Fair Value (Tables)

6 Months Ended

Jun. 30, 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 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