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Fair Value Measurements
 12 Months Ended
Dec. 31, 2022
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, 2022 and 2021, 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, 2022 and 2021, we recognized a loss of $4 million and $24 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, 2022, were as follows:
TotalLevel 1Level 2Level 3
 (In millions)
Corporate debt securities$2,184 $— $2,184 $— 
Mortgage-backed securities731 — 731 — 
Asset-backed securities288 — 288 — 
Municipal securities149 — 149 — 
U.S. Treasury notes105 — 105 — 
Other
42 — 42 — 
Total assets$3,499 $— $3,499 $— 
Contingent consideration liabilities$8 $— $— $8 
Total liabilities$8 $— $— $8 
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 — 
Asset-backed securities247 — 247 — 
Municipal securities123 — 123 — 
U.S. Treasury notes353 — 353 — 
Other
32 — 32 — 
Total assets$3,202 $— $3,202 $— 
Contingent consideration liabilities$47 $— $— $47 
Total liabilities$47 $— $— $47 
Level 3 Contingent Consideration Liabilities
Our Level 3 financial instruments at December 31, 2022 are comprised solely of contingent consideration liabilities of $8 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. Such liabilities are recorded at fair value on a recurring basis. In 2022, the estimated fair value of contingent purchase consideration increased by approximately $4 million, relating to an operating income guarantee.
In the year ended December 31, 2022, we paid the seller $43 million, of which $23 million was for the remaining half of the consideration due for minimum member enrollment targets and $20 million was for the first payment of the consideration due for the operating income guarantee.
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, 2022December 31, 2021
 Carrying
Amount		Fair Value Carrying
Amount		Fair Value
 (In millions)
4.375% Notes due 2028
$792 $729 $791 $829 
3.875% Notes due 2030
643 554 642 675 
3.875% Notes due 2032
741 629 740 760 
Total$2,176 $1,912 $2,173 $2,264