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Fair Value (Tables)
 3 Months Ended
Mar. 31, 2020
Fair Value [Abstract]  
Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables. Corporate bonds and other includes obligations of the U.S. Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock.

March 31, 2020
  
Level 1
    
Level 2
    
Level 3
    
Total
  
(In millions)
                        
                         
Fixed maturity securities:
                        
Corporate bonds and other
  
$
175
    
$
20,690
    
$
496
    
$
21,361
  
States, municipalities and political subdivisions
            
10,491
              
10,491
  
Asset-backed
            
8,034
      
197
      
8,231
  
Fixed maturities available-for-sale
    
175
      
39,215
      
693
      
40,083
  
Fixed maturities trading
            
38
      
3
      
41
  
Total fixed maturities
  
$
175
    
$
39,253
    
$
696
    
$
40,124
  
                                 
Equity securities
  
$
628
    
$
538
    
$
16
    
$
1,182
  
Short term and other
    
3,224
      
403
              
3,627
  
Payable to brokers
    
(55
)
    
(32
)
            
(87
)
                                 
December 31, 2019
                                
                                 
Fixed maturity securities:
                                
Corporate bonds and other
  
$
175
    
$
22,065
    
$
468
    
$
22,708
  
States, municipalities and political subdivisions
            
10,652
              
10,652
  
Asset-backed
            
8,662
      
165
      
8,827
  
Fixed maturities available-for-sale
    
175
      
41,379
      
633
      
42,187
  
Fixed maturities trading
            
49
      
4
      
53
  
Total fixed maturities
  
$
175
    
$
41,428
    
$
637
    
$
42,240
  
                                 
Equity securities
  
$
629
    
$
658
    
$
19
    
$
1,306
  
Short term and other
    
3,138
      
1,383
              
4,521
  
Receivables
            
2
              
2
  
Payable to brokers
    
(18
)
    
(10
)
            
(28
)
Reconciliations of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs

The following tables present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2020 and 2019:

        
Net Realized Investment
Gains (Losses) and Net
Change in Unrealized
Investment Gains (Losses)
                      
Transfers
    
Transfers
          
Unrealized
Gains
(Losses)
Recognized in
Net Income
(Loss) on Level
3 Assets and
    
Unrealized
Gains
(Losses)
Recognized in
Other
Comprehensive
Income (Loss)
on Level 3
Assets and
  
2020
  
Balance,
January 1
    
Included in
Net Income (Loss)
    
Included in
OCI
    
Purchases
    
Sales
    
Settlements
    
into
Level 3
    
out of
Level 3
    
Balance,
March 31
    
Liabilities
Held at
March 31
    
Liabilities
Held at
March 31
  
(In millions)
                                                                  
                                                                   
Fixed maturity securities:
                                                                  
Corporate bonds and other
  
$
468
          
$
(37
)
  
$
67
          
$
(2
)
              
$
496
          
$
(35
)
Asset-backed
    
165
            
(9
)
    
45
            
(3
)
        
$
(1
)
    
197
            
(9
)
Fixed maturities available-for-sale
    
633
    
$
-
      
(46
)
    
112
    
$
-
      
(5
)
  
$
-
      
(1
)
    
693
    
$
-
      
(44
)
Fixed maturities trading
    
4
      
(1
)
                                                    
3
      
(1
)
        
Total fixed maturities
  
$
637
    
$
(1
)
  
$
(46
)
  
$
112
    
$
-
    
$
(5
)
  
$
-
    
$
(1
)
  
$
696
    
$
(1
)
  
$
(44
)
                                                                                         
Equity securities
  
$
19
    
$
(3
)
                                                  
$
16
    
$
(3
)
        


       
Net Realized Investment
Gains (Losses) and Net
Change in Unrealized
Investment Gains (Losses)
                                        
Unrealized
Gains
(Losses)
Recognized in
Net Income
(Loss) on Level
3 Assets and
    
Unrealized
Gains
(Losses)
Recognized in
Other
Comprehensive
Income (Loss)
on Level 3
Assets and
  
2019
  
Balance,
January 1
    
Included in
Net Income
    
Included in
OCI
    
Purchases
    
Sales
    
Settlements
    
Transfers
into
Level 3
    
Transfers
out of
Level 3
    
Balance,
March 31
    
Liabilities
Held at
March 31
    
Liabilities
Held at
March 31
  
(In millions)
                                                                  
                                                                   
Fixed maturity securities:
                                                                  
Corporate bonds and other
  
$
222
          
$
8
    
$
56
          
$
(2
)
        
$
(31
)
  
$
253
          
$
7
  
Asset-backed
    
197
            
3
      
20
            
(4
)
  
$
5
      
(37
)
    
184
            
3
  
Fixed maturities available-for-sale
    
419
    
$
-
      
11
      
76
    
$
-
      
(6
)
    
5
      
(68
)
    
437
    
$
-
      
10
  
Fixed maturities  trading
    
6
      
(1
)
                                                    
5
      
(1
)
        
Total fixed maturities
  
$
425
    
$
(1
)
  
$
11
    
$
76
    
$
-
    
$
(6
)
  
$
5
    
$
(68
)
  
$
442
    
$
(1
)
  
$
10
  
                                                                                         
Equity securities
  
$
19
    
$
2
                                                    
$
21
    
$
2
          


Net investment gains and losses are reported in Net income (loss) as follows:

Major Category of Assets and Liabilities
Consolidated Condensed Statements of Operations Line Items
   
Fixed maturity securities available-for-sale
Investment gains (losses)
Fixed maturity securities trading
Net investment income
Equity securities
Investment gains (losses) and Net investment income
Other invested assets
Investment gains (losses) and Net investment income
Derivative financial instruments held in a trading portfolio
Net investment income
Derivative financial instruments, other
Investment gains (losses) and Operating revenues and other
Quantitative Information about Significant Unobservable Inputs Utilized by Company in Fair Value Measurements of Level 3 Assets

The following tables present quantitative information about the significant unobservable inputs utilized in the fair value measurement of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of unobservable inputs from these broker quotes is neither provided nor reasonably available. The weighted average rate is calculated based on fair value.

March 31, 2020
Estimated
Fair Value
Valuation
Techniques
Unobservable
Inputs
Range
(Weighted
Average)
 
(In millions)
      
Fixed maturity securities
$
583
Discounted cash flow
Credit spread
1% – 10% (4%)
           
December 31, 2019
          
           
Fixed maturity securities
$
525
Discounted cash flow
Credit spread
1% – 6% (2%)
Carrying Amount, Estimated Fair Value and Level of Fair Value Hierarchy of Company's Financial Assets and Liabilities

The carrying amount, estimated fair value and the level of the fair value hierarchy of the financial assets and liabilities which are not measured at fair value on the Consolidated Condensed Balance Sheets are presented in the following tables. The carrying amounts and estimated fair values of short term debt and long term debt exclude finance lease obligations. The carrying amounts reported on the Consolidated Condensed Balance Sheets for cash and short term investments not carried at fair value and certain other assets and liabilities approximate fair value due to the short term nature of these items.

  
Carrying
  
Estimated Fair Value
  
March 31, 2020
  
Amount
  
Level 1
  
Level 2
    
Level 3
    
Total
  
(In millions)
                          
                           
Assets:
                          
Other invested assets, primarily mortgage loans
  
$
1,021
            
$
1,036
    
$
1,036
  
                                 
Liabilities:
                                
Short term debt
    
2,459
      
$
844
      
38
      
882
  
Long term debt
    
9,496
        
8,444
      
697
      
9,141
  
                                   
December 31, 2019
                                  
                                   
Assets:
                                  
Other invested assets, primarily mortgage loans
  
$
994
              
$
1,025
    
$
1,025
  
                                   
Liabilities:
                                  
Short term debt
    
75
      
$
9
      
66
      
75
  
Long term debt
    
11,443
        
10,884
      
626
      
11,510