
U.S. government securities2,013 23 — 2,036 
States, municipalities and political subdivisions— 2,215 — 2,215 
U.S. corporate securities— 9,814 29 9,843 
Foreign securities— 2,512 — 2,512 
Residential mortgage-backed securities— 810 — 810 
Commercial mortgage-backed securities— 975 — 975 
Other asset-backed securities— 3,302 — 3,302 
Redeemable preferred securities— 20 — 20 
Total debt securities2,013 19,671 29 21,713 
Equity securities194 — 79 273 
Total$4,381 $25,693 $108 $30,182 
Schedule of Changes in Level 3 Financial Assets
The changes in the balances of Level 3 financial assets during the year ended December 31, 2024 were as follows:
In millions
Commercial
mortgage-
backed
securities
U.S.
corporate
securities		Other asset-
backed
securities		Equity
securities		Total
Beginning balance$— $29 $— $79 $108 
Net realized and unrealized capital gains (losses):
Included in earnings — (5)— 28 23 
Included in other comprehensive loss
— (1)— — (1)
Purchases52 15 15 19 101 
Sales— — — — — 
Transfers out of Level 3, net(52)— (15)— (67)
Ending balance$— $38 $— $126 $164 
The changes in the balances of Level 3 financial assets during the year ended December 31, 2023 were as follows:
In millions
Commercial
mortgage-
backed
securities
U.S.
corporate
securities		Foreign
securities		Equity
securities		Total
Beginning balance$— $61 $8 $60 $129 
Net realized and unrealized capital gains (losses):
Included in earnings— (8)— (2)(10)
Included in other comprehensive income
— 1 — — 1 
Purchases13 5 — 23 41 
Sales— (1)— (2)(3)
Transfers out of Level 3, net(13)(29)(8)— (50)
Ending balance$— $29 $— $79 $108 
The total gross transfers into (out of) Level 3 during the years ended December 31, 2024 and 2023 were as follows:
In millions20242023
Gross transfers into Level 3$— $— 
Gross transfers out of Level 3(67)(50)
Net transfers out of Level 3$(67)$(50)
Schedule of Carrying Value and Fair Value By Level of Fair Value Hierarchy
The carrying value and estimated fair value classified by level of fair value hierarchy for financial instruments carried on the consolidated balance sheets at adjusted cost or contract value at December 31, 2024 and 2023 were as follows:
Carrying
Value		 Estimated Fair Value
In millionsLevel 1Level 2Level 3Total
December 31, 2024
Assets: 
Mortgage loans$1,505 $— $— $1,468 $1,468 
Equity securities (1)
490 N/AN/AN/AN/A
Liabilities:
Investment contract liabilities:
With a fixed maturity1 — — 1 1 
Without a fixed maturity312 — — 272 272 
Long-term debt64,151 58,724 — — 58,724 
December 31, 2023
Assets:
Mortgage loans$1,311 $— $— $1,274 $1,274 
Equity securities (1)
534 N/AN/AN/AN/A
Liabilities:
Investment contract liabilities:
With a fixed maturity1 — — 1 1 
Without a fixed maturity312 — — 279 279 
Long-term debt
61,410 58,451 — — 58,451 
______________________________________
(1)It was not practical to estimate the fair value of these investments as it represents shares of unlisted companies. See Note 1 ‘‘Significant Accounting Policies’’ for additional information regarding the valuation of investments accounted for under the measurement alternative method.
Schedule of Fair Value of Separate Accounts by Major Category of Investment
Separate Accounts financial assets at December 31, 2024 and 2023 were as follows:
December 31, 2024December 31, 2023
In millionsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents$1 $164 $— $165 $2 $166 $— $168 
Debt securities186 669 1 856 558 1,949 — 2,507 
Common/collective trusts— 2,478 — 2,478 — 529 — 529 
Total (1)
$187 $3,311 $1 $3,499 $560 $2,644 $— $3,204 
_____________________________________
(1)Excludes $188 million of other payables and $46 million of other receivables at December 31, 2024 and 2023, respectively.
The following table shows the fair value of assets, by major investment category, supporting Separate Accounts as of December 31, 2024 and 2023:
In millions20242023
Cash and cash equivalents$165 168 
Debt securities:
U.S. government securities186 573 
States, municipalities and political subdivisions14 28 
U.S. corporate securities524 1,632 
Foreign securities51 202 
Residential mortgage-backed securities71 51 
Commercial mortgage-backed securities3 6 
Other asset-backed securities7 15 
Total debt securities856 2,507 
Common/collective trusts2,478 529 
Total (1)
$3,499 $3,204 
_____________________________________________
(1)Excludes $188 million of other payables and $46 million of other receivables at December 31, 2024 and 2023, respectively.