Income taxes receivable

  
A summary of the estimated fair values by level of each class of financial instrument that is recorded at its carrying value on our consolidated balance sheets at March 31, 2022 and December 31, 2021 is as follows:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   | CarryingValue |  | Estimated Fair Value |
|   |  | Level I |  | Level II |  | Level III |  | Total |
| March 31, 2022 |  |  |  |  |  |  |  |  |  |
| Assets: |  |  |  |  |  |  |  |  |  |
| Other invested assets | $ | 5,239  |  |  | $ | —  |  |  | $ | —  |  |  | $ | 5,239  |  |  | $ | 5,239  |  |
| Liabilities: |  |  |  |  |  |  |  |  |  |
| Debt: |  |  |  |  |  |  |  |  |  |
| Short-term borrowings | 275  |  |  | —  |  |  | 275  |  |  | —  |  |  | 275  |  |
|  |  |  |  |  |  |  |  |  |  |
| Commercial paper | 525  |  |  | —  |  |  | 525  |  |  | —  |  |  | 525  |  |
| Notes | 22,354  |  |  | —  |  |  | 23,030  |  |  | —  |  |  | 23,030  |  |
| Convertible debentures | 102  |  |  | —  |  |  | 730  |  |  | —  |  |  | 730  |  |
|  |  |  |  |  |  |  |  |  |  |
| December 31, 2021 |  |  |  |  |  |  |  |  |  |
| Assets: |  |  |  |  |  |  |  |  |  |
| Other invested assets | $ | 5,087  |  |  | $ | —  |  |  | $ | —  |  |  | $ | 5,087  |  |  | $ | 5,087  |  |
| Liabilities: |  |  |  |  |  |  |  |  |  |
| Debt: |  |  |  |  |  |  |  |  |  |
| Short-term borrowings | 275  |  |  | —  |  |  | 275  |  |  | —  |  |  | 275  |  |
| Commercial paper | 300  |  |  | —  |  |  | 300  |  |  | —  |  |  | 300  |  |
| Notes | 22,384  |  |  | —  |  |  | 25,150  |  |  | —  |  |  | 25,150  |  |
| Convertible debentures | 72  |  |  | —  |  |  | 687  |  |  | —  |  |  | 687  |  |

8.     Income TaxesDuring the three months ended March 31, 2022 and 2021, we recognized income tax expense of $531 and $509, respectively, which represent effective income tax rates of 22.8% and 23.4%, respectively. The decrease in our effective tax rate from the three months ended March 31, 2021 was primarily related to the tax impact of expected geographic changes in our mix of 2022 earnings.Income taxes payable totaled $395 at March 31, 2022. Income taxes receivable totaled $173 at December 31, 2021. We recognized the income tax payable as a liability under the caption “Other current liabilities” and the income tax receivable as an asset under the caption “Other current assets” in our consolidated balance sheets.-21-
