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FAIR VALUE (Tables)
 9 Months Ended
Sep. 30, 2016
Fair Value Disclosures [Abstract]  
Financial Assets Measured at Fair Value on Recurring Basis
The following table summarizes our fair value measurements at September 30, 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)
September 30, 2016
 
 
 
 
 
 
 
Cash equivalents
$
6,879

 
$
6,879

 
$
—

 
$
—

Debt securities:
 
 
 
 
 
 
 
U.S. Treasury and other U.S. government
corporations and agencies:
 
 
 
 
 
 
 
U.S. Treasury and agency obligations
661

 
—

 
661

 
—

Mortgage-backed securities
1,535

 
—

 
1,535

 
—

Tax-exempt municipal securities
3,226

 
—

 
3,223

 
3

Mortgage-backed securities:
 
 
 
 
 
 
 
Residential
10

 
—

 
10

 
—

Commercial
503

 
—

 
503

 
—

Asset-backed securities
188

 
—

 
187

 
1

Corporate debt securities
3,479

 
—

 
3,474

 
5

Total debt securities
9,602

 
—

 
9,593

 
9

Total invested assets
$
16,481

 
$
6,879

 
$
9,593

 
$
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 and nine months ended September 30, 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 September 30,
 
2016
 
2015
 
Private
Placements
 
Auction
Rate
Securities
 
Total
 
Private
Placements
 
Auction
Rate
Securities
 
Total
 
(in millions)
Beginning balance at July 1
$
6

 
$
3

 
$
9

 
$
6

 
$
5

 
$
11

Total gains or losses:
 
 
 
 
 
 
 
 
 
 
 
Realized in earnings
—

 
—

 
—

 
—

 
—

 
—

Unrealized in other
comprehensive income
—

 
—

 
—

 
—

 
—

 
—

Purchases
—

 
—

 
—

 
—

 
—

 
—

Sales
—

 
—

 
—

 
—

 
—

 
—

Settlements
—

 
—

 
—

 
—

 
—

 
—

Balance at September 30
$
6

 
$
3

 
$
9

 
$
6

 
$
5

 
$
11

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the nine months ended September 30,
 
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
—

 
—

 
—

 
(1
)
 
—

 
(1
)
Unrealized in other
comprehensive income
—

 
—

 
—

 
—

 
—

 
—

Purchases
—

 
—

 
—

 
—

 
—

 
—

Sales
—

 
—

 
—

 
(17
)
 
(3
)
 
(20
)
Settlements
—

 
(2
)
 
(2
)
 
—

 
—

 
—

Balance at September 30
$
6

 
$
3

 
$
9

 
$
6

 
$
5

 
$
11