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Investments of Insurance Subsidiaries | 9 Months Ended
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Sep. 30, 2017
Investments, Debt and Equity Securities [Abstract] |
Investments of Insurance Subsidiaries | NOTE 5 — INVESTMENTS OF INSURANCE SUBSIDIARIES A summary of our insurance subsidiaries’ investments at September 30, 2017 and December 31, 2016 follows (dollars in millions):
|  | September 30, 2017 |
|  | Amortized Cost |  |  | Unrealized Amounts |  |  | Fair Value |
|  |  | Gains |  |  | Losses |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States and municipalities |  | $ | 352 |  |  |  | $14 |  |  |  | $— |  |  | $ | 366 |
Money market funds |  |  | 52 |  |  |  | — |  |  |  | — |  |  |  | 52 |
|  |  | 404 |  |  |  | 14 |  |  |  | — |  |  |  | 418 |
Equity securities |  |  | 1 |  |  |  | 2 |  |  |  | — |  |  |  | 3 |
|  | $ | 405 |  |  |  | $16 |  |  |  | $— |  |  |  | 421 |
Amounts classified as current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (53 | )
Investment carrying value |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 368 |
|  | December 31, 2016 |
|  | Amortized Cost |  |  | Unrealized Amounts |  |  | Fair Value |
|  |  | Gains |  |  | Losses |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States and municipalities |  | $ | 345 |  |  |  | $9 |  |  |  | $(1) |  |  | $ | 353 |
Money market funds |  |  | 28 |  |  |  | — |  |  |  | — |  |  |  | 28 |
|  |  | 373 |  |  |  | 9 |  |  |  | (1) |  |  |  | 381 |
Equity securities |  |  | 1 |  |  |  | 3 |  |  |  | — |  |  |  | 4 |
|  | $ | 374 |  |  |  | $12 |  |  |  | $(1) |  |  |  | 385 |
Amounts classified as current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (49 | )
Investment carrying value |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 336 |
At September 30, 2017 and December 31, 2016, the investments of our insurance subsidiaries were classified as “available-for-sale.” Changes in temporary unrealized gains and losses are recorded as adjustments to other comprehensive income (loss). Scheduled maturities of investments in debt securities at September 30, 2017 were as follows (dollars in millions):
|  | Amortized Cost |  |  | Fair Value |
Due in one year or less |  | $ | 100 |  |  | $ | 100 |
Due after one year through five years |  |  | 76 |  |  |  | 80 |
Due after five years through ten years |  |  | 178 |  |  |  | 187 |
Due after ten years |  |  | 50 |  |  |  | 51 |
|  | $ | 404 |  |  | $ | 418 |
The average expected maturity of the investments in debt securities at September 30, 2017 was 4.0 years, compared to the average scheduled maturity of 5.5 years. Expected and scheduled maturities may differ because the issuers of certain securities have the right to call, prepay or otherwise redeem such obligations prior to their scheduled maturity date.

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