Fair Value (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Measurements By Level For Assets Measured At Fair Value On A Recurring Basis

A summary of fair value measurements by level for assets and liabilities measured at fair value on a recurring basis at December 31, 2019 and 2018 is as follows:



	Level I		Level II			Level III		Total
December 31, 2019
Assets:
Cash equivalents	$	2,015	$	—		$	—	$	2,015
Fixed maturity securities, available-for-sale:
United States Government securities	—		525			—		525
Government sponsored securities	—		141			—		141
States, municipalities and political subdivisions, tax-exempt	—		4,851			—		4,851
Corporate securities	—		8,882			303		9,185
Residential mortgage-backed securities	—		3,730			2		3,732
Commercial mortgage-backed securities	—		86			—		86
Other securities	—		1,654			7		1,661
Total fixed maturity securities, available-for-sale	—		19,869			312		20,181
Equity securities:
Exchange traded funds	44		—			—		44
Fixed maturity mutual funds	—		643			—		643
Common equity securities	236		31			—		267
Private equity securities	—		—			85		85
Total equity securities	280		674			85		1,039
Other invested assets, current	13		—			—		13
Securities lending collateral	—		353			—		353
Derivatives	—		23			—		23
Total assets	$	2,308	$	20,919		$	397	$	23,624
Liabilities:
Derivatives	$	—	$	(1	)	$	—	$	(1	)
Total liabilities	$	—	$	(1	)	$	—	$	(1	)

December 31, 2018
Assets:
Cash equivalents	$	1,815	$	—		$	—	$	1,815
Fixed maturity securities, available-for-sale:
United States Government securities	—		416			—		416
Government sponsored securities	—		108			—		108
States, municipalities and political subdivisions, tax-exempt	—		4,785			—		4,785
Corporate securities	2		7,648			287		7,937
Residential mortgage-backed securities	—		2,744			6		2,750
Commercial mortgage-backed securities	—		67			—		67
Other securities	—		1,099			17		1,116
Total fixed maturity securities, available-for-sale	2		16,867			310		17,179
Equity securities:
Exchange traded funds	2		—			—		2
Fixed maturity mutual funds	—		557			—		557
Common equity securities	601		53			—		654
Private equity securities	—		—			313		313
Total equity securities	603		610			313		1,526
Other invested assets, current	21		—			—		21
Securities lending collateral	314		290			—		604
Derivatives	—		16			—		16
Total assets	$	2,755	$	17,783		$	623	$	21,161
Liabilities:
Derivatives	$	—	$	(17	)	$	—	$	(17	)
Total liabilities	$	—	$	(17	)	$	—	$	(17	)

Reconciliation Of The Beginning And Ending Balances Of Assets Measured At Fair Value On A Recurring Basis Using Level III Inputs

A reconciliation of the beginning and ending balances of assets measured at fair value on a recurring basis using Level III inputs for the years ended December 31, 2019, 2018 and 2017 is as follows:



	Corporate Securities			Residential Mortgage- backed Securities			Other Securities			Equity Securities			Total
Year ended December 31, 2019
Beginning balance at January 1, 2019	$	287		$	6		$	17		$	313		$	623
Total gains (losses):
Recognized in net income	(7		)	—			—			(6		)	(13		)
Recognized in accumulated other comprehensive loss	3			—			—			—			3
Purchases	122			—			2			65			189
Sales	(22		)	—			—			(79		)	(101		)
Settlements	(71		)	(2		)	(6		)	—			(79		)
Transfers into Level III	—			—			3			2			5
Transfers out of Level III	(9		)	(2		)	(9		)	(210		)	(230		)
Ending balance at December 31, 2019	$	303		$	2		$	7		$	85		$	397
Change in unrealized losses included in net income related to assets still held at December 31, 2019	$	—		$	—		$	—		$	6		$	6

Year ended December 31, 2018
Beginning balance at January 1, 2018	$	229		$	5		$	16		$	287		$	537
Total (losses) gains:
Recognized in net income	1			—			—			(229		)	(228		)
Recognized in accumulated other comprehensive loss	(5		)	—			—			—			(5		)
Purchases	120			2			18			290			430
Sales	(33		)	—			(1		)	(35		)	(69		)
Settlements	(88		)	(1		)	(10		)	—			(99		)
Transfers into Level III	65			—			9			—			74
Transfers out of Level III	(2		)	—			(15		)	—			(17		)
Ending balance at December 31, 2018	$	287		$	6		$	17		$	313		$	623
Change in unrealized losses included in net income related to assets still held at December 31, 2018	$	—		$	—		$	—		$	30		$	30

Year ended December 31, 2017
Beginning balance at January 1, 2017	$	239		$	11		$	43		$	188		$	481
Total (losses) gains:
Recognized in net income	(1		)	—			—			—			(1		)
Recognized in accumulated other comprehensive loss	3			—			—			11			14
Purchases	88			4			36			89			217
Sales	(48		)	(5		)	(1		)	(1		)	(55		)
Settlements	(64		)	(2		)	(7		)	—			(73		)
Transfers into Level III	15			3			15			—			33
Transfers out of Level III	(3		)	(6		)	(70		)	—			(79		)
Ending balance at December 31, 2017	$	229		$	5		$	16		$	287		$	537
Change in unrealized losses included in net income related to assets still held at December 31, 2017	$	(3	)	$	—		$	—		$	—		$	(3	)

Carrying And Fair Values By Level Of Financial Instruments Not Recorded At Fair Value On Consolidated Balance Sheet

A summary of the estimated fair values by level of each class of financial instrument that is recorded at its carrying value on our consolidated balance sheets at December 31, 2019 and 2018 is as follows:



	Carrying Value		Estimated Fair Value
			Level I		Level II		Level III		Total
December 31, 2019
Assets:
Other invested assets, long-term	$	4,228	$	—	$	—	$	4,228	$	4,228
Liabilities:
Debt:
Short-term borrowings	700		—		700		—		700
Commercial paper	400		—		400		—		400
Notes	18,840		—		20,470		—		20,470
Convertible debentures	145		—		904		—		904

December 31, 2018
Assets:
Other invested assets, long-term	$	3,726	$	—	$	—	$	3,726	$	3,726
Liabilities:
Debt:
Short-term borrowings	1,145		—		1,145		—		1,145
Commercial paper	697		—		697		—		697
Notes	17,178		—		17,145		—		17,145
Convertible debentures	191		—		1,030		—		1,030