XML 57 R32.htm IDEA: XBRL DOCUMENT v2.4.1.9
FAIR VALUE (Tables)
12 Months Ended
Dec. 31, 2014
Fair Value Disclosures [Abstract]  
Financial Assets Measured at Fair Value on Recurring Basis
The following table summarizes our fair value measurements at December 31, 2014 and 2013, respectively, for financial assets measured at fair value on a recurring basis:
 
 
 
Fair Value Measurements Using
 
Fair Value
 
Quoted Prices
in Active
Markets
(Level 1)
 
Other
Observable
Inputs
(Level 2)
 
Unobservable
Inputs
(Level 3)
 
(in millions)
December 31, 2014
 
 
 
 
 
 
 
Cash equivalents
$
1,712

 
$
1,712

 
$

 
$

Debt securities:
 
 
 
 
 
 
 
U.S. Treasury and other U.S. government corporations and agencies:
 
 
 
 
 
 
 
U.S. Treasury and agency obligations
374

 

 
374

 

Mortgage-backed securities
1,498

 

 
1,498

 

Tax-exempt municipal securities
3,068

 

 
3,060

 
8

Mortgage-backed securities:
 
 
 
 
 
 
 
Residential
17

 

 
17

 

Commercial
843

 

 
843

 

Asset-backed securities
29

 

 
28

 
1

Corporate debt securities
3,718

 

 
3,695

 
23

Total debt securities
9,547

 

 
9,515

 
32

Total invested assets
$
11,259

 
$
1,712

 
$
9,515

 
$
32

December 31, 2013
 
 
 
 
 
 
 
Cash equivalents
$
876

 
$
876

 
$

 
$

Debt securities:
 
 
 
 
 
 
 
U.S. Treasury and other U.S. government corporations and agencies:
 
 
 
 
 
 
 
U.S. Treasury and agency obligations
584

 

 
584

 

Mortgage-backed securities
1,820

 

 
1,820

 

Tax-exempt municipal securities
2,971

 

 
2,958

 
13

Mortgage-backed securities:
 
 
 
 
 
 
 
Residential
22

 

 
22

 

Commercial
673

 

 
673

 

Asset-backed securities
63

 

 
62

 
1

Corporate debt securities
3,667

 

 
3,644

 
23

Total debt securities
9,800

 

 
9,763

 
37

Total invested assets
$
10,676

 
$
876

 
$
9,763

 
$
37

Changes in Fair Value of Assets Measured Using Significant Unobservable Inputs
During the years ended December 31, 2014, 2013, and 2012, the changes in the fair value of the assets measured using significant unobservable inputs (Level 3) were comprised of the following:
 
For the years ended December 31,
 
2014
 
2013
 
2012
 
Private
Placements
 
Auction
Rate
Securities
 
Total
 
Private
Placements
 
Auction
Rate
Securities
 
Total
 
Private
Placements
 
Auction
Rate
Securities
 
Total
 
(in millions)
Beginning balance at January 1
$
24

 
$
13

 
$
37

 
$
25

 
$
13

 
$
38

 
$
25

 
$
16

 
$
41

Total gains or losses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized in earnings

 

 

 

 

 

 

 

 

Unrealized in other
comprehensive income

 

 

 

 

 

 

 

 

Purchases

 

 

 

 

 

 

 

 

Sales

 
(5
)
 
(5
)
 

 

 

 

 
(3
)
 
(3
)
Settlements

 

 

 
(1
)
 

 
(1
)
 

 

 

Balance at December 31
$
24

 
$
8

 
$
32

 
$
24

 
$
13

 
$
37

 
$
25

 
$
13

 
$
38