XML 37 R26.htm IDEA: XBRL DOCUMENT v3.20.2
Fair Value (Tables)
6 Months Ended
Jun. 30, 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 June 30, 2020 and December 31, 2019 is as follows:
 
Level I
 
Level II
 
Level III
 
Total
June 30, 2020
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
Cash equivalents
$
3,809

 
$
—

 
$
—

 
$
3,809

Fixed maturity securities, available-for-sale:
 
 
 
 
 
 
 
United States Government securities
—

 
1,266

 
—

 
1,266

Government sponsored securities
—

 
102

 
—

 
102

Foreign government securities
—

 
279

 
—

 
279

States, municipalities and political subdivisions, tax-exempt
—

 
5,150

 
—

 
5,150

Corporate securities
—

 
9,834

 
314

 
10,148

Residential mortgage-backed securities
—

 
3,794

 
2

 
3,796

Commercial mortgage-backed securities
—

 
76

 
—

 
76

Other securities
—

 
1,716

 
5

 
1,721

Total fixed maturity securities, available-for-sale
—

 
22,217

 
321

 
22,538

Equity securities:


 


 


 


Exchange traded funds
3,224

 
—

 
—

 
3,224

Fixed maturity mutual funds
—

 
152

 
—

 
152

Common equity securities
1

 
31

 
—

 
32

Private equity securities
—

 
—

 
62

 
62

Total equity securities
3,225

 
183

 
62

 
3,470

Securities lending collateral
—

 
1,114

 
—

 
1,114

Derivatives
—

 
50

 
—

 
50

Total assets
$
7,034

 
$
23,564

 
$
383

 
$
30,981

Liabilities:
 
 
 
 
 
 
 
Derivatives
$
—

 
$
—

 
$
—

 
$
—

Total liabilities
$
—

 
$
—

 
$
—

 
$
—

 
 
 
 
 
 
 
 
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 June 30, 2020 and 2019 is as follows:
 
Corporate
Securities
 
Residential
Mortgage-
backed
Securities
 
Other 
Securities
 
Equity
Securities
 
Total
Three Months Ended June 30, 2020
 
 
 
 
 
 
 
 
 
Beginning balance at April 1, 2020
$
316

 
$
2

 
$
5

 
$
82

 
$
405

Total gains (losses):
 
 
 
 
 
 
 
 
 
Recognized in net income
1

 
—

 
—

 
(10
)
 
(9
)
Recognized in accumulated other comprehensive loss
(7
)
 
—

 
—

 
—

 
(7
)
Purchases
14

 
—

 
—

 
3

 
17

Sales
(1
)
 
—

 
—

 
(13
)
 
(14
)
Settlements
(9
)
 
—

 
—

 
—

 
(9
)
Transfers into Level III
—

 
—

 
—

 
—

 
—

Transfers out of Level III
—

 
—

 
—

 
—

 
—

Ending balance at June 30, 2020
$
314

 
$
2

 
$
5

 
$
62

 
$
383

Change in unrealized losses included in net income related to assets still held at June 30, 2020
$
—

 
$
—

 
$
—

 
$
(10
)
 
$
(10
)
 
 
 
 
 
 
 
 
 
 
Three Months Ended June 30, 2019
 
 
 
 
 
 
 
 
 
Beginning balance at April 1, 2019
$
297

 
$
6

 
$
14

 
$
297

 
$
614

Total (losses) gains:
 
 
 
 
 
 
 
 
 
Recognized in net income
(3
)
 
—

 
—

 
2

 
(1
)
Recognized in accumulated other comprehensive loss
—

 
—

 
—

 
—

 
—

Purchases
30

 
—

 
—

 
14

 
44

Sales
(1
)
 
—

 
—

 
(8
)
 
(9
)
Settlements
(19
)
 
(1
)
 
(1
)
 
—

 
(21
)
Transfers into Level III
—

 
—

 
—

 
—

 
—

Transfers out of Level III
(7
)
 
(2
)
 
(2
)
 
—

 
(11
)
Ending balance at June 30, 2019
$
297

 
$
3

 
$
11

 
$
305

 
$
616

Change in unrealized gains included in net income related to assets still held at June 30, 2019
$
—

 
$
—

 
$
—

 
$
(2
)
 
$
(2
)

A reconciliation of the beginning and ending balances of assets measured at fair value on a recurring basis using Level III inputs for the six months ended June 30, 2020 and 2019 is as follows:
 
Corporate
Securities
 
Residential
Mortgage-
backed
Securities
 
Other 
Securities
 
Equity
Securities
 
Total
Six Months Ended June 30, 2020
 
 
 
 
 
 

 
 
Beginning balance at January 1, 2020
$
303

 
$
2

 
$
7

 
$
85

 
$
397

Total losses:
 
 
 
 
 
 
 
 
 
Recognized in net income
(1
)
 
—

 
—

 
(16
)
 
(17
)
Recognized in accumulated other comprehensive loss
(17
)
 
—

 
—

 
—

 
(17
)
Purchases
39

 
—

 
—

 
15

 
54

Sales
(4
)
 
—

 
—

 
(22
)
 
(26
)
Settlements
(19
)
 
—

 
(2
)
 
—

 
(21
)
Transfers into Level III
13

 
—

 
—

 
—

 
13

Transfers out of Level III
—

 
—

 
—

 
—

 
—

Ending balance at June 30, 2020
$
314

 
$
2

 
$
5

 
$
62

 
$
383

Change in unrealized losses included in net income related to assets still held at June 30, 2020
$
—

 
$
—

 
$
—

 
$
(17
)
 
$
(17
)
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30, 2019
 
 
 
 
 
 

 
 
Beginning balance at January 1, 2019
$
287

 
$
6

 
$
17

 
$
313

 
$
623

Total (losses) gains:
 
 
 
 
 
 
 
 
 
Recognized in net income
(4
)
 
—

 
—

 
—

 
(4
)
Recognized in accumulated other comprehensive loss
2

 
—

 
—

 
—

 
2

Purchases
63

 
—

 
2

 
21

 
86

Sales
(2
)
 
—

 
—

 
(29
)
 
(31
)
Settlements
(40
)
 
(1
)
 
(2
)
 
—

 
(43
)
Transfers into Level III
—

 
—

 
3

 
—

 
3

Transfers out of Level III
(9
)
 
(2
)
 
(9
)
 
—

 
(20
)
Ending balance at June 30, 2019
$
297

 
$
3

 
$
11

 
$
305

 
$
616

Change in unrealized gains included in net income related to assets still held at June 30, 2019
$
—

 
$
—

 
$
—

 
$
—

 
$
—


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 June 30, 2020 and December 31, 2019 is as follows:
 
Carrying
Value
 
Estimated Fair Value
 
 
Level I
 
Level II
 
Level III
 
Total
June 30, 2020
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
Other invested assets
$
4,097

 
$
—

 
$
—

 
$
4,097

 
$
4,097

Liabilities:
 
 
 
 
 
 
 
 
 
Debt:
 
 
 
 
 
 
 
 
 
Notes
21,358

 
—

 
24,273

 
—

 
24,273

Convertible debentures
118

 
—

 
426

 
—

 
426

 
 
 
 
 
 
 
 
 
 
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