Humana 2015 Annual Report Download - page 114

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Humana Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
106
5. FAIR VALUE
Financial Assets
The following table summarizes our fair value measurements at December 31, 2015 and 2014, 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)
December 31, 2015
Cash equivalents $ 2,229 $ 2,229 $ — $ —
Debt securities:
U.S. Treasury and other U.S. government
corporations and agencies:
U.S. Treasury and agency obligations 332 — 332 —
Mortgage-backed securities 1,891 — 1,891 —
Tax-exempt municipal securities 2,668 — 2,663 5
Mortgage-backed securities:
Residential 13 — 13 —
Commercial 985 — 985 —
Asset-backed securities 263 — 263 —
Corporate debt securities 2,958 — 2,952 6
Total debt securities 9,110 — 9,099 11
Total invested assets $ 11,339 $ 2,229 $ 9,099 $ 11
December 31, 2014
Cash equivalents $ 1,712 $ 1,712 $ — $ —
Debt securities:
U.S. Treasury and other U.S. government
corporations and agencies:
U.S. Treasury and agency obligations 374 — 374 —
Mortgage-backed securities 1,498 — 1,498 —
Tax-exempt municipal securities 3,068 — 3,060 8
Mortgage-backed securities:
Residential 17 — 17 —
Commercial 843 — 843 —
Asset-backed securities 29 — 28 1
Corporate debt securities 3,718 — 3,695 23
Total debt securities 9,547 — 9,515 32
Total invested assets $ 11,259 $ 1,712 $ 9,515 $ 32
There were no material transfers between Level 1 and Level 2 during 2015 or 2014.