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FAIR VALUE (Tables)
3 Months Ended
Mar. 31, 2016
Fair Value Disclosures [Abstract]  
Financial Assets Measured at Fair Value on Recurring Basis
The following table summarizes our fair value measurements at March 31, 2016 and December 31, 2015, 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)
March 31, 2016
 
 
 
 
 
 
 
Cash equivalents
$
2,669

 
$
2,669

 
$

 
$

Debt securities:
 
 
 
 
 
 
 
U.S. Treasury and other U.S. government
corporations and agencies:
 
 
 
 
 
 
 
U.S. Treasury and agency obligations
453

 

 
453

 

Mortgage-backed securities
2,034

 

 
2,034

 

Tax-exempt municipal securities
3,038

 

 
3,035

 
3

Mortgage-backed securities:
 
 
 
 
 
 
 
Residential
11

 

 
11

 

Commercial
859

 

 
859

 

Asset-backed securities
253

 

 
252

 
1

Corporate debt securities
3,030

 

 
3,025

 
5

Total debt securities
9,678

 

 
9,669

 
9

Total invested assets
$
12,347

 
$
2,669

 
$
9,669

 
$
9

 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
 
Cash equivalents
$
2,229

 
$
2,229

 
$

 
$

Debt securities:
 
 
 
 
 
 
 
U.S. Treasury and other U.S. government
corporations and agencies:
 
 
 
 
 
 
 
U.S. Treasury and agency obligations
332

 

 
332

 

Mortgage-backed securities
1,891

 

 
1,891

 

Tax-exempt municipal securities
2,668

 

 
2,663

 
5

Mortgage-backed securities:
 
 
 
 
 
 
 
Residential
13

 

 
13

 

Commercial
985

 

 
985

 

Asset-backed securities
263

 

 
263

 

Corporate debt securities
2,958

 

 
2,952

 
6

Total debt securities
9,110

 

 
9,099

 
11

Total invested assets
$
11,339

 
$
2,229

 
$
9,099

 
$
11

Changes in Fair Value of Assets Measured Using Significant Unobservable Inputs
During the three months ended March 31, 2016 and 2015, the changes in the fair value of the assets measured using significant unobservable inputs (Level 3) were comprised of the following:
 
For the three months ended March 31,
 
2016
 
2015
 
Private
Placements
 
Auction
Rate
Securities
 
Total
 
Private
Placements
 
Auction
Rate
Securities
 
Total
 
(in millions)
Beginning balance at January 1
$
6

 
$
5

 
$
11

 
$
24

 
$
8

 
$
32

Total gains or losses:
 
 
 
 
 
 
 
 
 
 
 
Realized in earnings

 

 

 

 

 

Unrealized in other
comprehensive income

 

 

 

 

 

Purchases

 

 

 

 

 

Sales

 

 

 
(18
)
 
(2
)
 
(20
)
Settlements

 
(2
)
 
(2
)
 

 

 

Balance at March 31
$
6

 
$
3

 
$
9

 
$
6

 
$
6

 
$
12