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Fair Value (Tables)
 12 Months Ended
Dec. 31, 2020
Fair Value [Abstract]  
Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables. Corporate bonds and other includes obligations of the U.S. Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock.

December 31, 2020
  
Level 1
    
Level 2
    
Level 3
    
Total
  
(In millions)
                        
                         
Fixed maturity securities:
                        
Corporate bonds and other
  
$
355
    
$
24,082
    
$
770
    
$
25,207
  
States, municipalities and political subdivisions
            
11,546
      
46
      
11,592
  
Asset-backed
            
7,497
      
308
      
7,805
  
Fixed maturities available-for-sale
    
355
      
43,125
      
1,124
      
44,604
  
Fixed maturities trading
            
34
      
8
      
42
  
Total fixed maturities
  
$
355
    
$
43,159
    
$
1,132
    
$
44,646
  
                                 
Equity securities
  
$
796
    
$
722
    
$
43
    
$
1,561
  
Short term and other
    
4,538
      
39
              
4,577
  
Payable to brokers
    
(14
)
    
(29
)
            
(43
)

December 31, 2019
                        
                         
Fixed maturity securities:
                        
Corporate bonds and other
  
$
175
    
$
22,065
    
$
468
    
$
22,708
  
States, municipalities and political subdivisions
            
10,652
              
10,652
  
Asset-backed
            
8,662
      
165
      
8,827
  
Fixed maturities available-for-sale
    
175
      
41,379
      
633
      
42,187
  
Fixed maturities trading
            
49
      
4
      
53
  
Total fixed maturities
  
$
175
    
$
41,428
    
$
637
    
$
42,240
  
                                 
Equity securities
  
$
629
    
$
658
    
$
19
    
$
1,306
  
Short term and other
    
3,138
      
1,383
              
4,521
  
Receivables
            
2
              
2
  
Payable to brokers
    
(18
)
    
(10
)
            
(28
)
Reconciliations of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs

The following tables present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2020 and 2019:

                                                              
Unrealized
  
                                                               
Gains
  
                                                         
Unrealized
    
(Losses)
  
                                                         
Gains
    
Recognized in
  
                                                         
(Losses)
    
Other
  
                                                   
Recognized in
    
Comprehensive
  
         
Net Realized Investment
                                        
Net Income
    
Income (Loss)
  
         
Gains (Losses) and Net
                                        
(Loss) on Level
    
on Level 3
  
         
Change in Unrealized
                                        
3 Assets and
    
Assets and
  
         
Investment Gains (Losses)
                      
Transfers
    
Transfers
          
Liabilities
    
Liabilities
  
   
Balance,
    
Included in
    
Included in
                      
into
    
out of
    
Balance,
    
Held at
    
Held at
  
2020
  
January 1
    
Net Income
    
OCI
    
Purchases
    
Sales
    
Settlements
    
Level 3
    
Level 3
    
December 31
    
December 31
    
December 31
  
(In millions)
                                                                  
                                                                   
Fixed maturity securities:
                                                                  
Corporate bonds and other
  
$
468
    
$
1
    
$
43
    
$
264
    
$
(3
)
  
$
(13
)
  
$
10
          
$
770
          
$
43
  
States, municipalities and political subdivisions
                    
1
      
45
                                    
46
            
1
  
Asset-backed
    
165
      
1
      
16
      
154
      
(9
)
    
(32
)
    
30
    
$
(17
)
    
308
            
18
  
Fixed maturities available-for-sale
    
633
      
2
      
60
      
463
      
(12
)
    
(45
)
    
40
      
(17
)
    
1,124
    
$
-
      
62
  
Fixed maturities trading
    
4
      
4
                                                      
8
      
4
          
Total fixed maturities
  
$
637
    
$
6
      
60
    
$
463
    
$
(12
)
  
$
(45
)
  
$
40
    
$
(17
)
  
$
1,132
    
$
4
    
$
62
  
                                                                                         
Equity securities
  
$
19
    
$
(6
)
          
$
15
                    
$
15
            
$
43
    
$
(6
)
        

                                                             
Unrealized
  
                                                               
Gains
  
                                                         
Unrealized
    
(Losses)
  
                                                         
Gains
    
Recognized in
  
                                                         
(Losses)
    
Other
  
                                                   
Recognized in
    
Comprehensive
  
         
Net Realized Investment
                                        
Net Income
    
Income (Loss)
  
         
Gains (Losses) and Net
                                        
(Loss) on Level
    
on Level 3
  
         
Change in Unrealized
                                        
3 Assets and
    
Assets and
  
         
Investment Gains (Losses)
                      
Transfers
    
Transfers
          
Liabilities
    
Liabilities
  
   
Balance,
    
Included in
    
Included in
                      
into
    
out of
    
Balance,
    
Held at
    
Held at
  
2019
  
January 1
    
Net Income
    
OCI
    
Purchases
    
Sales
    
Settlements
    
Level 3
    
Level 3
    
December 31
    
December 31
    
December 31
  
(In millions)
                                                                  
                                                                   
Fixed maturity securities:
                                                                  
Corporate bonds and other
  
$
222
          
$
33
    
$
256
          
$
(11
)
        
$
(32
)
  
$
468
          
$
28
  
Asset-backed
    
197
            
8
      
48
            
(16
)
  
$
45
      
(117
)
    
165
            
7
  
Fixed maturities available-for-sale
    
419
    
$
-
      
41
      
304
    
$
-
      
(27
)
    
45
      
(149
)
    
633
    
$
-
      
35
  
Fixed maturities trading
    
6
      
(2
)
                                                    
4
      
(2
)
        
Total fixed maturities
  
$
425
    
$
(2
)
  
$
41
    
$
304
    
$
-
    
$
(27
)
  
$
45
    
$
(149
)
  
$
637
    
$
(2
)
  
$
35
  
                                                                                         
Equity securities
  
$
19
    
$
(2
)
          
$
2
                                    
$
19
    
$
(2
)
        


Net investment gains and losses are reported in Net income as follows:

Major Category of Assets and Liabilities
Consolidated Statements of Operations Line Items
   
Fixed maturity securities available-for-sale
Investment gains (losses)
Fixed maturity securities trading
Net investment income
Equity securities
Investment gains (losses) and Net investment income
Other invested assets
Investment gains (losses) and Net investment income
Derivative financial instruments held in a trading portfolio
Net investment income
Derivative financial instruments, other
Investment gains (losses) and Operating revenues and other
Significant Unobservable Inputs

The following tables present quantitative information about the significant unobservable inputs utilized in the fair value measurement of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of unobservable inputs from these broker quotes is neither provided nor reasonably available. The weighted average rate is calculated based on fair value.

              
Range
  
   
Estimated
  
Valuation
Unobservable
  
(Weighted
  
December 31, 2020
  
Fair Value
  
Techniques
Inputs
  
Average)
  
   
(In millions)
            
                 
Fixed maturity securities
  
$
966
  
Discounted cash flow
Credit spread
    
1% – 8% (3
%)
                     
December 31, 2019
                    
                     
Fixed maturity securities
  
$
525
  
Discounted cash flow
Credit spread
    
1% – 6% (2
%)
Financial Assets and Liabilities Not Measured at Fair Value

The carrying amount, estimated fair value and the level of the fair value hierarchy of the financial assets and liabilities which are not measured at fair value on the Consolidated Balance Sheets are presented in the following tables. The carrying amounts and estimated fair values of short term debt and long term debt exclude finance lease obligations. The carrying amounts reported on the Consolidated Balance Sheets for cash and short term investments not carried at fair value and certain other assets and liabilities approximate fair value due to the short term nature of these items.

  
Carrying
    
Estimated Fair Value
  
December 31, 2020
  
Amount
    
Level 1
    
Level 2
    
Level 3
    
Total
  
(In millions)
                              
                               
Assets:
                              
Other invested assets, primarily mortgage loans
  
$
1,068
                
$
1,151
    
$
1,151
  
                                     
Liabilities:
                                    
Short term debt
    
35
      
-
    
$
19
      
17
      
36
  
Long term debt
    
10,042
              
10,482
      
765
      
11,247
  
                                         
December 31, 2019
                                        
                                         
Assets:
  
$
994
                    
$
1,025
    
$
1,025
  
Other invested assets, primarily mortgage loans
                                        
                                         
Liabilities:
                                        
Short term debt
    
75
            
$
9
      
66
      
75
  
Long term debt
    
11,443
              
10,884
      
626
      
11,510