XML 32 R25.htm IDEA: XBRL DOCUMENT v2.4.0.6
Investments (Tables)
 12 Months Ended
Dec. 31, 2011
Investments [Abstract]  
Short-Term and Long-Term Investments
(in millions)
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
December 31, 2011
 
 
 
 
 
 
 
 
Debt securities - available-for-sale:
 
 
 
 
 
 
 
 
U.S. government and agency obligations
 
$
2,319

 
$
54

 
$
—

 
$
2,373

State and municipal obligations
 
6,363

 
403

 
(1
)
 
6,765

Corporate obligations
 
5,825

 
205

 
(23
)
 
6,007

U.S. agency mortgage-backed securities
 
2,279

 
74

 
—

 
2,353

Non-U.S. agency mortgage-backed securities
 
476

 
28

 
—

 
504

Total debt securities - available-for-sale
 
17,262

 
764

 
(24
)
 
18,002

Equity securities - available-for-sale
 
529

 
23

 
(8
)
 
544

Debt securities - held-to-maturity:
 
 
 
 
 
 
 
 
U.S. government and agency obligations
 
166

 
7

 
—

 
173

State and municipal obligations
 
13

 
—

 
—

 
13

Corporate obligations
 
18

 
—

 
—

 
18

Total debt securities - held-to-maturity
 
197

 
7

 
—

 
204

Total investments
 
$
17,988

 
$
794

 
$
(32
)
 
$
18,750

December 31, 2010
 
 
 
 
 
 
 
 
Debt securities - available-for-sale:
 
 
 
 
 
 
 
 
U.S. government and agency obligations
 
$
2,214

 
$
28

 
$
(8
)
 
$
2,234

State and municipal obligations
 
6,007

 
183

 
(42
)
 
6,148

Corporate obligations
 
5,111

 
210

 
(11
)
 
5,310

U.S. agency mortgage-backed securities
 
1,851

 
58

 
(6
)
 
1,903

Non-U.S. agency mortgage-backed securities
 
439

 
26

 
—

 
465

Total debt securities - available-for-sale
 
15,622

 
505

 
(67
)
 
16,060

Equity securities - available-for-sale
 
508

 
22

 
(14
)
 
516

Debt securities - held-to-maturity:
 
 
 
 
 
 
 
 
U.S. government and agency obligations
 
167

 
5

 
—

 
172

State and municipal obligations
 
15

 
—

 
—

 
15

Corporate obligations
 
21

 
—

 
—

 
21

Total debt securities - held-to-maturity
 
203

 
5

 
—

 
208

Total investments
 
$
16,333

 
$
532

 
$
(81
)
 
$
16,784
Fair Value of Mortgage-Backed Securities by Credit Rating And Origination
The fair values of the Company’s mortgage-backed securities by credit rating (when multiple credit ratings are available for an individual security, the average of the available ratings is used) and origination as of December 31, 2011 were as follows:
(in millions)
 
AAA
 
AA
 
A
 
Non-Investment
Grade
 
Total Fair
Value
2011
 
$
26

 
$
—

 
$
—

 
$
—

 
$
26

2010
 
—

 
3

 
—

 
—

 
3

2007
 
93

 
—

 
—

 
3

 
96

2006
 
167

 
—

 
—

 
10

 
177

2005
 
136

 
—

 
—

 
3

 
139

Pre - 2005
 
60

 
—

 
3

 
—

 
63

U.S. agency mortgage-backed securities
 
2,353

 
—

 
—

 
—

 
2,353

Total
 
$
2,835

 
$
3

 
$
3

 
$
16

 
$
2,857
Amortized Cost and Fair Value of Available-for-Sale Debt Securities by Contractual Maturity
The amortized cost and fair value of available-for-sale debt securities as of December 31, 2011, by contractual maturity, were as follows:
(in millions)
 
Amortized
Cost
 
Fair
Value
Due in one year or less
 
$
2,629

 
$
2,641

Due after one year through five years
 
5,631

 
5,808

Due after five years through ten years
 
4,439

 
4,763

Due after ten years
 
1,808

 
1,933

U.S. agency mortgage-backed securities
 
2,279

 
2,353

Non-U.S. agency mortgage-backed securities
 
476

 
504

Total debt securities - available-for-sale
 
$
17,262

 
$
18,002
Amortized Cost and Fair Value of Held-to-Maturity Debt Securities by Contractual Maturity
The amortized cost and fair value of held-to-maturity debt securities as of December 31, 2011, by contractual maturity, were as follows:
(in millions)
 
Amortized
Cost
 
Fair
Value
Due in one year or less
 
$
43

 
$
43

Due after one year through five years
 
124

 
127

Due after five years through ten years
 
21

 
22

Due after ten years
 
9

 
12

Total debt securities - held-to-maturity
 
$
197

 
$
204
Fair Value of Available-for-Sale Investments with Gross Unrealized Losses by Investment Type and Length of Time that Individual Securities have been in a Continuous Unrealized Loss Position
The fair value of available-for-sale investments with gross unrealized losses by investment type and length of time that individual securities have been in a continuous unrealized loss position were as follows:
 
 
Less Than 12 Months
 
12 Months or Greater
 
Total
(in millions)
 
Fair
Value
 
Gross
Unrealized
Losses
 
Fair
Value
 
Gross
Unrealized
Losses
 
Fair
Value
 
Gross
Unrealized
Losses
December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities - available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
 
State and municipal obligations
 
$
85

 
$
(1
)
 
$
21

 
$
—

 
$
106

 
$
(1
)
Corporate obligations
 
1,496

 
(22
)
 
28

 
(1
)
 
1,524

 
(23
)
Total debt securities - available-for-sale
 
$
1,581

 
$
(23
)
 
$
49

 
$
(1
)
 
$
1,630

 
$
(24
)
Equity securities - available-for-sale
 
$
24

 
$
(7
)
 
$
3

 
$
(1
)
 
$
27

 
$
(8
)
December 31, 2010
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities - available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agency obligations
 
$
548

 
$
(8
)
 
$
—

 
$
—

 
$
548

 
$
(8
)
State and municipal obligations
 
1,383

 
(40
)
 
18

 
(2
)
 
1,401

 
(42
)
Corporate obligations
 
949

 
(11
)
 
14

 
—

 
963

 
(11
)
U.S. agency mortgage-backed securities
 
355

 
(6
)
 
—

 
—

 
355

 
(6
)
Total debt securities - available-for-sale
 
$
3,235

 
$
(65
)
 
$
32

 
$
(2
)
 
$
3,267

 
$
(67
)
Equity securities - available-for-sale
 
$
206

 
$
(14
)
 
$
11

 
$
—

 
$
217

 
$
(14
)
Net Realized Gains, Included in Investment and Other Income
Net realized gains included in Investment and Other Income on the Consolidated Statements of Operations were from the following sources:
 
 
For the Year Ended December 31,
(in millions)
 
2011
 
2010
 
2009
Total OTTI
 
$
(12
)
 
$
(23
)
 
$
(64
)
Portion of loss recognized in other comprehensive income
 
—

 
—

 
—

Net OTTI recognized in earnings
 
(12
)
 
(23
)
 
(64
)
Gross realized losses from sales
 
(11
)
 
(6
)
 
(41
)
Gross realized gains from sales
 
136

 
100

 
116

Net realized gains
 
$
113

 
$
71

 
$
11