Fair Value (Tables)

12 Months Ended

Dec. 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 December 31, 2020 and 2019 is as follows:


	Level I		Level II		Level III		Total
December 31, 2020
Assets:
Cash equivalents	$	3,163	$	—	$	—	$	3,163
Fixed maturity securities, available-for-sale:
United States Government securities	—		774		—		774
Government sponsored securities	—		69		—		69
Foreign government securities	—		305		—		305
States, municipalities and political subdivisions, tax-exempt	—		5,579		—		5,579
Corporate securities	—		10,567		325		10,892
Residential mortgage-backed securities	—		4,343		2		4,345
Commercial mortgage-backed securities	—		72		—		72
Other securities	—		1,954		5		1,959
Total fixed maturity securities, available-for-sale	—		23,663		332		23,995
Equity securities:
Exchange traded funds	1,154		—		—		1,154
Fixed maturity mutual funds	—		144		—		144
Common equity securities	171		30		—		201
Private equity securities	—		—		60		60
Total equity securities	1,325		174		60		1,559

Securities lending collateral	—		1,199		—		1,199
Derivatives	—		43		—		43
Total assets	$	4,488	$	25,079	$	392	$	29,959
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 years ended December 31, 2020, 2019 and 2018 is as follows:


	Corporate Securities		Residential Mortgage- backed Securities		Other Securities		Equity Securities		Total
Year ended December 31, 2020
Beginning balance at January 1, 2020	$	303	$	2	$	7	$	85	$	397
Total gains (losses):
Recognized in net income	(3)		—		—		(19)		(22)
Recognized in accumulated other comprehensive income	(5)		—		—		—		(5)
Purchases	85		—		—		16		101
Sales	(19)		—		—		(22)		(41)
Settlements	(44)		—		(2)		—		(46)
Transfers into Level III	10		—		—		—		10
Transfers out of Level III	(2)		—		—		—		(2)
Ending balance at December 31, 2020	$	325	$	2	$	5	$	60	$	392
Change in unrealized gains or losses included in net income related to assets still held at December 31, 2020	$	—	$	—	$	—	$	(19)	$	(19)

Year ended December 31, 2019
Beginning balance at January 1, 2019	$	287	$	6	$	17	$	313	$	623
Total gains (losses):
Recognized in net income	(7)		—		—		(6)		(13)
Recognized in accumulated other comprehensive loss	3		—		—		—		3
Purchases	122		—		2		65		189
Sales	(22)		—		—		(79)		(101)
Settlements	(71)		(2)		(6)		—		(79)
Transfers into Level III	—		—		3		2		5
Transfers out of Level III	(9)		(2)		(9)		(210)		(230)
Ending balance at December 31, 2019	$	303	$	2	$	7	$	85	$	397
Change in unrealized gains or losses included in net income related to assets still held at December 31, 2019	$	—	$	—	$	—	$	6	$	6

Year ended December 31, 2018
Beginning balance at January 1, 2018	$	229	$	5	$	16	$	287	$	537
Total gains (losses):
Recognized in net income	1		—		—		(229)		(228)
Recognized in accumulated other comprehensive loss	(5)		—		—		—		(5)
Purchases	120		2		18		290		430
Sales	(33)		—		(1)		(35)		(69)
Settlements	(88)		(1)		(10)		—		(99)
Transfers into Level III	65		—		9		—		74
Transfers out of Level III	(2)		—		(15)		—		(17)
Ending balance at December 31, 2018	$	287	$	6	$	17	$	313	$	623
Change in unrealized gains or losses included in net income related to assets still held at December 31, 2018	$	—	$	—	$	—	$	30	$	30

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 December 31, 2020 and 2019 is as follows:


	Carrying Value		Estimated Fair Value
			Level I		Level II		Level III		Total
December 31, 2020
Assets:
Other invested assets	$	4,285	$	—	$	—	$	4,285	$	4,285
Liabilities:
Debt:

Commercial paper	250		—		250		—		250
Notes	19,677		—		23,307		—		23,307
Convertible debentures	108		—		712		—		712

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