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Investments (Tables)
9 Months Ended
Sep. 30, 2020
Investments [Abstract]  
Current and Long-Term Investments, Available-For-Sale
A summary of current and long-term fixed maturity securities, available-for-sale, at September 30, 2020 and December 31, 2019 is as follows:
 Cost or
Amortized
Cost
Non-Credit
Component of
Impairment Recognized in
Accumulated
Other
Comprehensive
Loss
Gross
Unrealized
Gains
Gross Unrealized LossesAllowance For Credit LossesEstimated
Fair Value
 Less than
12 Months
12 Months
or Greater
September 30, 2020
Fixed maturity securities:
United States Government securities
$802 $17 $(6)$— $— $813 $— 
Government sponsored securities75 — — — 81 — 
Foreign government securities
296 10 (13)— (1)292 — 
States, municipalities and political subdivisions
5,042 339 (18)— — 5,363 — 
Corporate securities10,140 579 (114)(23)(11)10,571 (10)
Residential mortgage-backed securities
4,075 151 (48)(10)— 4,168 (1)
Commercial mortgage-backed securities
76 (1)(3)— 75 — 
Other securities1,891 31 (14)(6)— 1,902 — 
Total fixed maturity securities$22,397 $1,136 $(214)$(42)$(12)$23,265 $(11)
December 31, 2019
Fixed maturity securities:
United States Government securities
$524 $$(3)$— $— $525 $— 
Government sponsored securities136 — — — 141 — 
States, municipalities and political subdivisions
4,592 262 (3)— — 4,851 — 
Corporate securities8,870 339 (9)(15)— 9,185 (3)
Residential mortgage-backed securities
3,654 87 (6)(3)— 3,732 — 
Commercial mortgage-backed securities
84 — — — 86 — 
Other securities1,648 21 (3)(5)— 1,661 — 
Total fixed maturity securities$19,508 $720 $(24)$(23)$— $20,181 $(3)
Aggregate Fair Value and Gross Unrealized Loss of Fixed Maturity Securities in an Unrealized Loss Position
For fixed maturity securities in an unrealized loss position at September 30, 2020 and December 31, 2019, the following table summarizes the aggregate fair values and gross unrealized losses by length of time those securities have continuously been in an unrealized loss position: 
 Less than 12 Months12 Months or Greater
(Securities are whole amounts)Number of
Securities
Estimated
Fair Value
Gross
Unrealized
Loss
Number of
Securities
Estimated
Fair Value
Gross
Unrealized
Loss
September 30, 2020
Fixed maturity securities:
United States Government securities17 $377 $(6)— $— $— 
Government sponsored securities— — — 
Foreign government securities
191 141 (13)— — — 
States, municipalities and political subdivisions
283 512 (18)— 
Corporate securities1,481 2,140 (114)146 171 (23)
Residential mortgage-backed securities407 976 (48)82 108 (10)
Commercial mortgage-backed securities17 (1)(3)
Other securities302 763 (14)75 185 (6)
Total fixed maturity securities2,688 $4,927 $(214)308 $471 $(42)
December 31, 2019
Fixed maturity securities:
United States Government securities
27 $250 $(3)$$— 
Government sponsored securities
14 12 — — 
States, municipalities and political subdivisions
114 306 (3)14 11 — 
Corporate securities
386 558 (9)224 286 (15)
Residential mortgage-backed securities
321 635 (6)189 237 (3)
Commercial mortgage-backed securities
— — 
Other securities
166 415 (3)113 358 (5)
Total fixed maturity securities1,029 $2,179 $(24)549 $902 $(23)
Fixed Maturity Securities, Available-for-sale, Allowance for Credit Loss
The table below presents a roll-forward by major security type of the allowance for credit losses on fixed maturity securities available-for-sale held at period end for the three months ended September 30, 2020:
Three Months Ended September 30Corporate SecuritiesForeign Government SecuritiesTotal
Allowance for credit losses:
Beginning balance$23 $$24 
Additions for securities for which no previous expected credit losses were recognized— 
Securities sold during the period(5)— (5)
Decreases to the allowance for credit losses on securities(8)— (8)
Total allowance for credit losses$11 $$12 
The table below presents a roll-forward by major security type of the allowance for credit losses on fixed maturity securities available-for-sale held at period end for the nine months ended September 30, 2020:
Nine Months Ended September 30Corporate SecuritiesForeign Government SecuritiesTotal
Allowance for credit losses:
Beginning balance$— $— $— 
Additions for securities for which no previous expected credit losses were recognized61 62 
Securities sold during the period(13)— (13)
Decreases to the allowance for credit losses on securities(37)— (37)
Total allowance for credit losses$11 $$12 
Amortized Cost and Fair Value of Fixed Maturity Securities, By Contractual Maturity
The amortized cost and fair value of fixed maturity securities at September 30, 2020, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations.
Amortized
Cost
Estimated
Fair Value
Due in one year or less$772 $780 
Due after one year through five years5,813 6,023 
Due after five years through ten years6,741 7,023 
Due after ten years4,920 5,196 
Mortgage-backed securities4,151 4,243 
Total fixed maturity securities$22,397 $23,265 
Proceeds and Realized Gains and Losses from Fixed Maturity Securities
Proceeds from sales, maturities, calls or redemptions of fixed maturity securities and the related gross realized gains and gross realized losses for the three and nine months ended September 30, 2020 and 2019 are as follows:
 Three Months Ended 
 September 30
Nine Months Ended 
 September 30
 2020201920202019
Proceeds$4,597 $2,048 $9,146 $5,502 
Gross realized gains51 26 131 66 
Gross realized losses(14)(9)(84)(43)
Investments In Equity Securities
A summary of marketable equity securities at September 30, 2020 and December 31, 2019 is as follows:
 September 30, 2020December 31, 2019
Equity securities:
Exchange traded funds$2,646 $44 
Fixed maturity mutual funds143 643 
Common equity securities225 237 
Private equity securities61 85 
Total$3,075 $1,009 
Gains (Losses) Related to Equity Securities
The gains and losses related to equity securities for the three and nine months ended September 30, 2020 and 2019 are as follows:
Three Months Ended September 30Nine Months Ended September 30
 2020201920202019
Net realized gains (losses) recognized on equity securities$188 $(16)$183 $75 
Less: Net realized gains recognized on equity securities sold during the period(15)(6)(20)(55)
Unrealized gains (losses) recognized on equity securities still held at September 30$173 $(22)$163 $20 
Securities Lending Programs
The remaining contractual maturity of our securities lending agreements at September 30, 2020 is as follows:
Overnight and Continuous
Securities lending collateral
Cash$898 
United States Government securities121 
Total$1,019