Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019, respectively:

	March 31, 2020
	Level 1		Level 2		Level 3		Total
	(In millions)
Fixed maturity securities available for sale:
U.S. government and agencies	$	—	$	278	$	—	$	278
State and political subdivisions	—		92		—		92
Corporate debt securities	—		1,553		14		1,567
Mortgage-backed/asset-backed securities	—		63		—		63
Foreign government bonds	—		57		—		57
Preferred securities	141		163		—		304
Equity securities	627		—		1		628
Other long-term investments	59		—		—		59
Total assets	$	827	$	2,206	$	15	$	3,048

	December 31, 2019
	Level 1		Level 2		Level 3		Total
	(In millions)
Fixed maturity securities available for sale:
U.S. government and agencies	$	—	$	288	$	—	$	288
State and political subdivisions	—		93		—		93
Corporate debt securities	—		1,570		17		1,587
Mortgage-backed/asset-backed securities	—		62		—		62
Foreign government bonds	—		60		—		60
Preferred securities	65		258		—		323
Equity securities	810		—		1		811
Other long-term investments	—		—		120		120
Total assets	$	875	$	2,331	$	138	$	3,344

Fair Values of Level 3 Assets Measured on Recurring Basis

The following table presents a summary of the changes in the fair values of Level 3 assets, measured on a recurring basis, for the three-month periods ended March 31, 2020 and 2019.

	Three months ended March 31, 2020								Three months ended March 31, 2019
	Other Long-Term		Equity		Corporate Debt				Other Long-Term		Corporate Debt
	Investment		Securities		Securities		Total		Investment		Securities		Total
	(In millions)								(In millions)
Fair value, beginning balance	$	120	$	1	$	17	$	138	$	101	$	17	$	118
Transfers out of Level 3	(59)		—		—		(59)		—		(4)		(4)
Paid-in-kind dividends (1)	2		—		—		2		1		1		2
Purchases	—		—		—		—		—		5		5
Sales and maturities	—		—		—		—		—		(1)		(1)
Net valuation (loss) gain included in earnings (2)	(63)		—		(3)		(66)		5		—		5
Fair value, ending balance	$	—	$	1	$	14	$	15	$	107	$	18	$	125

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(1) Included in Interest and investment income on the Condensed Consolidated Statements of Earnings

(2) Included in Realized gains and losses, net on the Condensed Consolidated Statements of Earnings