Fair Value (Tables)

3 Months Ended

Mar. 31, 2020

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 March 31, 2020 and December 31, 2019 is as follows:



	Level I		Level II			Level III		Total
March 31, 2020
Assets:
Cash equivalents	$	2,363	$	—		$	—	$	2,363
Fixed maturity securities, available-for-sale:
United States Government securities	—		474			—		474
Government sponsored securities	—		326			—		326
States, municipalities and political subdivisions, tax-exempt	—		4,987			—		4,987
Corporate securities	—		8,896			316		9,212
Residential mortgage-backed securities	—		3,720			2		3,722
Commercial mortgage-backed securities	—		78			—		78
Other securities	—		1,582			5		1,587
Total fixed maturity securities, available-for-sale	—		20,063			323		20,386
Equity securities:
Exchange traded funds	245		—			—		245
Fixed maturity mutual funds	—		211			—		211
Common equity securities	2		30			—		32
Private equity securities	—		—			82		82
Total equity securities	247		241			82		570
Securities lending collateral	—		426			—		426
Derivatives	—		49			—		49
Total assets	$	2,610	$	20,779		$	405	$	23,794
Liabilities:
Derivatives	$	—	$	(5	)	$	—	$	(5	)
Total liabilities	$	—	$	(5	)	$	—	$	(5	)

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	206		31			—		237
Private equity securities	—		—			85		85
Total equity securities	250		674			85		1,009
Securities lending collateral	—		353			—		353
Derivatives	—		23			—		23
Total assets	$	2,265	$	20,919		$	397	$	23,581
Liabilities:
Derivatives	$	—	$	(1	)	$	—	$	(1	)
Total liabilities	$	—	$	(1	)	$	—	$	(1	)

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 three months ended March 31, 2020 and 2019 is as follows:



	Corporate Securities			Residential Mortgage- backed Securities		Other Securities			Equity Securities			Total
Three Months Ended March 31, 2020
Beginning balance at January 1, 2020	$	303		$	2	$	7		$	85		$	397
Total losses:
Recognized in net income	(2		)	—		—			(6		)	(8		)
Recognized in accumulated other comprehensive loss	(10		)	—		—			—			(10		)
Purchases	26			—		—			12			38
Sales	(3		)	—		—			(9		)	(12		)
Settlements	(11		)	—		(2		)	—			(13		)
Transfers into Level III	13			—		—			—			13
Ending balance at March 31, 2020	$	316		$	2	$	5		$	82		$	405
Change in unrealized losses included in net income related to assets still held at March 31, 2020	$	—		$	—	$	—		$	(7	)	$	(7	)

Three Months Ended March 31, 2019
Beginning balance at January 1, 2019	$	287		$	6	$	17		$	313		$	623
Total (losses) gains:
Recognized in net income	(1		)	—		—			(2		)	(3		)
Recognized in accumulated other comprehensive loss	2			—		—			—			2
Purchases	33			—		2			7			42
Sales	(1		)	—		—			(21		)	(22		)
Settlements	(21		)	—		(1		)	—			(22		)
Transfers into Level III	—			—		3			—			3
Transfers out of Level III	(2		)	—		(7		)	—			(9		)
Ending balance at March 31, 2019	$	297		$	6	$	14		$	297		$	614
Change in unrealized gains included in net income related to assets still held at March 31, 2019	$	—		$	—	$	—		$	(2	)	$	(2	)

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 March 31, 2020 and December 31, 2019 is as follows:



	Carrying Value		Estimated Fair Value
			Level I		Level II		Level III		Total
March 31, 2020
Assets:
Other invested assets	$	4,181	$	—	$	—	$	4,181	$	4,181
Liabilities:
Debt:
Short-term borrowings	1,075		—		1,075		—		1,075
Senior revolving credit facility	300		—		300		—		300
Commercial paper	1,305		—		1,305		—		1,305
Notes	18,867		—		20,343		—		20,343
Convertible debentures	136		—		680		—		680

December 31, 2019
Assets:
Other invested assets	$	4,258	$	—	$	—	$	4,258	$	4,258
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