v3.26.1
Fair Value (Tables)
 3 Months Ended
Mar. 31, 2026
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 as of March 31, 2026 and December 31, 2025 were as follows:
In millionsLevel 1Level 2Level 3Total
March 31, 2026    
Cash and cash equivalents$3,188 $6,354 $— $9,542 
Debt securities:   
U.S. government securities2,726 9 — 2,735 
States, municipalities and political subdivisions— 268 — 268 
U.S. corporate securities— 14,929 4 14,933 
Foreign securities— 3,021 — 3,021 
Residential mortgage-backed securities— 1,069 — 1,069 
Commercial mortgage-backed securities— 1,875 — 1,875 
Other asset-backed securities— 4,476 — 4,476 
Redeemable preferred securities— 14 — 14 
Total debt securities2,726 25,661 4 28,391 
Equity securities78 134 198 410 
Total$5,992 $32,149 $202 $38,343 
December 31, 2025    
Cash and cash equivalents$4,030 $4,423 $— $8,453 
Debt securities:   
U.S. government securities2,713 9 — 2,722 
States, municipalities and political subdivisions— 292 — 292 
U.S. corporate securities— 14,682 6 14,688 
Foreign securities— 3,028 — 3,028 
Residential mortgage-backed securities— 1,050 — 1,050 
Commercial mortgage-backed securities— 1,979 — 1,979 
Other asset-backed securities— 4,944 — 4,944 
Redeemable preferred securities— 15 — 15 
Total debt securities2,713 25,999 6 28,718 
Equity securities105 30 198 333 
Total$6,848 $30,452 $204 $37,504 
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 unaudited condensed consolidated balance sheets at adjusted cost or contract value as of March 31, 2026 and December 31, 2025 were as follows:
Carrying
Value		 Estimated Fair Value
In millionsLevel 1Level 2Level 3Total
March 31, 2026
Assets: 
Mortgage loans$1,495 $— $— $1,489 $1,489 
Equity securities (1)
625 N/AN/AN/AN/A
Liabilities:
Long-term debt63,111 59,707 — — 59,707 
December 31, 2025
Assets: 
Mortgage loans$1,524 $— $— $1,524 $1,524 
Equity securities (1)
555 N/AN/AN/AN/A
Liabilities:  
Long-term debt64,570 62,321 — — 62,321 
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(1)It was not practical to estimate the fair value of these investments as they represent shares of unlisted companies.
Schedule of Fair Value of Separate Accounts by Major Category of Investment Separate accounts assets as of March 31, 2026 and December 31, 2025 were as follows:
 March 31, 2026December 31, 2025
In millionsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents$1 $154 $— $155 $1 $155 $— $156 
Debt securities
18 353 2 373 30 361 2 393 
Common/collective trusts— 1,374 — 1,374 — 1,445 — 1,445 
Total (1)
$19 $1,881 $2 $1,902 $31 $1,961 $2 $1,994 
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(1)Excludes $77 million of other receivables as of March 31, 2026.