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Fair Value (Tables)
 3 Months Ended
Mar. 31, 2021
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, 2021
  
Level 1
    
Level 2
    
Level 3
    
Total
  
(In millions)
                        
                         
Fixed maturity securities:
                        
Corporate bonds and other
  
$
152
    
$
23,410
    
$
767
    
$
24,329
  
States, municipalities and political subdivisions
            
11,556
      
44
      
11,600
  
Asset-backed
            
7,301
      
315
      
7,616
  
Fixed maturities available-for-sale
    
152
      
42,267
      
1,126
      
43,545
  
Fixed maturities trading
            
34
      
5
      
39
  
Total fixed maturities
  
$
152
    
$
42,301
    
$
1,131
    
$
43,584
  
                                 
Equity securities
  
$
824
    
$
711
    
$
45
    
$
1,580
  
Short term and other (a)
    
4,140
      
36
              
4,176
  
Payable to brokers (a)
    
(71
)
    
(2
)
            
(73
)

(a)
As of March 31, 2021, Short term and other and Payable to brokers exclude amounts classified as held for sale. See Note 2 for further discussion.

December 31, 2020
  
Level 1
    
Level 2
    
Level 3
    
Total
  
(In millions)
                        
Fixed maturity securities:
                        
Corporate bonds and other
  
$
355
    
$
24,082
    
$
770
    
$
25,207
  
States, municipalities and political subdivisions
            
11,546
      
46
      
11,592
  
Asset-backed
            
7,497
      
308
      
7,805
  
Fixed maturities available-for-sale
    
355
      
43,125
      
1,124
      
44,604
  
Fixed maturities trading
            
34
      
8
      
42
  
Total fixed maturities
  
$
355
    
$
43,159
    
$
1,132
    
$
44,646
  
                                 
Equity securities
  
$
796
    
$
722
    
$
43
    
$
1,561
  
Short term and other
    
4,538
      
39
              
4,577
  
Payable to brokers
    
(14
)
    
(29
)
            
(43
)
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, 2021 and 2020:

        
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
Liabilities
    
Unrealized
Gains
(Losses)
Recognized in
Other
Comprehensive
Income (Loss)
on Level 3
Assets and
Liabilities
  
2021
  
Balance,
January 1
    
Included in
Net Income
    
Included in
OCI
    
Purchases
    
Sales
    
Settlements
    
into
Level 3
    
out of
Level 3
    
Balance,
March 31
    
Held at
March 31
    
Held at
March 31
  
(In millions)
                                                                  
                                                                   
Fixed maturity securities:
                                                                  
Corporate bonds and other
  
$
770
    
$
(13
)
  
$
(40
)
  
$
42
          
$
(2
)
  
$
10
          
$
767
          
$
(40
)
States, municipalities and political Subdivisions
    
46
              
(2
)
                                        
44
            
(2
)
Asset-backed
    
308
      
2
      
(9
)
    
30
            
(17
)
    
9
    
$
(8
)
    
315
            
(9
)
Fixed maturities available-for-sale
    
1,124
      
(11
)
    
(51
)
    
72
    
$
-
      
(19
)
    
19
      
(8
)
    
1,126
    
$
-
      
(51
)
Fixed maturities trading
    
8
      
(3
)
                                                    
5
      
(3
)
        
Total fixed maturities
  
$
1,132
    
$
(14
)
  
$
(51
)
  
$
72
    
$
-
    
$
(19
)
  
$
19
    
$
(8
)
  
$
1,131
    
$
(3
)
  
$
(51
)
                                                                                         
Equity securities
  
$
43
    
$
2
                                                    
$
45
    
$
2
          

       
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
Liabilities
    
Unrealized
Gains
(Losses)
Recognized in
Other
Comprehensive
Income (Loss)
on Level 3
Assets and
Liabilities
  
2020
  
Balance,
January 1
    
Included in
Net Income
    
Included in
OCI
    
Purchases
    
Sales
    
Settlements
    
into
Level 3
    
out of
Level 3
    
Balance,
March 31
    
Held at
March 31
    
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 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
Significant Unobservable Inputs

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, 2021
Estimated
Fair Value
  
Valuation
Techniques
  
Unobservable
Inputs
  
Range
(Weighted
Average)
 
(In millions)
            
                 
Fixed maturity securities
$
936
  
Discounted cash flow
  
Credit spread
  
1% – 8% (2%)
                 
December 31, 2020
                
                 
Fixed maturity securities
$
966
  
Discounted cash flow
  
Credit spread
  
1% – 8% (3%)
Financial Assets and Liabilities Not Measured at Fair Value

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, 2021
  
Amount
    
Level 1
    
Level 2
    
Level 3
    
Total
  
(In millions)
          
-
                    
                                 
Assets:
                                
Other invested assets, primarily mortgage loans
  
$
1,043
                  
$
1,107
    
$
1,107
  
                                       
Liabilities:
                                      
Short term debt (a)
    
140
                    
144
      
144
  
Long term debt (a)
    
8,990
            
$
9,204
      
622
      
9,826
  
                                         
December 31, 2020
                                        
                                         
Assets:
                                        
Other invested assets, primarily mortgage loans
  
$
1,068
                    
$
1,151
    
$
1,151
  
                                         
Liabilities:
                                        
Short term debt
    
35
            
$
19
      
17
      
36
  
Long term debt
    
10,042
              
10,482
      
765
      
11,247
  

(a)
As of March 31, 2021, Short and Long term debt exclude amounts classified as held for sale. See Note 2 for further discussion.