Investments (Tables)

3 Months Ended

Mar. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule of Carrying Amount and Fair Value of Available-for-sale Securities

The fair values of our available for sale securities at March 31, 2020 and December 31, 2019 are as follows:

	March 31, 2020
		Cost		Unrealized		Unrealized		Allowance for		Fair
		Basis		Gains		Losses		Credit Loss		Value
	(In millions)
Fixed maturity securities available for sale:
U.S. government and agencies		$	265	$	13	$	—	$	—	$	278
State and political subdivisions		90		2		—		—		92
Corporate debt securities		1,547		42		(11)		(11)		1,567
Mortgage-backed/asset-backed securities		60		3		—		—		63
Foreign government bonds		63		—		(6)		—		57
Total		$	2,025	$	60	$	(17)	$	(11)	$	2,057

	December 31, 2019
		Cost		Unrealized		Unrealized		Fair
		Basis		Gains		Losses		Value
	(In millions)
Fixed maturity securities available for sale:
U.S. government and agencies		$	282	$	7	$	(1)	$	288
State and political subdivisions		90		3		—		93
Corporate debt securities		1,536		54		(3)		1,587
Mortgage-backed/asset-backed securities		60		2		—		62
Foreign government bonds		61		1		(2)		60
Total		$	2,029	$	67	$	(6)	$	2,090

Investments Classified by Contractual Maturity Dates

The following table presents certain information regarding contractual maturities of our fixed maturity securities at March 31, 2020:

	March 31, 2020
	Amortized		% of		Fair		% of
Maturity	Cost		Total		Value		Total
	(Dollars in millions)
One year or less	$	319	16	%	$	315	15	%
After one year through five years	1,104		54		1,112		55
After five years through ten years	421		21		442		21
After ten years	121		6		125		6
Mortgage-backed/asset-backed securities	60		3		63		3
Total	$	2,025	100	%	$	2,057	100	%

Unrealized Losses on Investment Securities and Fair Value, Excluding Allowance for Credit Losses

Net unrealized losses on investment securities for which the allowance for credit losses has not been recorded and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2020 were as follows:

March 31, 2020
	Less than 12 Months				12 Months or Longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
Corporate debt securities	$	404	$	(9)	$	45	$	(2)	$	449	$	(11)
Foreign government bonds	36		(2)		20		(4)		56		(6)
Total temporarily impaired securities	$	440	$	(11)	$	65	$	(6)	$	505	$	(17)

Schedule of Unrealized Losses on Investment Securities and the Fair Value

Net unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2019, were as follows:

December 31, 2019
	Less than 12 Months				12 Months or Longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
U.S. government and agencies	$	62	$	(1)	$	—	$	—	$	62	$	(1)
Corporate debt securities	98		(2)		51		(1)		149		(3)
Foreign government bonds	—		—		33		(2)		33		(2)
Total temporarily impaired securities	$	160	$	(3)	$	84	$	(3)	$	244	$	(6)

Realized Gains and Losses and Proceeds From Sales on Investments and Other Assets

The following tables present realized gains and losses on investments and other assets and proceeds from the sale or maturity of investments and other assets for the three-month periods ended March 31, 2020 and 2019, respectively:

	Three months ended March 31, 2020
	Gross Realized Gains		Gross Realized Losses		Allowance for Credit Losses		Net Realized Gains (Losses)		Gross Proceeds from Sale/Maturity
	(In millions)
Sales and maturities of fixed maturity securities available for sale	$	12	$	(1)	$	—	$	11	$	177
Sales and maturities of preferred securities	—		—		—		—		83
Sales of equity securities	—		—		—		—		—
Valuation of fixed maturity securities available for sale					(11)		(11)		—
Valuation of equity securities					—		(205)		—
Valuation of preferred securities					—		(42)		—
Valuation of other long term investments					—		(63)		—
Other realized gains and losses, net					—		(10)		9
Total					$	(11)	$	(320)	$	269

	Three months ended March 31, 2019
	Gross Realized Gains		Gross Realized Losses		Net Realized Gains (Losses)		Gross Proceeds from Sale/Maturity
	(In millions)
Sales and maturities of fixed maturity securities available for sale	$	1	$	(1)	$	—	$	235
Sales and maturities of preferred securities	—		—		—		24
Sales of equity securities	4		—		4		41
Valuation of equity securities					126		—
Valuation of preferred securities					11		—
Valuation of other long term investments					5		—
Impairment of lease assets					(4)		—
Total					$	142	$	300