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Fair Value (Tables)
3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
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