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Fair Value Measurements
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
We consider the carrying amounts of current assets and current liabilities to approximate their fair values because of the relatively short period of time between the origination of these instruments and their expected realization or payment. For our financial instruments measured at fair value on a recurring basis, we prioritize the inputs used in measuring fair value according to a three-tier fair value hierarchy as follows:
Level 1 — Observable Inputs. Level 1 financial instruments are actively traded and therefore the fair value for these securities is based on quoted market prices for identical securities in active markets.
Level 2 — Directly or Indirectly Observable Inputs. Fair value for these investments is determined using a market approach based on quoted prices for similar securities in active markets or quoted prices for identical securities in inactive markets.
Level 3 — Unobservable Inputs. Level 3 financial instruments are valued using unobservable inputs that represent management’s best estimate of what market participants would use in pricing the financial instrument at the measurement date. As of December 31, 2021 and 2020, our Level 3 financial instruments consisted of contingent consideration liabilities.
The net changes in fair value of Level 3 financial instruments are reported in “Other” operating expenses in our consolidated statements of income. In the years ended December 31, 2021 and 2020, we recognized a loss of $24 million and $6 million, respectively, primarily for the increase in the fair value of the contingent consideration liability described below.
Our financial instruments measured at fair value on a recurring basis at December 31, 2021, were as follows:
TotalLevel 1Level 2Level 3
 (In millions)
Corporate debt securities$1,833 $— $1,833 $— 
Mortgage-backed securities614 — 614 — 
U.S. Treasury notes353 — 353 — 
Asset-backed securities247 — 247 — 
Municipal securities123 — 123 — 
Other
32 — 32 — 
Total assets$3,202 $— $3,202 $— 
Contingent consideration liabilities$47 $— $— $47 
Total liabilities$47 $— $— $47 
Our financial instruments measured at fair value on a recurring basis at December 31, 2020, were as follows:
TotalLevel 1Level 2Level 3
 (In millions)
Corporate debt securities$1,256 $— $1,256 $— 
Mortgage-backed securities392 — 392 — 
U.S. Treasury notes27 — 27 — 
Asset-backed securities132 — 132 — 
Municipal securities68 — 68 — 
Total assets$1,875 $— $1,875 $— 
Contingent consideration liabilities$46 $— $— $46 
Total liabilities$46 $— $— $46 
Level 3 Contingent Consideration Liabilities
Our Level 3 financial instruments at December 31, 2021 are comprised solely of contingent consideration liabilities of $47 million, in connection with our 2020 acquisition of certain assets of Passport Health Plan, Inc., a Medicaid health plan in Kentucky. Refer to Note 2, “Significant Accounting Policies—Business Combinations”, for further details. The liabilities are recorded at fair value on a recurring basis. In 2021, the estimated fair value of contingent purchase consideration increased by approximately $24 million, mainly relating to an operating income guarantee, and was essentially offset by $23 million paid to the seller for half the consideration due for minimum member enrollment targets in 2021. In January 2022, we paid the remaining half of the consideration due for minimum member enrollment targets of $23 million.
Fair Value Measurements – Disclosure Only
The carrying amounts and estimated fair values of our notes payable are classified as Level 2 financial instruments. Fair value for these securities is determined using a market approach based on quoted market prices for similar securities in active markets or quoted prices for identical securities in inactive markets.
 December 31, 2021December 31, 2020
 Carrying
Amount		Fair Value Carrying
Amount		Fair Value
 (In millions)
5.375% Notes due 2022 (1)
$— $— $697 $742 
4.375% Notes due 2028
791 829 789 843 
3.875% Notes due 2030
642 675 641 691 
3.875% Notes due 2032
740 760 — — 
Total$2,173 $2,264 $2,127 $2,276 
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(1)     For more information on debt repayments, refer to Note 11, “Debt.”