Health Net 2015 Annual Report Download - page 198

HEALTH NET, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
F-37
Level 3
As of December 31, 2015
Liability:
Embedded contractual derivative..................................................................................................... $ 11.5
Total liability at fair value......................................................................................................................... $ 11.5
Level 1
Level 2-
current Level 2- noncurrent Level 3 Total
As of December 31, 2014
Assets:
Cash and cash equivalents ................................... $ 869.1 $ — $ — $ — $ 869.1
Investments—available-for-sale
Asset-backed debt securities:
Residential mortgage-backed securities..... $ — $ 210.9 $ — $ — $ 210.9
Commercial mortgage-backed securities ... — 145.6 0.6 — 146.2
Other asset-backed securities ..................... — 81.4 — — 81.4
U.S. government and agencies:
U.S. Treasury securities.............................. 36.5 — — — 36.5
U.S. Agency securities ............................... — — — — —
Obligations of states and other political
subdivisions................................................. — 732.2 — — 732.2
Corporate debt securities................................... — 584.4 4.0 — 588.4
Total investments at fair value.............................. $ 36.5 $ 1,754.5 $ 4.6 $ — $ 1,795.6
Embedded contractual derivative......................... — — — 10.0 10.0
Total assets at fair value................................................. $ 905.6 $ 1,754.5 $ 4.6 $ 10.0 $ 2,674.7
Level 3
As of December 31, 2014
Liability:
Embedded contractual derivative..................................................................................................... $ 2.6
Total liability at fair value......................................................................................................................... $ 2.6
We had no transfers between Levels 1 and 2 of financial assets or liabilities that are fair valued on a recurring
basis during the years ended December 31, 2015 and 2014. In determining when transfers between levels are
recognized, our accounting policy is to recognize the transfers based on the actual date of the event or change in
circumstances that caused the transfer.