v2.4.0.6
Fair Value (Tables)
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12 Months Ended |
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
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Financial Assets and Liabilities, Measured at Fair Value Recurring Basis [Table Text Block] |
The following table presents a summary of fair value measurements by level and carrying values for items measured at fair value on a recurring basis in the Consolidated Balance Sheets excluding AARP related assets and liabilities, which are presented in a separate table below: | | | | | | | | | | | | | | | | | | (in millions) | | Quoted Prices in Active Markets (Level 1) | | Other Observable Inputs (Level 2) | | Unobservable Inputs (Level 3) | | Total Fair and Carrying Value | | | | | | | | | | Cash and cash equivalents | | $ | 7,615 |
| | $ | 791 |
| | $ | — |
| | $ | 8,406 |
| Debt securities - available-for-sale: | | | | | | | | | U.S. government and agency obligations | | 1,752 |
| | 786 |
| | — |
| | 2,538 |
| State and municipal obligations | | — |
| | 6,667 |
| | — |
| | 6,667 |
| Corporate obligations | | 13 |
| | 7,185 |
| | 11 |
| | 7,209 |
| U.S. agency mortgage-backed securities | | — |
| | 2,238 |
| | — |
| | 2,238 |
| Non-U.S. agency mortgage-backed securities | | — |
| | 568 |
| | 6 |
| | 574 |
| Total debt securities - available-for-sale | | 1,765 |
| | 17,444 |
| | 17 |
| | 19,226 |
| Equity securities - available-for-sale | | 450 |
| | 3 |
| | 224 |
| | 677 |
| Interest rate swap assets | | — |
| | 14 |
| | — |
| | 14 |
| Total assets at fair value |
| $ | 9,830 |
| | $ | 18,252 |
| | $ | 241 |
| | $ | 28,323 |
| Percentage of total assets at fair value | | 35 | % | | 64 | % | | 1 | % | | 100 | % | Interest rate and currency swap liabilities | | $ | — |
| | $ | 14 |
| | $ | — |
| | $ | 14 |
| | | | | | | | | | Cash and cash equivalents | | $ | 8,569 |
| | $ | 860 |
| | $ | — |
| | $ | 9,429 |
| Debt securities - available-for-sale: | | | | | | | | | U.S. government and agency obligations | | 1,551 |
| | 822 |
| | — |
| | 2,373 |
| State and municipal obligations | | — |
| | 6,750 |
| | 15 |
| | 6,765 |
| Corporate obligations | | 16 |
| | 5,805 |
| | 186 |
| | 6,007 |
| U.S. agency mortgage-backed securities | | — |
| | 2,353 |
| | — |
| | 2,353 |
| Non-U.S. agency mortgage-backed securities | | — |
| | 497 |
| | 7 |
| | 504 |
| Total debt securities - available-for-sale | | 1,567 |
| | 16,227 |
| | 208 |
| | 18,002 |
| Equity securities - available-for-sale | | 333 |
| | 2 |
| | 209 |
| | 544 |
| Total assets at fair value | | $ | 10,469 |
| | $ | 17,089 |
| | $ | 417 |
| | $ | 27,975 |
| Percentage of total assets at fair value | | 37 | % | | 61 | % | | 2 | % | | 100 | % |
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Fair Value Measurements, Nonrecurring [Table Text Block] |
The following table presents a summary of fair value measurements by level and carrying values for certain financial instruments not measured at fair value on a recurring basis in the Consolidated Balance Sheets: | | | | | | | | | | | | | | | | | | | | | | (in millions) | | Quoted Prices in Active Markets (Level 1) | | Other Observable Inputs (Level 2) | | Unobservable Inputs (Level 3) | | Total Fair Value | | Total Carrying Value | | | | | | | | | | | | Debt securities - held-to-maturity: | | | | | | | | | | | U.S. government and agency obligations | | $ | 174 |
| | $ | — |
| | $ | — |
| | $ | 174 |
| | $ | 168 |
| State and municipal obligations | | — |
| | 1 |
| | 29 |
| | 30 |
| | 30 |
| Corporate obligations | | 10 |
| | 346 |
| | 287 |
| | 643 |
| | 641 |
| Total debt securities - held-to-maturity | | $ | 184 |
| | $ | 347 |
| | $ | 316 |
| | $ | 847 |
| | $ | 839 |
| Long-term debt | | $ | — |
| | $ | 17,034 |
| | $ | — |
| | $ | 17,034 |
| | $ | 15,167 |
| | | | | | | | | | | | Debt securities - held-to-maturity: | | | | | | | | | | | U.S. government and agency obligations | | $ | 173 |
| | $ | — |
| | $ | — |
| | $ | 173 |
| | $ | 166 |
| State and municipal obligations | | — |
| | 1 |
| | 12 |
| | 13 |
| | 13 |
| Corporate obligations | | 9 |
| | 9 |
| | — |
| | 18 |
| | 18 |
| Total debt securities - held-to-maturity | | $ | 182 |
| | $ | 10 |
| | $ | 12 |
| | $ | 204 |
| | $ | 197 |
| Long-term debt | | $ | — |
| | $ | 13,149 |
| | $ | — |
| | $ | 13,149 |
| | $ | 11,638 |
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Reconciliation of Assets Measured at Fair Value on a Recurring Basis Using Level 3 Inputs [Table Text Block] |
A reconciliation of the beginning and ending balances of assets measured at fair value on a recurring basis using Level 3 inputs is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in millions) | | Debt Securities | | Equity Securities | | Total | | Debt Securities | | Equity Securities | | Total | | Debt Securities | | Equity Securities | | Total | | | | | | | | | | | | | | | | | | | | Balance at beginning of period | | $ | 208 |
| | $ | 209 |
| | $ | 417 |
| | $ | 141 |
| | $ | 208 |
| | $ | 349 |
| | $ | 120 |
| | $ | 312 |
| | $ | 432 |
| Purchases | | 11 |
| | 71 |
| | 82 |
| | 92 |
| | 35 |
| | 127 |
| | 43 |
| | 45 |
| | 88 |
| Sales | | — |
| | (34 | ) | | (34 | ) | | — |
| | (17 | ) | | (17 | ) | | (4 | ) | | (167 | ) | | (171 | ) | Settlements | | (1 | ) | | — |
| | (1 | ) | | (25 | ) | | (7 | ) | | (32 | ) | | (20 | ) | | — |
| | (20 | ) | Net unrealized (losses) gains in accumulated other comprehensive income | | — |
| | (14 | ) | | (14 | ) | | — |
| | (4 | ) | | (4 | ) | | — |
| | 9 |
| | 9 |
| Net realized gains (losses) in investment and other income | | — |
| | 13 |
| | 13 |
| | — |
| | (6 | ) | | (6 | ) | | 2 |
| | 9 |
| | 11 |
| Transfers to held-to-maturity | | (201 | ) | | (21 | ) | | (222 | ) | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| Balance at end of period | | $ | 17 |
| | $ | 224 |
| | $ | 241 |
| | $ | 208 |
| | $ | 209 |
| | $ | 417 |
| | $ | 141 |
| | $ | 208 |
| | $ | 349 |
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Fair Value Inputs, Assets, Quantitative Information [Table Text Block] |
The following table presents quantitative information regarding unobservable inputs that were significant to the valuation of assets measured at fair value on a recurring basis using Level 3 inputs: | | | | | | | | | | | | | | (in millions) | | Fair Value | | Valuation Technique | | Unobservable Input | | Low | | High | | | | | | | | | | | | Equity securities - available-for-sale | | | | | | | | | | | Venture capital portfolios | | $ | 193 |
| | Market approach - comparable companies | | Revenue multiple | | 1.0 | | 10.0 | | | | | | | EBITDA multiple | | 8.0 | | 10.0 | | | 31 |
| | Market approach - recent transactions | | Inactive market transactions | | N/A | | N/A | Total equity securities available-for-sale | | $ | 224 |
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Aarp Program [Member]
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
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Financial Assets and Liabilities, Measured at Fair Value Recurring Basis [Table Text Block] |
The following table presents fair value information about the AARP Program-related financial assets and liabilities: | | | | | | | | | | | | | | (in millions) | | Quoted Prices in Active Markets (Level 1) | | Other Observable Inputs (Level 2) | | Total Fair and Carrying Value | | | | | | | | Cash and cash equivalents | | $ | 230 |
| | $ | — |
| | $ | 230 |
| Debt securities: | | | | | | | U.S. government and agency obligations | | 545 |
| | 244 |
| | 789 |
| State and municipal obligations | | — |
| | 51 |
| | 51 |
| Corporate obligations | | — |
| | 1,118 |
| | 1,118 |
| U.S. agency mortgage-backed securities | | — |
| | 427 |
| | 427 |
| Non-U.S. agency mortgage-backed securities | | — |
| | 155 |
| | 155 |
| Total debt securities | | 545 |
| | 1,995 |
| | 2,540 |
| Equity securities - available-for-sale | | — |
| | 3 |
| | 3 |
| Total assets at fair value | | $ | 775 |
| | $ | 1,998 |
| | $ | 2,773 |
| Other liabilities | | $ | 23 |
| | $ | 58 |
| | $ | 81 |
| | | | | | | | Cash and cash equivalents | | $ | 257 |
| | $ | 10 |
| | $ | 267 |
| Debt securities: | | | | | | | U.S. government and agency obligations | | 566 |
| | 214 |
| | 780 |
| State and municipal obligations | | — |
| | 25 |
| | 25 |
| Corporate obligations | | — |
| | 1,048 |
| | 1,048 |
| U.S. agency mortgage-backed securities | | — |
| | 436 |
| | 436 |
| Non-U.S. agency mortgage-backed securities | | — |
| | 150 |
| | 150 |
| Total debt securities | | 566 |
| | 1,873 |
| | 2,439 |
| Equity securities - available-for-sale | | — |
| | 2 |
| | 2 |
| Total assets at fair value | | $ | 823 |
| | $ | 1,885 |
| | $ | 2,708 |
| Other liabilities | | $ | 27 |
| | $ | 49 |
| | $ | 76 |
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- Definition
Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 33
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19296-110258
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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
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Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs.
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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).
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