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FAIR VALUE (Tables)
 9 Months Ended
Sep. 30, 2017
Fair Value Disclosures [Abstract]  
Financial Assets Measured at Fair Value on Recurring Basis
The following table summarizes our fair value measurements at September 30, 2017 and December 31, 2016, 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, 2017
 
 
 
 
 
 
 
Cash equivalents
$
9,368

 
$
9,368

 
$
—

 
$
—

Debt securities:
 
 
 
 
 
 
 
U.S. Treasury and other U.S. government
corporations and agencies:
 
 
 
 
 
 
 
U.S. Treasury and agency obligations
814

 
—

 
814

 
—

Mortgage-backed securities
1,409

 
—

 
1,409

 
—

Tax-exempt municipal securities
3,469

 
—

 
3,469

 
—

Mortgage-backed securities:
 
 
 
 
 
 
 
Residential
7

 
—

 
7

 
—

Commercial
400

 
—

 
400

 
—

Asset-backed securities
140

 
—

 
140

 
—

Corporate debt securities
5,099

 
—

 
5,098

 
1

Total debt securities
11,338

 
—

 
11,337

 
1

Total invested assets
$
20,706

 
$
9,368

 
$
11,337

 
$
1

 
 
 
 
 
 
 
 
December 31, 2016
 
 
 
 
 
 
 
Cash equivalents
$
3,654

 
$
3,654

 
$
—

 
$
—

Debt securities:
 
 
 
 
 
 
 
U.S. Treasury and other U.S. government
corporations and agencies:
 
 
 
 
 
 
 
U.S. Treasury and agency obligations
786

 
—

 
786

 
—

Mortgage-backed securities
1,637

 
—

 
1,637

 
—

Tax-exempt municipal securities
3,305

 
—

 
3,302

 
3

Mortgage-backed securities:
 
 
 
 
 
 
 
Residential
9

 
—

 
9

 
—

Commercial
304

 
—

 
304

 
—

Asset-backed securities
160

 
—

 
160

 
—

Corporate debt securities
3,597

 
—

 
3,593

 
4

Total debt securities
9,798

 
—

 
9,791

 
7

Total invested assets
$
13,452

 
$
3,654

 
$
9,791

 
$
7
Changes in Fair Value of Assets Measured Using Significant Unobservable Inputs
During the three and nine months ended September 30, 2017 and 2016, 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,
 
2017
 
2016
 
Private
Placements
 
Auction
Rate
Securities
 
Total
 
Private
Placements
 
Auction
Rate
Securities
 
Total
 
(in millions)
Beginning balance at July 1
$
4

 
$
—

 
$
4

 
$
6

 
$
3

 
$
9

Sales
(3
)
 
—

 
(3
)
 
—

 
—

 
—

Balance at September 30
$
1

 
$
—

 
$
1

 
$
6

 
$
3

 
$
9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the nine months ended September 30,
 
2017
 
2016
 
Private
Placements
 
Auction
Rate
Securities
 
Total
 
Private
Placements
 
Auction
Rate
Securities
 
Total
 
(in millions)
Beginning balance at January 1
$
4

 
$
3

 
$
7

 
$
6

 
$
5

 
$
11

Sales
(3
)
 
—

 
(3
)
 
—

 
—

 
—

Settlements
—

 
(3
)
 
(3
)
 
—

 
(2
)
 
(2
)
Balance at September 30
$
1

 
$
—

 
$
1

 
$
6

 
$
3

 
$
9