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Fair Value (Tables)
 3 Months Ended
Mar. 31, 2019
Fair Value Disclosures [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, 2019
 
  Level 1  
  
  Level 2  
  
  Level 3  
  
  Total  
 
(In millions)
            
     
Fixed maturity securities:
                
Corporate bonds and other
 
$
203
  
$
20,697
  
$
253
  
$
21,153
 
States, municipalities and political subdivisions
      
10,578
       
10,578
 
Asset-backed
      
8,610
   
184
   
8,794
 
Fixed maturities
available-for-sale
  
203
   
39,885
   
437
   
40,525
 
Fixed maturities trading
      
72
   
5
   
77
 
Total fixed maturities
 
$
203
  
$
39,957
  
$
442
  
$
40,602
 
                 
     
Equity securities
 
$
697
  
$
608
  
$
21
  
$
1,326
 
Short term and other
  
3,199
   
1,204
       
4,403
 
Receivables
      
3
       
3
 
Payable to brokers
  
(14
) 
          
(14
) 
     
December 31, 2018            
Fixed maturity securities:
                
Corporate bonds and other
 $196  $19,392  $222  $19,810 
States, municipalities and political subdivisions
      10,748       10,748 
Asset-backed
      8,787   197   8,984 
Fixed maturities
available-for-sale
  196   38,927   419   39,542 
Fixed maturities trading
      151   6   157 
Total fixed maturities
 $196  $39,078  $425  $39,699 
                 
Equity securities
 $704  $570  $19  $1,293 
Short term and other
  2,647   1,111       3,758 
Receivables
      11       11 
Payable to brokers
  (23)           (23) 
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, 2019 and 2018:
 
                                
Unrealized
 
                                
Gains
 
                             
Unrealized
  
(Losses)
 
                             
Gains
  
Recognized in
 
                             
(Losses)
  
Other
 
                          
Recognized in
  
Comprehensive
 
     
Net Realized Investment
                    
Net Income
  
Income (Loss)
 
     
Gains (Losses) and Net
                    
(Loss) on Level
  
on Level 3
 
     
Change in Unrealized
                    
3 Assets and
  
Assets and
 
     
  Investment Gains (Losses)  
           
Transfers
  
Transfers
     
Liabilities
  
Liabilities
 
  
Balance,
  
Included in
  
Included in
           
into
  
out of
  
Balance,
  
Held at
  
Held at
 
2019
 
January 1
  
Net Income
  
OCI
  
Purchases
  
Sales
  
Settlements
  
Level 3
  
Level 3
  
March 31
  
March 31
  
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
     
 
                             Unrealized 
                             Gains 
                             (Losses) 
                          Recognized in 
     Net Realized Investment                    Net Income 
     Gains (Losses) and Net                    (Loss) on Level 
     Change in Unrealized                    3 Assets and 
     
        Investment Gains (Losses)        
           Transfers  Transfers     Liabilities 
  Balance,  Included in  Included in           into  out of  Balance,  Held at 
2018 January 1  Net Income  OCI  Purchases  Sales  Settlements  Level 3  Level 3  March 31  March 31 
(In millions)                              
           
Fixed maturity securities:
                                        
Corporate bonds and other
 $98  $(1)              $(2)  $5      $100     
States, municipalities and political subdivisions
  1                               1     
Asset-backed
  335   7  $(5)  $30  $(72)   (6)      $(10)   279     
Fixed maturities
available-for-sale
  434   6   (5)   30   (72)   (8)   5   (10)   380  $ - 
Fixed maturities trading
  4   3                           7   3 
Total fixed maturities
 $ 438  $9  $(5)  $ 30  $(72)  $(8)  $ 5  $(10)  $ 387  $ 3 
  
           
Equity securities
 $22  $(2)                          $20  $(2) 
Net investment gains and losses are reported in Net income as follows:
 
Major Category of Assets and Liabilities
 
Consolidated Condensed Statements of Income 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
Life settlement contracts
 
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 by the Company 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 to the Company. The weighted average rate is calculated based on fair value.
 
         
Range
 
  
Estimated
  
Valuation
 
Unobservable
 
(Weighted
 
March 31, 2019
 
Fair Value
  
Techniques
 
Inputs
 
Average)
 
  
(In millions)
        
      
Discounted
      
Fixed maturity securities
 
$
293
  
cash flow
 
Credit spread
  
1% – 5% (3%)
 
     
December 31, 2018
            
     
      Discounted      
Fixed maturity securities
 $228  cash flow Credit spread  1% – 12% (3%) 
Carrying Amount, Estimated Fair Value and Level of Fair Value Hierarchy of Company's Financial Assets and Liabilities 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, 2019
 
Amount
  
Level 1
  
Level 2
  
Level 3
  
Total
 
(In millions)
               
      
Assets:
                    
Other invested assets, primarily mortgage loans
 
$
863
          
$
 868
  
$
868
 
      
Liabilities:
                    
Short term debt
  
131
      
$
54
   
75
   
129
 
Long term debt
  
11,216
       
10,469
   
531
   
11,000
 
      
December 31, 2018
                    
      
Assets:
                    
Other invested assets, primarily mortgage loans
 $839          $827  $827 
      
Liabilities:
                    
Short term debt
  15      $14       14 
Long term debt
  11,345       10,111   653   10,764